Red Hill Minerals' Successful FY24 Announcement

Red Hill Minerals Limited (ASX:RHI) has reported a successful financial year ended 30 June 2024. The company achieved a profit after tax of $153.5 million and received a second and final payment of $200 million from the disposal of joint venture interest. Additionally, the commencement of 0.75% FOB iron ore royalty following commercial production at the Onslow Iron Project contributed to the company's income. Red Hill also demonstrated its commitment to shareholders by paying two fully franked dividends of $0.10 per share during the year, with an additional fully franked dividend of $1.50 per share paid after year end. The company allocated $5.1 million to exploration expenditure, furthering its comprehensive and systematic exploration program across its West Pilbara Gold and Base Metals project and evaluating additional opportunities.

Executive Chairman's Statement

It gives me great pleasure to present the 2024 results which outline a year of significant progress for Red Hill Minerals. Since October 2021, we have delivered six dividends at regular six-monthly intervals and will seek to maintain a focus on emphasising returns to shareholders from our royalty revenue, as one arm of our business model, while continuing to support our exploration team and their efforts to add value with diversification of assets. We look forward to another exciting year ahead, and Onslow Iron's production ramp-up to 35 million tonnes per annum.

Summary of FY24 Announcement

Red Hill Minerals (ASX:RHI) reported a successful financial year ended 30 June 2024, with a profit after tax of $153.5 million. The company received a second and final payment of $200 million from the disposal of joint venture interest and commenced 0.75% FOB iron ore royalty following commercial production at the Onslow Iron Project. Red Hill also demonstrated its commitment to shareholders by paying two fully franked dividends of $0.10 per share during the year, with an additional fully franked dividend of $1.50 per share paid after year end. The company allocated $5.1 million to exploration expenditure, furthering its comprehensive and systematic exploration program across its West Pilbara Gold and Base Metals project and evaluating additional opportunities. Executive Chairman, Joshua Pitt, expressed optimism for the future, emphasizing the company's focus on returns to shareholders from royalty revenue and supporting the exploration team's efforts to add value with diversification of assets. Red Hill looks forward to another exciting year ahead, with Onslow Iron's production ramp-up to 35 million tonnes per annum.