MC Mining (MCM) H2 2024 earnings summary

Executive summary

• Loss after tax rose 232% to $14.6 million for FY2024, driven by higher non-cash charges and increased administrative expenses.

• Revenue declined 18% to $36.7 million, with gross profit dropping to $0 from $3.6 million year-over-year.

• No dividend declared for FY2024.

Financial highlights

• Headline loss per share increased by 127% to $0.03; basic and diluted loss per share rose 143% to $0.04.

• Net asset value decreased by 14% to $75.4 million.

• Unrestricted cash at year-end was $0.2 million, down from $7.5 million.

• Finance costs fell 12% to $1.5 million.

Outlook and guidance

• Makhado Project funding initiatives ongoing, with completion anticipated in H2 CY2024.

• Operation Shandukani review at Vele Colliery expected to improve profitability in H1 FY2025.

• Exploration and development of Greater Soutpansberg Projects to support long-term growth.