Leo Lithium (LLL) Q4 2024 earnings summary

Executive summary

• Completed sale of remaining interest in Goulamina Project to Ganfeng, receiving US$116.3M (Tranche 1) on 26 Nov 2024.

• Received A$11.5M from Firefinch as per Deed of Covenant and Release.

• Announced distribution of 17.2 cents/share to shareholders, including capital return and unfranked dividend, payable 31 Jan 2025.

• Board restructured: two directors retired, Simon Hay appointed Executive Chairman.

• Focus shifted to identifying new acquisition opportunities and maintaining cost control.

Financial highlights

• Net cash consideration from Goulamina sale (Tranche 1): US$116.3M after US$44.7M Mali capital gains tax.

• Cash balance at 31 Dec 2024: A$269.3M, mostly in term deposits or interest-bearing accounts.

• Major cash inflows: US$161M from MLBV sale, A$11.5M from Firefinch, A$2.4M from Ganfeng services, A$5M JV refund, A$1.1M interest.

• Major cash outflows: US$44.7M Mali tax, A$8.2M staff/admin costs, A$3.5M JV costs.

• Expected post-distribution cash: A$60M.

Outlook and guidance

• Screening potential acquisition targets to enable ASX trading resumption and deliver shareholder value.

• Tranche 2 payment of US$171.2M from Ganfeng due by 30 June 2025.

• Ongoing business costs covered by interest income; cost base reduced.