Golden Horse Minerals (GHM) H2 2023 earnings summary

Executive summary

• Achieved gold sales of $4.06M in 2023, primarily from processing the Pilot Gold Mine stockpile, with a gross profit of $1.75M.

• Net loss for the year was $961,840, an improvement from the prior year's loss of $1,092,580.

• Cash and cash equivalents increased to $1.93M at year-end, up from $127K in 2022.

• Raised $2.36M from share issuances and $918K in subscriptions, with a further $1.62M raised in January 2024.

• Acquired 100% of the Southern Cross North Project and expanded tenement portfolio in Western Australia.

Financial highlights

• Revenue from gold and silver sales totaled $4.06M in 2023.

• Gross profit was $1.75M, with total expenses of $2.86M.

• Net working capital surplus of $1.19M at year-end, compared to a deficiency of $1.59M in 2022.

• Deferred exploration and evaluation costs increased to $7.21M from $4.62M.

• No loans or borrowings outstanding at year-end, down from $314K in 2022.

Outlook and guidance

• Cash on hand at year-end is insufficient to fund planned exploration and operations for the next 12 months; additional equity or alternative funding will be required.

• Directors believe sufficient cash is available to continue operations until further capital is raised.

• ASX dual listing is progressing, with a listing date pending regulatory approval.