Diatreme Resources (DRX) Q3 2024 earnings summary

Executive summary

• Completed 100% acquisition of Metallica Minerals Limited (MLM), consolidating all silica assets and expanding project portfolio.

• Appointed Brian Flannery as Non-Executive Director and Kara Keys as Deputy Chairperson to strengthen leadership.

• Released Half Year Accounts showing a net loss of $937,701 for the half year to 30 June 2024, an improvement from $1,137,828 loss in 2023.

• Cash and liquids position at $7.2M, with an additional $18.8M in silica projects JV, totaling $26M as of 30 September 2024.

Financial highlights

• Net loss for half year to 30 June 2024 was $937,701, compared to $1,137,828 loss in the prior year.

• Cash and cash equivalents at quarter end were $7.2M, with total available cash including JV at $26M.

• Payments to related parties during the quarter totaled $110k, including director fees and consultancy services.

• Net cash used in operating activities for the quarter was $2.1M; net cash used in investing activities was $0.65M.

• Estimated quarters of funding available at current burn rate is 2.59.

Outlook and guidance

• December quarter focus includes ongoing EIS studies, exploration drilling, and community engagement for Northern Silica Project.

• Cape Flattery Silica Project to continue DFS review, technical assessments, and regulatory engagement.

• Cyclone Zircon Project to complete air-core drilling and assess options for value realization, including potential asset spin-out.