MONTRÉAL, July 30, 2025 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (BVL: CDPR) ("CDPR" or the "Company") announces its audited financial results for the year ended March 31, 2025.
The Company significantly strengthened its financial position following the strategic realignment from the sale of non-core assets, resulting in net income of $24.6 million for the year. CDPR is now well-capitalized and strongly positioned to advance its world-class Quiulacocha Tailings Project.
Fiscal 2025 Highlights (All figures in USD)
- Net income of $24.6 million compared to a net loss of $29.3 million for the fifteen-month period ended March 31, 2024.
- Earnings per share (basic and diluted) of $0.06, versus a loss of $0.09 per share in the prior period.
- Cash balance of $11.5 million, with positive working capital of $6.3 million (versus a $55.0 million deficit in the prior period).
- Shareholders' equity of $6.7 million, a reversal from a $40.8 million deficit.
- $35.9 million gain on the sale of Santander, allowing CDPR to streamline operations and focus on Quiulacocha.
- Significant liability reduction, including full settlement of the convertible debenture and promissory note.
CEO Commentary
"The past year marks a turning point for Cerro de Pasco Resources," said Guy Goulet, CEO. "With the sale of the Santander mine, we have removed significant liabilities from our balance sheet and sharpened our strategic focus on advancing our world-class Quiulacocha Tailings Project. The Company is now well-capitalized and strongly positioned to execute on the next phase of development."
Strategic and Operational Developments
- Sale of Non-Core Assets: In August 2024, CDPR completed the sale of its Santander mine operations, eliminating over $70 million in associated liabilities, and re-aligning the Company's strategy around the Quiulacocha Tailings Project.
- Strengthened Capital Structure: The Company raised over $17 million through private placements and benefited from continued warrant and option exercises, improving liquidity and shareholder alignment.
- Advancing Project Development: In May 2024, CDPR signed an easement agreement with Activos Mineros S.A.C., enabling engineering and a 40-hole drilling program at Quiulacocha, supported by a $1 million payment to the Peruvian National Bank.
- Subsequent to Year-End: Between April and July 2025, 17,009,580 warrants and 400,000 stock options were exercised, generating approximately CAD $4.1 million in additional proceeds.
Financial Summary (All figures in USD)
| Metric | FY 2025 (12 months) | FY 2024 (15 months) | |||
| Net Income (Loss) | $24.6 million | ($29.3 million) | |||
| Earnings (Loss) per Share | $0.06 | ($0.09) | |||
| Cash Balance | $11.5 million | $0.1 million | |||
| Working Capital | $6.3 million | ($55.0 million) | |||
| Total Assets | $16.3 million | $37.4 million | |||
| Total Liabilities | $9.6 million | $78.2 million | |||
| Shareholders' Equity (Deficit) | $6.7 million | ($40.8 million) | |||
Outlook
CDPR is actively advancing technical, environmental, and further permitting activities at Quiulacocha, with a focus on delivering its Preliminary Feasibility Study (PFS) and unlocking near-term development milestones.
About Cerro de Pasco Resources
Cerro de Pasco Resources is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit and underground mine in central Peru. The Company's strategy entails the reprocessing and environmental remediation of historic mining waste, unlocking value while supporting sustainable development. The asset represents one of the world's largest above-ground metal resources.
For more information, please visit: www.pascoresources.com
| Further Information: | ||
| Guy Goulet, CEO | Donna Yoshimatsu, Senior Strategic Advisor / | |
| Telephone: +1-579-476-7000 | Investor Relations | |
| Mobile: +1-514-294-7000 | Mobile: +1 416-722-2456 | |
| ggoulet@pascoresources.com | dyoshi@pascoresources.com | |
Forward-Looking Statements and Disclaimer
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", "expected" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements, including the expectations related to the Corporation's objectives, goals or future plans, including the budgeted work program, are based on the Corporation's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ventur Exchange) accepts responsibility for the adequacy or accuracy of this release.
