Beacon Minerals (BCN) Q4 2024 TU earnings summary

Executive summary

• Gold production for the June 2024 quarter was 3,930oz, below budget due to processing challenges and high rainfall; gold sales totaled 4,144oz at an average price of $3,550/oz, generating $14.71 million in receipts.

• Cash on hand at quarter-end was $5.88 million, with 784oz of gold in transit and no remaining hedging commitments after closing out 4,800oz at a $2.4 million loss.

• Capital expenditure reached $11.34 million, mainly for pre-stripping at MacPhersons, exploration, and equipment; corporate expenditure was $1.673 million.

• Resource model for Mt Dimer Lightning-Golden Slipper deposits completed, with new exploration targets identified at Mt Dimer and ongoing fieldwork in Timor Leste.

Financial highlights

• Gold sales revenue for the quarter was $14.71 million, down from the previous quarter due to lower production.

• Cash costs (excluding royalties and stock adjustments) were A$3,471/oz, with pre-strip costs at MacPhersons contributing A$1,424/oz.

• Sustaining costs (excluding capital expenditure) rose to A$4,593/oz for the quarter.

• Sale of 12.6 million AUN shares generated $640,000.

• Finance facility of $11.1 million available, with $9.4 million drawn as of June 30, 2024.

Outlook and guidance

• Ore mining at MacPhersons and ACAP continues, with ore/waste ratios expected to improve as mining advances.

• Open pit mining at Geko scheduled for 2026; high viscosity processing issues at Geko expected to subside.

• Cartage of MacPhersons ore to Jaurdi Mill began in July 2024.

• Lady Ida Project transaction pending shareholder approval, aiming to extend Jaurdi mine life and add complementary assets without new capital raising.