Nativo Resources (NTVO) H2 2024 earnings summary

Executive summary

• Transitioned from oil and gas to gold mining, focusing on Peru via a 50:50 JV with Boku, launching production at Tesoro Gold Concession in late 2024.

• Acquired 100% of Morrocota Gold Mine in April 2025, expanding production base.

• Initiated restructuring, cost reduction, and new strategic direction in 2024, raising over £1.3 million to fund Peruvian assets.

• Post-year-end, further debt restructuring and new capital raises to support ongoing operations.

Financial highlights

• Revenue from continuing operations was US$44,000 (2023: US$nil), reflecting initial gold ore sales.

• Loss from continuing operations reduced to US$2.1 million (2023: US$4.1 million); total group loss US$2.1 million (2023: profit US$5.0 million, due to discontinued operations gain).

• Operational costs were US$217,000; administrative expenses US$1.4 million; finance costs US$0.7 million.

• Cash at year-end was US$0.05 million (2023: US$0.08 million).

Outlook and guidance

• Focus on scaling gold production, developing own processing plant, and expanding tailings reprocessing.

• Ongoing efforts to restructure €10m Eurobond and secure additional funding.

• Plans to establish a sustainable asset base and consider expansion into new geographies.