AusQuest (AQD) H2 2024 earnings summary

Executive summary

• Active exploration in Australia and Peru with total exploration spend of A$5.2 million, including A$2.25 million from South32 for Australian projects.

• Strategic Alliance Agreement with South32 extended to December 2025, focusing on high-potential copper, zinc, and nickel opportunities.

• Key Australian projects advanced: Balladonia (BHT mineralisation), Morrisey (magnetite resource), Moora and Jubilee Lake (pre-drilling work), and Mt Davis/Coober Pedy (business development).

• In Peru, joint venture discussions ongoing; Cangallo Copper Project to be drilled by company if no JV is reached.

• No dividends declared or paid for the year.

Financial highlights

• Net profit after tax: $256,727 (2023: $361,982).

• Revenue and other income: $224,547 (2023: $1,120,783).

• Loss from continuing operations: $(831,799) (2023: profit $361,982).

• Gain on disposal of subsidiaries: $1,088,526.

• Basic and diluted EPS: 0.03 cents (2023: 0.04 cents).

• Cash and cash equivalents at year-end: $1,070,206 (2023: $3,733,325).

• Exploration and evaluation expenditure capitalised: $6,441,283 (2023: $4,888,356).

Outlook and guidance

• Significant exploration activity planned in both Australia and Peru for the coming year.

• Company expects substantial news flow as drilling and exploration programs progress.

• Directors confident in ability to raise additional funds if required; may defer expenditure or relinquish projects to manage capital.