PERTH - Neometals Ltd (ASX:NMT), a mining exploration entity, has disclosed its quarterly cash flow report for the period ending December 2024, revealing a net increase in cash and cash equivalents as well as details on its spending and financing activities.
The company reported a net increase in cash and cash equivalents of A$2.829 million for the quarter, with the closing balance standing at A$10.722 million. This increase is attributed to cash inflows from financing activities which totaled A$6.787 million, primarily from the proceeds of issuing equity securities, despite incurring some transaction costs.
Operating activities, however, resulted in a net cash outflow of A$3.810 million, with significant payments made towards staff costs and administration and corporate costs. The company's investment in exploration and evaluation activities also contributed to the cash outflows, with A$204,000 spent during the quarter.
The cash flow report also included payments to related parties amounting to A$321,000 for the current quarter, in line with corporate governance practices.
Neometals did not engage in any borrowing or utilize loan facilities during the quarter, as indicated by the absence of such activities in the financing section of the report. The company's estimated quarters of funding available, based on current cash outflows and cash and cash equivalents at the end of the quarter, stands at approximately 2.67 quarters.
The report, prepared in compliance with accounting standards and policies, is intended to provide the market with a clear view of Neometals' financial activities and position at the end of December 2024. The company's secretary, Chris Kelsall, has authorized the release of this statement, ensuring that it gives a true and fair view of the company's cash flows.
Investors may consider this information as indicative of Neometals' financial health and its ability to fund operations in the near term. The details presented in the report are based on a press release statement issued by the company.
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