Kingsrose Mining (KRM) H2 2024 earnings summary

Executive summary

• Entered industry-leading Exploration Alliances with BHP, securing up to US$20 million in funding for regional exploration in Norway and Finland, excluding Penikat and Råna projects.

• Advanced Penikat project with key permits granted, though drilling delayed by an appeal; Penikat holds significant PGE resource potential.

• Achieved 51% ownership in the Råna project after meeting drilling and expenditure milestones; new mineralised zones discovered.

• Maintained strong financial position with $28.87 million cash as of June 30, 2024, supporting ongoing exploration and acquisition strategy.

• Sustainability and stakeholder engagement remain central, with extensive biodiversity, water, and community initiatives.

Financial highlights

• Net loss after tax for FY2024 was $3,860,815, an improvement from $6,875,757 loss in FY2023.

• Corporate and operational support costs totaled $5,401,668 (FY2023: $5,279,644).

• Interest income of $1,283,730 and net foreign exchange gain of $353,936 partially offset expenses.

• Cash and cash equivalents at year-end were $28,866,934, down from $33,840,430 in FY2023.

• Net assets stood at $36,517,187 (FY2023: $39,942,135).

Outlook and guidance

• Confident in foundation for FY2025 growth, with focus on disciplined exploration, acquisitions, and leveraging BHP alliances.

• Drilling at Penikat Area 1 expected to be delayed until at least December 2025 pending court decision on permit appeal.

• Ongoing search for advanced-stage assets to diversify and strengthen the portfolio.