New Murchison Gold (NMG) Q1 2025 TU earnings summary

Executive summary

• Significant progress at the Crown Prince Project, including completion of a 7,500m infill drilling program confirming and upgrading gold mineralisation zones.

• Updated Mineral Resource Estimate (MRE) for Crown Prince shows a 16% increase in total resources to 279koz at 3.9g/t Au, with a 39% increase in Indicated resources to 226koz at 4.6g/t Au.

• Entered into an Ore Purchase Agreement (OPA) with Westgold, targeting production from Crown Prince in mid-2025.

Financial highlights

• Cash balance at 31 December 2024 was $2.749 million, increasing to $3.951 million by 24 January 2025 due to option exercises.

• Exploration and evaluation expenditure for the quarter totaled $1.983 million, mainly at Crown Prince.

• Net cash outflow from operating activities was $360,000 for the quarter.

• Proceeds from exercise of options totaled $1.699 million.

Outlook and guidance

• Pre-development work at Crown Prince is well advanced, with mining proposals and environmental approvals submitted.

• Mining at Crown Prince is targeted to commence mid-2025, subject to regulatory and shareholder approvals.

• Feasibility study and ore reserve estimate for Crown Prince to be released soon.