Galena Mining (G1A) Q2 2025 earnings summary

Executive summary

• Abra Base Metals Mine produced 25,492t of lead-silver concentrate, down 16% from the previous quarter, with sales of 22,263t generating ~A$50.2 million in revenue.

• Operations were disrupted by 28 days of road closures due to rain, impacting concentrate haulage and sales.

• Voluntary administrators were appointed to Abra Mining Pty Ltd in April 2024; recapitalisation options are under review, with a second creditors meeting extended to late February 2025.

• Matthew Hine was appointed CEO of Abra in December 2024, following Tony James' resignation.

Financial highlights

• Group cash at 31 December 2024 was A$1.7 million, down from A$4.3 million at 30 September 2024.

• Operating cash outflows for the quarter were A$2.9 million; investing outflows A$9.0 million (mainly mine development); financing inflows A$10.7 million (loan proceeds).

• Total receipts from customers were A$50.2 million for the quarter.

• At quarter-end, 13,531t of concentrate was stockpiled at site and port.

Outlook and guidance

• Recapitalisation scenarios for Abra are under consideration; final decisions pending administrator and creditor review.

• Operations continue during administration, with the next concentrate shipment scheduled for late January/early February.