Galena Mining (G1A) Q1 2025 earnings summary

Executive summary

• Abra Base Metals Mine produced 30,211t of lead-silver concentrate, up 13% from the previous quarter, with sales of 31,540t generating ~A$60.5 million in revenue.

• Operations continued under voluntary administration due to ramp-up issues and weather-related disruptions earlier in the year.

• The second creditors meeting is scheduled by 6 December 2024 to determine recapitalisation options.

• Galena is not directly involved in the recapitalisation process but remains committed to supporting stakeholders.

Financial highlights

• Group cash balance at quarter-end was A$4.3 million, up from A$2.6 million at 30 June 2024.

• Operating cash flows for the quarter were A$6.8 million, with receipts from customers totaling A$58.9 million.

• C1 costs were A$45.0 million and all-in sustaining costs were A$55.3 million, both consistent with the previous quarter.

• Average lead price received was US$0.91/lb (A$1.35/lb), down 6% from the previous quarter.

Outlook and guidance

• December 2024 quarter plans target mining over 330,000t of ore and 2,500m of development, with concentrate shipments of 25-30kt.

• Ongoing technical work includes grade control drilling and a feasibility-level mine size optimisation study.

• Focus remains on improving cash flows and evaluating recapitalisation scenarios.