URA (GEMR) H2 2024 earnings summary

Executive summary

• Completed restoration of Gravelotte Emerald Mine; hard rock mining began January 2025 after plant commissioning.

• Acquired 65% of Curlew Emerald Project in Western Australia, expanding development pipeline.

• First post-period emerald sales: 8,130 carats sold at $5.29/ct, total revenue $57,000.

• Independent valuation: Gravelotte NPV estimated at $22.4m, projected pre-tax profit $79.5m over 17 years.

• Name changed from URA Holdings Plc to Gem Resources Plc, reflecting focus on gemstone assets.

Financial highlights

• Group loss for 2024: £1.96m (2023: £1.13m); Company loss: £1.47m (2023: £0.87m).

• Basic and diluted EPS: (0.64)p (2023: (0.42)p).

• Cash at year-end: Group £414k (2023: £674k); Company £283k (2023: £667k).

• Net cash outflow from operations: £550k (2023: £950k).

• Raised £475k in February and £425k in July 2024 via placements to fund operations and acquisitions.

Outlook and guidance

• Focus for 2025: scale up Gravelotte production, optimise recoveries, and advance Curlew development.

• Anticipates improved financial performance as hard rock mining ramps up, but further funding required.

• Aims to become a leading, ethical emerald producer as market conditions stabilise.