Empire Energy Group Limited (AU:EEG) has released an update.
Empire Energy Group Limited reported a significant cash outflow in the quarter ending September 2024, with a net decrease of over $11 million in cash and cash equivalents. Despite raising nearly $39 million through equity securities, the company faced substantial operating and investing expenses, primarily from exploration and evaluation activities. This financial movement highlights the challenges in the mining and energy exploration sector, where high costs can offset fundraising efforts.
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