Focus Minerals (FML) H2 2025 earnings summary

Executive summary

• Achieved a transformative year with operational advancements at Coolgardie, strong gold production, and a major balance sheet restructure via the $250M sale of the Laverton Gold Project.

• Processed 1.5Mt of ore at 93.5% recovery, sold 49,154 oz gold at A$5,556/oz, and generated robust revenue.

• Transitioned to owner-operator mining model, improved plant and equipment maintenance, and expanded accommodation to support underground mining.

• Fully repaid all outstanding loans to Shandong Gold, significantly strengthening the balance sheet.

Financial highlights

• Revenue rose to $301.3M (2024: $115.1M), EBITDA $133.5M (2024: $26.8M), EBIT $86.1M (2024: $13.5M).

• Net profit after tax surged to $272.4M (2024: $3.0M), driven by the Laverton sale.

• Cash and equivalents at year-end: $159.7M (2024: $16.5M).

• Basic EPS: 95.08 cents (2024: 1.05 cents).

• No dividends declared.

Outlook and guidance

• Focus on sustained production from higher-grade underground sources at Coolgardie.

• Plans underway for further expansion of accommodation and continued operational efficiency improvements.