Province Resources (PRL) H2 2024 earnings summary

Executive summary

• Loss after income tax reduced to $2.66 million for FY24 from $8.26 million in FY23, reflecting lower expenses and a significant reversal of share-based payment expenses.

• Cash at bank at 30 June 2024 was $10.16 million, down from $15.58 million a year earlier.

• Net assets at year-end were $10.66 million, compared to $16.02 million at 30 June 2023.

• No dividends were paid or declared for the year.

• The HyEnergy® green hydrogen project faced delays due to lack of government land tenure, resulting in lost advancement opportunities and reduced investor interest.

Financial highlights

• Revenue from interest and other income totaled $558,459, down from $562,570 in FY23.

• Total expenses decreased significantly, with a $2.7 million reversal of share-based payment expenses.

• Impairment of exploration and evaluation assets was $295,206, down from $1.57 million in FY23.

• Basic and diluted loss per share was (0.225) cents, improved from (0.699) cents in FY23.

• Net cash used in operating activities was $5.33 million, compared to $4.52 million in the prior year.

Outlook and guidance

• The company intends to maintain the HyEnergy® project in a state of readiness for future renewable hydrogen demand cycles.

• Plans to seek relisting through a return to minerals exploration and development, reviewing potential mineral projects for acquisition.