Beacon Minerals (BCN) H2 2024 earnings summary

Executive summary

• Gold production for FY2024 was 23,068 ounces, with cash of $5.79 million and 784 ozs of gold on hand or in transit at year-end.

• Ore stockpiles at 30 June 2024 totaled 334,000 tonnes containing 8,600 ounces of gold.

• Mining at Lost Dog Panel 3 was completed in August 2023; MacPhersons Reward Project mining commenced in November 2023.

• Acquisition of Mt Dimer tenements and approval for Lady Ida Project joint venture expanded the asset base.

• A fully franked dividend of $3.8 million was paid in December 2023.

Financial highlights

• Revenue for FY2024 was $83.4 million, up from $72.4 million in FY2023.

• Net profit after tax was $9.19 million, compared to $5.22 million in the prior year.

• Gross profit increased to $20.7 million from $11.0 million year-over-year.

• Operating cash flow was $36.1 million, up from $21.3 million in FY2023.

• Dividend paid during the year was $3.76 million.

Outlook and guidance

• Focus for the next year will be on MacPhersons Reward, Geko, and Lady Ida Projects.

• Exploration in Timor Leste to continue, targeting polymetallic copper prospects.

• Exploration and development to shift toward Lady Ida and Mt Dimer as production at MacPhersons winds down.