Kingsrose Mining (KRM) H1 2025 earnings summary

Executive summary

• Earned 51% interest in the Råna nickel-copper-cobalt project in Norway after completing drilling and meeting earn-in conditions.

• Discovered high-grade copper in polymetallic veins in Norway under the BHP Alliance, with notable samples from Porsanger and Virdnechokka.

• Advanced permitting for the Penikat Project in Finland, with legal and regulatory milestones achieved and ongoing court proceedings.

• Acquired the Jakon Project in Central Finland as part of the BHP Alliance post-period end.

Financial highlights

• Net loss after tax for the half year ended 31 December 2024 was $2,368,372, a significant improvement from the restated net loss of $6,809,482 for the same period in 2023.

• EBIT for the period was $(2,367,219), and EBITDA was $(2,286,363), both improved year-over-year.

• No sales revenue was recorded; income was primarily from interest and foreign exchange gains.

• Total assets at 31 December 2024 were $33,394,936, with net assets of $28,346,522.

• Cash and cash equivalents at period end were $27,075,217, down from $28,866,934 at 30 June 2024.

Outlook and guidance

• Expects to receive an enforceable exploration permit for Penikat during 2025, with low risk of further delay.

• Ongoing exploration and target generation in Norway and Finland under BHP-funded alliances, with further fieldwork planned for 2025.

• Strategic focus remains on acquiring new exploration assets with strong drill potential.