Grange Resources (GRR) H1 2025 earnings summary

Executive summary

• Achieved statutory profit after tax of $13.8 million for H1 2025, down from $26.5 million year-over-year amid weaker iron ore prices and challenging market conditions.

• Maintained strong safety record with 813 days lost time injury free as of 30 June 2025.

• Pellet production was 1.07 million tonnes (down from 1.22 million tonnes), with sales of 1.0 million tonnes (down from 1.05 million tonnes).

• Strategic focus on reducing concentrate stockpile and building pellet stockpile for H2 shipments.

Financial highlights

• Revenue from mining operations was $206.4 million, down from $234.0 million year-over-year.

• Gross profit from operations was $12.3 million, compared to $25.6 million in H1 2024.

• Net cash inflow from operating activities was $41.4 million, down from $111.0 million in H1 2024.

• Cash, cash equivalents, and liquid investments totaled $239.4 million at 30 June 2025, down from $298.0 million at 31 December 2024.

• Net assets increased slightly to $1,075.1 million from $1,061.3 million at year-end 2024.

Outlook and guidance

• Well positioned to meet customer commitments for the remainder of 2025, with secured term offtake agreements in place.

• Ongoing investment in growth capex and operational expenditure to secure future ore delivery.

• Continued focus on operational continuity and resource recovery through integration of open pit and underground mining.