New Murchison Gold (NMG) Q3 2024 TU earnings summary

Executive summary

• Entered a binding strategic alliance with Westgold Resources, including a $6.0m placement for a 15% pro forma shareholding.

• Focused on advancing the Crown Prince deposit towards production, with technical work streams for mining approval well advanced.

• High-grade gold results from RC drilling at Crown Prince and encouraging early results from regional prospects Battery and Crescent.

• Finished the quarter with $7 million in cash, supporting ongoing technical and exploration programs.

Financial highlights

• Ended the quarter with $7.0 million in cash and cash equivalents.

• Raised $6.0 million via equity placement during the quarter.

• Exploration and evaluation expenditure for the quarter totaled $1.076 million, mainly at Crown Prince.

• Net cash outflow from operating activities was $569,000 for the quarter.

• Estimated 4.39 quarters of funding available at current expenditure rates.

Outlook and guidance

• Updated resource estimate for Crown Prince expected mid-September quarter.

• Mining proposal submission for Crown Prince anticipated mid to late H2 2024.

• Continued drilling at regional prospects to expand resource base.