Geo Exploration (GEO) H2 2024 earnings summary

Executive summary

• Focused on farm-in process for Namibian licence PEL0094, with early commercial discussions underway as of August 2024.

• Diversified asset portfolio post-year-end, acquiring up to 80% of a mineral exploration licence in Western Australia (Juno Project).

• Board and management changes, including new CEO and CFO appointments, to enhance governance and drive growth.

• Raised £503,000 in 2023 and £850,000 in August 2024 to fund exploration and working capital.

Financial highlights

• Net loss after tax of US$1,041,261 for FY2024, improved from US$1,283,634 in FY2023.

• Cash balance at 30 June 2024 was US$193,070, down from US$356,389 at prior year-end.

• Share-based payments increased to US$477,475 (2023: US$150,954).

• Total assets at 30 June 2024 were US$2,364,843; net assets US$2,040,668.

• No dividends declared or paid for the year.

Outlook and guidance

• Optimistic about growth prospects in Namibia and Western Australia, with ongoing farm-in discussions for PEL0094.

• Well-capitalised after recent fundraising, with focus on cost preservation and potential cost recovery from farm-in deals.

• Committed to maximising shareholder value through strategic alternatives and project advancement.