Asra Minerals (ASX:ASR) announced financial results for the half-year ended June 30, 2022.
The activities of the Group and its subsidiaries during the period year ended 30 June 2022 was mineral exploration in Western Australia.
The loss for the consolidated entity after providing for income tax amounted to $2,574,327 (30 June 2021: $1,280,212).
Asra Minerals is developing a multi commodity project in Western Australia's Eastern Goldfields Superterrane. During the half year the company continued to be highly active in its gold, rare earths and critical minerals over its 72sqkm tenure near Leonora.
In January 2022, the company announced the discovery of Yttria, a significant Rare Earth Elements (REEs) occurrence extending more than 1km at the Mt Stirling Central project area. The five most critical REEs are Dysprosium, Terbium, Europium, Neodymium and Yttrium.
During the period the company continued with its previously announced drilling campaign aimed at extending and increasing the current resources at the Mount Stirling Project, in addition to testing other high priority targets for primary gold.
In July 2022, Asra received permits to drill up to 50,000m across nine tenements at Mt. Stirling to quantify and define the extensive presence of rare earth elements (REEs) and critical minerals cobalt and scandium.
Also, in July, Asra received an interim mineralogical report confirming Yttria's clean HREE's discovery is conductive to low-cost processing.
Following the announcement the company?s share price fell 10.714%.