Lion Rock Minerals (LRM) Q3 2025 TU earnings summary

Executive summary

• Completed systematic residual soil and rutile reconnaissance exploration at Minta Rutile Project in Cameroon, with alluvial exploration commencing and visual estimates of up to 5% heavy minerals in soils from drill samples.

• Assay results from 10 samples in December 2024 showed high-value mineral assemblages, with rutile nuggets common and enrichment of up to 69% valuable heavy minerals in some samples.

• Appointment of Mr Casper Adson as CEO, bringing over 20 years of mining and processing experience.

• Raised approximately $2 million via a non-renounceable entitlement offer to shareholders.

Financial highlights

• Net cash used in operating activities for the quarter was $709k; year-to-date net cash used was $1.47 million.

• Raised $1.82 million from equity securities during the quarter, with $201k from the Shortfall Offer not yet cleared.

• Cash and cash equivalents at quarter end were $1.96 million.

• Exploration and project expenditure for the quarter was approximately $496k, mainly for the Minta Rutile Project.

Outlook and guidance

• Initial assay results from the second laboratory for Minta Rutile Project expected in early May 2025.

• Gold assay results from residual and alluvial samples expected in Q2 2025.

• Ongoing desktop studies and exploration program design for Kitongo and Lolo Uranium Projects in Cameroon, pending tenure grant.