New Murchison Gold (NMG) Q4 2024 TU earnings summary

Executive summary

• Advanced pre-development activities at Crown Prince, including environmental, geotechnical, and hydrological studies, to support mining proposal submissions targeted for November 2024.

• Infill and extensional drilling at the SEZ lode and Crown Prince aimed at upgrading resources and expanding the Mineral Resource Estimate (MRE), with a maiden Ore Reserve expected later in 2024.

• Strategic alliance with Westgold Resources progressing, with an Ore Purchase Agreement in negotiation for the 240,000-ounce Crown Prince deposit.

• Targeting first production from Crown Prince by June 2025, pending finalization of open pit design and ore reserves.

Financial highlights

• Ended the September quarter with $3.4 million in cash, providing funding for ongoing technical and development programs.

• Exploration and evaluation expenditure for the quarter totaled $2.971 million, primarily at Crown Prince.

• Net cash outflow from operating activities was $669,000 for the quarter.

• Net cash outflow from investing activities was $2.989 million for the quarter.

• Estimated quarters of funding available is 0.93, with plans to raise additional capital if required.

Outlook and guidance

• Updated Crown Prince MRE expected by end of November 2024, with infill drilling results anticipated to add value.

• Mining proposal, mine closure plan, and related approvals targeted for submission in November 2024.

• Steady flow of news expected in coming months as technical milestones are achieved.

• Company expects operating cash outflows to decrease next quarter as pre-development drilling concludes.