Base releases semi-annual results for fiscal year 24, titanium ore prices drop 9% year-on-year

Base Resources has released its semi-annual results for the fiscal year 24 to the Australia Stock Exchange.

Compared with the period ended December 31, 2022 (first half of FY23), the average realized product price of rutile fell by 4%, ilmenite fell by 9%, and zircon sand fell by 18%.

 Revenue for the first half of fiscal 24 was US$73.1 million.

 Group EBITDA was $14.7 million and net loss after tax was $1.5 million.

 Free cash flow was $14.8 million (operating cash flow of $25.2 million less investment cash flow of $10.4 million).

 As of December 31, 2023, the net cash position was US$78.9 million.

operation and development

Kwale Operations 'ore grade was 2.39%, down from 3.90% in the first half of fiscal 23, as mining operations moved to lower-grade ore bodies as planned.

Produced 18909 tons of rutile, 77663 tons of ilmenite, 7657 tons of zircon and 4140 tons of low-grade rutile and zircon products.

 The pre-feasibility study for the Toliara project Monazite has been completed, achieving extraordinary results and significantly improving the overall economic benefits of the project, doubling the project's after-tax NPV10 to US$2 billion.