CZR Resources (CZR) Q4 2024 TU earnings summary

Executive summary

• Progressed sale of 85% interest in Robe Mesa Iron Ore Project to Miracle Iron Resources for $102 million; key Chinese regulatory approvals received, FIRB approval pending with extended deadline to 31 August 2024.

• Heritage surveys and haul road construction completed at Robe Mesa; exploration set to commence at Croydon Gold and Buddadoo VTM Projects.

• $0.6 million cash at quarter end; loan facility extended to $0.5 million with major shareholder.

Financial highlights

• Net cash outflow from operating activities was $877k for the quarter and $3.46 million for the year.

• Net cash from investing activities was an outflow of $52k for the quarter, inflow of $889k for the year.

• Net cash from financing activities was $742k for the quarter, $992k for the year.

• Cash and cash equivalents at quarter end were $589k, down from $776k in the previous quarter.

• Payments to related parties totaled $164k for the quarter.

Outlook and guidance

• Settlement of Robe Mesa sale expected this quarter, providing $102 million in cash (excluding costs and taxes).

• If required, company will seek to raise equity or undertake borrowings to fund operations.

• Company expects to continue operations and meet objectives with existing funds and future capital raising.