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Augusta Gold Corp. (AUGG-3.44%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in cash to $232,413 from $300,734 at the end of the previous year. The decrease is attributed to operating expenses and project development costs.
Total assets decreased to $60,637,860 from $61,516,252 at the end of the previous year. This change is primarily due to a reduction in mineral properties and cash.
The company reported a net loss of $1,709,380 for the three months ended September 30, 2024, compared to a net income of $862,100 in the same period of the previous year. The loss is attributed to ongoing exploration and administrative expenses.
Operating expenses for the quarter were $1,074,534, down from $1,354,382 in the previous year. The decrease is due to reduced general and administrative expenses.
The revaluation of warrant liability resulted in a gain of $105,927, compared to a gain of $2,883,272 in the previous year.
Interest expense increased to $741,529 from $641,287 in the previous year, reflecting higher debt levels.
Augusta Gold continues to focus on the development of its Bullfrog and Reward gold projects in Nevada. The Reward Gold Project feasibility study was released on September 30, 2024, outlining potential economic benefits.
The company acknowledges its dependence on additional financing to meet future obligations and continue operations. A working capital deficiency of approximately $32,000,000 was reported as of September 30, 2024.
Augusta Gold does not anticipate cash dividend payments to common stockholders in the near future, as it focuses on project development and exploration activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Augusta Gold Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.