Wrap Text
Reviewed Condensed Consolidated Interim Financial Statements for the six months ended 31 August 2024
MANTENGU MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1987/004821/06)
Share code: MTU ISIN: ZAE000320347
("Mantengu" or "the Company" or "the Group")
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2024
HIGHLIGHTS FOR THE PERIOD
• Revenue increased to R115.9 million (HY23: R13.1 million)
• Gross profit increased to R53.0 million (HY23: R1.5 million)
• Operating profit increased to R24.3 million (HY23: R15.4 million loss)
• Earnings per share improved to 2 cents per share (HY23: Loss of 10 cents per share)
• Headline earnings per share improved to 2 cents per share (HY23: Headline loss of 10 cents per
share)
• No dividend declared for the interim period (HY23: nil cents per share)
COMMENTARY
The Group results for the six months ended 31 August 2024 reflect a consistent ramp up of production.
Actual production for the half year was 37 334 tonnes (HY23: 4 757 tonnes). R56.2 million of the half year
revenue of R115.9 million was achieved in July and August 2024.
In particular, the operating profit turnaround of R39.7 million, despite operations not yet being at full
capacity while still in a significant expansionary capex phase, demonstrates the Group's commitment to
operating at the lowest end of the production cost curve. Significant contributors to the reduction in
production costs were the performance of the mining function internally within the Group as well as a move
towards owning, rather than renting, our own mining fleet of machinery. Although this is a remarkably
positive performance, the board of directors of the Company (the "Board") has identified further elements
of production costs that can be reduced. The Group's executive committee will be tackling these elements
in the coming months.
Subsequent to the acquisitions of Blue Ridge Platinum Proprietary Limited, as announced on SENS on
10 October 2024, and Sublime Technologies Proprietary Limited, as announced on SENS on 28 October
2024, the Group is on track in respect of fulfilment of the condition's precedent in order for both acquisitions
to become unconditional. The Board will notify the market when each acquisition becomes unconditional.
OUTLOOK FOR FY 2025
The Board anticipates releasing significantly improved results for the financial year ending 28 February
2025 when compared to the financial year ended 29 February 2024. Production continues to ramp up as
a result of the investment in expansionary capex aimed at boosting production capacity at both our
Langpan and Meerust operations. The Langpan MG plant is expected to be commissioned late in the 2024
calendar year and will add approximately 18 000 tonnes of monthly production capacity. Monthly
production capacity at Meerust is expected to increase by approximately 10 000 tonnes due to the
resultant investment in capex.
• Average monthly production form March 2024 to August 2024 - 6 222 tonnes
• Actual production for September 2024 - 14 335 tonnes
• Actual production for October 2024 - 14 352 tonnes
Revenue for September 2024 and October 2024 amounted to R75.6 million in total.
The Board continues to canvass the market for opportunities in the mining, mining services and energy
sectors looking for strategic acquisitions to add to its portfolio of assets that it believes will enhance long
term shareholder returns.
RESULTS ANNOUNCEMNT
This results announcement is the responsibility of the Board. This results announcement does not include
full or complete details of the reviewed condensed consolidated interim financial statements for the six
months ended 31 August 2024 ("Results") released on SENS on 12 November 2024. The Results, as
published on SENS, can be found on the Company's website at: https://www.mantengu.com/investor-
relations
and on the JSE's cloudlink at: https://senspdf.jse.co.za/documents/2024/jse/isse/mtue/interims24.pdf
Any investment decision should be based on the Results as a whole. None of the information in this
announcement has been reviewed or reported on by the Company's auditors.
CORPORATE INFORMATION
Postal address: Postnet Suite 446, Private Bag X21, Bryanston, 2021
Registered and Physical address: 5 Saint Michaels Lane, Bryanston, 2021
Tel no:+27 (0) 11 036 3100
Web: www.mantengu.com
Board of Directors: MJ Miller, M Naidoo, A Collins (resigned 23 September 2024),
J Tshikundamalema* (Chairman), V Madlela*, W Geyer*(appointed 23 September 2024)
(*Independent Non-Executive)
Company Secretary: Neil Esterhuysen & Associates Inc
Transfer Secretaries: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Private Bay X9000, Saxonwold, 2132
Auditor: HLB CMA South Africa Inc.
Johannesburg
12 November 2024
Designated Adviser
Merchantec Capital
Date: 12-11-2024 07:05:00
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