Galena Mining (G1A) Q4 2024 earnings summary

Executive summary

• Record quarterly lead-silver concentrate production of 26,664t, up 54% from the previous quarter, with sales of 20,792t generating ~A$43.1 million in revenue.

• Ore milled reached 333,833t, up 38% sequentially, at a record 5.6% lead grade; ore mined was 280,974t at 5.7% lead grade.

• Voluntary administrators were appointed to Abra Mining Pty Limited due to ramp-up issues, weather disruptions, and operational challenges.

• Group cash balance at quarter-end was A$2.6 million, down from A$6.8 million at the end of March 2024.

Financial highlights

• Lead concentrate sales of 20,792t, up 27% from the previous quarter, with 12,285t of payable lead and 74,099oz of payable silver sold.

• C1 costs were A$45.4 million, up 31% sequentially; all-in sustaining costs were A$55.4 million, up 32% from the previous quarter.

• Average lead price received was US$0.97/lb (A$1.48/lb); operating cash flows for the quarter were A$0.8 million.

• Receipts from customers totaled A$37.3 million; investing cash outflows were A$3.7 million, and financing cash outflows were A$1.2 million.

Outlook and guidance

• September 2024 quarter plans target mining over 310,000t of ore, over 2,500m of development, and concentrate shipments of 25-30kt.

• Ongoing grade control drilling, mine size optimisation study, and technical work for recapitalisation options are key focus areas.