Red Hill Minerals (RHI) H2 2025 earnings summary

Executive summary

• Achieved $11.88 million in royalty revenue from the Onslow Iron Project, which reached nameplate capacity of 35 Mtpa in August 2025, stabilizing future royalty payments.

• Adopted a dividend policy distributing 50% of royalty revenue, paying three fully franked dividends totaling $117.35 million.

• Acquired two new royalties: 2% Gross Revenue Royalty over Sandstone Gold Project and 1.5% Net Smelter Royalty over Thomson Gold-Copper Project.

• Advanced exploration at West Pilbara, Curnamona JV, and other projects, with significant drilling and survey activity.

• Maintained strong stakeholder engagement and secured government grants for exploration.

Financial highlights

• Net profit after tax was $9.13 million, down from $153.56 million in 2024, which included a $200 million one-off gain from the sale of a JV interest.

• Royalty revenue increased to $11.88 million (2024: $0.28 million); interest income was $4.01 million (2024: $1.09 million).

• Exploration and evaluation spend totaled $6.56 million (2024: $5.1 million), with $1.5 million expensed and $5.06 million capitalized.

• Corporate and administrative costs were $1.15 million, significantly lower than the prior year.

• Cash at 30 June 2025 was $64.52 million (2024: $22.45 million); net assets were $86.52 million (2024: $194.5 million).

Outlook and guidance

• Expectation of stable royalty payments from Onslow Iron Project now at full capacity.

• Continued focus on diversifying royalty base and aggressive exploration, including major drilling at Curnamona and West Pilbara.

• Six-monthly dividends to continue, targeting 50% of royalty receipts.