Ausgold (AUC) H2 2024 earnings summary

Executive summary

• Significant progress made on the Katanning Gold Project (KGP), with a 15% increase in contained gold ounces to 3.04Moz and a 12% rise in measured and indicated resources to 2.42Moz year-over-year.

• Board and management were strengthened, including new executive appointments and a $38 million equity raise, leaving the company debt-free with $25 million in cash at year-end.

• Acquisition of 1,026 hectares of freehold farmland adjacent to mining leases, de-risking project development and supporting infrastructure needs.

• Enhanced DFS underway, with completion targeted for H1 CY2025, focusing on phased plant expansion and improved gold recovery.

Financial highlights

• Consolidated net loss of $8.34 million for FY2024, compared to $5.23 million in FY2023.

• Cash and cash equivalents at 30 June 2024 were $5.0 million, down from $9.4 million the previous year.

• $38 million raised via institutional placement, with Tranche 1 completed in June and Tranche 2 in July 2024.

• Share consolidation (1-for-10) completed in July 2024 to improve capital structure.

Outlook and guidance

• Enhanced DFS scheduled for completion in H1 CY2025, with a focus on phased plant expansion and maximising high-grade feed in early years.

• Active exploration planned for 2025, targeting resource extensions and new regional discoveries.

• Ongoing stakeholder engagement and ESG initiatives to support permitting and community relations.