Chatham Rock Phosphate (CRP) H2 2024 earnings summary

Executive summary

• Chatham Rock Phosphate Limited reported a net loss of $1,472,047 for the year ended March 31, 2024, compared to a net loss of $1,770,917 in the prior year.

• The company’s current liabilities exceeded current assets by $75,326 as of March 31, 2024, and it expects to incur further losses as it develops its business.

• The audit opinion is unqualified, but there is a material uncertainty regarding going concern due to the need for additional capital and successful project development.

Financial highlights

• Revenue remained minimal at $412 for the year, unchanged from the prior year.

• Operating expenses totaled $1,567,188, down from $1,823,635 year-over-year.

• Other income, including a government grant and legal settlement, totaled $95,141, up from $52,718 last year.

• Cash and cash equivalents decreased to $110,172 from $820,381 year-over-year.

• Shareholders’ equity declined to $6,550,158 from $7,274,009 year-over-year.

Outlook and guidance

• Management expects further losses as the company continues project development and is reliant on raising additional capital.

• Successful commencement of the Korella North project is targeted for November 2024.

• Subsequent to year-end, $699,460 in additional capital was raised, but more funding will be required for planned work programs.