Brockman Mining (159) H2 2024 earnings summary

Executive summary

• Recorded a net loss after tax of HK$13.4 million for FY2024, a significant improvement from HK$56.6 million in FY2023, mainly due to lower exploration and evaluation expenses and finance income from remeasurement of payables and loans.

• No revenue was generated during the year; operations focused on iron ore project development and exploration in Western Australia.

• The Marillana and Ophthalmia projects, both 50% owned, remain the core assets, with technical studies and environmental approvals progressing.

Financial highlights

• Operating loss reduced to HK$24.3 million from HK$66.7 million year-over-year, driven by lower exploration expenses.

• Basic and diluted loss per share improved to HK$0.14 cents from HK$0.61 cents year-over-year.

• Net asset value at 30 June 2024 was HK$498.5 million (2023: HK$511.2 million); cash at bank was HK$4.5 million (2023: HK$16.5 million).

• Total comprehensive loss for the year was HK$12.7 million, down from HK$78.9 million in FY2023.

• No dividend was declared or paid for the year.

Outlook and guidance

• Directors believe sufficient financial resources are available for the next 12 months, supported by extended and increased shareholder loan facilities.

• Ongoing focus on advancing Marillana and Ophthalmia projects toward development, subject to funding and regulatory approvals.

• Material uncertainty remains regarding the Group’s ability to continue as a going concern, as highlighted by the auditor.