Golden Horse Minerals (GHM) H2 2024 earnings summary

Executive summary

• Completed IPO and ASX listing, raising A$18 million and issuing 72 million CDIs, with trading commencing December 16, 2024.

• Acquired significant exploration assets, including 100% of Broken Hill Metals Pty Ltd and multiple Western Australian tenements, expanding the project portfolio.

• Achieved gold sales of $4.06 million from processing the Pilot Gold Mine stockpile, with a head grade of 1.63g/t Au.

• Net loss for the year was $6.29 million, driven by high share-based payments and exploration costs.

Financial highlights

• Revenue from gold and silver sales totaled $4.06 million for the year ended December 31, 2024.

• Gross profit was $1.75 million, with cost of sales at $2.31 million.

• Total expenses increased to $6.30 million, including $3.36 million in share-based payments and $1.61 million in operational expenses.

• Cash and cash equivalents rose to $13.37 million from $1.93 million year-over-year, reflecting IPO proceeds.

• Deferred exploration and evaluation costs increased to $21.62 million from $7.21 million year-over-year.

Outlook and guidance

• Focus remains on advancing exploration in Western Australia and progressing the recently acquired tenements.

• Ongoing option and joint venture agreements, including the NT Copper Project, provide future growth opportunities.