Grange Resources (GRR) Q1 2025 TU earnings summary

Executive summary

• Achieved 722 days Lost Time Injury free at Savage River operations, maintaining an industry-leading safety record.

• Completed planned annual maintenance, resulting in lower production and sales volumes for the quarter.

• Progressed project development and financing for the North Pit Underground Project, targeting execution in 2026 and first ore in late 2028 or mid-2029.

• Completed feasibility study for Southdown Magnetite Project, increasing Ore Reserves by 6% to 412 million tonnes.

Financial highlights

• Average realised product price increased to US$124.15/t (A$198.01/t), up 9.64% from the previous quarter.

• Cash and liquid investments stood at A$265.03 million, down from A$298.05 million in the previous quarter, mainly due to growth capex and lower sales.

• Unit cash operating cost rose to A$178.08/t from A$133.65/t sequentially, reflecting lower production volumes.

Outlook and guidance

• Full year production and cost targets remain unchanged despite lower Q1 output due to scheduled maintenance.

• Anticipates increased recognition of value from the North Pit Underground Project as funding initiatives progress.