Globe Metals & Mining (GBE) H2 2024 earnings summary

Executive summary

• Advanced the Kanyika Niobium Project in Malawi, finalizing an optimization study and preparing for a Bankable Feasibility Study (BFS) update in early 2025.

• Strengthened management team with new CEO and key appointments in geology, project management, and marketing.

• Secured a Letter of Intent for a US$15m senior debt facility from Ecobank Malawi and signed an offtake LOI with Affilips N.V. for about one-third of Phase 1 production.

• Signed a Community Development Agreement with seven local communities, establishing the Kanyika Development Trust.

Financial highlights

• Net loss after tax for FY2024 was $3.43m, compared to $2.67m in FY2023.

• Cash and cash equivalents at year-end were $1.15m, up from $0.24m in FY2023.

• Total assets increased to $33.0m from $30.9m year-over-year, mainly due to increased exploration and evaluation expenditure.

• Equity raised during the year totaled $4.6m, with an additional $1.3m from loan conversion to equity.

Outlook and guidance

• BFS update and ESIA update targeted for early 2025, with Phase 1 project execution planned for Q1 2025.

• First refined oxide products expected by Q2 2026, with Phase 2 production anticipated in Q3 2028.

• Continued focus on securing additional offtake agreements and project funding.