Wed, Nov 13, 9:59 PM (19 days ago)
Thunder Mountain Gold, Inc. (THMG) reported a net loss of $114,631 for Q3 2024, slightly improved from a loss of $119,701 in Q3 2023. For the nine months ending September 30, 2024, losses totaled $433,834, compared to $427,355 in the previous year. Total operating expenses rose 11% to $115,226, driven by increased exploration costs. The company’s cash and cash equivalents decreased to $141,511 from $170,628 at year-end 2023, reflecting ongoing liquidity challenges. Notably, the firm sold its remaining shares in BeMetals Corp., generating $384,981, but incurred a loss of $42,855 from this transaction. With an accumulated deficit of $7,602,442 and substantial doubt regarding its ability to continue as a going concern, THMG is actively pursuing financing options, including a planned private placement to raise up to $600,000. The company aims to allocate $200,000 for exploration activities in 2024, primarily at the South Mountain Project. Future operations depend heavily on securing additional capital, as current liquidity may not sustain operations for the next 12 months without further funding.