Gold Springs Resource Corp. Files Q2 2024 Financial Statements and MDA

Rhea-AI Summary

Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) has released its Q2 2024 financial statements and MD&A. Key points include:

• General and administrative expenses for H1 2024 decreased to $0.31 million from $0.33 million in H1 2023
• Exploration spending in H1 2024 decreased to $0.17 million from $0.67 million in H1 2023
• Net loss for H1 2024 was $0.34 million compared to $0.28 million in H1 2023
• Q2 2024 net loss was $0.18 million compared to $0.08 million in Q2 2023
• Cash position as of June 30, 2024: $0.01 million

The increased net loss was primarily due to higher non-cash share-based payments expense.

Positive

• Decreased general and administrative expenses in H1 2024 compared to H1 2023
• Reduced exploration spending in H1 2024 compared to H1 2023

Negative

• Increased net loss in H1 2024 compared to H1 2023
• Increased net loss in Q2 2024 compared to Q2 2023
• Low cash position of $0.01 million as of June 30, 2024

Vancouver, British Columbia--(Newsfile Corp. - August 9, 2024) - Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) (the "Company"), reports the release of its unaudited consolidated financial statements for the three and six months ended June 30, 2024 and the related management's discussion and analysis of financial position and results of operations ("MD&A"). In this press release, all amounts are expressed in U.S. dollars, unless otherwise indicated.

During the six months ended June 30, 2024, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.31 million compared with $0.33 million during the six months ended June 30, 2023. During the three months ended June 30, 2024, general and administrative expenses, excluding non-cash share-based payments, were $0.16 million compared with $0.16 million during the three months ended June 30, 2023. Exploration spending during the six months ended June 30, 2024, decreased to $0.17 million, from $0.67 million incurred during the same period of the prior year. During the six months ended June 30, 2024, the Company reported a net loss of $0.34 million ($nil loss per share) compared with net loss of $0.28 million ($nil loss per share), primarily resulting from an increase in non-cash share-based payments expense of $0.05 million. During the three months ended June 30, 2024, the Company reported a net loss of $0.18 million ($nil loss per share) compared with net loss of $0.08 million ($nil loss per share), primarily resulting from an increase in non-cash share-based payments expense of $0.08 million. As of June 30, 2024, the Company had cash of $0.01 million.

About Gold Springs Resource Corp.

Gold Springs Resource Corp. (TSX: GRC) (OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its large Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.

Gold Springs Resource Corp. Contact:

Antonio Canton, President and CEO
acanton@goldspringsresource.com

Forward-Looking Statements

Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein may include words such as "creating", "believe", "would", "continue", "will", "promising", "should", and similar expressions and includes the statement relating to the significant potential of the Charlie Ross deposit. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR+ at www.sedarplus.ca. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219427

FAQ

What was Gold Springs Resource Corp's (GRCAF) net loss for Q2 2024?

Gold Springs Resource Corp reported a net loss of $0.18 million for Q2 2024.

How much did Gold Springs Resource Corp (GRCAF) spend on exploration in H1 2024?

Gold Springs Resource Corp spent $0.17 million on exploration during the first half of 2024.

What was Gold Springs Resource Corp's (GRCAF) cash position as of June 30, 2024?

Gold Springs Resource Corp had a cash position of $0.01 million as of June 30, 2024.

How did Gold Springs Resource Corp's (GRCAF) general and administrative expenses change in H1 2024?

Gold Springs Resource Corp's general and administrative expenses decreased to $0.31 million in H1 2024 from $0.33 million in H1 2023.