Aspire Mining (AKM) H1 2024 earnings summary

Executive summary

• Advanced studies, permits, and approvals for the Ovoot Coking Coal Project, including environmental and road design approvals, and updated resource and reserve estimates.

• Continued community engagement through the Green Fodder Program and support for local educational, cultural, and sporting activities.

Financial highlights

• Net profit attributable to owners for the half-year ended 30 June 2024 was $2,740,325, up from $1,376,199 for the same period in 2023.

• Revenue and other income totaled $3,886,896, with finance income of $3,867,412, primarily from interest and foreign exchange gains.

• Basic and diluted EPS were 0.54 cents, compared to 0.27 cents in the prior year.

• Cash and cash equivalents at 30 June 2024 were $5,620,228, with $9,898,530 in short-term bond investments.

• Working capital stood at $16,307,637 and net assets at $44,057,196 as of 30 June 2024.

Outlook and guidance

• Cash and investments are sufficient for ongoing community, approval, and evaluation activities to advance the Ovoot Project.

• Additional funding will be required for full-scale development and infrastructure construction, which has not yet been committed.