Godolphin Resources (ASX:GRL) announced financial results for the full-year ended 30 June 2022.

Godolphin is an Australian mineral exploration company which listed on the ASX on December 2019, has 100%-controlled Australian-based projects in the Lachlan Fold Belt (LFB) region of NSW, a world-class gold-copper province.

There were no dividends paid or declared by the Company to members during or since the end of the financial year.

Godolphin secured rights to the Narraburra Project in March 2022, through the successful execution of a farm-in and joint venture agreement with EX9 Pty Ltd. The agreement gives GRL the opportunity to earn up to a 75% interest in the project.

During the period, Godolphin received approval from the NSW Resources Regulatory to commence planning for a diamond drill core (DD) program.

The Yeoval Project covers ~290sq km, with over 60 historic copper-gold mine workings along a strike length of 20km.

During the period, Godolphin advanced a two-hole 900m diamond-drill program, which targeted areas north and south of the current Inferred MRE to test for extensions to copper-gold mineralisation.

Godolphin's 100% owned Gundagai tenements from apart of its expansive asset portfolio in the Lachlan Ford Belt, and contain a number of historical gold and base metal artisanal mine workings. During the period, 1,139m of RC drilling was completed across Gundagai North and Gundagai South prospects.

During FY22, Godolphin completed a four-hole reverse circulation (RC) drill program at the Quarry Lode, testing for mineralisation near surface and to the northwest of the current MRE.

During the period, Godolphin completed intensive petrographic work and sent samples of the intrusive rocks to the University of Tasmania for age dating.

The Group incurred an operating loss after tax for the year ended 30 June 2022 of $1,280,687. The Group retained a cash balance of $1,620,561 at 30 June 2022.

During the year to 30 June 2022, capital was raised by way of loyalty option holders exercising 37,179 (2021: 1,570,031) loyalty options for their exercise price of $0.20 each share, raising $7,435 (2021: $314,006).

Following the announcement the company?s share price fell 5.882%.