Larvotto Resources (LRV) H1 2024 earnings summary

Executive summary

• Principal activities focused on exploration and evaluation of mineral resources in Western Australia, Queensland, and New Zealand.

• No significant changes in business activities during the half-year.

• Loss after income tax for the half-year ended 30 June 2024 was $4,497,018, compared to $2,755,934 for the same period in 2023.

• No revenue-generating activities during the period; operations consistent with exploration phase.

Financial highlights

• Loss after income tax for the half-year: $4,497,018 (2023: $2,755,934).

• Cash outflow from operating activities: $3,696,931 (2023: $2,590,683).

• Cash and cash equivalents at 30 June 2024: $456,026, down from $2,430,181 at the start of the period.

• Equity raised: $2 million on 29 April 2024; additional $6 million raised in July 2024.

• Basic and diluted loss per share: (1.9) cents (2023: (3.5) cents).

Outlook and guidance

• Directors believe the company can continue as a going concern, supported by recent capital raises and ability to manage discretionary expenditure.

• Cashflow forecast indicates sufficient resources for the next twelve months.