Geo Energy Resources (RE4) H2 2023 earnings summary

Executive summary

• 2023 coal deliveries reached 8.4 million tonnes, exceeding the 8 million-tonne target; revenue was US$489.0 million and net profit was US$62.7 million.

• The 2023 acquisition of TRA added 2P reserves of over 275 million tonnes and supports a multi-year production and growth plan.

Financial highlights

• FY2023 revenue was US$489.0 million and net profit was US$62.7 million.

• Revenue reflected lower coal volumes and ICI4 prices normalising to US$62.96 per tonne in 2023 from US$86.06 in 2022.

Outlook and guidance

• Infrastructure construction for TRA is targeted to commence in 2024, following receipt of required licenses and permits and the start of detailed engineering studies.

• Ready-for-development infrastructure is expected to support production ramp-up to 25 million tonnes annually; TRA is expected to extend mine life by more than 20 years.

• Production ramp-up and execution of growth plans remain priorities.