Neometals (NMT) H2 2024 earnings summary

Executive summary

• Faced a challenging year with declining battery commodity prices, increased capital costs, and project delays, leading to a significant drop in market capitalization and shareholder value.

• Achieved first revenue from the Primobius JV LiB Recycling business via contracts with Mercedes-Benz AG for a 2,500 tpa recycling plant.

• Implemented cost-saving measures, including a 60% reduction in project teams and overheads, and initiated a strategic refocus on core technologies.

• Maintained commitment to ESG principles and transparent reporting.

Financial highlights

• Market capitalization at $53.6m as of 30 June 2024.

• Net loss after tax of $69.1m for FY24, compared to $34.8m in FY23.

• Operating cash outflows totaled $13.5m; available cash at year-end was $9.1m.

• Total assets of $42.1m and liabilities of $5.7m at year-end.

• No dividends paid during the year.

Outlook and guidance

• Focus on progressing Primobius LiB Recycling JV through industrial validation to commercialisation.

• Pre-commercial lithium and vanadium recovery technologies require further capital for scale demonstration; seeking independent funding and potential sell-downs.

• Continued divestment of non-core assets, including Barrambie, to support cash flow and strategic focus.