Premium Resources Ltd. (formerly Premium Nickel Resources Ltd.) reported a net loss of $42.4 million for the fiscal year ending December 31, 2024, an increase of $10 million compared to the previous year's loss of $32.4 million. The rise in losses was attributed to heightened exploration activities, which accounted for an increase of $6.8 million, alongside a $2.3 million rise in general and administrative expenses, primarily due to share-based compensation and the retirement of the former CEO. The company's total assets decreased by $13 million to $25 million, largely due to reduced cash balances, which fell from $19.2 million in 2023 to $6.1 million in 2024.
In terms of operational developments, Premium Resources has focused on its flagship assets, the Selebi and Selkirk nickel-copper-cobalt mines in Botswana. The company has ramped up its exploration efforts, completing approximately 45,827 meters of drilling in 2024, contributing to a total of 63,947 meters drilled at the Selebi North underground resource. The company also filed its Initial Mineral Resource Estimate (MRE) for the Selebi Mines in December 2024, which will serve as a foundation for future economic studies. The company’s exploration and evaluation expenditures for the Selebi Mines reached $28 million in 2024, compared to $21.5 million in 2023.
Strategically, the company underwent significant changes in its leadership and structure. James Gowans was appointed as Chair of the Board in January 2024, and Paul Martin transitioned to Interim CEO in December 2024 following the retirement of Keith Morrison. The company also completed a private placement financing in June 2024, raising approximately $27.5 million, which was utilized for advancing its exploration projects. Additionally, the company announced a significant refinancing in March 2025, converting its Term Loan into equity, which is expected to provide necessary capital for ongoing operations.
As of December 31, 2024, Premium Resources had 529 holders of common shares, with a total of 185.7 million shares outstanding, reflecting an increase from 149.3 million shares in the previous year. The company has not yet generated revenue from its operations, and its financial outlook remains contingent on securing additional financing to support its exploration and development activities. The company anticipates that it will continue to require external funding to advance its projects and cover administrative costs, with a focus on achieving profitable operations in the future.
About Premium Resources Ltd.
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