Terra Metals (TM1) H2 2024 earnings summary

Executive summary

• Completed acquisition of Dante Resources Pty Ltd, securing the Dante Cu-PGE-Au-Ni project in Western Australia, and advanced exploration activities across multiple projects.

• Maiden drill program at Dante confirmed two large-scale Platreef-style Cu-PGE sulfide reefs, with significant mineralisation including copper, gold, vanadium, and titanium.

• Onslow Project drilling returned high-grade silver and tungsten intercepts; Southern Cross Project soil sampling identified a large lithium anomaly.

• Raised $2.1 million and $6 million through share placements to fund ongoing exploration and development.

Financial highlights

• Net loss for the year ended 30 June 2024 was $4,891,907, compared to $1,058,926 in 2023, primarily due to increased exploration and evaluation expenses.

• Exploration and evaluation expenses rose to $3,897,900 from $849,865 year-over-year.

• Cash reserves at 30 June 2024 were $648,420, down from $3,302,754 the previous year.

• Net assets increased to $4,838,240 from $3,922,480 year-over-year.

• Net cash outflows from operating activities were $3,943,836, up from $1,484,153 in 2023.

Outlook and guidance

• Plans to complete infill and extensional drilling at Dante, deliver a maiden Mineral Resource estimate, and conduct further exploration and metallurgical studies.

• Intends to monetize non-core projects through joint ventures or asset sales.

• Ongoing focus on expanding discoveries and assessing economic viability of mining operations.