Hartshead Resources (HHR) H1 2025 earnings summary

Executive summary

• Net loss after tax for the half-year ended 31 December 2024 was $1,122,878, an improvement from a $1,610,941 loss in the prior year period.

• Net assets increased to $34,031,556 as of 31 December 2024, up from $33,375,834 at 30 June 2024.

• Cash assets declined to $17,875,668 from $23,955,209 at 30 June 2024.

• No dividends were declared or paid for the period.

Financial highlights

• Total other income for the half-year was $1,207,321, down from $2,611,904 in the prior year.

• Administrative expenses decreased to $2,186,389 from $3,662,189 year-over-year.

• Project costs were $99,898, down from $203,926 in the prior year.

• Basic and diluted loss per share was (0.04) cents, compared to (0.06) cents in the prior year.

• Total comprehensive income for the half-year was $717,237, compared to a loss of $2,320,845 in the prior year.

Outlook and guidance

• Phase 1 development of Seaward Production License P2607 is progressing, with operations expected to commence in 2025 and first gas targeted for 2027.

• Revised Field Development Plan and new gas transport route under review, with updated schedules to optimize project timelines.

• Phase II and III exploration and development activities continue, with further economic evaluation and well planning underway.