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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EMS:AU

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TSX: SIL | NYSE American: SILV

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Hole	Structure	From (m)	To (m)	True Width (m)	Au (gpt)	Ag (gpt)	AgEq (gpt)
Hole	Structure	From (m)	To (m)	True Width (m)	Au (gpt)	Ag (gpt)	AgEq (gpt)
LZ46-3	La Luz	264.90	266.50	1.02	1.17	449	542
LZ46-3	Including	264.90	265.50	0.38	1.73	798	936
LZ47-2	La Luz	223.90	226.30	1.67	0.41	183	216
LZ47-2	Including	223.90	224.45	0.38	0.74	269	329
LZ47-3	La Luz	189.05	190.40	0.95	2.03	70	233
LZ47-3	Including	190.15	190.40	0.18	3.36	22	290
LZ48-1	La Luz	265.85	268.75	1.62	2.43	1,063	1,258
LZ48-1	Including	267.45	268.05	0.34	9.61	4,070	4,839
LZ48-3	La Luz	144.75	147.50	2.49	3.15	71	322
LZ48-3	Including	144.75	145.50	0.68	5.63	47	497


Key Performance Metrics	2024-Q4	2024-Q3	Change Q4 vs Q3	2023-Q4	Change Q4 vs Q4
Operational
Ore Processed / Tonnes Milled	745,124	678,397	10%	652,731	14%
Silver Ounces Produced	2,353,865	1,967,574	20%	2,612,416	(10%)
Gold Ounces Produced	39,506	41,761	(5%)	46,585	(15%)
Silver Equivalent Ounces Produced	5,713,289	5,490,416	4%	6,640,550	(14%)
Cash Costs per Silver Equivalent Ounce⁽¹⁾	$13.82	$15.17	(9%)	$13.01	6%
All-in Sustaining Cost per Silver Equivalent Ounce⁽¹⁾	$20.34	$21.03	(3%)	$18.50	10%
Total Production Cost per Tonne⁽¹⁾	$96.63	$109.81	(12%)	$122.76	(21%)
Average Realized Silver Price per Silver Equivalent Ounce⁽¹⁾	$30.80	$29.84	3%	$24.16	27%

Financial (in $millions)
Revenues	$172.3	$146.1	18%	$136.9	26%
Mine Operating Earnings	$48.2	$28.5	69%	$17.9	169%
Net (Loss) Earnings	($13.5)	($26.6)	49%	$10.2	NM
Operating Cash Flows before Non-Cash Working Capital and Taxes	$62.4	$39.8	57%	$36.3	72%
Capital Expenditures	$36.1	$34.7	4%	$31.6	14%
Cash and Cash Equivalents	$202.2	$154.7	31%	$125.6	61%
Restricted Cash	$106.1	$103.9	2%	$125.6	(16%)
Working Capital⁽¹⁾	$224.5	$238.2	(6%)	$188.9	19%
Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA")⁽¹⁾	$62.0	$36.9	68%	$33.4	85%
Adjusted EBITDA⁽¹⁾	$64.8	$39.8	63%	$37.0	75%
Free Cash Flow⁽¹⁾	$68.4	$31.3	119%	$3.8	NM

Shareholders
(Loss) Earnings per Share ("EPS") - Basic	($0.04)	($0.09)	56%	$0.04	(200%)
Adjusted EPS⁽¹⁾	$0.03	($0.03)	200%	($0.03)	200%

Canada & USA Toll-Free:	1-844-763-8274
Outside of Canada & USA:	+1-647-484-8814
Toll-Free Germany:	+49-69-17415718
Toll-Free UK:	+44-20-3795-9972

USA & Canada Toll-Free:	1-855-669-9658
Outside of Canada & US:	+1-412-317-0088
Access Code:	7307775

	Silver Production	Gold Production	AISC
	(million ounces)	(thousand ounces)	($ per ounce) ⁽¹⁾
Silver Segment:
La Colorada (Mexico)	5.50 - 5.80	2	20.00 - 22.00
Cerro Moro (Argentina)	2.80 - 2.90	77 - 87	6.00 - 10.00
Huaron (Peru)	3.70 - 3.90	—	16.00 - 17.50
San Vicente (Bolivia) ⁽²⁾	2.70 - 2.90	—	19.00 - 20.50
Total	14.70 - 15.50	79 - 89	16.25 - 18.25
Gold Segment:
Jacobina (Brazil)	—	185 - 195	1,275 - 1,375
El Peñon (Chile)	3.70 - 3.80	120 - 130	1,185 - 1,285
Timmins (Canada)	—	120 - 130	2,100 - 2,200
Shahuindo (Peru)	0.25	125 - 135	1,735 - 1,835
Minera Florida (Chile)	0.45	78 - 90	1,700 - 1,850
Dolores (Mexico)	0.90 - 1.00	28 - 31	850 - 1,000
Total	5.30 - 5.50	656 - 711	1,525 - 1,625
Total Production	20.00 - 21.00	735 - 800	n/a

