Focus Minerals (FML) Q3 2024 TU earnings summary

Executive summary

• Processed 338,057 tonnes of ore at 0.86 g/t with 88.22% recovery, pouring 7,962 oz gold and selling 7,720 oz at A$3,698/oz in the September 2024 quarter.

• Mining at Greenfields was temporarily halted by a pit wall slip in July, resumed in mid-August after ramp construction.

• Entered a toll milling agreement post-quarter to process up to 120kt over 12 months, supporting ore stockpile build-up.

• Bonnie Vale Underground Mine box cut near completion; development expected to commence December 2024.

Financial highlights

• Cash receipts from customers were $28.581 million for the quarter and $70.661 million for the nine months.

• Cash at bank and deposits as of 30 September 2024: $10.294 million unrestricted, $4.558 million on bond.

• Total cash and equivalents: $14.852 million at quarter end.

• Net cash used in operating activities: $(0.886) million for the quarter.

• Net cash from financing activities: $8.978 million for the quarter, mainly from borrowings.

Outlook and guidance

• Bonnie Vale Underground Mine development to commence in December 2024, with site establishment progressing.

• Toll milling agreement enables continued processing and ore stockpile build-up, supporting future production.

• Laverton Gold Project exploration drilling to be completed in December quarter 2024.