Focus Minerals (FML) H2 2024 earnings summary

Executive summary

• Achieved significant operational progress at Coolgardie, resolving plant issues and exceeding nameplate capacity with 1.24Mt ore processed and 30,214oz gold sold at an average A$3,714/oz, unhedged.

• Greenfields pit mining resumed after a wall slip, with mining to end by April 2025 and transition to in-pit tailings storage.

• Entered mining services agreement for Bonnie Vale Underground Mine, accelerating development for higher-grade ore.

• Laverton project focused on exploration, increasing global Mineral Resources by 6.2% year-over-year.

Financial highlights

• Revenue from contracts with customers rose to $115.1M (2023: $33.1M), with net profit after tax of $3.0M (2023: loss of $2.8M).

• EBITDA was $26.8M (2023: $1.4M); EBIT was $13.5M (2023: -$0.8M).

• Cash and cash equivalents at year-end were $16.5M (2023: $1.2M).

• No dividends declared or paid.

Outlook and guidance

• Mining at Greenfields pit to conclude by April 2025, with transition to tailings storage.

• Mining fleet to mobilize to Alicia and Dreadnought pits; Bonnie Vale Underground Mine development to accelerate.

• Continued focus on operational improvements and expanding production pipeline.