Australian Gold and Copper (AGC) Q1 2025 TU earnings summary

Executive summary

• Ended the quarter with $18.5M cash, following a $6.05M equity placement and strong funding position.

• Main focus was on expanding the Achilles discovery with RC and diamond drilling, and geophysical surveys.

• No substantive mining production or development activities during the quarter; exploration was the primary activity.

Financial highlights

• Cash and cash equivalents increased to $18.6M at quarter end, up from $14.2M in the previous quarter.

• Net cash used in operating activities was $(74)K; net cash used in investing activities was $(1.58)M.

• $6.05M raised from equity placement, offset by $51K in transaction costs.

• Exploration and evaluation expenditure totaled $1.41M for the quarter.

Outlook and guidance

• First diamond drilling assay results from Achilles expected in November, with further results and follow-up drilling scheduled through January 2025.

• Planned exploration includes targeting shallow oxide potential and new copper trends along the 5km Achilles Shear Zone.

• Estimated 12.5 quarters of funding available at current expenditure rates.