Zhen Ding Resources Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in its operating expenses and net losses compared to the previous fiscal period. The company, which focuses on the exploration and extraction of precious and base metals primarily in China, did not generate any revenue during these periods due to the idling of its mineral processing operations.

For the three months ended September 30, 2024, Zhen Ding recorded a net loss of $171,120, a substantial decrease of 79.03% from the net loss of $816,310 reported in the same period of 2023. The total operating expenses for this quarter were $44,897, reflecting a dramatic 93.53% reduction from $694,114 in the prior year. Similarly, for the nine months ended September 30, 2024, the net loss was $460,935, down 58.45% from $1,109,367 in 2023, with total operating expenses decreasing to $86,182 from $734,025.

The company’s cash and cash equivalents increased slightly to $6,613 as of September 30, 2024, compared to $6,293 at the end of 2023. However, Zhen Ding continues to face a working capital deficit of $11,193,936 and an accumulated deficit of $22,808,709 since inception. The total stockholders' deficit also widened to $11,193,936 from $10,603,003 at the end of the previous fiscal year.

Financing activities showed some improvement, with net cash provided by financing activities rising to $92,500 for the nine months ended September 30, 2024, compared to $53,850 in the same period of 2023. This increase was attributed to higher related party loans. The company is actively seeking approximately $3,350,000 to restart its mineral processing plant and extend its mining permit, with plans to upgrade facilities and resume exploration activities.

Zhen Ding's operational status remains precarious, as it has not earned revenue since idling its processing plant in 2017. The company is exploring joint venture opportunities and has received a six-year exploration permit for the Wuxi Gold Mine. Management has indicated that the continuation of operations is contingent upon securing additional financing and achieving profitable operations.