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

Executive summary

• Advanced Central Lime & Cement Project with a US$50M investment from ACAM LP, including a US$10M convertible note and framework for an additional US$40M, supporting debt retirement and early cashflow from limestone sales.

• Orokolo Bay Industrial Sands Project progressed with site enabling works, strong investor interest, and a DFS showing a post-tax NPV of US$131M and IRR of 90% over 15 years.

• Mayur Renewables secured legal victories for carbon offset projects, protecting over 790,000 hectares of rainforest and enabling premium carbon credit generation.

Financial highlights

• Revenue and other income rose to A$2.0M (FY23: A$33.7K), mainly from gains on extinguishment of liabilities and reduction of equity interest in associate.

• Net loss from continuing operations was A$5.43M, improved from A$13.24M in FY23.

• Basic and diluted loss per share improved to (1.57) cents from (4.68) cents year-over-year.

• Cash and cash equivalents increased to A$6.8M (FY23: A$4.1M).

• Exploration and evaluation expenditure capitalised rose to A$48.4M (FY23: A$37.4M).

Outlook and guidance

• Stage 2 of the Central Lime Project wharf construction underway, targeting completion by January 2025 for early revenue generation.

• Final Investment Decision for Orokolo Bay Project pending, with ongoing funding discussions.

• Anticipates completion of Project Development Agreement with PNG Government in Q3 CY2024, enabling full-scale construction.