KGL Resources (KGL) H2 2024 earnings summary

Executive summary

• Advanced the high-grade Jervois Project amid strong copper market conditions, with copper prices reaching a record US$5.20/lb during the year.

• Drilling increased confidence in the Jervois resource, now at 23.37 Mt @ 2.02% Cu, 26.0 g/t Ag, 0.26 g/t Au.

• Feasibility study update underway, targeting a final investment decision (FID) in H2 2025 and first production in 2027.

• Raised $8.08 million post-year-end to fund project advancement and exploration.

Financial highlights

• Net loss after tax: $2,671,410 (FY23: $2,404,468).

• Cash reserves at 30 June 2024: $6,329,796 (FY23: $22,513,602).

• $14,826,615 capitalised to exploration and evaluation assets (FY23: $10,196,763).

• No revenue from operations; income derived from interest ($631,200).

Outlook and guidance

• FID targeted for H2 2025, with first concentrate production in 2027.

• Feasibility study update due Q4 2024, incorporating updated mine design and costings.

• Funds raised will support drilling, project development, and exploration at depth.