Classic Minerals (CLZ) Q2 2025 earnings summary

Executive summary

• Entered binding agreement to sell 100% of Kat Gap tenements to Bain Global Resources for A$7.0 million, subject to shareholder approval; proceeds to retire debt and fund exploration at Lady Ada and Lady Magdalene.

• Kat Gap processing plant and equipment retained; plant to be upgraded to expedite processing.

• Bain and Mega Resources, both linked to BGR Mining & Infra Pvt Ltd, plan to develop Kat Gap and other WA gold projects.

Financial highlights

• Cash outflows for the December 2024 quarter totaled A$193k, with A$74k for exploration, A$37k for staff, A$11k for interest, and A$66k for debt repayment.

• Cash inflows for the quarter were A$187k, mainly from administration (A$108k) and borrowings (A$79k).

• Net cash used in operating activities was A$14k for the quarter; cash at period end was A$4k.

Outlook and guidance

• Proceeds from Kat Gap sale will be used to reduce debt and advance exploration at Lady Ada and Lady Magdalene.

• ASX requires Classic to maintain sufficient operations and financial condition for continued listing.