Cokal (CKA) H2 2024 earnings summary

Executive summary

• Transitioned from coal explorer to producer, achieving first commercial coal sales from BBM mine and establishing logistics infrastructure for market delivery.

• Expanded production capacity at BBM with five mining fleets and new logistics assets, including barges and trucks.

• Entered strategic partnerships with major Indonesian mining and logistics companies to support infrastructure and production ramp-up.

• Initiated plans for further production expansion, including underground mining and development of adjacent TBAR project.

Financial highlights

• Revenue for FY2024 was US$3.7 million, up from US$16,373 in FY2023, reflecting commencement of coal sales.

• Net loss after tax increased to US$9.83 million from US$9.27 million year-over-year.

• Cash and cash equivalents at year-end were US$0.48 million, down from US$1.34 million.

• Net assets turned negative, with net liabilities of US$8.47 million at 30 June 2024, compared to net assets of US$1.36 million in 2023.

• No dividends declared or paid during the year.

Outlook and guidance

• Plans to ramp up BBM coal production to 25,000 tonnes/month by Q4 2024 and 40–45,000 tonnes/month by end of 2024.

• Additional medium-sized mining fleet to be deployed by December 2024 to boost overburden removal.

• Coal wash plant targeted for commissioning in Q1 2025 to improve product quality.

• TBAR maiden JORC resource targeted for Q3 2025, pending regulatory approvals.