Mindax (MDX) H2 2024 earnings summary

Executive summary

• Focused on mineral exploration, project assessment, and securing additional funding during the year ended 30 June 2024.

• Gained control of Yilgiron Pty Ltd, making it a subsidiary and consolidating the Mt Forrest Iron Project.

• No dividends declared or paid; principal activity remains mineral exploration.

Financial highlights

• Revenue and other income totaled $36,520 for FY2024, down from $14.8M in FY2022 and $2,994 in gold segment.

• Operating loss after tax was $2,457,894, a significant improvement from $5,568,215 loss in FY2023.

• Cash reserves decreased to $520,043 at year-end from $4,627,577 a year earlier.

• Exploration expenditure incurred was $2,404,795, with $22,077,833 acquired via Yilgiron acquisition.

• Basic and diluted loss per share improved to (0.1) cents from (0.3) cents year-over-year.

Outlook and guidance

• Plans to maintain current operational status and continue exploration activities.

• Ongoing efforts to secure development partners for Mt Forrest and advance the Mid-West Shared Infrastructure Project.