Verity Resources Ltd (ASX:VRL) Half Yearly Report And Accounts

Verity Resources Ltd (ASX:VRL) released its interim financial report for the half-year ended December 31, 2024, detailing its exploration activities and financial performance. The company, now trading under ASX code VRL, focused its efforts on the Monument Gold Project in Western Australia, the Pimenta and Caldera rare earths/niobium projects in Brazil, and copper-silver-nickel-PGE projects in Botswana.
Notable progress at Monument's Fred's Well prospect included aircore and reverse circulation drilling that extended the mineralized gold strike to 1.1 kilometers, while surface sampling at Star Well identified a 250-meter anomaly ready for drilling. In Brazil, reconnaissance at Pimenta and high-grade surface results at Caldera underscored rare earth potential, and soil sampling at Padre Paraiso hinted at lithium-bearing pegmatites. Botswana's projects, including Maibele North's inferred resource and high-grade copper-silver intercepts at Dibete and Airstrip, further bolstered Verity's diverse portfolio.
Financially, Verity reported a net loss of $792,548 for the period, a significant improvement from the $3.05 million loss in the prior year's corresponding half, driven by reduced exploration spending ($445,245 vs. $2.07 million) and administrative costs. Cash reserves grew to $351,485 from $271,116 at June 30, 2024, supported by a $596,545 capital raise through a non-renounceable rights issue and shortfall placement. The directors affirmed a going concern basis, citing a cash flow forecast and past capital-raising success.
Corporate developments included a name change to Verity Resources Limited, a 20:1 capital consolidation reducing shares to 158.7 million, and board changes, with Elvis Mosweu appointed and Ian Kiers resigning in November 2024. Post-period, Patrick Volpe assumed dual roles as Non-Executive Director and Company Secretary. The company plans to channel funds into advancing the Monument Gold Project, particularly at Korong and Waihi, alongside working capital needs.
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