Eastern Metals Granted $910,750 in Junior Minerals Exploration Incentive Tax Credits

Refundable tax offsets / franking credits available for potential distribution to eligible shareholders for the 2024-25 financial year

Eastern Metals Ltd (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to advise that it has been successful in its application to participate in the Australian Government’s Junior Minerals Exploration Incentive (“JMEI”) for the 2024-25 income tax year, and has been awarded an allocation of $910,750 in exploration credits.

HIGHLIGHTS

Eastern Metals has been successful in its application for the Australian Government's Junior Minerals Exploration Incentive scheme for the 2024-25 income tax year.
Eastern Metals has received an allocation of $910,750 in refundable tax offsets and franking credits, available for potential distribution to Eligible Shareholders for the 2024-25 income tax year.

The JMEI scheme encourages investment in small, Australian exploration companies that carry out greenfields mineral exploration and allows those companies to convert a portion of their tax losses into credits (franking or offset) to be passed on to “Eligible Shareholders”.

Eligible Shareholders are entitled to receive JMEI credits and must be Australian resident shareholders who invest, for cash, in newly issued Eastern Metals shares (for example, in a Placement Offer, Entitlement Offer or Share Purchase Plan) between 1 July 2024 and 30 June 2025.

Individual shareholders, trusts or superannuation funds will be entitled to refundable tax offsets, and in the case of corporate investors, franking credits. JMEI credits are distributed to all Eligible Shareholders on a pro-rata basis.

Should an Eligible Shareholder receive newly issued EMS shares in the 2024-25 tax year, Eastern Metals encourages individuals and entities to seek their own tax advice. Further information can be found on the Australian Taxation Office’s (“ATO”) webpage ‘What to do if you receive exploration credits’, here.

The maximum amount of exploration credits for an income year, is the lesser of the following:

The Company’s actual greenfields exploration expenditure for the income year, multiplied by the Company’s corporate tax rate for the income year.
The Company’s actual tax loss for the income year, multiplied by the Company’s corporate tax rate.
The amount of credits the ATO allocated to the Company ($910,750 for the Company during the year ended 30 June 2025), plus any unused portion of the Company’s exploration credits allocation relating to the preceding income year (currently $nil for Eastern Metals).

Further information about the Federal Government's JMEI scheme can be found here.

Eastern Metals would like to thank the Australian Government for its support, and the Association of Mining and Exploration Companies for its advocacy on behalf of junior exploration companies in relation to the JMEI scheme.

Click here for the full ASX Release

This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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THIRD QUARTER HIGHLIGHTS

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(1)	Refer to the "Non-GAAP Financial Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.
(2)	Silver equivalent ("AgEq") ratio used in this news release of 79.51:1 based on the Las Chispas Operation Technical Report dated September 5, 2023, with an effective date of July 19, 2023 (the "2023 Technical Report").

		Three months ended September 30,		Nine months ended September 30,
OPERATIONAL	Unit	2024	2023	2024	2023
Ore mined	tonnes	124,229	83,800	309,985	222,300
Underground development	kilometres ("km")	4.4	3.3	13.3	9.6
Ore milled ⁽¹⁾	tonnes	121,775	114,500	325,793	326,900
Average daily mill throughput	tpd	1,324	1,245	1,193	1,197

Gold
Average grade	grams per tonne ("gpt")	3.87	4.35	4.35	4.42
Recovery	%	98.5 %	98.3 %	98.5 %	98.1 %
Recovered	oz	14,928	15,700	44,950	45,600
Sold	oz	15,204	14,500	44,704	42,100

Silver
Average grade	gpt	366	413	416	427
Recovery	%	98.3 %	98.1 %	98.2 %	96.1 %
Recovered	million oz	1.41	1.49	4.28	4.31
Sold	million oz	1.45	1.53	4.30	4.34

