GCX Metals (ASX:GCX) announced financial results for the full-year ended 30 June 2022.

The principal activities of the Group during the financial year consisted of mineral exploration and development.

The Company recommenced trading on the Australian Securities Exchange (ASX) on 27 June 2022 after satisfying all ASX conditions for reinstatement to Official Quotation.

During the year, the Company successfully completed its acquisition of an 80% interest in exploration license E08/3197 to increase its gold-copper footprint in the Pilbara region of Western Australia.

The Onslow Copper Gold Project is located in the north western extension of the Capricorn Orogen and is considered prospective for gold and copper.

During the year, the Company announced results from a new high powered airborne electromagnetic (EM) and magnetic surveys flown over the Company's Onslow Copper Gold Project.

The Company undertook a 20 for 1 consolidated of its shares (Share Consolidated), thereby reducing the number of shares on issue to 31.6 million shares. The number of options on issue were consolidated on a 20 for 1 basis, with the exercise price of the options increasing in accordance with the consolidated ratio.

The Company completed a capital raising $5.58 million before costs, by way of a Share Placement of 40.0 million shares followed by an Entitlements Offer of 71.6 million shares, at an issue price of $0.05 per share.

The net profit of the Group for the year ended 30 June 2022 was A$80,415,990 (2021: A$16,844,553).

At 30 June 2022, the Group had cash reserves of A$4,535,363 (2021: A$47,368, net assets of A$3,926,400 (2021 net liabilities: A$83,650,842) and experienced net cash outflows from operating activities of A$476,688 (2021: A$8,607,471).

No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made.

Following the announcement the company?s share price fell 2.564%.