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KNB 
Koonenberry Gold Limited 
ASX

Half Yearly Report and Accounts

Sentiment:
 Half Year Financial Report
 12 March 2025 1:35 AM

Koonenberry Gold Limited reports on its half-year financial results, highlighting exploration activities and financial outcomes for the period ended December 31, 2024, including a loss of $925,922 and a successful capital raise of $4.5 million.

Worse than expected
  The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance. 

Capital raise
  The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.  The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved. 

Summary
  • Koonenberry Gold Limited's half-year report covers the period ended December 31, 2024.
  • The company's principal activities focused on gold and mineral exploration in New South Wales.
  • Key projects include the Koonenberry, Enmore, and Lachlan Projects.
  • The company reported a loss of $925,922 for the period.
  • Exploration credits of $780,000 were allocated under the Junior Minerals Incentive scheme.
  • The company raised $4.5 million through a private share placement.
  • The company acquired the Lachlan and Enmore exploration projects through the issue of 130 million shares.
  • A placement of shares to investors to raise $2 million before costs was completed on February 20, 2025.
Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While the company reports a loss, it has successfully raised capital and is actively exploring promising projects. The dependence on future funding introduces uncertainty.

Positives
  • The company secured $780,000 in exploration credits under the Junior Minerals Incentive scheme.
  • A private share placement successfully raised $4.5 million.
  • The acquisition of the Lachlan and Enmore exploration projects expands the company's portfolio.
  • Drilling results at Sunnyside Prospect show promising gold mineralization, including 174m @ 1.83g/t Au from 0m.
  • The company completed a placement of shares to investors to raise $2 million before costs on February 20, 2025.
Negatives
  • The company reported a loss of $925,922 for the half-year ended December 31, 2024.
  • The company had net cash outflows from operating and investing activities of $1,498,260.
  • The company has accumulated losses of $7,054,660.
Risks
  • The company's ability to continue as a going concern is dependent on raising additional funding.
  • Failure to raise additional funding could impact the planned exploration program.
  • The ultimate recoupment of exploration and evaluation costs is dependent on successful development or sale of mining areas.
Future Outlook

The company plans to continue exploration work at various projects in H2 FY2025, including drilling at the Sunnyside prospect and prioritizing targets across its Lachlan Projects.

Management Comments
  • The Koonenberry Gold Project is considered highly prospective for Orogenic Gold.
  • The Company sees a potential rapid assessment of the Enmore Gold Project, with drilling at the Sunnyside prospect planned to test high-grade shoot potential.
Industry Context

The report highlights the prospectivity of the Koonenberry Belt for Orogenic gold and VMS Cu-Au-Pb-Zn-Ag systems, comparing it to other successful regions like the Albany Fraser belt. The Enmore Project is situated near the Hillgrove Au-Sb Mine, and the Lachlan Fold Belt is compared to major deposits like Cadia and Cowal.

Comparison to Industry Standards
  • The report references the Hillgrove Au-Sb Mine (1.7Moz Au) near the Enmore Project.
  • The report references the Ravenswood Mine (8Moz Au), Mt Morgan Mine (7.7Moz Au, 0.36Mt Cu) and Cracow (2.5Moz Au) near the Enmore Project.
  • The Lachlan Fold Belt is compared to Newmont's Cadia Mine (35.3Moz Au, 7.9Mt Cu), Evolution Mining's Cowal Mine (13Moz Au), and North Parkes Mine (5.2Moz Au, 4.4Mt Cu).
Stakeholder Impact
  • Shareholders: The loss reported may negatively impact shareholder value, but successful exploration and capital raising could improve it.
  • Employees: Continued exploration activities provide job security, while performance rights offer incentives.
  • Customers: As an exploration company, Koonenberry Gold does not directly serve customers.
  • Suppliers: Ongoing exploration activities will likely generate demand for goods and services from suppliers.
  • Creditors: The company's ability to repay debts depends on successful exploration and funding.
Next Steps
  • Continue exploration work at various projects in H2 FY2025.
  • Drilling at the Sunnyside prospect to test high-grade shoot potential.
  • Relogging and resampling of historical drill-core at Enmore Gold Project.
  • Prioritizing multiple pre-defined targets and prospects across Lachlan Projects to advance to drill ready status.
  • Drilling program at Bellagio to test the Central Gold Zone.
Key Dates
  • 15 August 2022: The Group entered into a Lease Agreement with McGees Property for the rental of its registered office.
  • 16 July 2024: The Company advised that its application for tax credits under the Federal Governments Junior Minerals Incentive scheme for the financial year ended 30 June 2025 was successful.
  • 17 October 2024: The Company announced it had received firm commitments to raise $4.5 million through a private share placement.
  • 29 November 2024: Shareholders approved the Companys Securities Incentive Plan.
  • 31 December 2024: End of the half-year reporting period.
  • 5 February 2025: Tranches A and B vested subsequent to the date of this report.
  • 13 February 2025: The Company issued 3,766,800 incentive performance rights to employees.
  • 20 February 2025: The Company completed a placement of shares to investors to raise $2 million before costs.
  • 12 March 2025: Date of the Directors' Report and Independent Auditor's Review Report.
  • 30 June 2025: Various vesting conditions for performance rights.
  • 30 June 2026: Various vesting conditions for performance rights.
Keywords
KNB 
Koonenberry Gold Limited 
ASX
Sector: Materials
 