Silver equivalent
Average grade	gpt	674	759	762	778
Recovery	%	98.4 %	98.2 %	98.4 %	97.0 %
Recovered	million oz	2.60	2.74	7.85	7.93
Sold	million oz	2.66	2.68	7.85	7.69
		Three months ended September 30,		Nine months ended September 30,
FINANCIAL	Unit	2024	2023	2024	2023
Revenue	$ millions	$ 80.4	$ 63.8	$ 216.8	$ 183.8
Cost of sales	$ millions	$ (33.3)	$ (26.4)	$ (90.8)	$ (72.5)
Mine operating earnings	$ millions	$ 47.0	$ 37.5	$ 126.0	$ 111.4
Earnings for the period	$ millions	$ 9.5	$ 29.9	$ 49.9	$ 80.8
Earnings per share (basic)	$/share	$ 0.06	$ 0.20	$ 0.34	$ 0.55
Adjusted earnings for the period	$ millions	$ 26.3	$ 28.5	$ 88.9	$ 82.8
Adjusted earnings per share (basic)	$ millions	$ 0.18	$ 0.19	$ 0.60	$ 0.56
Operating cash flow	$ millions	$ 44.2	$ 43.8	$ 82.6	$ 122.2
Operating cash flow per share (basic)	$/share	$ 0.30	$ 0.30	$ 0.56	$ 0.83
Free cash flow	$ millions	$ 36.2	$ 34.0	$ 49.2	$ 97.0
Free cash flow per share (basic)	$/share	$ 0.24	$ 0.23	$ 0.33	$ 0.66
Cash costs ⁽²⁾	$/oz AgEq	$ 8.85	$ 7.47	$ 8.28	$ 7.43
AISC ⁽²⁾	$/oz AgEq	$ 13.72	$ 12.23	$ 14.50	$ 11.94
				September 30, 2024	December 31, 2023
Cash and cash equivalents	$ millions			$ 120.9	$ 86.0
Bullion	$ millions			$ 37.4	$ 19.2
Treasury assets	$ millions			$ 158.2	$ 105.2

(1)	Ore milled includes material from stockpiles and ore mined.
(2)	Q3 2023 figures have been recast to align with the presentation of the current period. For the three and nine months ended September 30, 2024, cash costs increased by $2.5 million and $4.7 million, respectively, from the exclusion of adjustments for corporate salaries and other expenses, and changes in inventories.

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Gold revenue	37,580	28,005	100,935	81,361
Gold ounces sold during the period	15,204	14,500	44,704	42,100
Average realized gold price (per oz sold)	$ 2,472	$ 1,931	$ 2,258	$ 1,933

Silver revenue	42,791	35,823	115,823	102,449
Silver ounces sold during the period	1,451,493	1,530,000	4,299,493	4,341,000
Average realized silver price (per oz sold)	$ 29.48	$ 23.41	$ 26.94	$ 23.60

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Payments for mineral properties, plant and equipment	$ 10,449	$ 13,081	$ 44,797	$ 33,930
Payments for equipment leases	37	11	84	82
Total capital expenditures	10,486	13,092	44,881	34,012
Less: Non-sustaining capital expenditures	(2,543)	(3,256)	(11,455)	(8,892)
Sustaining capital expenditures	$ 7,943	$ 9,836	$ 33,426	$ 25,120

	September 30 2024	December 31 2023
Cash and cash equivalents	$ 120,864	$ 85,964
Bullion	37,374	19,191
Treasury assets	$ 158,238	$ 105,155

	Three months ended September 30,		Nine months ended September 30,		Three months ended June 30,
	2024	2023	2024	2023	2024
Net earnings	$ 9,508	$ 29,936	$ 49,866	$ 80,803	$ 6,494
Increase (decrease) due to:
Transaction and integration costs	3,435	—	3,435	—	—
Unrealized losses on foreign currency derivative contracts	4,218	—	7,732	—	4,062
Mineral properties, plant and equipment gains	—	—	(20)	—	(20)
Current tax effect from adjusting items	(380)	—	(380)	—	—
Deferred tax (recovery) expense	9,503	(1,389)	28,306	1,998	14,335
Adjusted earnings	26,284	28,547	88,939	82,801	24,871
Weighted average shares outstanding (in 000's) Basic	148,585	146,776	147,759	147,067	147,728
Adjusted basic earnings per share	$ 0.18	$ 0.19	$ 0.60	$ 0.56	$ 0.17

