Chilean Cobalt Corp. (OTCQB: COBA) reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, which focuses on cobalt and copper mining and exploration, has not generated any revenue to date and continues to operate at a loss. As of September 30, 2024, the company reported a net loss of $666,278 for the nine-month period, a decrease from a net loss of $994,696 for the same period in 2023. For the three months ended September 30, 2024, the net loss was $192,968, down from $383,287 in the prior year.

Total operating expenses for the nine months ended September 30, 2024, were $681,051, compared to $1,015,984 for the same period in 2023, reflecting a decrease of $334,933. The reduction in operating expenses was attributed to lower non-cash stock option compensation and decreased contractor and legal fees. The company’s cash balance decreased significantly to $218,771 as of September 30, 2024, from $799,871 at the end of 2023. Total current assets also fell to $315,524 from $856,872 during the same period.

Chilean Cobalt Corp. has been actively pursuing strategic partnerships to enhance its operations. The company signed a non-binding Letter of Intent (LOI) with Glencore on July 3, 2024, for the purchase of cobalt and copper production, and another LOI with US Strategic Metals (USSM) on September 6, 2024, for processing and refining cobalt and copper concentrate. These partnerships aim to establish a supply chain connecting the La Cobaltera project in Chile with USSM's processing facility in Missouri, which is strategically important for the US critical minerals supply chain.

The company has also been focused on reducing its monthly burn rate, which is approximately $89,000, totaling an estimated $1,068,000 for the upcoming 12 months. To support its operations, Chilean Cobalt Corp. is seeking to raise approximately $1,000,000 in working capital, with plans for additional funding of up to $20,000,000 in the first half of the next year. The company estimates a total requirement of approximately $325 million to complete its long-term operations plan.

As of September 30, 2024, the company had total current liabilities of $27,001 and stockholders' equity of $291,481, a significant decline from $838,841 at the end of 2023. The accumulated deficit stood at $33,166,516, indicating ongoing financial challenges. The company has not incurred any exploration and development expenses during the quarter, focusing instead on raising working capital.