Province Resources (PRL) Q4 2025 TU earnings summary

Executive summary

• Advanced discussions with government on tenure for the HyEnergy® green hydrogen and HVDC transmission project in Western Australia.

• Progressed acquisition of Mt Egerton gold project, with plans to spin out Black Horse Mining via an ASX IPO.

• Focus remains on green energy while retaining exposure to the gold sector through substantial equity in Black Horse.

Financial highlights

• Cash balance at quarter end was $8.25 million.

• Net operating cash outflow for the quarter was $424,000; year-to-date outflow was $1.88 million.

• Net investing cash inflow for the quarter was $36,000.

• Net decrease in cash held for the quarter was $424,000.

Capital allocation and financing

• Black Horse Mining IPO aims to raise up to $8 million, with a minimum subscription of $5.5 million at $0.20 per share.

• PRL to cornerstone the IPO with a $3 million investment, retaining 47–58% post-listing equity in Black Horse.

• Eligible shareholders to receive priority entitlement in the Black Horse IPO.