Liberty Gold (LGD) Q2 2024 earnings summary

Executive summary

• Completed a non-brokered private placement, raising C$12.5 million through the sale of 35.7 million units at C$0.35 per unit, each with a half warrant exercisable at C$0.45 for 24 months.

• Signed a definitive agreement to sell the TV Tower Project in Türkiye for $11.5 million, with $8.5 million attributable, paid in three stages over two years.

• Appointed a Director of Regulatory Affairs and Sustainability to advance mine permitting and compliance.

Financial highlights

• Q2 2024 net loss attributable to shareholders was $3.7 million, compared to $5.3 million in Q2 2023.

• Six-month net loss was $6.9 million, down from $10.1 million for the same period last year.

• Basic and diluted loss per share was $0.01 for Q2 2024, compared to $0.02 in Q2 2023.

• Cash and short-term investments stood at $13.3 million as of June 30, 2024, up from $9.1 million at year-end 2023.

• Working capital (excluding assets held for sale) was $8.2 million at quarter-end.

Outlook and guidance

• Advanced pre-feasibility study at Black Pine, including engineering, infrastructure, and mine development options.

• Commenced a 20,000-metre drill program at Black Pine targeting new high-priority zones to expand the resource base.

• Hosted a formal mine permitting kick-off meeting with key regulatory agencies.