Rex Minerals (RXM) H2 2024 earnings summary

Executive summary

• Entered Scheme Implementation Deed with MACH Metals for acquisition at $0.47/share, implying a $393M market cap and a 98% premium to 90-day VWAP; Board recommends shareholders accept the offer.

• Raised $22.6M via placement and entitlement offer to fund Hillside Project pre-construction and working capital.

• Focused on advancing the Hillside Copper-Gold Project in South Australia and Hog Ranch Gold Property in Nevada, USA.

• Net loss after tax for FY2024 was $15.5M, improved from $24.8M in FY2023.

Financial highlights

• Cash position at 30 June 2024: $21.3M (2023: $6.6M).

• Net cash outflow from operating activities: $16.8M (2023: $25.4M).

• No borrowings; equity increased to $55.3M (2023: $40.9M) due to capital raising.

• Loss per share: 2.26 cents (2023: 4.19 cents).

Outlook and guidance

• Scheme with MACH Metals expected to be implemented in late October 2024, pending approvals.

• Continued focus on Hillside Project development and exploration at Hog Ranch.