Minerals 260 (MI6) H2 2024 earnings summary

Executive summary

• Advanced exploration at Aston Project, identifying large-scale lithium, rare earth, uranium, and vanadium anomalies; heritage clearance completed for key lithium drill targets, with maiden drilling planned subject to market conditions.

• Moora Project drilling extended copper-gold mineralisation at Mynt and identified new deep sulphide targets; further fieldwork and drilling planned post-harvest.

• Dingo Rocks maiden drilling confirmed nickel, gold, and high-grade rare earth mineralisation; 21% of holes returned >1,000ppm TREO.

• Business development program ongoing, leveraging strong cash position to assess growth opportunities in precious and base metals.

Financial highlights

• Net loss from continuing operations was $7.7 million, down from $13.1 million in 2023, mainly due to lower acquisition costs.

• Exploration expenditure declined by $1.4 million to $3.6 million, with reduced drilling at Moora/Koojan offset by increased spend at Aston.

• Corporate and admin expenses rose to $2.7 million, driven by higher business development and personnel costs.

• Share-based payments expense increased to $2.0 million.

• Cash and cash equivalents at 30 June 2024 were $11.1 million, down from $17.1 million, reflecting exploration and corporate outflows.

• Net assets at year-end were $10.9 million (2023: $16.6 million).

Outlook and guidance

• Well-funded to pursue value through exploration or acquisition; next phase of Moora exploration to commence post-harvest.

• Maiden drilling at Aston lithium targets planned, timing dependent on market conditions.

• Ongoing assessment of business development opportunities in precious and base metals.