Rex Minerals (RXM) Q4 2024 TU earnings summary

Executive summary

• Entered Scheme Implementation Deed with MACH Metals to acquire all Rex shares not already owned for A$0.47/share, a 98% premium to 90-day VWAP, implying A$393M equity value.

• Board unanimously recommends the transaction, with shareholder meeting expected in October 2024 and implementation targeted for late October.

• No action required by shareholders at this stage; transaction not subject to financing or due diligence conditions.

Financial highlights

• Cash and cash equivalents at 30 June 2024: $21.31M.

• Net cash used in operating activities for the quarter: $(2.60)M; for the year: $(13.13)M.

• Exploration and evaluation expenditure for the quarter: $0.78M.

• Payments to related parties during the quarter: $0.34M.

Outlook and guidance

• Transaction with MACH expected to deliver certain value and accelerate realisation for shareholders.

• Hillside Copper-Gold Project positioned as Australia’s largest fully permitted, shovel-ready copper project.

• Hog Ranch Gold Property in Nevada received full permitting for expanded exploration, enabling up to 200 acres of disturbance.