Gorilla Gold Mines (GG8) H2 2024 earnings summary

Executive summary

• Loss after tax reduced to $3.27M for FY24 from $6.18M in FY23, with revenue of $404.8K, down from $1.3M year-over-year.

• Major strategic shift with the acquisition of the remaining 49% of Comet Vale and the Vivien Gold Mine, and a focus on consolidating high-grade gold assets in WA.

• Sale of the Labyrinth Gold Project in Canada was initiated but ultimately terminated; strategic options for the asset are under review.

• Significant board and management changes, including new CEO and two new non-executive directors.

Financial highlights

• Net loss after tax: $3.27M (FY23: $6.18M); basic loss per share improved to (0.28)c from (0.68)c.

• Revenue: $404.8K (FY23: $1.3M); net cash inflow of $128.8K (FY23: outflow of $1.95M).

• Working capital deficit of $935.7K at year-end (FY23: surplus $1.75M).

• Total assets: $25.2M; equity: $5.03M.

• Deferred consideration liability of $19.7M related to Canadian assets, measured at fair value.

Outlook and guidance

• Focus on exploration and resource growth at Comet Vale and Vivien projects in WA.

• Proceeds from recent equity raising to fund exploration, project development, and working capital.

• Ongoing review of strategic options for the Labyrinth Gold Project in Canada.