Tungsten Mining (TGN) H2 2024 earnings summary

Executive summary

• Advanced Mt Mulgine Tungsten Project with significant drilling, testwork, and environmental approvals progress during the year ended 30 June 2024.

• Cash position at year-end was $8.07 million, with ongoing support from government grants and R&D tax incentives.

• Acquired full ownership of Hatches Creek Project post-year-end, expanding resource base.

Financial highlights

• Net loss after tax for FY2024 was $5.11 million, compared to $2.93 million in FY2023.

• Total revenue was $1.28 million, including $540,000 in grant funding and $271,760 R&D tax offset.

• Exploration expenditure increased to $3.06 million (FY2023: $1.78 million).

• Cash and cash equivalents at 30 June 2024 were $8.07 million (FY2023: $12.40 million).

• No dividends declared or paid.

Outlook and guidance

• Strategic study for Mt Mulgine nearing completion to assess development options.

• Further expenditure planned to meet grant requirements and advance project approvals.

• Focus on progressing Mt Mulgine and integrating Hatches Creek into the portfolio.