Key facts about Brockman Mining Limited (ASX:BCK) annual results for FY24

Brockman Mining Limited (ASX:BCK) has reported a net loss before tax of HK$20,711,000 for the year ended 30 June 2024. The Group's operating cash outflows for the year were HK$19,199,000, and it did not record any revenue during the period. The loss before tax was primarily attributable to the exploration and evaluation of the Group's iron ore exploration projects and corporate overhead costs. As at 30 June 2024, the Group's cash and cash equivalents amounted to HK$4,559,000.

Executive commentary on Brockman Mining Limited (ASX:BCK) annual results

The Group has taken measures to improve its liquidity position, including extending the repayment date of existing loans, increasing existing loan facilities, and drawing down on revised loan facilities. The directors believe that the Group can continue to access debt and equity funding to meet medium-term working capital requirements. However, there remains a material uncertainty as to whether the Group can raise sufficient funds, which may cast significant doubt about the Group's ability to continue as a going concern.

Summary of Brockman Mining Limited (ASX:BCK) annual results and outlook

Brockman Mining Limited (ASX:BCK) reported a net loss before tax of HK$20,711,000 for the year ended 30 June 2024, with operating cash outflows of HK$19,199,000 and no recorded revenue. The Group has taken measures to improve its liquidity position, but there remains a material uncertainty about its ability to raise sufficient funds. The directors believe that the Group can continue to access debt and equity funding to meet medium-term working capital requirements. The Group's future developments are focused on the advancement of its iron ore projects in Western Australia, with a commitment to operating responsibly and maintaining positive financial outcomes.