AusQuest (AQD) H1 2025 earnings summary

Executive summary

• Confirmed a large-scale porphyry copper-gold discovery at the Cangallo Project in Peru, with significant drill intercepts and mineralisation open in all directions; follow-up drilling is planned.

• Advanced permitting for Lantana and Playa Kali copper prospects in Peru, with drilling approvals expected in Q2 CY2025.

• In Australia, defined base metal targets at Balladonia and confirmed premium-grade iron at Morrisey; major drilling programs are planned for H1 CY2025.

• Raised approximately $2.4 million through a rights offer and shortfall placement to fund exploration activities.

Financial highlights

• Revenue for the half-year ended 31 Dec 2024 was $145,334, up from $65,089 in the prior corresponding period.

• Net loss after tax was $454,129, a significant improvement from a loss of $798,192 in the same period last year.

• Total comprehensive income for the period was $606,143, compared to a loss of $1,267,546 in the prior period, driven by a $1,060,272 exchange gain.

• Cash and cash equivalents at 31 Dec 2024 were $2,147,150, up from $1,564,293 at 31 Dec 2023.

• Net assets increased to $10,698,129 from $7,795,929 at 30 Jun 2024.

Outlook and guidance

• Follow-up drilling at Cangallo and initial drilling at Lantana and Playa Kali in Peru are planned for H1 CY2025.

• Major RC drilling at Balladonia and further drilling at Morrisey in Australia are scheduled for H1 CY2025.

• Additional capital of $7.5 million committed post-period to support ongoing exploration and development.