Mastermyne Group (MYE) Q4 2024 TU earnings summary

Executive summary

• Completed sale of PYBAR business to Thiess on 31 May 2024, receiving $46.2 million net cash and finalizing recapitalisation.

• Q4 revenue was $110 million, down from the previous quarter due to the PYBAR sale; underlying EBITDA rose to $12.8 million from $12.1 million in Q3.

• FY24 full year underlying EBITDA is approximately $50 million, before asset sales and audit adjustments.

• Mastermyne projects performed to forecast, but future periods will be affected by Glencore's early Integra mine closure and ongoing suspension at Anglo American's Grosvenor mine.

• Net cash at 30 June 2024 was $21.7 million, a $65.1 million improvement from Q3's net debt position.

Financial highlights

• Q4 revenue of $110 million was $8 million lower than Q3, reflecting the PYBAR sale.

• Underlying Q4 EBITDA (excluding asset sales) was $12.8 million, up from $12.1 million in Q3.

• Net cash inflow for Q4 was $18.6 million, up from $4.1 million in Q3.

• Cash at end of Q4 was $26.0 million, with $7.9 million in undrawn working capital facilities.

• Cash inflows from investing activities in Q4 were $42.3 million, mainly from the PYBAR sale.

Outlook and guidance

• Mastermyne's opportunity pipeline remains significant across all business units and regions.

• Future results will be impacted by Glencore's Integra mine closure and the suspension at Grosvenor mine.