Key mine performance data of Juanicipio (100% basis)	Three months ended
	September 30,		September 30,
	2024		2023

Metres developed (m)	3,278		4,105

Material mined (t)	331,194		297,575
Material processed (t)	332,290		322,249

Silver head grade (g/t)	481		523
Gold head grade (g/t)	1.32		1.32
Lead head grade (%)	1.58	%	1.33	%
Zinc head grade (%)	2.83	%	2.25	%

Equivalent silver head grade (g/t) ⁽¹⁾	735		760

Silver ounces sold (koz)	4,462		4,289
Gold ounces sold (koz)	9.12		7.76
Lead pounds sold (klb)	9,984		7,603
Zinc pounds sold (klb)	15,426		9,596

Equivalent silver ounces sold (koz) ⁽²⁾	6,204		5,710

Three Months Ended September 30, 2024 (332,290 tonnes processed)					Three Months Ended September 30, 2023 Amount $
Metals Sold	Quantity	Average Price $	Amount $		Three Months Ended September 30, 2023 Amount $
Silver	4,461,644 ounces	30.16 per oz	134,580		100,841
Gold	9,118 ounces	2,588 per oz	23,594		14,839
Lead	4,529 tonnes	0.91 per lb.	9,067		7,571
Zinc	6,997 tonnes	1.29 per lb.	19,885		11,005
Treatment, refining, and other processing costs ⁽¹⁾			(10,733	)	(9,211	)
Sales			176,393		125,046
Production cost			(38,596	)	(43,782	)
Depreciation and amortization			(23,440	)	(24,646	)
Gross Profit			114,357		59,618

	For the three months ended
	September 30,		September 30,
	2024		2023
	$		$

Income from equity accounted investment in Juanicipio	25,552		13,692
General and administrative expenses	(3,529	)	(4,094	)
General exploration and business development	(138	)	(468	)
Operating Income	21,885		9,130

Interest income	1,336		663
Other income	533		269
Financing costs	(211	)	-
Foreign exchange loss	(41	)	(192	)
Income before income tax	23,502		9,870

Deferred income tax expense	(1,210	)	(1,008	)

Net income	22,292		8,862

	Three months ended September 30,
(in thousands of US$, except per ounce amounts)	2024		2023
Production cost as reported	38,596		43,782
Depreciation on inventory movements	(147	)	(1,145	)
Adjusted production cost	38,448		42,637
Treatment, refining, and other processing costs	10,733		9,211
By-product revenues ⁽²⁾	(52,546	)	(33,415	)
Extraordinary mining and other duties	2,810		1,635
Total cash costs ⁽¹⁾	(555	)	20,067
Add back by-product revenues ⁽²⁾	52,546		33,415
Total cash costs for equivalent silver ⁽¹⁾	51,992		53,482
Silver ounces sold	4,461,644		4,288,747
Equivalent silver ounces sold ⁽³⁾	6,203,678		5,709,900
Cash cost per silver ounce sold ($/ounce)	(0.12	)	4.68
Cash cost per equivalent silver ounce sold ($/ounce)	8.38		9.37

⁽¹⁾	As Q3 2023 represented the first full quarter of commercial production, information presented for total cash costs and total cash costs for equivalent silver together with their associated per unit values are not directly comparable.
⁽²⁾	By-product revenues relate to the sale of other metals namely gold, lead, and zinc.
⁽³⁾	Equivalent silver ounces sold have been calculated using realized prices to translate gold, lead and zinc to "equivalent" silver ounces sold (metal quantity, multiplied by metal price, divided by silver price). Three months ended September 30, 2024 realized prices: $30.16/oz silver, $2,587.65/oz gold, $0.91/lb lead and $1.29/lb zinc (three months ended September 30, 2023 realized prices: $23.51/oz silver, $1,911.99/oz gold, $1.00/lb lead and $1.15/lb zinc).

