Globe Metals & Mining (GBE) Q1 2025 TU earnings summary

Executive summary

• Progressed Kanyika Project with key regulatory and ESG milestones, including an Investment Certificate and Community Development Agreement.

• Signed Letter of Intent with Affilips N.V. for a binding offtake agreement covering 32% of Phase 1 production.

• Secured a 12-month extension for commencement of mining activities at Kanyika, aligning with government agreements.

• Strengthened financial position with a new A$2.3 million short-term loan facility.

Financial highlights

• Cash at bank at 30 September 2024 was $0.72 million, down from $1.15 million at 30 June 2024.

• Net cash used in operating activities for the quarter was $409,000.

• Net cash used in investing activities was $514,000, mainly for evaluation activities.

• Received $500,000 from borrowings during the quarter.

• Debt at quarter end was $0.5 million, with an undrawn loan facility of $1.8 million available.

Outlook and guidance

• Targeting finalisation of binding offtake agreement with Affilips by Q2 2025 and full contract by September 2025.

• Updated Bankable Feasibility Study (BFS) expected in Q1 2025, incorporating new offtake agreements.

• Board approval for Kanyika Project execution and commencement of mining activities by 27 September 2025.

• Phase 1 production targeted for Q1 2026, Phase 2 for Q2 2028.