Classic Minerals (CLZ) Q1 2025 earnings summary

Executive summary

• Progressed reconnaissance mapping, predrilling surveys, and feasibility studies at Lady Ada and Lady Magdalene within Forrestania Gold Project (FGP).

• Mining operations at FGP targeted for FY 2024/2025, pending completion of key milestones including mine planning, agreements, and government approvals.

• Processing facility upgrade planned to maximize recovery from Kat Gap and FGP projects, with feasibility studies to be published soon.

• Rights Issue closed in September 2024, raising $135,735.39; AuResources AG funding agreement confirmed as valid and progressing.

• Non-executive director Stephen O'Grady resigned post-quarter for personal reasons.

Financial highlights

• Cash outflows for the quarter totaled $370,000, with $243,000 (66%) for exploration, $56,000 (15%) for staff, and $17,000 (5%) for administration.

• Cash inflows for the quarter were $325,000, including $139,000 from equity, $119,000 from borrowings, and $67,000 from PPE proceeds.

• Net cash used in operating activities was $(325,000); net cash from investing activities was $58,000; net cash from financing activities was $222,000.

• Cash and cash equivalents at quarter end stood at $10,000.

Outlook and guidance

• Mining at FGP expected to commence in FY 2024/2025, subject to completion of mine planning, agreements, and approvals.

• Feasibility studies for Kat Gap and FGP projects to be released soon, providing project and market metrics.