Peel Mining (PEX) H2 2024 earnings summary

Executive summary

• Focused on advancing copper and polymetallic projects in the Cobar Basin, including completion of a pre-feasibility study for standalone copper mining and processing at Mallee Bull and Wirlong.

• Secured $500,000 in NSW government grant funding for pre-feasibility work and progressed environmental permitting for exploration declines.

• Entered a farm-in agreement with Red Hill Minerals for the Curnamona Project, allowing Red Hill to earn 75% by spending $6.5M over 5 years.

• Ended the year with $6.2M in cash, supporting ongoing exploration and project advancement.

Financial highlights

• Reported a net loss after tax of $2,700,781 for FY2024, compared to a $1,483,985 loss in FY2023.

• Cash and cash equivalents at 30 June 2024 were $6,274,072, down from $12,058,120 at prior year end.

• Exploration expenditure totaled $4,398,542, with $2,037,071 in exploration assets written off.

• No dividends declared or paid during the year.

• Basic and diluted loss per share was $(0.005), compared to $(0.003) in the prior year.

Outlook and guidance

• Intends to progress projects toward development, with ongoing exploration and permitting activities.

• Board acknowledges inherent risks in exploration and development, with no certainty of achieving objectives.

• Additional funding will be required to advance projects to production.