Arrow Minerals (AMD) Q2 2024 TU earnings summary

Executive summary

• Initiated 2024 drilling campaign with iron mineralisation identified in first holes, assays up to 63% Fe from surface.

• Completed 479 drill holes for 7,867m in June quarter, with up to 6 rigs operating simultaneously.

• Focused on Simandou North Iron Project, adjacent to major infrastructure under development in Guinea.

• Strengthened executive team with new CFO, Projects Director, and Independent Non-Executive Director appointments.

Financial highlights

• Cash at bank as of 30 June 2024 was $4.4 million.

• Received $520,000 from Tranche 2 Placement during the quarter.

• Convertible Note holders converted $500,000 into 400 million shares, releasing $500,000 back to cash.

• Exploration and evaluation expenditure for the quarter totaled $4.1 million.

Outlook and guidance

• Drilling paused in July due to the wet season, with exploration costs expected to decrease in the September quarter.

• Planned exploration activities will be adjusted based on available funds and potential new capital raises.

• Directors believe the company will continue as a going concern, supported by cost adjustments and fundraising options.