KGL Resources (KGL) H2 2024 earnings summary

Executive summary

• Advanced the high-grade Jervois Project, increasing measured copper resources and progressing toward a final investment decision (FID) targeted for H2 2025, with first production expected in 2027.

• Raised $8.08 million in August 2024 via a non-renounceable entitlement offer to fund strategic objectives, including drilling and project development.

• Appointed Philip Condon as CEO in July 2024, strengthening the management team for the next project phase.

Financial highlights

• Reported a net loss after tax of $2,671,410 for FY2024, compared to a $2,404,468 loss in FY2023.

• Cash reserves at 30 June 2024 were $6,329,796, down from $22,513,602 at 30 June 2023.

• $14,826,615 capitalised to exploration and evaluation assets in FY2024, up from $10,196,763 in FY2023.

• No revenue from operations; income comprised $631,200 in interest revenue.

Outlook and guidance

• FID for Jervois Project targeted for H2 2025, with first concentrate production in 2027.

• Feasibility study update scheduled for Q4 2024, incorporating increased resource estimates and updated costings.

• Funds from recent capital raising to support drilling, project development, and exploration at depth.