Gabriel Resources Ltd. 2024 First Quarter Financial Report

Gabriel Resources Ltd. (TSXV:GBU) has released its First Quarter Financial Statements and Management's Discussion for the period ending March 31, 2024. Key details include the arbitration decision by the ICSID Tribunal dismissing the company's claims against Romania and ordering Gabriel to pay approximately US$10 million in legal fees, incurring simple interest from the decision date.

As of March 31, 2024, Gabriel holds $2.2 million in cash and equivalents, a decrease from $4.6 million in Q4 2023. On April 26, 2024, the company announced a non-brokered private placement potentially raising US$5.575 million, with US$3.25 million already closed by May 17, 2024.

Despite a net loss of $1.8 million in Q1 2024, significantly lower than Q4 2023's $16.9 million which included the Costs Order, Gabriel believes it has sufficient funding through November 2024. However, additional financing will be needed to continue operations beyond that period.