De Grey Mining (DEG) H2 2024 earnings summary

Executive summary

• Achieved major milestones including completion of the Hemi Gold Project Definitive Feasibility Study (DFS), updated Mineral Resource Estimate, and Ore Reserve, and secured key mining leases and environmental approvals.

• Raised approximately $900 million through two equity capital raisings and secured credit-approved term sheets for a $1 billion senior debt facility and $130 million cost overrun facility.

• Advanced project financing, environmental approvals, and commenced early works and procurement for project construction.

• Strengthened management and governance with key appointments and formation of the Hemi Gold Project Committee.

Financial highlights

• Net loss after tax for FY24 was $17.2 million, an improvement from $19.0 million in FY23.

• Basic loss per share was 0.93 cents (FY23: 1.23 cents).

• Cash and cash equivalents at year-end were $686.6 million, with total liquidity (including short-term deposits) of $867.2 million.

• No dividends declared or paid.

Outlook and guidance

• Targeting Final Investment Decision (FID) within 12 months, with construction phase expected to lead to first gold production by H2 2026, subject to regulatory approvals.

• Focus on securing all environmental and statutory approvals, awarding major contracts, and advancing exploration to grow resources by 2Moz.

• Continued assessment of regional and underground opportunities and completion of Ashburton project due diligence.