AusQuest (AQD) H2 2024 earnings summary

Executive summary

• Active exploration in Australia and Peru with total exploration spend of A$5.2 million, including A$2.25 million from South32 for Australian projects.

• Strategic Alliance Agreement with South32 extended to December 2025, focusing on high-potential copper, zinc, and nickel targets.

• Key Australian projects advanced: Balladonia (BHT mineralisation), Morrisey (magnetite resource), Moora and Jubilee Lake (pre-drilling work).

• In Peru, joint venture discussions ongoing; Cangallo Copper Project to be drilled by the company if no JV is secured.

• Net profit after tax for FY24 was $256,727, down from $361,982 in FY23.

Financial highlights

• Revenue and other income for FY24: $224,547 (FY23: $1,120,783).

• Net profit after tax: $256,727 (FY23: $361,982).

• Basic and diluted EPS: 0.03 cents (FY23: 0.04 cents).

• Cash and cash equivalents at year-end: $1,070,206 (FY23: $3,733,325).

• Impairment of exploration and evaluation expenditure: $473,660 (FY23: $604,057).

• Share-based payment expense: $297,560.

Outlook and guidance

• Significant exploration activity planned in both Australia and Peru for FY25, including drilling at Balladonia, Morrisey, Moora, Cangallo, Lantana, and Playa Kali.

• Ongoing search for joint venture partners in Peru; if unsuccessful, company will self-fund drilling.

• Directors note likely need for additional working capital in the next 12 months to advance exploration projects.