ECR Minerals PLC (AIM:ECR) Unaudited Half-Yearly Results

Unaudited Half-Yearly Results for the Six Months Ended 31 March 2025

and Operations Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the Company’s unaudited half-yearly financial results for the six months ended 31 March 2025, along with a review of significant developments during and post period.

HIGHLIGHTS

Operational highlights:

·    2025 work programme fully funded with recent drilling project at Bailieston under budget

·    Drilling rig mobilised for Blue Mountain with bulk sampling and prototype wash plant testing to demonstrate recovery and revenue potential

·    Forthcoming drilling programme at Lolworth where a minimum of 1,500 metres of percussion drilling is planned

·    Drilling at Bailieston, Victoria following up on historic 32% antimony grade confirms structural continuity of gold and antimony

·    Maiden diamond drilling campaign at Tambo, Victoria with best drill intercepts of 0.15 metres @ 24.10 g/t Au, 0.15 metres @ 10.6 g/t Au, 0.40 metres @ 8.51 g/t Au, 0.35 metres @ 1.47 g/t Au and 0.15 metres @ 1.42 g/t Au

Financial highlights:

·    Sale of land at Brewing Lane in Victoria realised A$225,000

·    Ongoing programme to seek to realise value from historic accumulated tax losses of over A$75 million either by sale to a third party or by application to ECR’s proposed production plans

·    Further cost savings through reduction in scope of Australian consultants and advisers

·    Fundraising completed in December 2024 to raise gross proceeds of £950,000

Nick Tulloch, Chairman, said: “Much of the commentary on ECR over the past six months was dominated by our A$75 million of tax losses and there are two things that I want to make clear. Realising value from these tax losses is still very much on our agenda but we will not let them go cheaply and we will weigh up any third party offer against the value that ECR itself can obtain from them via its proposed production plans.    

“This latter point is most important.  The development of Blue Mountain gives ECR, for the first time in its history, a clear line of sight on revenues and, with the prevailing strength in the gold price, a meaningful expectation of value.  If that project performs as we expect it to, then the economic savings from utilising our tax losses there have the potential to considerably exceed the value that we may realise by selling our tax losses.  Alongside Blue Mountain, promising results elsewhere in our operations, alongside forthcoming exploration activities, provide further encouragement in relation to future financial performance.  But we are also mindful of the costs of developing production and we will look carefully at all approaches for the tax losses which, if structured appropriately, may provide a significant source of funding.

“The next two months in particular marks a pivotal moment for ECR.  Our work in Queensland got underway this week and in the immediate term our eyes are on Blue Mountain where we are carrying out a shallow drilling programme and wash plant prototype testing to determine the process for moving to large scale alluvial mining at the project.  From there the team will move 1,000 km north to Lolworth with the rig to target the high-grade gold and rare earth prospects that our surface exploration has pointed to.”

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