Today we released our results for the March 2024 quarter. Commenting on the results Managing Director and CEO Peter Albert said:
“At Golden Grove, record development rates and paste fill achieved at the Xantho Extended orebody in the Mar-Qtr positions the asset well for the balance of the year. The decision to suspend operations at Capricorn Copper was difficult, especially after the commitment and hard work by the team to bring the mine back into production. However, the suspension of operations best preserves group liquidity and allows time to establish the key enablers for a successful and sustainable future restart of operations.
For H2-2024, a reduction of cash outflows at Capricorn Copper and a step down in Term Loan principal repayments from US$10 million to US$2.5 million per quarter will benefit cash flows. The balance sheet is well positioned with the liquidity provided by the US$50 million offtake finance facility and commitment from insurers to a further insurance progress payment of $16 million announced post quarter end. And we are of course very encouraged by the recent strength in metal prices at a time of ongoing improvement in operating performance at Golden Grove.”
Read the full results here: https://lnkd.in/g28Q6Kjw
#29Metals #copper
Passionate and curious about geoscience and life. Geoscience Advisor - Longreach Mineral Exploration
2moWhat a coupla rock stars! Looking forward to seeing your successes!