Bougainville Copper (BOC) H1 2024 earnings summary

Executive summary

• Net operating loss of K6.3 million (AUD $2.5m) for H1 2024, up from K4.2 million (AUD $1.7m) loss in H1 2023.

• Revenue from dividends and interest decreased 4.2% to K1.58 million year-over-year.

• Operating costs rose due to transition to active exploration and legal fees for class action defense.

• Five-year extension of Panguna EL01 exploration licence granted in January 2024, ending a long tenure dispute.

• No interim dividend declared for the period.

Financial highlights

• Total comprehensive loss for H1 2024 was K9.8 million, compared to K9.5 million in H1 2023.

• General and administration expenses increased to K7.7 million from K5.5 million year-over-year.

• Fair value loss on investments of K3.5 million, compared to K5.3 million in H1 2023.

• Net assets at 30 June 2024 were K86.3 million, down from K88.8 million a year earlier.

• Cash at period end was K1.2 million, down from K1.5 million at 31 December 2023.

Outlook and guidance

• Further investment realisations planned in H2 2024 to fund operations.

• Advanced pre-feasibility and social mapping work to continue under renewed exploration licence.

• Results of Phase 1 of the Panguna Mine Legacy Impact Assessment expected in Q4 2024.