Aspire Mining (AKM) H2 2024 earnings summary

Executive summary

• Principal activity was advancing the Ovoot Coking Coal Project in Mongolia, with key permits and studies progressed, including environmental and engineering approvals.

• Reported net profit of $6.66M for 2024, reversing a $3.36M loss in the prior 6-month period, mainly due to non-cash unrealised foreign exchange gains from AUD depreciation.

• No dividends declared or paid; capital structure unchanged during the year.

Financial highlights

• Net profit after tax: $6,664,698 for 2024 (vs. $3,362,812 loss for 6 months to Dec 2023).

• Total comprehensive loss: $3,050,443 for 2024 (vs. $469,450 for 6 months to Dec 2023), driven by foreign currency translation losses.

• Cash and cash equivalents: $4,578,095 at year-end (down from $6,981,595 at Dec 2023).

• Investments in bonds: $9,206,127 (up from $9,011,944 at Dec 2023).

• Working capital: $14,361,243; net assets: $42,062,132 at 31 Dec 2024 (vs. $17,648,082 and $44,993,855 at Dec 2023).

• Basic EPS: 1.31 cents (vs. -0.66 cents for 6 months to Dec 2023).

Outlook and guidance

• Sufficient cash and investments to fund studies and permitting, but additional funding required for full Ovoot Project development; financing not yet secured.

• Focus remains on advancing Ovoot Project to production, with construction activities targeted for Q2 2025, subject to project finance.