GEOGRACE Resources Philippines, Inc. reported that it trimmed its net loss to P1.31 million in 2021 from its P2.23-million loss in 2020.
For 2022 and beyond, the company said it is seeking to acquire mining claims or tenements from third parties in various locations.
The planned acquisitions are intended to enable the group to obtain exclusive rights to explore, develop and operate various mining claims throughout the country, expand its potential mineral resource base, and mitigate the risks inherent in exploration by diversifying the areas available to it.
“The company’s capital raising plans are intended to provide the company investable funds and working capital for current and prospective [projects],” it said in its annual report.
Geograce Resources said its strategy will be to invest, buy-in or acquire businesses where it will at least own a significant stake or interest of the investee company’s outstanding capital. The investment amount will allow the company to recognize its proportional share of the equitized earnings from its investee companies.
Currently, Geograce Resources has no active source of income as its subsidiaries are non-operating as of 2021 and 2020.
It said “material uncertainty exists which may cast significant doubt on the group’s ability to continue as a going concern and therefore, the group may be unable to realize its assets and discharge its liabilities in the normal course of business.”
As an investment holding company, Geograce Resources said it would continue to “evaluate various business opportunities and ventures that are viable, growing, and profitable. It is open for other prospective companies and future arrangements.” — Luisa Maria Jacinta C. Jocson