De Grey Mining (DEG) H2 2024 earnings summary

Executive summary

• Advanced Hemi Gold Project with DFS confirming Tier 1 status, 6Moz Ore Reserve, and 12.7Moz Mineral Resource Estimate as of November 2023.

• Raised $900M in equity and secured $1B in credit-approved debt term sheets to fund project development.

• Progressed environmental approvals and commenced early works, targeting first production in H2 2026.

• Strengthened management and governance, including key hires and board reviews to support transition to production.

Financial highlights

• Net loss after tax for FY24: $17.2M (FY23: $19.0M); basic loss per share: 0.93 cents (FY23: 1.23 cents).

• Cash and short-term deposits at 30 June 2024: $867.2M (FY23: $112.7M).

• No dividends declared or paid.

• Share capital increased to $1.38B after major equity raises.

Outlook and guidance

• Targeting Final Investment Decision and full construction commencement for Hemi in FY25.

• Aims to grow global resource by 2Moz and advance regional exploration and Ashburton project studies.

• Focus on securing all environmental and statutory approvals and awarding major contracts.