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 in 2024, and 30,214 ounces of gold sold at an average A$3,714/oz, unhedged.

• Greenfields pit mining was interrupted by a wall slip but resumed after six weeks; transition to in-pit tailings storage is scheduled post-April 2025.

• Entered a mining services agreement for Bonnie Vale Underground, accelerating development to bring higher-grade ore online.

• Laverton project focused on exploration, increasing global Mineral Resources by 6.2% in March 2024.

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 for 2024.

Outlook and guidance

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

• Bonnie Vale Underground development to accelerate, with first ore expected earlier than planned.

• Continued focus on mine plan optimization and bringing new deposits online.