Australian Gold and Copper (AGC) H2 2024 earnings summary

Executive summary

• Loss after tax for FY2024 was $644,414, a significant improvement from $1,656,510 in FY2023.

• Major capital inflows included $10.1 million from GeoZen for a 55% stake and $4.95 million from a share placement, with an additional $6.05 million post-year-end.

• Focused exploration at South Cobar led to a significant discovery at Achilles, with high-grade gold, silver, lead, and zinc intercepts.

Financial highlights

• Revenue (other income) increased to $293,968 from $95,283 year-over-year.

• Net loss after tax reduced to $644,414 from $1,656,510 year-over-year.

• Cash and cash equivalents at year-end were $14.2 million, up from $2.2 million.

• Total assets rose to $30.6 million from $16.5 million year-over-year.

• Share capital increased to $33.4 million from $18.7 million.

Outlook and guidance

• The company is well-funded for ongoing exploration, particularly at the South Cobar project.

• A new 20-hole RC drilling program commenced in June 2024 to expand the Achilles discovery.