Grange Resources (GRR) H2 2025 earnings summary

Executive summary

• Achieved profit after tax of $46.6 million, down from $58.5 million year-over-year, on revenues of $477.9 million (2024: $520.8 million).

• Produced 2.22 million tonnes of concentrate and 2.21 million tonnes of pellets, with total iron ore product sales of 2.30 million tonnes, both lower than prior year.

• Maintained strong safety performance with over 967 days Lost Time Injury Free and a TRIFR of 1.1.

• Advanced North Pit Underground Development Project toward Final Investment Decision, with financing and technical due diligence ongoing.

• Continued progress on decarbonisation initiatives, including furnace upgrades and grant-funded electrification projects.

Financial highlights

• Revenue from operations: $477.9 million, down from $520.8 million year-over-year.

• Profit after tax: $46.6 million, down from $58.5 million year-over-year.

• Average realised product price: A$189.44/t (US$123/t), up from A$182.94/t (US$120.31/t) year-over-year.

• C1 cash operating cost: $164.69/t, up from $146.14/t year-over-year.

• Cash and liquid investments: $275.15 million at year-end, down from $298.05 million.

• Net assets: $1,108.2 million (2024: $1,061.3 million).

• EPS (diluted): 4.01 cents (2024: 5.04 cents).

Outlook and guidance

• Iron ore market expected to remain volatile, with benchmark prices above US$95/t in 2026 but facing long-term structural pressures.

• Underground project financing anticipated in Q2 2026; underground mining to commence in July 2026.

• Focus on productivity, cost control, and maintaining ore access through continued investment.

• Southdown Magnetite Project seeking joint venture partners; bridging study to follow.