- Paternoster Resources said it had identified savings measures that would reduce its administration costs by around 40% to to below £200,000 a year.

The cost review came after Paternoster entered into a agreement with finance provider RiverFort Global Capital to co-invest in opportunities within the resources sector.

"Against this background, the board has already reviewed the company's cost structure and has concluded that corporate costs can now be reduced, particularly with regard to personnel and infrastructure costs," it said.

No mention was made of the magnitude of possible headcount reductions.

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