SOLIS MINERALS LTD. (ASX:SLM) Reports Financial Results for Six Months Ended November 30, 2024
Financial Overview
Solis Minerals Ltd. (ASX:SLM) reported a comprehensive loss of $2,216,488 for the six months ended November 30, 2024. This marks an improvement compared to the loss of $3,043,767 during the same period last year. The company attributes the reduction in loss primarily to a decrease in exploration and evaluation asset write-offs.
During the three-month period ending November 30, 2024, the company incurred a loss of $665,617, a significant decline from the income of $1,940,057 for the same quarter in 2023. The latest period’s financials reflect a notable fluctuation in operational expenditures and income generated from exploration activities.
Project Updates and Exploration Activities
In line with its focus on growth, Solis executed various exploration activities in Peru and Brazil. In Peru, the Ilo Norte and Ilo Este projects exhibit promising potential for Iron Oxide Copper Gold and porphyry copper targets. The company advanced drill permitting processes, with exploration results encouraging further evaluation of these targets.
In Brazil, the Mina Vermelha project has been terminated following a decision to cease exploration due to unsatisfactory results. The company wrote off $820,536 from its evaluation assets related to this project. Conversely, the Estrela project continues to show some hydrous pegmatite characteristics, although results yielded no significant lithium grades.
Liquidity and Financial Position
As of November 30, 2024, Solis Minerals reported a cash position of $1,439,897, significantly down from $3,921,451 at the end of the previous financial year. The working capital was also reduced, indicating a more cautious approach to funding ongoing operations. The cash flow usage from operating activities was $1,044,080, slightly less than the previous year’s cash flow usage.
Michael Parker, Executive Director, commented, “Our focus on strategic project development remains steadfast. While we navigate through challenging market conditions, we are committed to optimizing our exploration efforts and securing necessary funding to advance our initiatives.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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