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Texas Mineral Resources Corp (TMRC-9.88%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing shows the company had total assets of $758,450 as of November 30, 2024, down from $906,493 as of August 31, 2024. Current assets included cash and cash equivalents of $269,387.
The company reported a net loss of $229,097 for the three months ended November 30, 2024, compared to a net loss of $221,411 in the same period the previous year.
Operating expenses for the quarter included exploration costs of $21,735 and general and administrative expenses of $211,009. Interest income for the quarter was $3,647.
The company has a working capital surplus of approximately $218,000 but acknowledged substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations beyond February 2025.
Texas Mineral Resources Corp holds a 19.323% interest in Round Top Mountain Development, LLC, which is developing a rare earths project in Hudspeth County, Texas. The company may face further dilution of its interest if it cannot meet future cash calls.
The filing also discusses the company's joint venture arrangement with Santa Fe Gold Corporation to explore and develop silver properties in New Mexico, though no formal agreement has been reached.
The company has entered a non-binding letter of intent with Steeple Rock Holding Company, LLC to explore a potential mining venture involving several mines in New Mexico.
The filing outlines risks related to the company's financial condition, including the need for additional capital to fund operations and potential dilution of its interest in the Round Top Project.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Texas Mineral Resources Corp quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.