| Mc Mining Limited: Results for the full year ended 30 June 2024 |
| MC Mining Limited (MC Mining or the Company) is pleased to provide its audited financial statements for the year ended 30 June 2024 (the Period). All figures are denominated in United States dollars unless otherwise stated and the full report is available on the Company's website, https://www.mcmining.co.za/downloads?task=download.send&id=1848&catid=109. |
| Financial review |
- • The loss after tax for the Period increased by 232% to $14.6 million or 3.54 cents per share (FY2023: loss after tax of $4.4 million or 1.46 cents per share);
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- • Contributing to the loss of $14.6 million were non-cash charges which increased by 59% to $5.9 million (FY2023: $3.7 million) which includes the following:
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- net impairment expense of $0.9 million (FY2023: $0)
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- depreciation and amortisation decreased by 5% to $1.9 million (FY2023: $2.0 million)
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- share based payment expense decreased by 22% to $0.7 million (FY2023: $0.9 million).
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- Revenue for the Period decreased by 18% to $36.7 million (FY2023: $44.8 million) and cost of sales
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- decreased by 11% to $36.5 million (FY2023: $41.2 million) resulting in a decrease in gross profit (FY2024: $0 million vs FY2023: $3.6 million);
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- Impairment of $0.9 million was recorded in the current year relating to the Vele semi soft coking and thermal coal project (Vele Colliery or Vele) (FY2023: No impairment was recorded);
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- Administrative expenses increased by 73%, from $8.9 million in FY2023 to $15.4 million in the reporting period due to:
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- Employee expenses increasing by 53% to $6.6 million (FY2023: $4.3 million) following the increase in staff required to advance the Makhado steelmaking hard coking coal project (Makhado Project or Makhado);
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- o The professional fees increased by 160% to $1.3 million (FY 2023: $0.5 millions);
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- o Overhead expenses increased by 79% to $7.0 million (FY2023: $3.9 million) due to the increased activities at the Vele project;
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- • Finance costs from borrowings and finance leases decreased by 12% to $1.5 million (FY2023: $1.7 million);
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- • Unrestricted cash balances at year-end of $0.2 million (FY2023: $7.5 million).
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- • Net asset value decreased by 14% to $75.4 million from $87.4 million in the prior corresponding period;
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- • Headline loss per share increased by 127% from $0.01 in FY2023 to $0.03 in FY2024;
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- • Basic and diluted loss per share increased by 143% from $0.01 in FY2023 to $0.04 in FY2024;
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- • No dividend was declared for the year ended 30 June 2024 (FY2023: nil); and
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- • Attention is drawn to the disclosure in the annual financial statements and below on the going concern assumptions
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| MC Mining Limited |
