Alba Mineral Resources (ALBA) H2 2024 earnings summary

Executive summary

• Achieved first gold sales from Clogau-St David's Mine in three decades, with limited edition coins sold at 8.5x spot price, generating £62k revenue.

• Extensive underground and plant upgrades at Clogau, including successful dewatering, infrastructure, and first phase blasting.

• Waste Tip trenching and processing returned high gold grades, with recent plant modifications improving recoveries.

• Maintained significant investment in GreenRoc, supporting its graphite project and AAM plant, with after-tax NPV8 of $621M and 26.5% IRR.

• Option exercised to earn into Finnsbo rare earth and gold project in Sweden, confirming high-grade potential.

Financial highlights

• Group loss after tax of £3,523k, mainly due to a one-off Horse Hill impairment expense.

• Operating loss before impairments was £715k, with underlying losses stable year-on-year.

• Gross assets at year-end were £7,756k, including £4m for Clogau and ~£3m for GreenRoc.

• Raised £1,167k in gross funds during the year, including over £200k via a new retail offer platform.

• Cash at period end was £126k, later boosted by a £75k placing and £62k from coin sales.

Outlook and guidance

• Focus remains on advancing Clogau, with ongoing processing of ore and further bulk sampling planned.

• Updated financial models to reflect premium gold coin sales and improved plant recoveries.

• Continued support for GreenRoc’s graphite project, with anticipated EU “Strategic Project” status and exploitation licence by end of 2025.

• Exploration programme planned for Finnsbo project in Sweden.