Dome Gold Mines (DME) H2 2024 earnings summary

Executive summary

• Advanced feasibility and environmental studies for the Sigatoka magnetite and construction sand/gravel project, with a four-month completion plan in place and EIA submitted for review.

• Signed a non-binding MOU with Dayals Steel Pte Limited for potential purchase of up to 30,000 tonnes/year of magnetite concentrate from Sigatoka.

• Renewed Special Prospecting Licences (SPL) 1451 (gold) and 1452 (copper-gold porphyry) for three years, enhancing exploration potential amid rising gold and copper prices.

• Continued engagement with Fijian government on the Sigatoka Desilting Project, resubmitting EOI for flood mitigation and resource recovery.

Financial highlights

• Net loss for the year ended 30 June 2024 was $2,188,585, an improvement from $2,991,215 in 2023.

• Basic and diluted loss per share was (0.61) cents, compared to (0.85) cents in the prior year.

• Cash and cash equivalents at year-end were $996, down from $100,465 in 2023.

• Total assets increased to $36.5 million from $36.1 million, with capitalised exploration and evaluation expenditure at $36.1 million.

• Total liabilities rose to $1.61 million from $0.57 million, mainly due to increased borrowings.

Outlook and guidance

• Focus remains on advancing the Sigatoka project to production, with feasibility and EIA completion expected in early 2025.

• The company will continue to explore and evaluate its Fijian projects and seek new opportunities in the Fiji mineral sector.

• Directors highlight the speculative nature of exploration and do not provide specific forward-looking financial guidance.