Focus Minerals (FML) Q1 2025 TU earnings summary

Executive summary

• Achieved record quarterly milling at Three Mile Hill with 370,262 tonnes processed, including a monthly record in March and significant toll treatment volumes.

• Transitioned to owner-operated surface mining, with mining at Alicia commencing and Bonnie Vale Underground development ahead of schedule.

• Sold 5,376.6 ounces of gold at an average price of A$4,388/oz and 477 ounces of silver at spot prices.

• Cash position at 31 March 2025 was $20.72 million.

Financial highlights

• Receipts from customers totaled $38.3 million for the quarter, including gold, silver sales, and toll milling fees.

• Net cash used in operating activities was $(7.24) million for the quarter.

• Net cash used in investing activities was $(4.47) million, mainly for property, plant, equipment, and exploration.

• Net cash from financing activities was $15.92 million, primarily from borrowings.

• Cash and cash equivalents increased to $20.72 million at quarter end.

Outlook and guidance

• Greenfields open pit mining remains on plan, with completion scheduled for early May 2025.

• Bonnie Vale Underground Mine development is ahead of plan, with stoping activities brought forward to October.

• Transition to new ore sources is planned as Greenfields nears completion.