Ausgold (AUC) H2 2024 earnings summary

Executive summary

• Advanced Katanning Gold Project (KGP) with updated Mineral Resource Estimate of 3.04Moz, a 15% increase year-over-year, positioning KGP as the largest free-milling, open-cut gold development in WA.

• Board restructured with new Executive Chairman and directors, plus key management hires to strengthen project delivery and permitting.

• Completed $38 million equity financing, ending the year with zero debt and $25 million cash, supporting DFS, permitting, and FID at KGP.

• Acquired 1,026 hectares of freehold farmland for project infrastructure, de-risking development.

• Active regional exploration with 13 new high-priority gold targets identified and ongoing drilling programs.

Financial highlights

• Consolidated net loss of $8.34 million for FY2024, compared to $5.23 million in FY2023.

• Cash and cash equivalents at 30 June 2024 were $5.0 million, down from $9.4 million at prior year-end.

• Raised $38 million in a two-tranche institutional placement, with Tranche 2 completed post-year-end.

• Share consolidation (1-for-10) approved and completed post-year-end to improve capital structure.

• Exploration and evaluation expenditure capitalized at $71.3 million, with $4.28 million impairment/write-off for relinquished tenements.

Outlook and guidance

• Enhanced DFS for KGP scheduled for completion in H1 CY2025, focusing on staged plant throughput and cost optimization.

• Ongoing permitting, land access negotiations, and community engagement to support project development.

• Active exploration to test high-priority regional gold and lithium targets in FY2025.