Green Technology Metals (GT1) H2 2024 earnings summary

Executive summary

• Advanced vertically integrated lithium business in Ontario, Canada, with Seymour and Root projects as core assets, targeting first production in 2026 and 2029, respectively.

• Strategic partnerships secured with LG Energy Solution and EcoPro Innovation, including a $8M equity investment and joint venture for a lithium conversion facility.

• Leadership transition with Cameron Henry appointed as Managing Director, and cost-saving measures implemented in response to market conditions.

• Significant progress in permitting, Indigenous consultation, and project development for Seymour and Root.

Financial highlights

• Net loss after tax for FY24 was $7.17M, an improvement from $8.70M loss in FY23.

• Revenue for FY24 was $2.61M, up from $0.72M in FY23, primarily from interest and flow-through premium income.

• Cash and cash equivalents at year-end were $6.41M, with an additional $15M in term deposits.

• Exploration and evaluation assets increased to $95.41M, reflecting ongoing project investment.

• Successful capital raise of $14.6M via flow-through shares and $8M post-year-end from EcoPro.

Outlook and guidance

• Seymour project advancing toward construction, with DFS, FID, and permitting milestones targeted for the coming year.

• Lithium Conversion Facility in Thunder Bay progressing through feasibility and site selection.

• Root project to complete standalone PEA and further drilling to expand resources.

• Continued focus on cost management and readiness for market recovery.