Globe Metals & Mining (GBE) H2 2024 earnings summary

Executive summary

• Advanced the Kanyika Niobium Project in Malawi, finalizing an optimization study and preparing for a Bankable Feasibility Study update in early 2025.

• Strengthened management with a new CEO and key senior appointments; expanded community engagement with a Community Development Agreement.

• Secured a Letter of Intent for US$15m senior debt from Ecobank Malawi and signed an offtake LOI with Affilips N.V. for about one-third of Phase 1 production.

• Cross-listed on the Frankfurt Stock Exchange, increasing share trading activity and global investor access.

Financial highlights

• Net loss after tax for FY24 was $3.4m, compared to $2.7m in FY23.

• Cash and cash equivalents at 30 June 2024 were $1.1m, up from $0.2m at 30 June 2023.

• Exploration and evaluation expenditure capitalized increased to $31.6m from $30.4m year-over-year.

• Share capital increased to $89.6m following new share issues and loan conversions.

• No dividends declared or paid for the year.

Outlook and guidance

• BFS update expected in early 2025, with Phase 1 project execution targeted for Q1 2025, and first refined product by Q2 2026.

• Phase 2 development planned post-commissioning of Phase 1, with production expected in Q3 2028.

• Focus remains on securing full project funding, finalizing offtake agreements, and advancing community initiatives.