Rex Minerals
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Rex Minerals (RXM) investor relations material

Rex Minerals has been acquired

Rex Minerals H2 2024 earnings summary

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

Executive summary

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

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

  • Focused on advancing the Hillside Copper-Gold Project in South Australia and Hog Ranch Gold Property in Nevada, USA.

  • Net loss after tax for FY2024 was $15.5M, improved from $24.8M in FY2023.

Financial highlights

  • Cash position at 30 June 2024: $21.3M (2023: $6.6M).

  • Net cash outflow from operating activities: $16.8M (2023: $25.4M).

  • No borrowings; equity increased to $55.3M (2023: $40.9M) due to capital raising.

  • Loss per share: 2.26 cents (2023: 4.19 cents).

Outlook and guidance

  • Scheme with MACH Metals expected to be implemented in late October 2024, pending approvals.

  • Continued focus on Hillside Project development and exploration at Hog Ranch.

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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.