Filings with Classifications
Better than expected
21 May 2025 9:08 PM
Investment Announcement
  • Koonenberry's drilling results at Enmore exceeded expectations, leading to Lion's increased investment.
Delay expected
19 May 2025 6:24 PM
Exploration Update
  • The Phase I drilling campaign is now finished due to extremely wet conditions on site with 10 holes for 3,232.6m completed of a planned 3,000m.
Better than expected
28 April 2025 7:18 PM
Exploration Update
  • The drill results indicate a potentially wide structural corridor with significant gold intercepts, exceeding initial expectations for the area away from the granite-sediment contact.
Better than expected
15 April 2025 7:34 PM
Quarterly Report
  • The drill results at Enmore Gold Project are better than expected, demonstrating potential for both bulk tonnage and high-grade gold mineralization.
Better than expected
13 April 2025 6:49 PM
Exploration Update
  • The second drillhole returned a higher gram metre interval (357.9) than the first drillhole (297.5), indicating improved potential.
Better than expected
6 April 2025 6:22 PM
Investor Presentation
  • The intercept of 170m @ 1.75g/t gold incl. 18.3m at 9.95g/t gold from first drillhole at Enmore Gold Project, NSW is better than expected.
Better than expected
3 April 2025 12:51 AM
Investor Presentation Announcement
  • The assay results of 170m @ 1.75g/t gold from 77m, including 18.3m at 9.95g/t gold from 172.9m are considered better than expected.
Better than expected
1 April 2025 6:57 PM
Exploration Update
  • The assay results from the first drillhole exceeded expectations due to the high-grade intercept and broad zone of gold mineralisation.
  • The results validate historical drill results, indicating potential for broad and high-grade gold zones.
Delay expected
16 March 2025 6:42 PM
Exploration Update
  • The drilling program has been paused for up to one week due to heavy rains associated with ex-Tropical Cyclone Alfred.
Worse than expected
12 March 2025 1:35 AM
Half Year Financial Report
  • The company reported a loss of $925,922 for the half-year ended December 31, 2024, indicating worse than expected financial performance.
Capital raise
12 March 2025 1:35 AM
Half Year Financial Report
  • The company's ability to continue as a going concern is dependent on raising additional funding either through debt or equity to meet its planned exploration programme.
  • The company will be required to raise funds for working capital from debt or equity sources if the above matters are not achieved.
Better than expected
2 February 2025 4:27 PM
Investor Presentation
  • The document highlights significant exploration results, including broad, high-grade gold intercepts at Sunnyside, suggesting better than expected potential.
  • The commencement of drilling at multiple projects and the joint venture with Newmont indicate a positive outlook and better than expected progress.
Better than expected
23 January 2025 6:03 PM
Quarterly Report
  • The company has made transformational acquisitions that have significantly increased the size and potential of its portfolio.
  • The company has reported high grade drilling results at the Enmore project.
  • The company has completed a capital raise and is well funded.
Better than expected
19 January 2025 4:19 PM
Exploration Update
  • The identification of a 4km gold trend and high-grade sampling results are better than expected for an early-stage exploration project.
Better than expected
6 January 2025 5:28 PM
Exploration Update
  • The rock chip results are better than expected, with high grades of gold and copper, confirming the potential for significant mineralization.
Capital raise
29 November 2024 12:31 AM
Securities Quotation Application
  • An additional 450,000,000 shares are to be issued on December 5, 2024.
Capital raise
28 November 2024 11:47 PM
Annual General Meeting Results
  • Approval was granted for a 10% placement capacity.
  • Approvals were given to issue shares related to Enmore, Lachlan, and director placements.
Delay expected
28 November 2024 6:42 PM
Investor Presentation
  • Planned discovery activity is subject to changes due to various factors including regulatory approvals and inclement weather.
Better than expected
28 November 2024 5:22 PM
Annual General Meeting Report
