Arrow Minerals (AMD) Q3 2024 TU earnings summary

Executive summary

• Advanced a dual strategy to establish iron ore and bauxite operations in Guinea, leveraging proximity to the Simandou railway for logistics advantages.

• Entered an agreement to acquire the Niagara Bauxite Project, expanding bulk commodity exposure.

• Signed a non-binding MoU with Baosteel Resources for potential mine gate iron ore sales.

• Completed Simandou North H1 2024 drilling and commenced Niagara Bauxite drilling in October 2024.

Financial highlights

• Cash at bank as of 30 September 2024 was $4.5 million.

• Raised $5 million via placement in August 2024 to fund project advancement.

• Exploration and evaluation expenditure for the quarter totaled $3.4 million.

• Net cash outflow from operating activities for the quarter was $4.2 million.

Outlook and guidance

• Cash position supports ongoing exploration and drilling, including Niagara Bauxite and preliminary mining studies.

• No immediate plans to raise further capital; current cash sufficient for planned activities.

• Directors expect to meet business objectives with existing cash reserves.