Tungsten Mining (TGN) H2 2024 earnings summary

Executive summary

• Advanced Mt Mulgine Tungsten Project with significant drilling, testwork, and environmental approvals progress; cash position at $8.07 million as of 30 June 2024.

• Acquired 100% of Hatches Creek Project post-year-end, expanding resource base and project pipeline.

• Awarded $1 million in government grant funding for critical minerals; $900,000 received to date.

• Resource inventory includes 410,000 MTU WO3, 71,000t Mo, 1Moz Au, 44Moz Ag, and 92,000t Cu.

Financial highlights

• Net loss after tax for FY24 was $5.11 million, up from $2.93 million in FY23.

• Exploration expenditure increased to $3.06 million (FY23: $1.78 million); remuneration expenses at $1.35 million.

• Revenue included $540,000 in grant funding and $271,760 R&D tax offset.

• Cash and cash equivalents at year-end were $8.07 million, down from $12.4 million.

• Basic loss per share was 0.65 cents (FY23: 0.37 cents).

Outlook and guidance

• Strategic study nearing completion for Mt Mulgine to assess development options.

• Continued engagement with potential partners and focus on progressing environmental approvals.

• Board approved $400,000 additional spend on eligible grant expenditure in FY25.