American Pacific Mining (USGD) Q2 2024 earnings summary

Executive summary

• Focused on mineral exploration, American Pacific Mining Corp. remains in the exploration stage with no commercial production or revenues as of June 30, 2024.

• The company completed a $4.5M private placement, increasing cash reserves and working capital.

• Regained 100% ownership of the Madison Project after Kennecott exited the earn-in agreement.

Financial highlights

• Net loss for the six months ended June 30, 2024 was $3.3M, compared to $6.3M for the same period in 2023.

• Cash and cash equivalents increased to $6.7M from $2.9M at December 31, 2023.

• Total assets were $43.5M as of June 30, 2024, up from $41.2M at year-end 2023.

• Shareholders’ equity rose to $40.7M from $39.1M at December 31, 2023.

• Weighted average shares outstanding increased to 205.98M from 180.82M year-over-year.

Outlook and guidance

• Management believes current working capital is sufficient to meet liabilities for the next twelve months.

• Ongoing focus on mineral property exploration and potential equity financings to fund operations.