Rise Gold Corp. Reports Reduced Net Loss of $628,393 for Q4 2024

Rise Gold Corp. reported a net loss of $628,393 for the three-month period ending October 31, 2024, a significant reduction from the $1,239,053 loss recorded in the same period the previous year. The company’s total revenue remains at zero, consistent with its status as an exploration stage company. The decrease in loss is attributed to lower general and administrative expenses, which fell from $145,159 in 2023 to $74,365 in 2024, and a reduction in geological, mineral, and prospect costs from $361,525 to $45,162. The basic and diluted loss per share improved to $(0.01) from $(0.03) year-over-year.

In terms of financial position, Rise Gold Corp. reported total assets of $5,215,044 as of October 31, 2024, compared to $5,025,000 at the end of the previous fiscal year. Current assets increased to $954,513 from $894,638, while current liabilities decreased to $2,526,605 from $2,661,598, resulting in a working capital deficit of $1,572,092, an improvement from a deficit of $1,766,960 at the end of July 2024. The company’s cash and cash equivalents stood at $279,685, up from $243,669 at the end of the previous fiscal year.

Strategically, Rise Gold Corp. has made significant moves, including the appointment of Mihai Draguleasa as Chief Financial Officer and Catherine Cox as Corporate Secretary in November 2024. The company also finalized a secured loan agreement with Myrmikan Gold Fund, LLC for $500,000, which will be used for working capital. Additionally, the company has contracted to sell 66 acres of land adjacent to its Idaho-Maryland Mine Property for $4.3 million, with the first tranche of the sale already closed.

Operationally, the company continues to focus on its Idaho-Maryland Gold Mine property, which remains in the exploration stage. As of October 31, 2024, the company has incurred cumulative exploration expenditures of $9,584,976 on the property. The company has not established any proven or probable reserves and is actively pursuing legal avenues to assert its vested rights to mine at the property, following a denial of its use permit application by the Nevada County Board of Supervisors in February 2024.

Looking ahead, Rise Gold Corp. anticipates continued operational losses as it seeks to secure additional financing to support its exploration and development activities. The company has expressed uncertainty regarding its ability to raise sufficient capital to fund its operations and execute its business plan, which raises substantial doubt about its ability to continue as a going concern. The management remains committed to exploring all avenues to protect its property rights and advance its mining projects.