Cloudbreak Discovery (CDL) H2 2024 earnings summary

Executive summary

• Pre-tax loss for the year ended 30 June 2024 was £855,966, a significant improvement from £3,985,721 in 2023.

• Major restructuring since March 2023 reduced corporate debts and overheads, streamlining operations.

• Focus remains on early-stage natural resource project generation and royalty investments in mining and oil & gas.

• Cash at bank at year-end was £195,157, down from £244,074 in 2023.

Financial highlights

• Total expenditure for the year was £943,302, down from £3,855,925 in 2023.

• Administrative expenses decreased to £943,302 from £3,855,925 year-over-year.

• Operating loss improved to £847,494 from £3,571,981 year-over-year.

• Finance income was £344,198 (2023: £369,587); other income rose to £336,864 (2023: £47,121).

• Loss per share from continuing operations was (0.1)p, compared to (1)p in 2023.

Outlook and guidance

• Actively seeking late-stage mining and oil & gas projects with short-term cash flow potential and minimal capital expenditure.

• Focus on projects in North and South America and Africa, especially in precious and base metals.

• Additional funding required to fully develop the business plan; directors expect to raise funds via debt or equity.