Keweenaw Land Association (KEWL) H1 2024 earnings summary

Executive summary

• Lease income from the Copperwood Project totaled $140,000, with an additional $9,310 in royalty income from a copper recycling partner for the first half of 2024.

• Interest income from cash invested in treasuries was $186,964 for the period.

• Net income for the six months ended June 30, 2024, was $32,315, down from $127,796 in the same period last year.

• Operating with only two employees, the company focused on reducing operating costs, reflected in a significant reduction in cost of sales to $20,094.

Financial highlights

• Revenues were $149,310, compared to $140,000 year-over-year.

• Cost of sales decreased to $20,094 from $123,793 year-over-year.

• Cash and cash equivalents at period end were $3,962,868, down from $10,067,919 a year earlier.

• Total assets were $14,302,140 as of June 30, 2024, compared to $15,707,987 a year ago.

• The company acquired 667,300 acres of mineral rights for $1,016,102 and repurchased 51,633 shares for $1,364,091 during the period.

Outlook and guidance

• Projected lease income under contract is $209,700 for 2024, increasing to $4,079,750 over future periods.

• Revenue generation remains highly dependent on the Copperwood Project, with uncertainty around the timing and realization of future royalty streams.

• The company continues to focus on mineral asset development, cost control, and advancing early-stage exploration activities.