Nativo Resources (NTVO) H1 2024 earnings summary

Executive summary

• Completed divestment of majority Argentine assets in June 2023, retaining a 5% interest and equity in the operator, reducing cost base and liabilities.

• Rebranded as Nativo Resources plc and shifted focus to precious metals mining in Peru via a 50:50 JV with Boku Resources, targeting gold and silver production and tailings reprocessing.

• Secured funding post-period in July 2024 to restart production at the Tesoro Gold Mine, with plans for near-term cash flow and further asset acquisitions.

• Announced acquisition of Ana Lucia polymetallic concession and raised £418,245 through a placing in July 2024.

• Appointed Andrew Donovan as Non-Executive Director in September 2024.

Financial highlights

• Loss from continuing operations for H1 2024 was $688,434, compared to a loss of $759,654 in H1 2023.

• No revenue reported from continuing operations in H1 2024; all 2023 revenue derived from discontinued operations.

• Net finance cost of $32,191 in H1 2024, compared to net finance income of $98,048 in H1 2023.

• Basic and diluted loss per share from continuing operations was (0.01) cents for H1 2024.

• Cash and cash equivalents at 30 June 2024 were $3,353, down from $83,127 at year-end 2023 and $994,504 at 30 June 2023.

Outlook and guidance

• Targeting early cash flow from Tesoro Gold Mine in Q4 2024, with plans to scale production and develop processing facilities.

• Intends to leverage tailings reprocessing for low-risk, low-cost resource growth and steady cash flow.

• Ongoing discussions to raise further funds in the near term due to tight cash position.