Ausgold (AUC) Q1 2025 TU earnings summary

Executive summary

• Progressed key components of the Definitive Feasibility Study (DFS) for the Katanning Gold Project, targeting an initial 3.6Mtpa operation with future expansion to 5-5.5Mtpa, with completion aimed for late Q2 2025.

• New leadership team and Project Director engaged to drive DFS and project development.

• Major 19,000m RC drilling campaign to commence in October 2024 to de-risk mining areas and expand resources.

• Mining Lease Applications covering key infrastructure areas granted post quarter-end.

• $21.6m cash at bank at quarter-end, following a $38m institutional placement and share consolidation.

Financial highlights

• Cash at bank at 30 September 2024 was $21.6m, up from $5.0m at the start of the quarter.

• $23.9m raised from equity issuance; $2.1m of loan notes set off against placement, remaining $0.9m redeemed.

• Quarterly cash outflows: $2.2m on exploration/mining studies, $0.5m staff, $1.0m admin, $1.5m capital raising costs, $2.1m loan repayment.

• Share consolidation (1-for-10) completed, resulting in 356.3m shares on issue.

Outlook and guidance

• DFS for Katanning Gold Project on track for completion in late Q2 2025, with focus on high-quality delivery and resource growth.

• 19,000m RC drilling campaign to start in October 2024, targeting de-risking, resource expansion, and regional exploration.

• Permitting and approvals advancing, with State and Federal referrals to commence in Q1 2025.

• Community engagement initiatives, including opening a local office and forming a reference group, planned for December quarter.