Legend Mining (LEG) H1 2024 earnings summary

Executive summary

• Continued exploration for nickel and copper at the Rockford Project in Western Australia, with activities impacted by weather-related access issues; fieldwork resumed post-period end.

• Loss after tax for the half-year was $4,757,699, significantly higher than the $1,056,943 loss in the prior year period.

• No dividends were paid or proposed for the period.

Financial highlights

• Finance revenue increased to $333,399 from $263,902 year-over-year.

• Net loss after tax widened to $4,757,699 from $1,056,943 year-over-year, mainly due to a $4,728,283 impairment of exploration expenditure.

• Cash and cash equivalents rose to $13,068,379 as at 30 June 2024, up from $11,525,698 at 31 December 2023.

• Net cash from investing activities was $2,091,772, reflecting receipt of a $3,081,715 R&D tax incentive grant.

• Basic and diluted loss per share was 0.1637 cents, compared to 0.0324 cents in the prior year period.

Outlook and guidance

• Contractors mobilized for the High-Power EM survey at Octagonal after the Trans-access road reopened in July 2024, enabling resumption of exploration activities.

• The company expects to claim eligible exploration activities in its R&D Tax Incentive application.