Financial Performance - The company reported improved net profit due to rising average gold prices and the commencement of fee processing services at Svartliden, which will continue into 2025[5]. - The group recorded a pre-tax profit of AUD 17.0 million for the year ending December 31, 2024, compared to AUD 7.5 million in 2023, and a post-tax profit of AUD 12.9 million, up from AUD 5.2 million in 2023[66]. - Gold sales revenue increased by 16.8% to AUD 70.7 million, driven by an average gold price of USD 2,430 per ounce, compared to USD 1,943 per ounce in 2023, with total gold sold amounting to 19,138 ounces[68]. - The total sales cost decreased by 5.4% to AUD 51.6 million, with mining costs rising by 3.3% to AUD 24.4 million and processing costs increasing by 5.8% to AUD 19.5 million[70]. - Gross profit surged by 256.5% to AUD 21.2 million, with a gross margin of 29.1%, compared to 9.8% in 2023[75]. - As of December 31, 2024, the company reported a net asset value of AUD 82.8 million, up from AUD 68.8 million in 2023, and an operating cash surplus of AUD 49.5 million, compared to AUD 35.5 million in 2023[78]. - The company's cash and cash equivalents increased to AUD 40.3 million as of December 31, 2024, from AUD 22.2 million in 2023[78]. - The company's debt-to-equity ratio improved to 0.5% as of December 31, 2024, down from 1.6% in 2023[78]. Production and Mining Operations - Total gold production from Vammala production center reached 3,100 tons, with an average grade of 3.2 g/t, yielding 320,000 ounces[11]. - The total estimated mineral resources for the group amount to 14,000 tons, with an average grade of 3.2 g/t, equating to 1,400,000 ounces[11]. - The company is focused on developing the Arpola deposit at Jokisivu, which has shown excellent performance[5]. - The Svartliden production center has produced a total of 399,676 ounces of gold since its inception in 2005[49]. - The company is preparing for full-scale mining at Fäboliden, with environmental permit applications submitted to the Swedish Land and Environment Court[59]. - The Vammala processing plant processed 299,951 tons of ore with an average gold grade of 2.52 g/t, producing 20,517 ounces of gold concentrate in 2024[40]. - The Jokisivu mine extracted 300,964 tons of ore with a gold grade of 2.58 g/t, contributing to the overall production[42]. - The processing recovery rate at the Vammala plant was 84.4% in 2024, slightly down from 84.9% in 2023[41]. Environmental and Regulatory Compliance - The environmental court in Sweden approved a permit change allowing the processing of Fäboliden ore and up to 20,000 tons of external ore at the Svartliden plant[5]. - The company continues to focus on environmental, social, and governance (ESG) practices, ensuring compliance with relevant laws and regulations[55]. - The updated waste management plan was approved with an additional financial guarantee of €11.9 million (approximately AUD 20.1 million) to be paid by May 18, 2025[127]. - The environmental monitoring report indicated an increase in sulfate and nitrogen levels in Paukkionoja ditch and Loimijoki river due to increased rainfall[140]. - The environmental permit for the Jokisivu mine was updated, reducing the financial guarantee to €2.8 million (approximately AUD 4.6 million) after a court ruling[137]. - The company has been monitoring water quality, with a total drainage volume of 575 cubic meters reported for the first half of 2024[146]. - The company has not discharged any wastewater from the mine since mid-2019, leading to improved water quality, particularly in Lake Peräjärvi[136]. Exploration and Resource Estimates - The mineral resource and ore reserve estimates as of December 31, 2024, will be reported in accordance with the JORC Code and disclosed to the Hong Kong Stock Exchange[9]. - The recent updates to mineral resource and ore reserve estimates were conducted by independent mining consultants Ashmore Advisory Pty Ltd and MoJoe Mining Pty Ltd[9]. - The company maintains exploration rights for the Kaapelinkulma and Orivesi mines, with ongoing exploration and assessment activities planned[45][47]. - The company plans to conduct exploration activities in the Uunimäki area, with a detailed exploration plan to be submitted for approval before the third quarter of 2025[148]. - The company is focused on developing existing and new mining assets near its processing plants in Finland and Sweden, with a long-term operational strategy emphasizing responsible operations[91]. Safety and Workforce - The company reported a significant reduction in lost time injury frequency from 26.7 in 2023 to 10.7 in 2024, indicating improved safety performance[37]. - The total number of employees and contractors as of December 31, 2024, was 60, down from 63 in 2023, with total employee costs including director fees amounting to AUD 10.0 million[54]. - The company has not reported any work-related fatalities since its establishment, highlighting a strong safety culture[38]. - The company aims to attract and retain high-quality executives through competitive remuneration policies[195]. Shareholder and Corporate Governance - The company continues to hold 2,452,910 shares of Aurion Resources, with no sales made as of the report date[76]. - The company has renewed the share buyback authorization, allowing the repurchase of up to 15,809,661 shares, representing 10% of the total shares issued as of the annual general meeting date[93]. - The major shareholders as of December 31, 2024, include Asia Pacific Resources Limited and Allied Group Limited, each holding approximately 29.65% of the issued shares[186]. - The company has a management services agreement with Allied Group Limited, effective from January 1, 2023, to December 31, 2025[182]. - The company and its subsidiaries did not purchase, sell, or redeem any shares during the fiscal year ending December 31, 2024[180].
龙资源(01712) - 2024 - 年度财报