Wed, May 15, 12:05 PM (205 days ago)
Timberline Resources Corporation's Q1 2024 report highlights several key financial metrics and operational updates. The company reported a net loss of $324,779 for the quarter ended March 31, 2024, a slight improvement from the $384,499 loss in the same period in 2023. The reduction in net loss is primarily due to decreased exploration and operating expenses as the company scaled back activities to conserve cash. Total assets stood at $14.95 million, with property, mineral rights, and equipment making up the bulk at $14.19 million. Cash reserves were $91,612, down from $98,224 at the end of September 2023. Current liabilities increased to $287,904 due to higher accrued payroll and expenses, resulting in negative working capital of $58,998. The company secured $630,000 in financing through a private placement and arranged an additional $500,000 bridge financing from McEwen Mining Inc. as part of a merger agreement. This merger, expected to close in Q3 2024, will make Timberline a subsidiary of McEwen, potentially alleviating its going concern status. If the merger fails, Timberline will need further financing to continue operations.