General Moly Records $14.3-million Q2 Loss

General Moly Inc. (TSX:GMO,NYSEMKT:GMO) provided its unaudited second-quarter 2013 results, commenting that it incurred a net loss of $14.3 million, up from $2.7 million in the year-ago quarter. An $11.5-million non-cash charge regarding a May warrant cancellation is the main reason for the loss.

As quoted in the press release:

Excluding restricted cash, the Company’s cash balance at June 30, 2013 was approximately $35 million compared to $68 million at December 31, 2012 and $57 million at March 31, 2013. During the second quarter, cash use of $24 million was the result of Mt. Hope Project development costs (site clearing and grubbing, pipeline development, cultural clearance and engineering) as well as general and administrative expenses partially offset by the receipt of $2 million in contribution payments from POS-Minerals Corporation.

Bruce D. Hansen, CEO of General, commented:

We have spent the past few months in discussions with a number of potential strategic partners and investors as we explore a variety of financing alternatives including equity investments, project level investments and debt financings to determine which would provide the best outcomes for our shareholders in the current market.

While we expect the financing process to take time, the Company has received interest from potential strategic investors both in and outside of China. Multiple parties have signed non-disclosure agreements and are currently engaged in due diligence on the project.

Click here to read the full General Moly Inc. (TSX:GMO,NYSEMKT:GMO) press release.