Western Gold Resources (WGR) H2 2024 earnings summary

Executive summary

• Diversified exploration portfolio in Australia and Sweden, focusing on gold, graphite, lithium, copper, and rare earth elements.

• Advanced Gold Duke Project with metallurgical test work and scoping study underway; acquisition of Euro Future Metals Pty Ltd completed, expanding Swedish assets.

• Raised $2 million through share placements and convertible notes; completed sale agreement for four Swedish property assets post-year-end.

Financial highlights

• Net loss for the year ended 30 June 2024 was $3,107,436, up from $1,904,653 in 2023.

• Exploration and evaluation expenditures totaled $1,826,924 (2023: $1,277,299).

• Net assets at year-end were $1,327,889 (2023: $1,030,103); cash and cash equivalents stood at $751,317.

• Capitalized exploration and evaluation expenditure increased to $1,169,895 (2023: $549,000).

Outlook and guidance

• Ongoing exploration at Gold Duke and Swedish projects; scoping study for Gold Duke to be delivered in Q3 2024.

• Further field mapping and geochemical sampling planned in Sweden; continued negotiations for third-party processing to expedite Gold Duke production.

• Sale of four Swedish assets expected to provide CAD $180,000 in cash and a 2% NSR royalty.