Foresta Group Holding (FGH) Q1 2025 TU earnings summary

Executive summary

• Flagship project included in New Zealand Government's Fast-Track Approvals Bill, ranked top for Bay of Plenty and among 12 national projects.

• OIO approval and conditions of consent received, facilitating project investment.

• ASX trading suspended pending finalisation and lodgement of the 30 June 2024 Annual Report.

• Progress made in project groundwork, including consultant partnerships and procurement of major equipment suppliers.

Significant events and developments

• Interim insurance payout of $800,000 received for property damages from the 2021 Apple Tree Creek fire.

• Disposal of old extraction equipment in Rotorua due to safety and insurance concerns; new equipment proposal under evaluation.

• Managing Director resigned effective 12 July 2024; cost reduction initiatives implemented.

Financial highlights

• Cash balance at 30 September 2024 was $131,000.

• Net cash used in operating activities for the quarter was $(695,000).

• Net cash from investing activities was $142,000, including proceeds from asset disposals.

• Net cash from financing activities was $510,000, including $575,000 from convertible notes.

• Payments to related parties totaled $93,000 for the quarter.