Great Southern Copper (GSCU) H2 2024 earnings summary

Executive summary

• Advanced exploration at key Chilean copper-gold projects, notably Especularita, with strong assay results and expanded concessions, including Artemisa and Cerro Negro.

• Diversified portfolio with acquisition of the Monti Lithium Project in the Salar de Atacama, Chile.

• Raised approximately £3.15m through three fundraisings, including a convertible loan and equity placements.

• Strengthened management team with the appointment of a new CFO.

Financial highlights

• Loss for the year ended 31 March 2024 was £1.76m, compared to £1.30m in the prior year.

• Administrative expenses increased to £1.76m from £1.30m year-over-year.

• Cash at bank as of 31 March 2024 was £503k, down from £654k at the previous year-end.

• Net assets increased to £3.60m from £3.20m year-over-year.

• No revenue generated; company remains pre-revenue and focused on exploration.

Outlook and guidance

• Plans to accelerate exploration, particularly drilling at priority targets in Especularita, including Cerro Negro, Victoria, and Aurelia, subject to permitting and rig availability.

• Continued need to raise additional funds to support ongoing exploration and maintain going concern status.

• Positive outlook based on strong project pipeline and recent fundraising.