Midas Minerals (MM1) H1 2024 earnings summary

Executive summary

• Advanced exploration of lithium, gold, and base metal projects in Canada and Western Australia, acquiring 100% of Greenbush and Barbara Lake projects and withdrawing from Yellowknife Lithium and Weebo Gold projects.

• Significant progress at Newington Project with new gold and copper anomalies and high-priority drill targets identified.

• Discovery of high-grade spodumene-bearing pegmatites at Reid-Aylmer Lithium Project in Canada, with multiple outcrops assaying up to 8.27% Li₂O.

• Completed share placement raising $1.13 million to fund exploration programs.

Financial highlights

• Net loss after tax for the half-year ended 30 June 2024 was $2,660,474, compared to $1,373,596 for the same period in 2023.

• Major loss items included $1,720,063 in exploration and evaluation costs written off (mainly Yellowknife Lithium Project), $243,773 in share-based payments, and $158,317 in employee benefits.

• Cash and cash equivalents at 30 June 2024 were $1,042,864, down from $1,154,769 at 31 December 2023.

• Net assets at 30 June 2024 were $4,806,738, down from $6,122,980 at 31 December 2023.

Outlook and guidance

• Further mapping, sampling, and low-cost exploration planned at Canadian lithium projects, with priority drill targets identified.

• Additional exploration at Newington and Challa projects in Western Australia scheduled for the next quarter.

• Directors anticipate sufficient working capital for at least twelve months, with options for further capital raising if required.