New Murchison Gold (NMG) H2 2024 earnings summary

Executive summary

• Advanced the Crown Prince Project, increasing total resource to 279,000 ounces at 3.9 g/t, with a 39% rise in indicated resources to 226,000 ounces at 4.6 g/t, targeting production start-up in 2025.

• Entered a $6 million strategic placement and alliance with Westgold Limited, progressing toward an ore purchase agreement for Crown Prince ore to be processed at Westgold's Bluebird Mill.

• Completed technical, environmental, and feasibility studies, confirming robust project potential and advancing statutory approvals for open pit mining.

• Maintained a strong exploration pipeline across a 677km² tenure, with three additional advanced projects on granted mining leases.

Financial highlights

• Reported a consolidated operating loss after tax of $2,710,439 for FY2024, compared to a $2,156,617 loss in FY2023.

• Revenue and other income totaled $170,722, up from $24,026 in the prior year.

• Cash and cash equivalents at year-end were $3,392,660, up from $2,302,651 in FY2023.

• Exploration expenditure capitalized increased to $10,678,101 from $4,196,689 year-over-year.

• Net assets rose to $13,660,549 from $4,965,840 at the previous year-end.

Outlook and guidance

• Targeting commencement of Crown Prince production in mid-2025, pending regulatory approvals expected by April 2025.

• Anticipates continued exploration and development across multiple advanced prospects to drive future growth.