Audalia Resources (ASX: $ACP) March 2024 quarterly report highlights

Audalia Resources Limited (ASX: $ACP) presents its report for the March 2024 quarter. The Medcalf Project, located near Lake Johnston, Western Australia, continued engagement with the Environmental Protection Agency for primary approval process. The soil sampling programme on E63/1855, east of mining lease M63/656, was completed during the quarter. The raw data from the portable X-ray fluorescence (pXRF) analysis did not identify any pathfinder elements considered anomalous, leading Audalia to consider further analysis of the soil samples and alternative reconnaissance programmes. The Project remains compliant with environmental, legal, and permitting requirements. The Company had cash and cash equivalents of $90,000 as at 31 March 2024, following payments for capitalised exploration and evaluation expenditure of $44,000 and payments to related parties and their associates of $20,000 during the quarter.

Executive commentary on soil sampling programme and corporate matters

The raw data from the pXRF analysis did not identify any pathfinder elements that would be considered anomalous. As the data included limited to no material information, Audalia did not proceed with calibration of the raw data. The Company acknowledges its cash position at the end of the quarter and its estimated cash available for future operating activities. The Directors continue to assess funding alternatives to ensure the Company can continue exploration and evaluation activities at the Medcalf Project.

Summary of Audalia Resources (ASX: $ACP) March 2024 quarterly report

Audalia Resources (ASX: $ACP) provided an update on the soil sampling programme at the Medcalf Project, highlighting the completion of the programme during the quarter and the lack of anomalous pathfinder elements identified in the raw data. The Company is considering further analysis of the soil samples and alternative reconnaissance programmes. The Project remains compliant with environmental, legal, and permitting requirements. Audalia had cash and cash equivalents of $90,000 as at 31 March 2024, and the Directors are assessing funding alternatives to ensure the Company's exploration and evaluation activities can continue at the Medcalf Project.