Montreal, Quebec – July 30, 2025 – Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (BVL: CDPR) (“CDPR” or the “Company”) announces its audited financial results for the fiscal year ended March 31, 2025.
The Company significantly strengthened its financial position after divesting non-core assets as part of a strategic realignment. This resulted in a net income of USD 24.6 million. CDPR is now solidly capitalized and well-positioned to advance the globally significant Quiulacocha Tailings Project.
Highlights of Fiscal Year 2025 (all figures in USD)
- Net income of USD 24.6 million compared to a net loss of USD 29.3 million in the prior 15-month period ended March 31, 2024
- Earnings per share (basic and diluted) of USD 0.06 compared to a loss of USD 0.09 per share in the prior year
- Cash balance of USD 11.5 million with positive working capital of USD 6.3 million (compared to a deficit of USD 55.0 million in the prior year)
- Shareholders’ equity of USD 6.7 million – a turnaround from a deficit of USD 40.8 million
- Gain of USD 35.9 million from the sale of Santander, allowing CDPR to streamline its operations and focus on Quiulacocha
- Significant debt reduction, including full repayment of the convertible debenture and a promissory note
CEO’s Comment
“The past year marks a turning point for Cerro de Pasco Resources”, said Guy Goulet, CEO. “With the sale of the Santander mine, we were able to remove significant liabilities from our balance sheet and sharpen our strategic focus on the development of the globally significant Quiulacocha Tailings Project. The Company is now solidly capitalized and excellently positioned for the next phase of development.”
Strategic and Operational Developments
- Divestment of Non-Core Assets: In August 2024, CDPR completed the sale of its Santander mining operations, eliminating over USD 70 million in liabilities and aligning the Company’s strategy with the Quiulacocha Project.
- Strengthening of Capital Structure: The Company raised over USD 17 million through private placements and continued to benefit from exercised warrants and options, which improved liquidity and strengthened shareholder interests.
- Project Development Advanced: In May 2024, CDPR signed an easement with Activos Mineros S.A.C., enabling planning and a 40-hole drilling program at Quiulacocha. This was supported by a payment of USD 1 million to the Peruvian National Bank.
- Subsequent to Fiscal Year End: Between April and July 2025, 17,009,580 warrants and 400,000 stock options were exercised, generating additional proceeds of approximately CAD 4.1 million.
Financial Overview (all figures in USD)
| Metric | FY 2025 (12 Months) | FY 2024 (15 Months) |
|---|---|---|
| Net Income / (Loss) | USD 24.6 million | (USD 29.3 million) |
| Earnings per Share | USD 0.06 | (USD 0.09) |
| Cash Balance | USD 11.5 million | USD 0.1 million |
| Working Capital | USD 6.3 million | (USD 55.0 million) |
| Total Assets | USD 16.3 million | USD 37.4 million |
| Total Liabilities | USD 9.6 million | USD 78.2 million |
| Shareholders’ Equity (Deficit) | USD 6.7 million | (USD 40.8 million) |
Outlook
CDPR is actively advancing technical, environmental, and permitting activities at Quiulacocha, with the goal of completing the Pre-Feasibility Study (PFS) and achieving short-term development milestones.
About Cerro de Pasco Resources
Cerro de Pasco Resources is focused on the development of its 100% owned core project, the El Metalurgista mining concession. This includes silver-rich tailings and dumps extracted over a century from open-pit and underground mining operations in Cerro de Pasco (Central Peru). The Company’s strategy aims at reprocessing and environmentally remediating historical mining waste – with the goal of unlocking value while promoting sustainable development. The project is among the world’s largest surface metal resources.
For more information, visit:
www.pascoresources.com
Contact:
Guy Goulet, CEO
Phone: +1-579-476-7000
Mobile: +1-514-294-7000
Email: ggoulet@pascoresources.com
Donna Yoshimatsu, Senior Strategic Advisor / Investor Relations
Mobile: +1 416-722-2456
Email: dyoshi@pascoresources.com
Forward-Looking Statements and Disclaimer
Certain statements in this document may constitute “forward-looking information” under Canadian securities law. Generally, such statements can be identified by terms such as “will”, “expects”, or similar expressions. Forward-looking statements, including those regarding the Company’s objectives, plans, or future programs, are based on estimates and are subject to known and unknown risks, uncertainties, and other factors. These may cause actual results to differ materially from those anticipated. No assurance can be given that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on these statements. The Company undertakes no obligation to update forward-looking statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
