Province Resources (PRL) H2 2024 earnings summary

Executive summary

• Focused on developing the HyEnergy® green hydrogen project and evaluating mineral exploration opportunities.

• Loss after tax reduced to $2.66 million for FY24 from $8.26 million in FY23.

• Cash at bank at year-end was $10.16 million, down from $15.58 million in the prior year.

• No dividends declared or paid for the year.

Financial highlights

• Revenue from interest and other income totaled $558,459, down from $562,570 in FY23.

• Net loss after tax was $2,663,993, a significant improvement from $8,255,031 in FY23.

• Net assets at 30 June 2024 were $10,664,017, compared to $16,015,602 at 30 June 2023.

• Basic and diluted loss per share was (0.225) cents, improved from (0.699) cents in FY23.

• Share-based payment expense reversal of $2,699,614 due to revised vesting probability.

Outlook and guidance

• Intends to maintain HyEnergy® project readiness for future hydrogen market cycles.

• Board is seeking a relisting through a return to minerals exploration and development.

• Reviewing mineral exploration projects for potential acquisition and transaction.