Star Diamond Corporation reports that unaudited financial results for the quarter ended March 31, 2025. For the three months ended March 31, 2025, the Company recorded a net loss of $966 or $0.00 per share (2024 – net loss of $886 or $0.00 per share). The increase in net loss was primarily due to the following:
Exploration and evaluation expenditures increased to $467 in 2025 (2024 – $289). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project. due to increased depreciation of property, plant and equipment. In 2025, exploration and evaluation expenditures also included $225 of depreciation of property, plant and equipment (2024 – $1).
Unwinding of discount of environmental rehabilitation provision increased to $66 in 2025 (2024 – $nil). Corporate development decreased to $13 in 2025 (2024 – $138) due to reduced marketing and publications issued in 2025.
On March 31, 2025, the Company had $321 (December 31, 2024 – $164) in cash and cash equivalents and a working capital deficit (excess of current liabilities over current assets) of $1,002 (2024 – working capital deficit of $1,017). The decrease in working capital deficit was a result of proceeds received from convertible debentures and sale of shares in Wescan Goldfields Inc., offset by net cash used in operating activities.
In 2025, the Company initiated the following cost reductions: We have moved our head office to a smaller area in the same building resulting in a 70% drop in our office lease payments; All marketing and consulting contracts have been paused.
The Board agreed to forgo cash compensation until such time as the Company is on better financial footing; and Certain management/employee functions will be reduced or eliminated. A budget has been prepared for the completion of the PFS of $3,000 which is subject to the completion of a financing.
However, the ability of the Company to continue as a going concern and fund its expenses in an orderly manner will require additional forms of financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operations and planned activities.
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