ECR Minerals PLC has released its unaudited half-yearly financial results for the six months ended 31 March 2024, along with a review of significant developments during and post the period. The company's operational highlights include geological mapping leading to the discovery of numerous quartz outcrops with gold-bearing streams, the discovery of a rhyolitic dyke with anomalous gold values, and the submission of an Exploration Licence application at Kondaparinga, Queensland. Additionally, the company reported broader mineralization and increased levels of high-grade gold from its drilling program at Creswick, Victoria, and bulk sample testing at Davey Road, Victoria, indicating extensive gold mineralization.
Financially, ECR Minerals PLC achieved the sale of non-core assets, realizing A$420,000, and is examining historic tax losses of A$75 million to potentially unlock significant value. The company also implemented cost reductions through a salary sacrifice scheme and the closure of its London office. Two fundraisings were completed in September 2023 and March 2024, raising almost £1.2 million in aggregate.
Nick Tulloch, Chairman of ECR Minerals PLC, expressed optimism about the company's operations, stating, "In the nine months since Mike Whitlow and I joined ECR, we have sought to implement a step change in the pace of our operations, coupling increased activity in our Australian projects with a prudent approach to cash management." He also emphasized the company's receptiveness to ideas to add value and new initiatives and projects to its operations.
Tulloch reassured shareholders about the company's future, stating, "For the remainder of 2024, I want to reassure shareholders that, following on from a very successful period of work in Victoria, they can look forward to further newsflow as we re-commence our operations in Queensland."
ECR Minerals PLC is a mineral exploration and development company focused on gold in Australia. The company's wholly owned Australian subsidiary, Mercator Gold Australia Pty Ltd, holds 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, and has six outstanding license applications. Additionally, ECR owns 100% of an Australian subsidiary, LUX Exploration Pty Ltd, 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, located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.