American Pacific Mining (USGD) Q3 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 September 30, 2024.

• Completed a private placement raising $4.5 million and consolidated 100% interest in the Palmer Project post-period end.

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

Financial highlights

• Net loss for the nine months ended September 30, 2024 was $5.6 million, compared to $12.0 million for the same period in 2023.

• Cash and cash equivalents increased to $3.5 million from $2.9 million at December 31, 2023.

• Accumulated deficit grew to $38.2 million from $32.6 million at year-end 2023.

• Basic and diluted loss per share was $0.03, improved from $0.06 year-over-year.

• Total assets were $40.0 million, down from $41.2 million at December 31, 2023.

Outlook and guidance

• Continuation as a going concern depends on successful exploration and ability to raise additional capital.

• Management intends to fund operations with existing cash and further equity financings.