Ten Sixty Four (X64) H2 2024 earnings summary

Executive summary

• Recorded a net consolidated loss of US$0.01 million for FY2024, a significant improvement from the US$43.0 million loss in FY2023, primarily due to the deconsolidation of the Co-O Mine and a shift to toll treatment revenue streams.

• Revenue dropped sharply to US$6.6 million from US$115.1 million year-over-year, reflecting the loss of direct gold sales and reduced ore production.

• The company remains under external administration, with a Deed of Company Arrangement (DOCA) in progress to resolve solvency and intercompany disputes.

Financial highlights

• Revenue for FY2024 was US$6.6 million, down 94% from US$115.1 million in FY2023.

• Net loss after tax was US$0.01 million, compared to a US$43.0 million loss in the prior year.

• Cash and cash equivalents at year-end were US$5.5 million, with positive working capital of US$16.5 million.

• No dividends were paid in FY2024 (prior year: US$7.3 million paid).

Outlook and guidance

• The company expects to exit administration and focus on organic growth in toll milling and its investment in the Co-O Mine and Queensland exploration properties.

• Ongoing legal disputes in the Philippines are not expected to impact current operations, but their resolution remains a key uncertainty.