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Rise Gold Corp (RYES+11.81%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $628,393 compared to a net loss of $1,378,425 in the same period the previous year. The decrease in loss is attributed to reduced general and administrative expenses and geological costs.
Cash and cash equivalents increased to $279,685 from $243,669 at the end of the previous fiscal year. The company reported total assets of $5,194,044 and total liabilities of $2,793,484, resulting in a working capital deficit of $1,572,092.
During the quarter, Rise Gold Corp entered into a secured loan agreement with Myrmikan Gold Fund, LLC for $500,000, with an interest rate of 15% per annum. The company issued 2,882,514 share purchase warrants as part of the loan agreement.
The company also amended its debt agreement with Eridanus Capital LLC, extending the loan maturity to September 4, 2025, and reducing the interest rate to 15% for 12 months. As part of the amendment, 1,700,000 share purchase warrants were issued.
Rise Gold Corp contracted to sell 66 acres of land adjacent to its Idaho-Maryland Mine Property for $4.3 million. The sale is subject to two agreements, with the first tranche closing on November 27, 2024.
The company continues to focus on its Idaho-Maryland Mine Property, emphasizing its vested rights to operate the mine. A writ of mandamus has been submitted to the Superior Court of California to compel recognition of these rights.
Rise Gold Corp acknowledges the challenges in obtaining financing and the uncertainties surrounding its ability to continue as a going concern. The company is exploring options to secure additional funding.
The filing highlights various risks, including commodity price volatility, regulatory challenges, and potential litigation, which could impact the company's operations and financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rise Gold Corp quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.