Lac Gold (LAC) H2 2024 earnings summary

Executive summary

• Focused on gold exploration at the 100% owned Pickle Lake Gold Project in Ontario, Canada, after divesting lithium assets over the past two years.

• Well funded with $10.8M cash, $1.2M in trust at CRA, and 13M shares in Green Technology Metals (GT1).

• 2023-24 saw a net loss of $10.2M, compared to a $15.7M profit in 2023, mainly due to one-off gains from lithium asset sales in the prior year and a fair value loss on GT1 shares in the current year.

Financial highlights

• Net loss after tax: $(10,194,062) for FY24, compared to a profit of $15,749,330 in FY23.

• Cash and cash equivalents increased to $10,834,903 (up 16% year-over-year).

• Net assets at $31,687,974, down 17% from the previous year.

• No corporate debt.

• Major prior year gain: $16.7M from lithium asset sale; current year saw an $8.5M fair value loss on GT1 shares.

• Earnings per share: (0.163) cents, down from 0.59 cents.

Outlook and guidance

• Continued focus on systematic gold exploration at Pickle Lake, with near-term efforts shifting to the Eastern Hub for greater efficiency.

• Board remains disciplined in exploration spending and is actively reviewing strategic opportunities to enhance the resource base.

• No dividends declared or recommended.