Lion Rock Minerals (LRM) Q1 2025 TU earnings summary

Executive summary

• Acquired 80% interest in Kitongo and Lolo Uranium Projects and Minta Rutile Project in Cameroon, expanding presence in West Africa.

• Reconnaissance field visits and initial exploration confirm high-grade rutile, zircon, rare earths, and gold potential at Minta.

• Appointed Phillip Gallagher as non-executive director, bringing significant West African exploration experience.

• Completed $1.70 million capital raising to fund exploration and working capital.

Financial highlights

• Net cash used in operating activities for the quarter was $223,000, mainly for exploration, staff, and admin costs.

• Raised $1.71 million from equity issues, with $108,000 in related transaction costs.

• Cash and cash equivalents at quarter end totaled $1.44 million, up from $75,000 in the previous quarter.

• Payments to related parties (directors' fees and superannuation) totaled $29,000 for the quarter.

Outlook and guidance

• Initial auger drilling program to commence at Minta Rutile Project, targeting high-priority zones over 3,500km².

• Exploration programs being designed for Kitongo and Lolo Uranium Projects, with confirmation drilling planned.

• Preliminary soil sampling at Green Rocks gold project and reconnaissance drilling at Yendon Kaolin Project scheduled for H2 2024.