Xtra-Gold Reports Year-End 2024 Audited Financials and CEO Update

Rhea-AI Summary

Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) has released its audited financial results for the year ending December 31, 2024. The company reported total assets of US$14.2 million, primarily consisting of cash, liquid securities, and gold inventory. Key financial highlights include zero debt, total income of US$4.39 million, and net income after tax of US$1.68 million. CEO James Longshore highlighted that despite running an aggressive drill program with three rigs throughout the year, the company maintained strong financial performance. Notably, Xtra-Gold has been self-sustaining for 15 years, requiring no major equity financings since its TSX listing in 2010, and has secured funding for drill programs through 2027.

Positive

• Strong financial position with US$14.2 million in total assets
• Zero debt on balance sheet
• Healthy profitability with US$1.68 million in net income
• Self-funded operations with no major equity financings needed since 2010
• Secured funding for drill programs through 2027 without requiring capital raises

Negative

• None.

News Market Reaction

-0.91%

1 alert

-0.91% News Effect

On the day this news was published, XTGRF declined 0.91%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - May 21, 2025) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) ("Xtra-Gold" or the "Company") is pleased to provide the following summary of the year-end audited Financials ending December 31, 2024:

-Total Assets of US$14,224,051 comprised mainly of cash, liquid securities, and gold inventory ("Liquid Assets");

- Zero Debt;

-Total Income for the year of US$4,391,851; and

-Net Income (after tax) of US$1,675,412.

The full details of the audited Financials with MD&A can be viewed on the Company's website at www.xtragold.com.

James Longshore, CEO/Co-Founder states: "Even after the Company completed an aggressive drill program operating three drill rigs for the entire year, we accumulated a total income (the "income") of US$4,166,704. This additional income has strengthened the "balance sheet" significantly. Our drill programs are fully funded for 2025, 2026 and 2027, with no capital raises required. Since our public offering on the Toronto Stock Exchange in November 2010, the Company has had no major equity financings and we have generated all of our capital internally for the last fifteen (15) years."

About Xtra-Gold Resources Corp.

Xtra-Gold is a gold exploration company with a substantial land position totaling 226 square kilometers in the Kibi Gold Belt. The Kibi Gold Belt is geologically analogous and in close proximity to the world famous Ashanti Gold Belt, which is one of the most highly endowed gold belts in the world with estimated gold resource of over 130 million ounces. Our company is the best positioned explorer to make the next major gold discovery in Ghana.

Forward-Looking Statements

The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Contact Information

For further information please contact:

James Longshore
Chief Executive Officer
Tel.: 242-363-3864
E-mail: info@xtragold.com
Website: www.xtragold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252726

FAQ

What are Xtra-Gold Resources (XTGRF) key financial results for 2024?

For 2024, Xtra-Gold reported total assets of US$14.2 million, total income of US$4.39 million, and net income after tax of US$1.68 million, with zero debt.

How is Xtra-Gold (XTGRF) funding its drilling operations?

Xtra-Gold is self-funding its operations through internally generated capital, with drill programs funded through 2027 without requiring capital raises.

When was the last time XTGRF raised capital through equity financing?

Xtra-Gold has not conducted any major equity financings since its Toronto Stock Exchange listing in November 2010, operating on internally generated capital for 15 years.

What is Xtra-Gold's (XTGRF) current debt position?

Xtra-Gold maintains zero debt on its balance sheet as of December 31, 2024.