Energy Resources of Australia (ERA) Q2 2024 TU earnings summary

Executive summary

• Progressive rehabilitation of the Ranger Project Area continued, with $43 million spent on rehabilitation in the June 2024 quarter.

• No mining, production, or development expenditure was incurred during the quarter.

• Rio Tinto assumed management of the Ranger Rehabilitation Project under a new Management Services Agreement from 3 June 2024.

• The Jabiluka Mineral Lease renewal application was denied by the NT government; ERA is assessing its options.

Financial highlights

• ERA holds sufficient capital to fund planned rehabilitation through Q3 2024.

• Net payments to related parties in the quarter totaled $1.3 million, including $0.4 million in Directors' compensation and $0.9 million to Rio Tinto group companies.

• No evaluation or exploration expenditure was incurred in the June 2024 quarter.

Outlook and guidance

• ERA expects to spend approximately $1.1 billion on rehabilitation and related costs through the end of 2027; expenditure beyond that is uncertain.

• Final approval for Pit 3 backfill is expected in Q3 2024, with capping and geofabric placement activities progressing.

• ERA is working to extend its Section 41 Authority beyond January 2026 to complete rehabilitation.