Geopacific Resources Limited (ASX:GPR) Releases Quarterly Cash Flow Report
Financial Performance
Geopacific Resources Limited reported net cash used in operating activities of $766,000 for the quarter ending December 2024, accumulating a year-to-date cash outflow of $4.45 million. Significant payments included $670,000 for exploration and evaluation, $332,000 for staff costs, and $209,000 for asset holding costs and contract close-out.
Investing and Financing Activities
The company noted cash outflows in investing activities of $507,000, primarily related to explorations and project studies. Financing activities contributed a net cash inflow of $40,000, with an equity securities issue yielding $4.77 million year-to-date, while $31,000 was spent on transaction costs linked to the equity issues.
Cash Position
At the end of the reporting period, Geopacific Resources had cash and cash equivalents of $1.79 million. The company estimates it has approximately 1.95 quarters of funding available based on forecast expenditures.
Future Financial Outlook
The company has commenced a pro-rata renounceable entitlement offer projected to raise $40 million before costs, aimed at advancing the Woodlark Project. This financial strategy is anticipated to support ongoing operational funding and business objectives.
Executive Comments
The Board of Directors expressed confidence in the funding strategy and the company’s capacity to continue operations effectively, asserting that the funds will significantly aid the advancement of the Woodlark Project.
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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