Australian Gold and Copper (AGC) H2 2024 earnings summary

Executive summary

• Principal activity was mineral exploration in Australia, with a focus on the Central Lachlan Fold Belt, NSW.

• Loss after tax for FY24 was $644,414, a significant improvement from $1,656,510 in FY23.

• Major capital inflows included $10.1 million from GeoZen for a 55% stake and $11 million from a share placement.

• No dividends were paid or declared for the year.

Financial highlights

• Revenue (other income) increased to $293,968 from $95,283 year-over-year.

• EBITDA loss narrowed to $618,775 from $1,630,871 year-over-year.

• Net loss after tax was $644,414, down from $1,656,510 in the prior year.

• Cash and cash equivalents at year-end were $14.2 million, up from $2.2 million.

• Exploration and evaluation assets rose to $16.1 million from $14.1 million.

Outlook and guidance

• The company is well funded for ongoing exploration, especially at the South Cobar Project.

• A new 20-hole RC drilling program commenced at Achilles in June 2024 to expand the high-grade discovery.