RTG Mining (RTG) H1 2024 earnings summary

Executive summary

• Focused on mineral exploration and development, with main projects in the Philippines (Mabilo), Kyrgyz Republic (Chanach), and involvement in the Panguna Project in Bougainville.

• Mabilo Project advanced with new partnership, settlement of disputes, and multiple debt finance/offtake offers for 100% of Stage 1 capex.

• Chanach Project saw significant fieldwork and geophysical data collection, with further processing expected in late 2024.

• Net loss after tax for the six months ended June 30, 2024, was $2.88 million, compared to $2.03 million loss in the prior year period.

Financial highlights

• Revenue for the period was $19,777, with a net loss after tax of $2,875,475, up from a $2,028,824 loss year-over-year.

• Total comprehensive loss was $2,739,930, compared to $1,921,120 in the same period last year.

• Cash and cash equivalents at June 30, 2024, were $2,890,569, down from $4,364,940 at December 31, 2023.

• No dividends were paid or provided for during the period.

Outlook and guidance

• Short-term objectives include finalising financing for Mabilo, acquiring surface rights, and preparing for Stage 1 development.

• Board commitment to Mabilo development expected after mining costing comparison and financing completion.

• Chanach Project geophysical data processing to be completed in December 2024 quarter.