Foresta Group Holding (FGH) Q4 2024 TU earnings summary

Executive summary

• Exhibited at Fieldays, New Zealand's largest agriculture event, engaging with stakeholders and shareholders.

• Settled a $1 million placement to accelerate the Kawerau Biomass Manufacturing Project.

• Achieved a 30-year lease (with 20-year renewal option) for a 9.6-hectare site in Kawerau for the flagship facility.

Financial highlights

• Cash balance at 30 June 2024 was $186,000.

• Net cash used in operating activities for the quarter was $(1,162,000).

• Payments to related parties for the quarter totaled $271,000.

• Proceeds from equity issues in the quarter were $1,063,000.

Outlook and guidance

• Board is reviewing all costs to reduce overheads following the Managing Director's resignation.

• Planning a capital raise by 16 August 2024 to fund commitments and future plans.

• Confident of short-term operational continuity through imminent capital raise.