Godolphin Resources Limited (ASX:GRL) Quarterly Activities Report
Operational Achievements
Godolphin Resources Limited (ASX: GRL) reported significant progress in its quarterly activities, particularly in the Lewis Ponds Gold, Silver, and Base Metals project. The company commenced a 1,500m diamond drilling program, yielding impressive intersections, including a notable 40m of massive to semi-massive sulphide mineralisation. Assay results are anticipated shortly.
Concurrent to drilling, Godolphin completed production of two Mixed Rare Earth Carbonate (MREC) samples from the Narraburra Rare Earths Project. Both samples demonstrated elevated levels of Terbium and Dysprosium, enhancing their market potential and providing a strategic advantage in industry discussions regarding off-take agreements.
Financial Performance
During the quarter, Godolphin successfully raised $614,000 through a Share Purchase Plan, far exceeding the initial target of $300,000, indicating strong shareholder support. This followed a completed placement of $1.2 million in December.
Cash expenditure for exploration and evaluation totalled $557,000 for the quarter, primarily attributed to drilling, salaries, and technical consulting. Notably, the company ended the quarter with cash reserves of $1.585 million.
Executive Comments
Ms Jeneta Owens, Managing Director, commented, “Operations in the December quarter further underlined the momentum of our stated strategy, which is focused on a comprehensive exploration program at Lewis Ponds to capitalise on strong market conditions for gold, silver and base metals.” She expressed optimism for the first half of 2025, highlighting the ongoing advancement of their projects and the substantial backing from shareholders.
Future Outlook
Looking ahead, Godolphin aims to sustain its exploration momentum at Lewis Ponds while advancing the metallurgical testing at the Narraburra Rare Earths project, with further updates expected in the coming weeks.
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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