Macarthur Minerals (ASX: MIO) has reported a net loss of $25.6m for the nine months ended 31 December 2024, driven by significant asset write-downs and a loss on the sale of its hematite project.
The company’s revenue for the period was $45,877, down from $234,338 in the prior corresponding period. The decline was due to a lack of share-based payment income and lower other income. Meanwhile, expenses totalled $25.6m, largely impacted by a $21.99m loss on the sale of the Ularring hematite project to Gold Valley Yilgarn, a $773,707 fair value loss on financial assets, and a $309,524 impairment on exploration assets.
Macarthur’s cash balance stood at $79,114 at the end of December, down from $180,637 in March. The company raised $1.28m through a private placement in July and received $750,000 in proceeds from the sale of the hematite project.
Macarthur’s exploration and evaluation assets were valued at $52.5m, down from $75.3m in March, reflecting the sale of its hematite assets. The company continues to focus on its Lake Giles magnetite project in Western Australia, where it has previously outlined a 237Mt ore reserve supporting a 25-year mine life.
Directors expressed confidence in securing additional funding through capital raisings and asset sales, but flagged continued financial uncertainty.
Macarthur Minerals is an Australian-listed company with iron ore projects in Western Australia. It also has lithium exploration interests in Nevada, USA.
