Gabriel Resources Ltd. 2023 Annual Financial Results and Arbitration Update

Gabriel Resources Ltd., based in London, UK, announced their annual results for the year ending December 31, 2023. They reported a notable net loss of $24.9 million, equivalent to $0.02 per share, compared to a loss of $7.7 million in 2022. The company disclosed a significant loss for the fourth quarter of 2023, totaling $16.9 million, inclusive of an arbitration Cost Order.

The arbitration against the Romanian State ended with the tribunal dismissing Gabriel's claims and awarding Romania approximately $10 million. The company disagreed with the decision and is considering challenging it through an annulment application process. Despite the financial setback, Gabriel Resources announced a fundraising initiative aimed at raising up to $5.575 million, intended to close by May 23, 2024. This is expected to support their operational costs through November 2024, excluding the arbitration Cost Order.

Amid these challenges, the company highlighted the exercise of common share purchase warrants which brought in $3.23 million in December 2023, maintaining their end-of-year cash and cash equivalents at $4.6 million. The financial results and additional statements are available on Gabriel's website and have been filed with SEDAR+.