- Geo Energy Resources' 1H25 results were within expectations: revenue and adj. PATMI were 54% and 43% respectively of our FY25e forecast. Adj. PATMI spiked 140% y-o-y to US$20mil supported by 144% jump in production to 6.6mil MT. The new hauling road is almost 98% land cleared with an est. 26% cut and filled.
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The Positive
Production surge and cost drops.
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- Mining cost drops due to lower strip ratio at TBR. As TBR comes nearer to the end of mine in 2029, the strip ratio is expected to decline further.
The Negative
Weakening coal prices.
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