Focus Minerals (FML) Q2 2024 TU earnings summary

Executive summary

• Processed 303,148 tonnes of ore at 0.83 g/t with 88.64% recovery, pouring and shipping 6,841 ounces of gold in the June 2024 quarter.

• Sold 6,642 ounces of gold at an average price of A$3,542 per ounce.

• Focused on Coolgardie Gold Operations, with significant progress in mining and processing at Greenfields and planning for Bonnie Vale Underground Mine.

Financial highlights

• Cash (unrestricted) at 30 June 2024 was $6.564 million; total cash and equivalents were $11.108 million.

• Received approximately $23.546 million from asset sales during the quarter.

• Spent $1.658 million on exploration, including drilling and related activities.

• Paid $233,000 to related parties, including directors' salaries and fees.

Outlook and guidance

• New mine plan targets completion of Greenfields pit mining by early February 2025.

• Construction of a new access ramp at Greenfields is underway, with completion expected by mid-August.

• Bonnie Vale Underground Mine contractor selected in July; final contract negotiations ongoing.

• Laverton Gold Project exploration program to commence in September 2024.