AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- In FY24, MGX’s net cash increased 208% YoY to AUD 430.44 million.
- In latest quarter (1QFY25), ore sales revenue of AUD 61 million was reported on an FOB basis.
- High-grade iron ore sales of 2.7-3.0 million wet metric tonnes is anticipated from Koolan Island in FY 25.
Mount Gibson Iron Limited (ASX:MGX) is an ASX-listed iron ore product production and export company. In the financial year 2024 (FY24), the company recorded over 208% increase in its net cash to AUD 430.44 million. During the reported period, revenue jumped 51.2% YoY to AUD 684.48 million, EBITDA increased by 33.1% to AUD 298.34 million and net income grew by 24.2% YoY to AUD 6.43 million.
FY24 revenue growth was driven by customer agreements, especially steady iron ore sales and pricing adjustments for shipments during the year.
Financial performance in recent quarter
In the first quarter of FY25 (1QFY25), the company generated ore sales revenue of AUD 61 million on a Free on Board (FOB) basis. The quarter recorded a cash flow of AUD 5 million, with cash and investment reserves reaching AUD 412 million. During the reported period, ore grades shipped returned to 65% Fr, in line with the planned expectations.
Outlook
In FY25, the company intends to achieve high-grade iron ore sales of 2.7-3.0 million wet metric tonnes from Koolan Island operation. The unit cash operating cost is anticipated to fall in the range of AUD 95-100 per wet metric tonne, including deferred waste but excluding royalties.
The focus is on optimising cashflow generation from Koolan Island operations through cost reduction and improved efficiencies.
Share performance of MGX
MGX shares closed 1.56% lower at AUD 0.315 apiece on 4 December 2024. Over the past year, MGX’s share price has dropped by nearly 40%, while in the last three months, the share price has increased by almost 10.53%.
52-week high of MGX is AUD 0.57, recorded on 2 January 2024, and 52-week low is AUD 0.275, recorded on 10 September 2024.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 04 December 2024. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer
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