ECR Minerals (ECR) H2 2024 earnings summary

Executive summary

• Advanced asset portfolio with promising results at Tambo, Lolworth, Creswick, and Blue Mountain, the latter offering near-term production and revenue potential.

• Strengthened balance sheet through successful fundraises and sale of surplus land; ongoing cost control measures implemented.

• Board changes included the resignation of the former Chairman and retirement of a Non-Executive Director.

Financial highlights

• Total comprehensive loss for the year ended 30 September 2024 was £1,183,181, down from £1,772,670 in 2023, mainly due to administrative expenses.

• Net assets increased to £5,240,546 from £5,012,403 year-over-year.

• Raised £580,000 in October 2023, £585,000 in April 2024, and £950,000 in December 2024 through share issues.

• Cash and cash equivalents at year-end were £281,368, with £893,443 as of 21 March 2025.

• Basic and diluted loss per share was (0.07)p, improved from (0.15)p in the prior year.

Outlook and guidance

• Focus on bringing Blue Mountain into production in 2025 and advancing other assets.

• Fully funded for the planned 2025 exploration and drilling programme.

• Continued cost discipline and exploration of merger and acquisition opportunities amid strong gold prices.