Losses at Irish resources firm Ormonde Mining fell from €1.8m to €1.6m in the 12 months to the end of 2014, according to the company's latest set of financial results.
Ormonde did not produce a revenue line in 2014, so the results only reflect the cost of running the business which resulted in a loss of €1.6m.
The year was notable for the firm due to the progress made on the Barruecopardo tungsten project in Spain.
An environmental permit was granted for the project in the early part of 2014, and the full mining permit was granted in November 2014.
After the year end, a financing package of more than €90m to develop the mine was secured. Although this involved a reduction in the equity held in the tungsten project company to 30pc, it ensured that the project was fully funded.
Chairman Mike Donoghue said: ““The past year has been one of transformative progress for Ormonde, with the mining concession for Barruecopardo being issued by the Spanish authorities, and the agreement of a €90.4m funding package with Oaktree Capital to allow for the development of our flagship Barruecopardo Tungsten Project.
“These two major milestones transform Ormonde from an exploration to a mining company, as we now move into the development stage at Barruecopardo.”