Sultan Resources (SLZ) Q4 2024 earnings summary

Executive summary

• Exploration focused on WA nickel-cobalt and gold projects, and Canadian lithium assets; no substantive mining production during the quarter.

• Calesi drilling (WA) returned no significant gold or nickel values; Rio Tinto Exploration withdrew from farm-in.

• Canadian lithium projects (Ruddy, Kember) advanced through desktop studies and planning; no fieldwork due to seasonality and First Nation negotiations.

• Cash position at 30 June 2024 was $584,000, with estimated 1.3 quarters of funding available at current burn rate.

Financial highlights

• Net cash used in operating activities for the quarter was $(200,000); year-to-date $(788,000).

• Net cash used in investing activities was $(178,000) for the quarter; year-to-date $(573,000).

• $69,000 received from Rio Tinto for exploration spend on tenement E70/5082.

• $692,000 raised from equity issues during the year; $93,000 in related transaction costs.

• Cash and cash equivalents at quarter end: $584,000 (down from $962,000 previous quarter).

Outlook and guidance

• Expenditure expected to decrease in upcoming quarters following completion of Calesi drilling.

• Company expects to continue operations and meet objectives, with ability to raise additional capital if required.

• First pass reconnaissance at Kember and further groundwork at Ruddy planned for current Canadian field season.