Arrow Minerals (AMD) Q1 2025 TU earnings summary

Executive summary

• Maiden Mineral Resource for Niagara Bauxite Project reported at 185Mt at 42.3% Al2O3, 2.7% SiO2, with high-grade subsets identified and a substantial additional Exploration Target of 190–240Mt at 39–43% Al2O3, 2–4% SiO2.

• Scoping Study for Niagara Bauxite Project is on track for June 2025 completion, focusing on logistics, mine planning, and product characterisation.

• Favourable Bayer process testwork confirms high recoveries and low silica content, supporting premium bauxite potential.

• Simandou North Iron Project advances with ongoing metallurgical testwork and a non-binding MoU with Baosteel for potential mine gate sales.

Financial highlights

• Cash balance at 31 March 2025 was $5.6 million, with an additional $1.1 million received post-quarter from a placement.

• $7 million raised via placement in two tranches to fund project advancement and working capital.

• Exploration and evaluation expenditure for the quarter totaled $1.2 million.

• Net cash used in operating activities for the quarter was $2.1 million.

• Estimated quarters of funding available: 3.

Outlook and guidance

• June quarter expected to deliver significant news as key financial and operating elements of the Niagara project are defined.

• Scoping studies for both Niagara Bauxite and Simandou North Iron Projects targeted for completion by June 2025.

• Ongoing infill drilling and exploration planned to potentially increase Mineral Resources.