FireFly Metals Ltd (ASX:FFM) Releases Interim Financial Results
Financial Performance
FireFly Metals Ltd reported a net loss of A$2.581 million for the three months ended 31 December 2024, compared to a loss of A$13.438 million in the same period in 2023. For the six months, the net loss decreased to A$5.731 million from A$15.515 million in the prior year. The company’s total assets grew to A$312.015 million, up from A$232.451 million as of 30 June 2024, driven by an increase in cash and cash equivalents and exploration and evaluation assets.
Operational Highlights
The Group’s principal activities included exploration and evaluation at the Green Bay Copper-Gold Project in Canada, the Pickle Crow Gold Project in Ontario, and the Limestone Well Vanadium-Titanium Project in Western Australia. The acquisition of the Tilt Cove Project expanded their exploration tenure in Newfoundland, enhancing their strategic position.
Cash Flow
Cash and cash equivalents increased significantly to A$76.024 million at the end of December 2024, up from A$37.818 million in June 2024. Net cash used in operating activities was A$4.369 million for the quarter and A$4.889 million for the half-year.
Future Outlook
The directors prepared cash flow forecasts indicating the company can meet its commitments and continue exploration efforts, anticipating future capital raisings or transactions to support project development.
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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