A reduction in losses and surge in revenue were the hallmarks of a successful H1 FY25 for PNG-based Mayur Resources.
The company, which owns the Central lime project (CLP) 25km north of Port Moresby, recorded revenue of $1.28 million, up from the $29,349 reported in the prior corresponding period. Mayur attributed the increase to the advancement of the CLP and generating operational income.
Basic loss per share from continuing operations sat at $0.009, an improvement on the $0.0225 in the previous year.
In regard to cash flow, Mayur reported net operating cash outflows of $4.72 million, compared to the $4.21 million recorded in H1 FY24. Net investing cash outflows were $9 million, up from $4 million to reflect increased investment in project development.
Significant developments during the half-year included having $US50 million ($79 million) financing conditionally committed by investors for the CLP, with $US10 million already received via convertible notes.
A further $US40 million is planned as equity funding subject to condition satisfaction.
“The $US10 million in convertible notes, maturing in October 2026, provides funds for continuation of early construction works at the CLP, debt repayment, and working capital,” Mayur said.
“$US40 million conditional equity funding will fund 100 per cent of the equity requirements for the CLP through its development stages and along with debt funding is forecast to bring the project to commercial production within 18 months of the final investment decision.”
Mayur will continue its focus on the development of the CLP, remaining committed to advancing it toward production and aiming to capitalise on the growing demand for industrial minerals in the region.
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