Great Southern Copper (GSCU) H2 2025 earnings summary

Executive summary

• Advanced exploration at Especularita, focusing on Mostaza Mine and Viuda Negra, with significant drilling confirming large-scale copper-silver mineralisation and new targets identified.

• Relinquished non-core San Lorenzo and Monti projects to concentrate resources on Especularita.

• Completed three fundraises, including placings and a convertible loan, strengthening the cash position and enabling accelerated exploration.

• Share price remained resilient despite challenging market conditions for junior explorers.

Financial highlights

• Loss for the year increased to £4.19m from £1.76m year-over-year, driven by a £2.23m impairment of intangible assets.

• Administrative expenses rose to £1.96m (2024: £1.76m).

• Cash at bank at year-end was £1.00m (2024: £0.50m), with additional convertible loan funds of £0.52m available post year-end.

• Net assets decreased to £2.63m (2024: £3.60m) due to increased losses and impairments.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on advancing Especularita, with Phase III drilling at Mostaza and further testing at Viuda Negra planned.

• Additional scout drilling at new targets within Especularita is scheduled.

• Funding environment remains challenging, but management is confident in securing further capital as needed.