MetalsTech (MTC) H2 2024 earnings summary

Executive summary

• Focused on gold exploration, MetalsTech advanced its 100%-owned Sturec Gold Mine in Slovakia, delivering a positive Scoping Study and extending its mining license for 10 years.

• The Scoping Study confirmed robust economics for an underground-only operation, with a pre-tax NPV8% of US$506M and IRR of 116%.

• The company reported a net loss after tax of $2.26M for FY24, a significant improvement from the $6.48M loss in FY23.

• Key developments included high-grade drilling results, engagement of a strategic advisor, and the termination of the Sauvolles lithium project acquisition.

Financial highlights

• Net loss after tax: $2,263,451 (FY24) vs $6,483,519 (FY23).

• Cash and cash equivalents: $628,398 at 30 June 2024, down from $816,540.

• Net assets: $6,510,186 at 30 June 2024, down from $7,067,337.

• Total other income: $2,734 (FY24) vs $10,761 (FY23).

• Basic and diluted loss per share: (1.20) cents (FY24) vs (3.74) cents (FY23).

Outlook and guidance

• Ongoing exploration at Sturec Gold Project, with continued focus on advancing the project and securing funding.

• Directors believe sufficient cash is available for current operations, but additional funding will be required for ongoing activities.

• The company is negotiating long-term funding to replace short-term debt and provide working capital.