MetalsTech (MTC) H2 2024 earnings summary

Executive summary

• Principal activity was gold exploration, with a focus on the Sturec Gold Mine in Slovakia.

• Scoping Study for Sturec Gold Mine indicated strong economics: pre-tax NPV8% of US$506M, IRR of 116%, and 9-year mine life.

• Underground mining operation projected to produce 1.134Moz AuEq at an AISC of US$927/oz.

• Strategic advisor engaged for potential transaction involving Sturec; discussions with Trans Metal Fund LLP terminated post-year end.

Financial highlights

• Net loss after tax for FY24 was AUD $2,263,451, a significant improvement from FY23 loss of $6,483,519.

• Cash and cash equivalents at year-end were $628,398, down from $816,540 in FY23.

• Net assets at 30 June 2024 were $6,510,186, compared to $7,067,337 in the prior year.

• Total other income was $2,734 (FY23: $10,761).

• No dividends declared or paid.

Outlook and guidance

• Exploration activities to continue at Sturec Gold Project.

• Directors believe sufficient cash is available for ongoing operations, but additional funding will be required.

• Directors are negotiating long-term funding to replace short-term debt and provide working capital.