New Murchison Gold (NMG) H1 2024 earnings summary

Executive summary

• Incurred an after-tax operating loss of $1,529,041 for the half year ended 31 March 2024, compared to a loss of $876,084 for the same period last year.

• Continued mineral exploration activities in Australia, with a focus on the Crown Prince gold deposit.

• Completed a $6 million placement in June 2024 to Westgold Resources Limited to fast-track Crown Prince development.

Financial highlights

• Revenue from continuing operations was $57,843, up from $2,445 year-over-year.

• Total comprehensive loss for the period was $1,529,041, compared to $876,084 in the prior year.

• Cash and cash equivalents at 31 March 2024 were $2,840,125, up from $2,302,651 at 30 September 2023.

• Net cash used in operating activities was $3,796,351; net cash provided by financing activities was $4,671,179.

• Share-based payment expenses increased to $269,129 from $36,700 year-over-year.

Outlook and guidance

• The $6 million placement is expected to provide sufficient funds for planned exploration and corporate costs for the next 12 months.

• Directors believe additional capital can be raised if necessary.