Newfield Resources (NWF) Q4 2024 TU earnings summary

Executive summary

• Zero lost time injuries recorded, with 768 LTI-free days and improved LTIFR to 0.33 at quarter end.

• Mine development at Tongo Diamond Mine remained restricted as funding opportunities were pursued; maintenance of underground services continued.

• Preparations began for a surface bulk sample of Kundu Segment D to upgrade resource classification.

• Relinquished two exploration licences in Liberia to focus on Tongo Mine development.

• Dual listing achieved on Frankfurt, Munich, and Stuttgart Stock Exchanges to increase European market exposure.

Financial highlights

• Receipts from customers totaled A$386,000 for the quarter.

• Net cash used in operating activities was A$2.83 million for the quarter.

• Net cash from financing activities was A$2.81 million, mainly from a A$3 million share placement.

• Cash and cash equivalents at quarter end were A$13,000.

• Estimated quarters of funding available is 0.4, with directors confident of securing bridging funds.

Outlook and guidance

• Focus remains on advancing Kundu B and C drives and bulk sampling of Kundu Segment D.

• Migration to hydroelectric power is a strategic objective for 2024, with ongoing negotiations for grid connection.

• Directors expect lower development costs at Tongo for the coming quarter and continue to pursue debt and equity funding.