Lion Rock Minerals (LRM) Q4 2024 TU earnings summary

Executive summary

• Executed binding agreements to acquire 80% of Kitongo and Lolo Uranium Projects and Minta Rutile Project in Cameroon, West Africa.

• Acquisition includes six uranium exploration permits (~2,400 km²) and 18 rutile permits (~8,800 km²).

• Capital raising of up to $1.7 million via placement and entitlement offer to fund exploration and working capital.

• Appointment of Phillip Gallager as non-executive director, bringing significant West African exploration experience.

Financial highlights

• Net cash used in operating activities for the quarter was $72,000; year-to-date $723,000.

• Cash and cash equivalents at quarter end were $75,000, down from $157,000 in the previous quarter.

• No payments made to directors or related parties during the quarter; director fees accrued to be converted to equity pending approval.

Outlook and guidance

• Exploration programs planned for new Cameroonian projects post-funding, including geological mapping, radiometric surveys, and drilling.

• Soil sampling and drilling to follow at Green Rocks Project in Western Australia after capital raising.

• Company expects to secure additional funding through ongoing placement and entitlement offer.