Brockman Mining (159) H1 2026 earnings summary

Executive summary

• Net loss after tax for the six months ended 31 December 2025 was HK$12.0 million, down from HK$19.5 million year-over-year, mainly due to exploration and evaluation expenses and interest on loans, partially offset by a gain on remeasurement of non-current payables and an income tax benefit.

• No revenue was recorded during the period; activities focused on advancing iron ore projects in Western Australia, particularly the Marillana and Ophthalmia projects.

• The Marillana Joint Operation completed technical studies and continued environmental and heritage consultations, while exploration at Punda Springs confirmed significant iron ore mineralisation.

• No interim dividend was declared for the period.

Financial highlights

• Operating loss was HK$13.7 million, similar to HK$13.0 million in the prior year period.

• Basic and diluted loss per share was HK$0.13 cents (2024: HK$0.21 cents).

• Net cash outflows from operating activities were HK$11.2 million (2024: HK$10.4 million).

• Net assets as at 31 December 2025 were HK$450.7 million (30 June 2025: HK$456.4 million); cash at bank was HK$2.7 million (30 June 2025: HK$5.3 million).

• Total comprehensive loss for the period was HK$5.7 million, significantly reduced from HK$58.9 million.

Outlook and guidance

• Advancement of Marillana and Ophthalmia projects remains the focus, with progress dependent on securing infrastructure solutions and regulatory approvals.

• The Group’s ability to advance projects is reliant on timely access to funding.

• Further development at Ophthalmia contingent on Marillana infrastructure solution.

• Ongoing engagement with stakeholders and regulatory bodies for project approvals.