Pacific Lime and Cement Limited (PLA) H2 2024 earnings summary

Executive summary

• In FY2024, Mayur Resources reported a net loss of A$5.43M, a significant improvement from the A$13.24M loss in FY2023, driven by lower impairment charges and increased capital raising.

• The Group remains pre-revenue, focused on exploration and development in Papua New Guinea, with major projects in cement, lime, iron sands, coal, power, and renewables.

• Cash and cash equivalents increased to A$6.8M at year-end, up from A$4.1M, supported by successful capital raisings and new loan facilities.

• The Group's current liabilities exceeded current assets by A$8.16M, raising material uncertainty about going concern, though directors remain confident in future funding and asset realisation.

• Significant progress was made on the Central Cement & Lime Project, with wharf construction advancing and early-stage revenue expected in late 2024.

Financial highlights

• Net loss from continuing operations was A$5.43M, compared to A$13.24M in the prior year.

• Revenue and other income rose to A$2.0M, mainly from gains on extinguishment of liabilities and reduction of equity interest in associate.

• Share-based payments expense decreased to A$1.31M from A$2.78M year-over-year.

• Cash used in operating activities was A$4.72M, and net cash used in investing activities was A$9.43M.

• Share capital increased to A$79.99M following new share issues and placements.

Outlook and guidance

• Directors expect early-stage revenue from limestone and aggregate sales at the Central Cement & Lime Project in late 2024, with full-scale construction pending a Project Development Agreement.

• The Group's ability to continue as a going concern depends on future capital raising, successful project development, and asset disaggregation.

• Negotiations with the PNG Government for a Project Development Agreement are expected to conclude in Q3 CY2024.