ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the publication of its audited financial statements for the twelve months ended 30 September 2024 (“FY 2024”).
Copies of the Annual Report and Accounts for FY 2024 with the notice of annual general meeting are being posted to shareholders and will shortly be available on the Company’s website at https://www.ecrminerals.com.
The Company intends to hold its annual general meeting at 11.00 am on Wednesday 23 April 2024 at the offices of Allenby Capital Limited, 5th floor, 5 St. Helen’s Place, London EC3A 6AB.
Below is an extract from comments made by Chairman Nick Tulloch in the Annual Report and Accounts for FY 2024:
“Finally, my thanks to our shareholders for supporting us. There is considerable cause for optimism as we enter 2025. We will continue to investigate the potential to bring Blue Mountain into production, whilst also advancing our other assets. Alongside that our policy of keeping a tight rein on costs is unchanged. I look forward to reporting back to you with further progress.”
Financial Summary for Year Ending 30 September 2024
For the year to 30 September 2024, the Group recorded a total comprehensive loss attributable to shareholders of the Company of £1,183,181, a decrease compared with £1,772,670 for the year to 30 31 March 2025
During 2024 we have significantly advanced our assets across the group through an acceleration of pace and a diligent assessment of our portfolio. These efforts have produced considerable opportunity – promising results from Tambo, Lolworth and Creswick give us plenty of follow up opportunities but it is perhaps Blue Mountain, where we have the opportunity to commence production later in the year, that provides the nearest revenue opportunity.
September 2023.
The largest contributor to the total comprehensive loss was the administrative expenses.
The Group’s net assets as at 30 September 2024 were £5,240,546 in comparison with £5,012,403 at 30 September 2023.See below for detailed financial statements and the Chairman’s review for the period ended 30 September 2024.
Market Abuse Regulations (EU) No. 596/2014
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
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| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
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| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson | |||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR is also in exclusive negotiations to acquire Maximus Minerals Ltd for £500,000 along with exercising that company’s option over the Cat Key advanced gold project for C$600,000. The consideration, if the transaction completes, will be settled in new ECR shares, issued at no less than 0.33 pence per share.
Glossary
Ag: Silver
Au: Gold
b.c.m: Bank cubic metres (Metric) g/t: Grammes per Tonne (Metric) km: Kilometres (Metric)
km2: Kilometre squared (Metric) M: Metres (Metric)
oz: troy ounces
ppb: Parts per billion
ppm: Parts per million
pXRF: portable x-ray fluorescence Sb: Antimony
Sq: Square (Metric)
Link here to read the full Audited Financial Results and Annual Report