Brockman Mining (159) H2 2025 earnings summary

Executive summary

• Recorded a net loss after tax of HK$34.6 million for FY2025, up from HK$13.4 million in FY2024, mainly due to exploration and evaluation expenses and an income tax expense of HK$7.7 million, partially offset by finance income and sale of non-core tenements.

• No revenue was generated during the year; operations 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 approval processes; final investment decision pending key approvals.

Financial highlights

• Operating loss decreased to HK$20.5 million from HK$24.3 million year-over-year due to lower exploration and evaluation expenses.

• Finance income of HK$9.8 million (2024: HK$11.4 million) mainly from remeasurement of payables and loans; other income of HK$2.8 million from sale of non-core tenements.

• Net asset value at 30 June 2025 was HK$456.4 million (2024: HK$498.5 million); cash at bank was HK$5.3 million (2024: HK$4.5 million).

• Basic and diluted loss per share was HK0.37 cents (2024: HK0.14 cents).

Outlook and guidance

• Focus remains on advancing Marillana and Ophthalmia projects, with further drilling at Punda Springs planned for September 2025.

• Final investment decision for Marillana contingent on completion of key access, heritage, and environmental approvals.

• Directors believe sufficient financial resources are available for the next 12 months, but material uncertainty remains regarding long-term funding.