Latin Resources records 257% bottom line turnaround after “revitalisation” in 2020

“We are now debt-free and in a very healthy financial position and we look forward to progressing our projects in 2021 to the next level of development,” says executive director.

Latin Resources Ltd (ASX:LRS) (FRA:XL5) has recorded an after-tax profit of $3.5 million for 2020, an impressive 257% turnaround on the $5.5 million loss suffered in 2019.

The company also boosted its net assets to $11 million, a 1,592% improvement on 2019, and cash reserves of $4.5 million, compared with just $733,282 at the end of 2019.

Latin Resources undertook a year of “revitalisation” in 2020, advancing exploration at its priority Yarara Gold Project in the proven Lachlan Fold Belt of New South Wales and its Noombenberry Halloysite-Kaolin Project in WA, as well as monetising its projects in South America.

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