Metro Mining (MMI) H2 2024 earnings summary

Executive summary

• Achieved record bauxite shipments of 5.7 million WMT in 2024, up 24% year-over-year, despite weather disruptions impacting operations at both the start and end of the year.

• Revenue increased 30% to $307.3 million, driven by higher shipment volumes and improved market pricing.

• Completed major expansion at Bauxite Hills Mine, raising nameplate capacity to 7 million WMT per annum, including new infrastructure such as the Ikamba Offshore Floating Terminal and upgraded screening circuits.

• Successfully executed a $45 million equity raise and refinanced senior debt, reducing net debt by 35% to $44 million and improving borrowing terms.

• Market capitalisation rose 300% to $364 million by year-end.

Financial highlights

• Revenue: $307.3 million, up 30.3% compared to FY23 ($235.8 million).

• Underlying EBITDA doubled to $37.2 million (FY23: $18.6 million).

• Net loss after tax: $22 million (FY23: $13.5 million loss), impacted by higher finance costs, foreign exchange losses, and one-off refinancing expenses.

• Gross profit: $36.3 million (FY23: $13.5 million).

• Cash and cash equivalents at year-end: $31.2 million (FY23: $12.1 million).

• Market capitalisation: $364 million, up 300% year-over-year.

Outlook and guidance

• Production and shipment guidance for 2025 set at 6.5 to 7 million WMT, with all 2025 sales covered by binding offtake agreements.

• Focus remains on expanded production, cost improvements, and customer diversification.

• Recommencement of operations expected in March 2025, weather permitting.