Classic Minerals (CLZ) H2 2024 earnings summary

Executive summary

• Focused on advancing Kat Gap Gold Project to production and consolidating Forrestania Gold Project tenements.

• First gold bar poured at Kat Gap; processed 5,321 tonnes of ore, generating $988,294 in gold sales revenue.

• Upgraded Kat Gap resource, converting 20,488 oz from Inferred to Indicated; acquired 100% of Forrestania tenements.

• Completed sale of Kat Gap tenements for $7 million, using proceeds to retire debt and fund further exploration.

Financial highlights

• Net loss for the year ended 30 June 2024 was $13,354,439, improved from $23,646,156 loss in 2023.

• Revenue from gold sales was $988,294; total income including R&D rebate and other income was $1,901,706.

• Cash and cash equivalents at year-end were $55,205, down from $16,863 in 2023.

• Total assets were $9,016,520; total liabilities $23,108,014, resulting in negative equity of $14,091,494.

• Borrowings at year-end were $10,817,194; convertible notes outstanding were $1,560,000.

Outlook and guidance

• Proceeds from Kat Gap sale to be used for debt repayment and exploration at Lady Ada and Lady Magdalene.

• Actively pursuing capital raising and ASX re-listing; major shareholders and creditors provided financial support letters.

• Board in discussions for mining or JV agreements over Lady Ada and Lady Magdalene tenements.