Classic Minerals (CLZ) Q4 2024 earnings summary

Executive summary

• Mining lease granted for Forrestania Gold Project, covering Lady Ada and Lady Magdalene, enabling 21 years of operations and expanding Classic's mining footprint.

• Binding funding agreement signed with AuResources AG to expedite project development; full deposit expected soon.

• Resource upgrade at Forrestania, with significant increase in Indicated resources, supporting project advancement.

Financial highlights

• Cash outflows for the June 2024 quarter totaled $1.6 million, mainly for exploration (68%), interest, and admin.

• Cash inflows matched outflows at $1.6 million, primarily from borrowings (65%) and equity (31%).

• Net cash from operating activities for the quarter was $(1.26) million.

• Cash and cash equivalents at quarter end were $55,000.

Outlook and guidance

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

• Updated scoping study underway to reflect current gold prices and costs.

• Rights Issue extended to 7 August 2024, with 50% of the shortfall underwritten.