Neometals (NMT) Q1 2027 TU earnings summary

Executive summary

• Barrambie drilling extended Ironclad’s higher-grade gold corridor and confirmed copper-silver mineralisation at Rinaldi, while Ironclad development work continued toward a potential 2027 FID.

• Liquidity remained constrained: quarter-end cash was A$2.866m and estimated funding covered 1.08 quarters; Omaha’s A$5.0m Tranche 2 payment remained outstanding.

Financial highlights

• Operating cash outflow was A$1.502m and investing cash outflow was A$1.154m; financing activities provided net cash of A$1.876m in the September quarter.

• Cash and cash equivalents were A$2.866m at quarter end, including A$0.161m restricted deposits; available funding was A$2.866m with no unused facilities.

• Operating cash payments included A$0.210m for exploration and evaluation, A$0.667m for staff, and A$0.644m for administration and corporate costs.

Outlook and guidance

• Ironclad diamond core is expected to refine the geological model ahead of an updated MRE and FID process in 2027; potential mining depends on approvals, grade-control drilling, toll-milling terms and other conditions.

• Rinaldi diamond drilling is planned to complete the T2 test; results, magnetics and soil geochemistry will guide follow-up exploration.

• ELi optimisation testing is intended to start after receipt of a Rio Tinto purchase order and support final pilot-plant design; Pori beneficiation testing on two slag sources is targeted for Dec 2026.

• Utah bulk brine sampling, metallurgical test work and resource definition remained planned, with activity subject to receipt of Omaha Tranche 2 funds.