Australian Gold and Copper (AGC) Q4 2024 TU earnings summary

Executive summary

• Completed 9-hole, 1,461m RC drilling at Achilles, returning grades up to 45g/t gold, 3,970g/t silver, 2.5% copper, and 47.1% lead+zinc; mineralisation remains open along strike and at depth.

• Achilles discovery now defined by 12 drill holes over 0.5km, with variable multi-metal mineralisation in all holes, indicating strong near-surface and depth potential.

• Commenced a new 20-hole RC drilling program at Achilles to rapidly expand the high-grade discovery.

• $11 million placement completed during the quarter, boosting cash reserves to $14.24 million at period end.

Financial highlights

• Cash on hand at quarter end was $14.24 million, up from $10.66 million in the previous quarter.

• $11 million raised via placement to sophisticated, professional, and institutional investors.

• Exploration and evaluation expenditure for the quarter was $957,931.

• Net cash used in operating activities was $129,000 for the quarter.

• Estimated 13.16 quarters of funding available at current expenditure rates.

Outlook and guidance

• Focus remains on expanding and defining mineralisation at Achilles through ongoing RC and upcoming diamond drilling.

• Additional geophysical surveys and drilling planned for Q3 and Q4 2024 to test strike and depth extensions.