Lion One Metals financial update

Lion One Metals Limited (ASX: $LLO) has recently closed a market public offering, generating gross proceeds of $12,075,000. The company's condensed interim consolidated financial statements, expressed in Canadian Dollars, reveal a working capital of $18,984,800. Lion One Metals is primarily engaged in mineral exploration and evaluation, with a focus on developing mineral resources in Fiji. The company is listed for trading on the TSX Venture Exchange under the symbol LIO and on the Australian Securities Exchange under the symbol LLO.

Executive commentary

The company's continuation as a going concern is dependent upon the successful results from its exploration activities and its ability to attain profitable operations and generate funds therefrom and/or raise equity capital or borrowings sufficient to meet current and future obligations. Lion One Metals also acknowledges the external factors that can adversely affect general workforces, economies, and financial markets globally, such as the COVID-19 global pandemic and political conflict in other regions.

Financial summary and outlook

Lion One Metals' financial statements, prepared in accordance with International Financial Reporting Standards, indicate a working capital of $18,984,800. The company closed a market public offering for gross proceeds of $12,075,000, demonstrating its ability to raise funds. The company's ambitions and goals are tied to the successful results from its exploration activities and the attainment of profitable operations. However, the company acknowledges the uncertainty posed by external factors such as the COVID-19 pandemic and political conflicts, which could impact its business and ability to raise funds. Lion One Metals remains focused on its mineral exploration and evaluation activities, aiming to achieve profitable operations and secure the necessary capital to meet its obligations.