Midas Minerals (MM1) H2 2024 earnings summary

Executive summary

• Advanced exploration across gold, base metals, and lithium projects in Western Australia and Canada, with significant new targets identified at Challa, Newington, and Reid-Aylmer projects.

• Achieved 100% ownership of Greenbush and Barbara Lake lithium projects in Ontario, though exploration paused due to lithium market downturn.

• Raised ~$2.7 million in capital during the year to fund exploration and working capital.

• Board changes included the resignation of a founding director and appointment of a new joint company secretary.

Financial highlights

• Loss after tax of $3,857,531 for the year ended 31 December 2024, down from $5,313,485 in 2023.

• Cash balance at year-end was $1,054,594 (2023: $1,154,769); net assets totaled $5,201,672 (2023: $6,122,980).

• Exploration expenditure of ~$1.7 million on Yellowknife Lithium Project was written off.

• Share-based payments expense totaled $423,618.

• No dividends declared or paid.

Outlook and guidance

• Continued focus on realizing value from exploration assets and actively seeking new project opportunities.

• Ongoing exploration planned for Challa, Newington, and Reid-Aylmer projects in 2025.

• Commitment to regular ESG reporting as strategies advance.