Cosmos Exploration (EAU) H2 2024 earnings summary

Executive summary

• Report covers the year ended 30 June 2024, highlighting significant expansion into uranium projects in Nunavut, Canada, and ongoing exploration in Australia and Quebec.

• Net loss after tax increased to $3,960,008 from $2,343,366 year-over-year, reflecting higher exploration and impairment expenses.

• Cash and cash equivalents declined to $695,853 from $2,559,244, with net assets at $6,101,096.

• No dividends declared or paid; focus remains on exploration and project acquisition.

Financial highlights

• Revenue was $34,833, down 40.7% from $58,743 in the prior year.

• Net loss after tax rose 70.6% to $3,960,008, driven by increased share-based payments, exploration expenses, and a $777,772 impairment.

• Basic loss per share was $0.069, compared to $0.056 in the previous year.

• Share-based payment expense totaled $666,845, up from $173,491.

• Cash outflow from operations was $2,394,791, with total assets decreasing to $6,333,215.

Outlook and guidance

• Ongoing exploration in Nunavut uranium projects, with fieldwork and community engagement planned for H2 2024.

• Continued focus on advancing lithium and rare earth projects in Quebec and Western Australia.

• Additional capital raising post-year-end to support exploration and working capital.