Australian diamond prospector Reefton Mining, which listed on Aim in May, lost A$1.3 million (£445,000) in the year to June on revenues of £41,500, writes Robert Tyerman.

Backed by Australian entrepreneur Vladimir Nikolaenko, Reefton is looking for diamonds on part of Namibia's Skeleton Coast, whose fossil beach gem deposits have supplied most of the country's production of 1.3 million carats a year. The company claims it is bringing new scientific techniques to deposits which have historically yielded 2,927 carats using primitive methods.

Introduced to Aim on 20 May by broker Seymour Pierce, Reefton shares have been flat at 3.5p. Exploration results are expected imminently.