Lion Rock Minerals (LRM) Q2 2025 TU earnings summary

Executive summary

• Completed acquisition of 80% interest in Kitongo and Lolo Uranium Projects and Minta Rutile Project in Cameroon, West Africa.

• Initiated maiden auger drilling program at Minta Rutile Project, targeting high-priority zones over 3,500 km².

• Visible rutile identified in both alluvial and residual soils, supporting the exploration model.

• Initial drilling samples submitted for laboratory analysis, with results expected in Q1 2025.

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

Financial highlights

• Spent approximately $337k on project and exploration activities during the quarter, mainly at Minta Rutile and Green Rocks Projects.

• Net cash used in operating activities was $537k for the quarter.

• Raised $1.707 million from equity securities; net cash from financing activities was $1.568 million.

• Cash and cash equivalents at quarter end were $882k.

Outlook and guidance

• Expects initial assay results from Minta Rutile Project drilling in Q1 2025.

• Preliminary soil sampling at Green Rocks Project underway, with results anticipated in Q1 2025.

• Board confident in ability to raise additional funds as required for ongoing exploration and development.