Ausgold (AUC) Q4 2024 TU earnings summary

Executive summary

• Completed a transformational quarter with a refreshed, development-focused Board and a successful $38M capital raise, positioning Ausgold for the development of the 3.04Moz Katanning Gold Project (KGP) in Western Australia.

• Appointed John Dorward as Executive Chair, Adrian Goldstone and Mark Turner as Non-Executive Directors, and made two senior executive hires to strengthen project delivery.

• Acquired two key farming properties covering mining and infrastructure areas at KGP, significantly de-risking project development.

• Initiated a 1-for-10 share consolidation to optimize capital structure and broaden investor appeal.

Financial highlights

• Raised $38M via institutional placement, with strong support from Jupiter Asset Management (now 12.7% holding) and Dundee Corporation (10.9%).

• Cash at bank post-placement and loan note repayment stands at $25M.

• As of 30 June 2024, held $4.997M in cash, with $1.325M spent on exploration and mining studies, $261K on staff, and $842K on admin costs during the quarter.

• Net cash used in operating activities for the quarter was $1.1M; net cash used in investing activities was $9.8M; net cash from financing activities was $15.1M.

Outlook and guidance

• Enhanced DFS for KGP scheduled for completion in H1 CY2025, with a final investment decision targeted for 2025.

• Ongoing work programs fully funded through to FID, with focus on permitting, approvals, and study enhancements.

• Planned activity for September quarter includes continued DFS review, stakeholder engagement, grade control drilling, and regional exploration.