Alba Mineral Resources (ALBA) H1 2024 earnings summary

Executive summary

• Successfully completed the first blast at the Llechfraith Target at Clogau Gold Mine, the first since the 1980s, marking a significant operational milestone.

• Dewatering and access improvements at Clogau enabled extensive sampling and preparation for bulk sampling and blasting.

• High-grade gold results from concentrates at Clogau, with head grades up to 133.73 g/t from underground samples and up to 17.22 g/t from waste tip fines.

• Appointed a new Mine & Operations Manager with extensive gold mining experience.

• Ongoing progress at GreenRoc Strategic Materials, including project financing and graphite plant feasibility.

Financial highlights

• Group loss after tax of £639,000 for the six months ended 31 May 2024, compared to a profit of £2,102,000 in the prior year (which included a one-off gain from de-consolidation of GreenRoc).

• Operating loss of £489,000, up from £459,000 in the comparative period, including £197,000 in non-cash costs for new warrants and options.

• Net assets at 31 May 2024 were £9.7 million, in line with year-end.

• Cash at period end was £97,000; £492,000 raised post-period via placing and retail offer.

• £200,000 spent on exploration activities, increasing intangible assets.

Outlook and guidance

• Commencement of blasting at Clogau signals entry into a critical phase to assess commercial gold mining viability.

• Ongoing focus on progressing Clogau operations and advancing GreenRoc graphite projects.

• Directors highlight the need for continued external funding to support operations and exploration.