Australia United Mining Ltd (ASX:AYM) Quarterly Activities Report
Exploration Achievements
Australia United Mining Limited (ASX:AYM) has detailed significant progress on exploration projects in New South Wales and Queensland during the December quarter. A joint venture with MinRex Resources targets the Sofala project, located near Bathurst, known for its historical gold mining presence.
In Queensland, the Ropewalk mine reportedly processed approximately 450 tonnes of ore, yielding a gold-silver bar weighing 976 grams. The refining process generated 723.11 grams of gold and 205.56 grams of silver, valued collectively at $92,202.36. AYM’s earnings share from this operation equated to $13,138 post government royalties.
Future Outlook and Corporate Overview
Production activities at the Ropewalk mine will pause during the monsoonal wet season, with the resumption planned for when conditions improve. Significant trenching was conducted at the Lady Franklin and All Nations historical workings to identify additional gold resources. This exploration effort demonstrated the presence of shear zones with notable gold assays, indicating potential for future resource development.
By the end of December 2024, AYM maintained approximately $34,000 in cash reserves with 1,842,577,485 ordinary shares issued. The company incurred a total of $36,000 in payments to related parties, primarily comprising directors’ salaries and superannuation costs.
Financial Performance Snapshot
For the current quarter, AYM reported a net cash outflow of $61,000 from operating activities. The exploration expenditure remained low, and with additional financial support from W.Y. International
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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