  • The successful acquisition of the Enmore and Lachlan projects significantly expands Koonenberry Gold's exploration portfolio and increases its potential for major discoveries.
Delay expected
26 November 2024 8:41 PM
Securities Issue Update
  • The issue date of the Placement Shares was delayed by one day, from December 4th to December 5th, 2024.
Delay expected
17 November 2024 6:17 PM
Exploration Update
  • The first phase of air core drilling at Atlantis was terminated early due to limitations in the rig configuration and air pressure, preventing the testing of three identified EM conductors and limiting the extent of the surveyed area.
Worse than expected
17 November 2024 6:17 PM
Exploration Update
  • The second phase of drilling at the Atlantis prospect did not yield significant copper or gold intersections, despite the presence of trace amounts of sulphides, indicating that the targeted mineralisation may be located further from the drillholes or at greater depth than initially anticipated.
Capital raise
28 October 2024 7:44 PM
Notice of Annual General Meeting
  • A $4.5 million capital raising (before costs) is planned through a placement of shares.
  • Directors have committed to subscribing for up to $200,000 of the placement.
Capital raise
16 October 2024 7:55 PM
Investment Announcement
  • Koonenberry Gold is undertaking a \$4.5 million capital raising.
Capital raise
16 October 2024 7:20 PM
Investor Presentation
  • A capital raising of at least A$2,000,000 is planned, with commitments already secured for A$4,500,000.
  • The capital raising will fund the acquisition of the Enmore Gold Project and Lachlan Projects.
Capital raise
16 October 2024 6:54 PM
Acquisition Announcement
  • A $4.5 million capital raise via a placement of 450 million new ordinary shares at $0.010 per share.
  • The placement was supported by major shareholder Lion Selection Group and new investor Lowell Resources Fund.
  • Funds will be used for exploration, capital raising costs, and working capital.
Capital raise
14 October 2024 6:49 PM
Trading Halt Announcement
  • A capital raising is planned in association with a material acquisition.
Capital raise
12 September 2024 4:15 AM
Annual Report
  • A share placement and fully underwritten entitlement offer raised $2,352,537 before costs in April 2024.
Delay expected
12 September 2024 4:15 AM
Annual Report
  • Drilling at the Atlantis Prospect was unable to penetrate to planned depths due to hard and silicified ground, resulting in an early termination of the program.
Delay expected
3 September 2024 7:59 PM
Exploration Update
  • A significant rain event forced an early termination of the drill program at Atlantis, resulting in a compromised program with only 6 holes completed instead of the planned 16.
Worse than expected
3 September 2024 7:59 PM
Exploration Update
  • The drilling program was significantly shorter than planned due to unforeseen weather conditions, resulting in fewer drill holes and less data than anticipated.
Delay expected
30 July 2024 7:16 PM
Exploration Update
  • The drill program in June was terminated early due to a significant rain event.
Delay expected
23 July 2024 8:01 PM
Quarterly Report
  • A significant rain event occurred after the reporting period, resulting in demobilisation of equipment and crew, delaying further exploration.
Better than expected
12 June 2024 7:55 PM
Exploration Update
  • The gold zone has been extended to the east and 200m to the south, expanding the gold footprint to over 500m x 400m.
Delay expected
27 May 2024 7:18 PM
Exploration Update
  • The initial drilling program was terminated early due to rig limitations, preventing the testing of the three EM conductors.
Worse than expected
21 April 2024 7:02 PM
Project Update
  • The drilling at Atlantis did not reach the target depth due to difficult ground conditions, which is worse than expected.
Delay expected
21 April 2024 7:02 PM
Project Update
  • Drilling at Atlantis was delayed due to unexpected difficult drilling conditions (hard ground).
Delay expected
19 April 2024 4:14 AM
Rights Issue Results and Revised Timetable
  • The issue and settlement of Rights Issue shares has been revised from the timetable previously announced to the ASX on 8 March 2024.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.