Cerro de Pasco earns $24.6M (U.S.) in fiscal 2025

Executive Summary

• Reported FY 2025 net income of $24.6 million, a swing from a $29.3 million loss in the prior 15‑month period.
• Cash balance improved to $11.5 million with positive working capital of $6.3 million after eliminating a $55 million deficit.
• Completed sale of non‑core Santander mine, generating a $35.9 million gain and removing >$70 million of liabilities; raised over $17 million via private placements and warrant/option exercises.

Key Details

• Net Income: $24.6 M (vs. loss of $29.3 M in prior period).
• EPS (basic & diluted): $0.06 per share (vs. loss of $0.09 per share).
• Cash Balance: $11.5 M; Working Capital: +$6.3 M (previously –$55.0 M).
• Shareholders’ Equity: $6.7 M (reversal from a $40.8 M deficit).
• Gain on Sale of Santander Mine: $35.9 M, enabling strategic focus on Quiulacocha tailings project.
• Liability Reduction: Full settlement of convertible debenture and promissory note; eliminated >$70 M of associated liabilities.
• Capital Raising: Over $17 M raised through private placements; continued warrant and option exercises contributed liquidity.
• Warrant & Option Exercises (Apr–Jul 2025): 17,009,580 warrants + 400,000 stock options exercised, generating ≈$4.1 M in proceeds.
• Strategic Asset Sale: August 2024 – completed sale of Santander mine operations; proceeds used to streamline balance sheet and refocus on Quiulacocha.
• Project Development Milestones: May 2024 – easement agreement with Activos Mineros SAC for engineering and 40‑hole drilling program at Quiulacocha, supported by $1 M payment to Peruvian National Bank.
• Outlook: Advancing technical, environmental, and permitting work toward a Preliminary Feasibility Study (PFS) and near‑term development milestones at Quiulacocha.

Notable Quotes

“The past year marks a turning point for Cerro de Pasco Resources,” said CEO Guy Goulet. “With the sale of the Santander mine, we have removed significant liabilities from our balance sheet and sharpened our strategic focus on advancing our world‑class Quiulacocha tailings project.”