Gold Springs Resource Corp. Files Q2 2025 Financial Statements, MD&A and Provides Operations Update

Rhea-AI Summary

Gold Springs Resource Corp. (OTCQB: GRCAF) has released its Q2 2025 financial statements and operational update. The company reported a reduced net loss of $0.13 million for Q2 2025, compared to $0.18 million in Q2 2024, primarily due to lower administrative costs and share-based payment recoveries.

The company's general and administrative expenses decreased to $0.27 million for H1 2025, down from $0.31 million in H1 2024. Exploration spending increased to $0.025 million in H1 2025. As of June 30, 2025, the company held $0.02 million in cash.

Operationally, Gold Springs is working with consultants to secure permits for a heap-leach processing pilot plant and starter pit at the South Jumbo area in Utah, which has a measured and indicated resource of 214,565 oz Au. The company has also engaged Gardiner Brothers Drilling for a water well project to support large-scale operations.

Positive

• Reduced net loss in Q2 2025 to $0.13M from $0.18M year-over-year
• Decreased general and administrative expenses in H1 2025 to $0.27M from $0.31M
• Progress on permitting for heap-leach processing pilot plant and starter pit
• Significant measured and indicated resource of 214,565 oz Au at South Jumbo area

Negative

• Very low cash position of only $0.02M as of June 30, 2025
• Increased exploration spending without significant revenue generation
• Continued net losses, though decreasing

Vancouver, British Columbia--(Newsfile Corp. - August 11, 2025) - 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, 2025 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, 2025, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.27 million compared with $0.31 million during the six months ended June 30, 2024.During the three months ended June 30, 2025, general and administrative expenses, excluding non-cash share-based payments, decreased to $0.13 million compared with $0.16 million during the three months ended June 30, 2024. Exploration spending during the six months ended June 30, 2025, increased to $0.025 million, from $0.017 million incurred during the same period of 2024. During the six months ended June 30, 2025, the Company reported a net loss of $0.30 million ($nil loss per share) compared with net loss of $0.34 million ($nil loss per share) for the six months ended June 30, 2024, primarily resulting from a reduction in share-based payment expense and a reduction in administrative costs. During the three months ended June 30, 2025, the Company reported a net loss of $0.13 million ($nil loss per share) compared with net loss of $0.18 million ($nil loss per share) for the three months ended June 30, 2024, primarily resulting from share-based payment recoveries and a reduction in administrative costs. As of June 30, 2025, the Company had cash of $0.02 million.

Operations Update

The Company is pleased to announce that it has continued working with ADT Environmental & Mineral Consultants and Global Resource Engineering to apply for permits to build a heap-leach processing pilot plant on private land and a starter pit at the South Jumbo area in Utah, where a resource estimate of 214,565 oz M&I Au has been identified *.

In addition, during the period ended June 30, 2025 the Company engaged the services of Gardiner Brothers Drilling Inc. to commence work on drilling a water well near the processing facility, which will have the capacity to supply water for a large-scale operation.

* Please refer to the technical report: "Mineral Resource Estimate NI 43-101 Technical Report - Gold Springs Project - Utah-Nevada, USA" dated July 11, 2022 for additional information (Measured: 114,558 oz Au (6,456,000 tonnes with a grade of 0.55 gpt) - Indicated: 100,007 oz Au (5,657,000 tonnes with a grade of 0.55 gpt - M&I: 214,565 oz AU (12,115,000 tonnes with a grade of 0.55 gpt)).

About Gold Springs Resource Corp.

Gold Springs Resource Corp. (TSX: GRC) and (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.

Qualified Person

Randall Moore, Executive Vice-President Exploration, Gold Springs Resource Corp., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. He has approved the scientific or technical information in this release.

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 construction of a processing plant and starter pit at South Jumbo, the South Jumbo mineral resource estimate and the completion of a water well that will have the capacity to supply a large-scale operation. 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. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. 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/262116

FAQ

What is Gold Springs Resource Corp's (GRCAF) cash position as of Q2 2025?

Gold Springs reported a cash position of $0.02 million as of June 30, 2025.

How did Gold Springs (GRCAF) perform financially in Q2 2025 compared to Q2 2024?

The company reduced its net loss to $0.13 million in Q2 2025 compared to $0.18 million in Q2 2024, primarily due to lower administrative costs and share-based payment recoveries.

What is the gold resource estimate at Gold Springs' South Jumbo area in Utah?

The South Jumbo area has a measured and indicated resource of 214,565 oz Au with a grade of 0.55 gpt from 12,115,000 tonnes of material.

What operational developments is Gold Springs (GRCAF) pursuing in 2025?

Gold Springs is working on securing permits for a heap-leach processing pilot plant and starter pit at South Jumbo area in Utah, and has engaged Gardiner Brothers Drilling to develop a water well for large-scale operations.

How much did Gold Springs (GRCAF) spend on exploration in H1 2025?

Gold Springs increased its exploration spending to $0.025 million in H1 2025, up from $0.017 million in H1 2024.