Grange Resources (GRR) Q2 2024 TU earnings summary

Executive summary

• Achieved over one year Lost Time Injury free, with improved internal inspections and auditing.

• CEO transition: Mr. Weidong Wang appointed, succeeding Mr. Honglin Zhao.

• Strong quarter with increased production and operational improvements following maintenance.

Financial highlights

• Cash and liquid investments rose to A$289.55 million from A$271.96 million sequentially.

• Trade payables at A$5.37 million; trade receivables decreased from A$30.37 million in March.

• Average realised product price increased 24% to A$206.11/t (US$134.69/t) from A$166.03/t (US$108.11/t) quarter-over-quarter.

• Unit cash operating cost decreased to A$145.05/t from A$161.70/t due to higher production.

Outlook and guidance

• Early works for North Pit Underground project progressing, with over 800 metres developed in the exploration decline.

• Southdown Magnetite Project feasibility review ongoing alongside search for equity investors.