URA (GEMR) H1 2024 earnings summary

Executive summary

• Commenced emerald production at Gravelotte mine in April 2024, ahead of schedule and under budget, after 25 years of inactivity.

• First trial auction of emeralds scheduled for late September 2024, with Bonas Group as sales partner.

• Acquired 65% of Curlew Emerald Mine in Western Australia post-period, expanding presence in the emerald sector.

• Strengthened management team with new CFO and Gem Sales Manager in South Africa.

Financial highlights

• Loss for the six months ended 30 June 2024 was £561,000 (2023: £388,000), reflecting increased costs from plant commissioning and pre-revenue production.

• Operating expenses rose to £535,000 (2023: £388,000).

• Net assets at 30 June 2024 stood at £1.64 million (31 December 2023: £1.64 million).

• Cash balance at period end was £716,000 (31 December 2023: £674,000).

• Raised £475,000 in February 2024 and £425,000 post-period for working capital and Curlew acquisition.

Outlook and guidance

• Profitability at Gravelotte expected from the second year of production, with strong economic potential indicated by independent modelling.

• Focus on optimising production and preparing for first auction sale in September 2024.

• Plans to further expand and optimise processing plant to increase production rates.