Peel Mining (PEX) H2 2024 earnings summary

Executive summary

• Completed pre-feasibility study for standalone copper mining and processing, focusing on Mallee Bull and Wirlong deposits.

• Advanced environmental permitting, securing approval for exploration decline at Mallee Bull and progressing similar approvals for Wirlong.

• Ongoing exploration across 2,500km² in the Cobar Basin, with significant drilling at Wagga Tank and Ambergris.

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

• Ended the year with $6.2M in cash, providing funding for continued project advancement.

Financial highlights

• Net loss after tax of $2.7M for FY2024, compared to $1.48M loss in FY2023.

• Revenue and other income totaled $429K, primarily from interest and grants.

• Exploration expenditure of $4.4M, with $2.0M in exploration assets written off.

• Cash and cash equivalents at year-end were $6.27M, down from $12.06M the prior year.

• No dividends declared or paid during the year.

Outlook and guidance

• Board intends to progress projects toward development, but acknowledges inherent risks and funding needs.

• Additional capital will be required to advance exploration and development activities.

• Focus remains on copper-first strategy and leveraging underutilized milling capacity in the Cobar district.