Gorilla Gold Mines (GG8) Q4 2024 TU earnings summary

Executive summary

• Entered binding agreements to acquire 100% of Distilled Analytics (Vivien Gold Project) and an option for 100% of Comet Vale, consolidating high-grade gold assets in Western Australia.

• Announced $4M equity raising via two-tranche placement and entitlement offer to fund acquisitions and exploration.

• Terminated the sale of the Labyrinth Gold Project in Canada, retaining a non-refundable deposit.

Financial highlights

• Cash and cash equivalents at quarter end were $287,000, down from $447,000 in the previous quarter.

• Net cash used in operating activities for the quarter was $(169,000); net cash from financing activities was $1,470,000.

• Total cash expenditure for the quarter was $84,000, with $60,000 spent on Comet Vale and $14,000 on Labyrinth.

Outlook and guidance

• Post-quarter, expects significant changes in operating cash flows following completion of Vivien and Comet Vale acquisitions.

• Plans to use raised funds for exploration at Comet Vale and Vivien, tenement costs in Canada, and working capital.

• Confident in meeting business objectives in coming quarters due to planned capital raising.