Mont Royal Resources (MRZ) H2 2024 earnings summary

Executive summary

• Focused on mineral exploration in Quebec, Canada, with key projects Northern Lights and Wapatik in the James Bay region.

• Completed significant fieldwork and sampling, identifying high-grade lithium and tantalum targets.

• Raised A$2.2 million in August 2023 to fund exploration and project advancement.

• Paused Wapatik Project exploration in April 2024 due to challenging lithium market conditions.

Financial highlights

• Reported consolidated loss of $2,625,450 for FY2024, up from $820,331 in FY2023.

• Total comprehensive loss attributable to members was $2,889,167.

• Revenue from interest was $27,861.

• Cash and cash equivalents at year-end were $2,079,224.

• Exploration and evaluation expenditure at year-end was $5,787,146 after impairment.

Outlook and guidance

• Future exploration at Wapatik to be re-evaluated throughout CY2024.

• Focus remains on advancing lithium targets at Northern Lights and Léran for future drilling.