Texas Mineral Resources Corp. Reports Net Loss of $229,000 for Quarter Ending November 30, 2024

Texas Mineral Resources Corp. reported its financial results for the three months ending November 30, 2024, revealing a net loss of approximately $229,000, compared to a net loss of $221,000 for the same period in 2023. The company did not generate any operating revenue during this quarter, maintaining its status as an exploration-stage company with an accumulated deficit of about $43.4 million. Operating expenses totaled approximately $232,744, which included $21,735 in exploration costs and $211,009 in general and administrative expenses. The slight decrease in general and administrative expenses from $232,909 in the previous year was attributed to reduced operational costs.

In terms of liquidity, Texas Mineral Resources reported cash and cash equivalents of $269,387 as of November 30, 2024, down from $428,197 at the end of the previous fiscal period. The company also noted a working capital surplus of approximately $218,000. However, it highlighted significant financial challenges, stating that it lacks sufficient cash to fund its share of the Round Top Project budget or general administrative expenses beyond February 2025. The company anticipates further dilution of its membership interest in the Round Top Project, which currently stands at 19.323%, if it cannot raise additional capital.

Strategically, the company has been involved in various developments, including a non-binding letter of intent with Steeple Rock Holding Company to explore a potential mining venture involving multiple mines in New Mexico. Additionally, in December 2024, CEO Dan Gorski assigned his ownership interest in the Carlisle mine to a wholly-owned subsidiary of the company for a promissory note of $75,000. The company also continues to pursue a joint venture arrangement with Santa Fe Gold Corporation for silver properties in New Mexico, although the success of these initiatives remains uncertain.

Operationally, Texas Mineral Resources has not received any cash call notices from Round Top during the quarter, and it is unclear what the preliminary budget for the upcoming fiscal year will be. The company has not commenced commercial production at the Round Top Project, which is still in the exploration stage. The total cash calls and expenditures for the Round Top Project during the previous fiscal year amounted to approximately $4.2 million, with the company opting not to fund its share, leading to dilution of its interest.

Looking ahead, Texas Mineral Resources faces substantial challenges in securing the necessary financing to continue its operations and fund its obligations. The company has indicated that it may need to raise additional capital through the sale of securities or other means, but there is no assurance that it will be able to do so. The management has expressed concerns about the company's ability to continue as a going concern if it cannot generate revenue or secure funding in the near future.