	Three months ended September 30,
(in thousands of US$)	2024		2023
Net income after tax	22,292		8,862
Add back (deduct):
Taxes	1,210		1,008
Depreciation and depletion	100		133
Finance costs (income and expenses)	(1,617	)	(740	)
EBITDA ⁽¹⁾	21,985		9,263
Add back (deduct):
Adjustment for non-cash share-based compensation	991		822
Share of net earnings related to Juanicipio	(25,552	)	(13,692	)
MAG attributable interest in Junicipio Adjusted EBITDA	58,296		33,527
Adjusted EBITDA ⁽¹⁾	55,720		29,920


Key Performance Metrics		2024-Q3			2024-Q2		Change Q3 vs Q2		2023-Q3		Change Q3 vs Q3
Operational
Ore Processed / Tonnes Milled		678,397			674,570		1%		670,203		1%
Silver Ounces Produced		1,967,574			2,104,181		(6%)		2,461,868		(20%)
Gold Ounces Produced		41,761			39,339		6%		46,720		(11%)
Silver Equivalent ("AgEq) Ounces Produced		5,490,416			5,289,439		4%		6,285,790		(13%)
Cash Costs per Silver Equivalent Ounce⁽¹⁾	$	15.17		$	15.29		(1%)	$	14.13		7%
All-in Sustaining Cost per Silver Equivalent Ounce⁽¹⁾	$	21.03		$	21.64		(3%)	$	19.74		6%
Total Production Cost per Tonne⁽¹⁾	$	109.81		$	113.16		(3%)	$	125.81		(13%)
Average Realized Silver Price per Silver Equivalent Ounce⁽¹⁾	$	29.84		$	27.81		7%	$	22.41		33%

Financial (in $millions)
Revenues	$	146.1		$	136.2		7%	$	133.2		10%
Mine Operating Earnings	$	28.5		$	15.5		84%	$	13.0		119%
Net Loss		($26.6	)		($48.3	)	45%		($27.1	)	2%
Operating Cash Flows before Non-Cash Working Capital and Taxes	$	39.8		$	23.8		67%	$	14.1		181%
Capital Expenditures	$	34.7		$	28.3		23%	$	32.2		8%
Cash and Cash Equivalents	$	154.7		$	152.2		2%	$	138.3		12%
Restricted Cash	$	103.9		$	117.5		(12%)	$	119.0		(13%)
Working Capital⁽¹⁾	$	238.2		$	229.9		4%	$	197.8		20%
Earnings before Interest, Tax, Depreciation and Amortization⁽¹⁾	$	36.9		$	21.6		71%	$	11.5		NM
Adjusted EBITDA⁽¹⁾	$	39.8		$	26.8		49%	$	24.0		66%
Free Cash Flow⁽¹⁾	$	31.3		$	6.4		NM	$	6.4		NM

Shareholders
Loss per Share ("EPS") - Basic		($0.09	)		($0.17	)	47%		($0.09	)	0%
Adjusted EPS⁽¹⁾		($0.03	)		($0.07	)	57%		($0.04	)	21%

Third Quarter Production Summary	Santa Elena	San Dimas	La Encantada	Jerritt Canyon⁽¹⁾	Consolidated
Ore Processed / Tonnes Milled	259,919	195,279	223,200	-	678,397
Silver Ounces Produced	376,203	1,046,340	545,031	-	1,967,574
Gold Ounces Produced	27,435	12,582	59	1,684	41,761
Silver Equivalent Ounces Produced	2,685,375	2,110,905	550,042	144,093	5,490,416
Cash Costs per Silver Equivalent Ounce⁽²⁾	$11.96	$16.50	$25.24	$17.25	$15.17
AISC per Silver Equivalent Ounce⁽²⁾	$14.38	$21.44	$30.10	$17.25	$21.03
Cash Cost per Gold Ounce⁽²⁾	N/A	N/A	N/A	$1,491	N/A
AISC per Gold Ounce⁽²⁾	N/A	N/A	N/A	$1,491	N/A
Total Production Cost per Tonne⁽²⁾	$107.80	$168.45	$60.86	$-	$109.81

Eastern Metals Granted $910,750 in Junior Minerals Exploration Incentive Tax Credits

Refundable tax offsets / franking credits available for potential distribution to eligible shareholders for the 2024-25 financial year

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