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Rex Minerals (RXM) investor relations material

Rex Minerals H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary26 Aug, 2024

Executive summary

  • Entered Scheme Implementation Deed with MACH Metals for all-cash acquisition at $0.47/share, implying $393M market cap and a 98% premium to 90-day VWAP; Board recommends shareholders accept the offer.

  • Raised $22.6M via strategic placement and entitlement offer to fund working capital and Hillside Project pre-construction.

  • Focused on advancing the Hillside Copper-Gold Project (South Australia) and Hog Ranch Gold Property (Nevada, USA), both with significant resource potential.

  • No dividends declared; loss after tax reduced to $15.5M (2023: $24.8M).

Financial highlights

  • Net loss after tax: $15.5M, improved from $24.8M in FY2023.

  • Cash position at 30 June 2024: $21.3M (2023: $6.6M); net cash outflow from operations: $16.8M (2023: $25.4M).

  • Equity increased to $55.3M (2023: $40.9M) following capital raising.

  • No borrowings; first ranking charge over freehold land for rehabilitation obligations.

  • Basic and diluted loss per share: 2.26 cents (2023: 4.19 cents).

Outlook and guidance

  • Scheme Booklet to be distributed in September 2024; shareholder vote and potential implementation in October 2024.

  • Ongoing development of Hillside Project and continued exploration at Hog Ranch.

  • Board expects successful transition to MACH Metals ownership, providing financial strength for project execution.

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Frequently asked questions

Rex Minerals Ltd is an Australian mineral exploration and development company. It is primarily focused on copper, gold, and iron ore projects, with exploration and development activities centered in South Australia and Nevada, USA. The company is involved in project feasibility, environmental studies, and resource estimation. The company is headquartered in Melbourne, Australia, and its shares are listed on the ASX.

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