Midas Minerals (MM1) Q4 2024 TU earnings summary

Executive summary

• Mapping and sampling progressed at Challa and Newington projects to refine drill targets, with results expected in the March quarter.

• Technical and legal due diligence underway on advanced project opportunities with demonstrated resource potential.

• No fieldwork was conducted at Canadian lithium projects during the quarter.

Financial highlights

• $1.6 million capital raising completed, with $1.05 million cash at bank as of 31 December 2024.

• Net cash used in operating activities for the quarter was $397,000; investing activities used $266,000.

• Net cash from financing activities was $1,391,000 for the quarter.

• Estimated 1.6 quarters of funding available at current expenditure rates.

Outlook and guidance

• Initial drill targets for Challa and Newington projects to be defined by May 2025.

• Ongoing monitoring of working capital and intention to raise additional capital as required.