Lion Rock Minerals (LRM) H2 2024 earnings summary

Executive summary

• Loss after income tax for FY24 was $902,265, a significant improvement from the prior year's loss of $1,649,926.

• Net liabilities as of 30 June 2024 were $658,270, compared to net assets of $278,376 at the previous year-end.

• No dividends were paid or declared for the year.

• Major strategic move: acquisition of 80% interests in Kitongo and Lolo Uranium Projects and Minta Rutile Project in Cameroon, expanding the exploration portfolio.

Financial highlights

• Revenue from other income and interest totaled $75,561, with an additional $132,000 in grant income.

• Exploration and evaluation expenditure was $252,561, down from $1,165,828 year-over-year.

• Administration expenses decreased to $624,163 from $723,474 year-over-year.

• Cash and cash equivalents at year-end were $74,789, down from $815,734.

• Net cash used in operating activities was $718,956.

Outlook and guidance

• Focus on due diligence and initial exploration at newly acquired Cameroon projects, with targeted drilling and stakeholder engagement planned.

• Continued exploration at Green Rocks and Earaheedy projects in Western Australia, with emphasis on gold potential.

• Yendon Kaolin Project remains on hold, with resource estimate unchanged.