	Q1	Q2	Q3	Q4	FY 2025
Silver Production (million ounces)	4.75 - 5.00	4.95 - 5.20	5.10 - 5.35	5.20 - 5.45	20.00 - 21.00
Gold Production (thousand ounces)	175 - 189	179 - 194	189 - 205	192 - 212	735 - 800
Silver Segment AISC ⁽¹⁾	21.00 - 22.25	19.50 - 21.25	14.25 - 16.25	10.25 - 13.00	16.25 - 18.25
Gold Segment AISC ⁽¹⁾	1,575 - 1,675	1,550 - 1,650	1,500 - 1,600	1,500 - 1,600	1,525 - 1,625

(1)		AISC is a non-GAAP measure. Please refer to the "Alternative Performance (Non-GAAP) Measures" section of the Management's Discussion and Analysis ("MD&A") for the period ended December 31, 2024 for further information on this measure. The AISC forecasts assume average metal prices of $30.00/oz for silver, $2,650/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $9,500/tonne ($4.31/lb) for copper; and average annual exchange rates relative to 1 USD of 20.00 for the Mexican peso ("MXN"), 3.75 for the Peruvian sol ("PEN"), 1,177 for the Argentine peso ("ARS"), 7.00 for the Bolivian boliviano ("BOB"), $1.38 for the Canadian dollar ("CAD"), 950.00 for the Chilean peso ("CLP") and 5.75 for the Brazilian real ("BRL").
(2)		San Vicente data represents Pan American's 95.0% interest in the mine's production.

(thousand tonnes)	Zinc	Lead	Copper
	42 - 45	21 - 22	4

	($ millions)
Sustaining Capital	270.0 - 285.0
Project Capital	90.0 - 100.0
Total Capital Expenditures	360.0 - 385.0
Reclamation Expenditures	28.0 - 34.5
Care & Maintenance	20.5 - 24.0
General and Administrative	80.0 - 85.0
Exploration and Project Development	15.0 - 20.0
Income Tax Payments	240.0 - 260.0
Depreciation and Amortization	450.0 - 500.0

						December 31, 2024		December 31, 2023
Weighted average shares during period (thousands)							363,361		326,540
Shares outstanding end of period (thousands)							363,041		364,660

	Three months ended December 31,					Year ended December 31,
	2024		2023			2024		2023
FINANCIAL
Revenue	$	815.1	$	669.6		$	2,818.9	$	2,316.1
Cost of Sales ⁽¹⁾	$	630.2	$	604.7		$	2,270.4	$	2,019.3
Mine operating earnings	$	184.9	$	64.9		$	548.5	$	296.8
Net earnings (loss)	$	107.8	$	(67.8	)	$	112.7	$	(104.9	)
Basic earnings (loss) per share ⁽²⁾	$	0.30	$	(0.19	)	$	0.31	$	(0.32	)
Adjusted earnings (loss) ⁽³⁾	$	126.9	$	(16.3	)	$	286.7	$	39.3
Basic adjusted earnings (loss) per share ⁽²⁾⁽³⁾	$	0.35	$	(0.04	)	$	0.79	$	0.12
Net cash generated from operating activities	$	274.1	$	167.4		$	724.1	$	450.2
Net cash generated from operating activities before changes in working capital ⁽³⁾	$	279.9	$	125.5		$	851.9	$	397.0
Sustaining capital expenditures ⁽³⁾	$	77.9	$	92.6		$	279.0	$	288.5
Non-sustaining capital expenditures ⁽³⁾⁽⁴⁾	$	21.5	$	41.8		$	101.4	$	141.3
Cash dividend per share	$	0.10	$	0.10		$	0.40	$	0.40
PRODUCTION
Silver (thousand ounces)		6,018		4,835			21,061		20,437
Gold (thousand ounces)		224		268			892		883
Zinc (thousand tonnes)		14.1		9.4			45.1		38.8
Lead (thousand tonnes)		6.1		4.2			20.8		18.7
Copper (thousand tonnes)		1.0		1.4			5.2		5.0
CASH COSTS ⁽³⁾ ($/ounce)
Silver Segment ⁽⁵⁾		14.06		19.31			14.30		13.07
Gold Segment ⁽⁵⁾		1,223		1,096			1,203		1,113
AISC ⁽³⁾ ($/ounce)
Silver Segment ⁽⁵⁾		19.80		26.55			18.70		18.17
Silver Segment (excl. NRV) ⁽⁵⁾		19.88		26.28			18.98		17.91
Gold Segment ⁽⁵⁾		1,463		1,411			1,530		1,371
Gold Segment (excl. NRV) ⁽⁵⁾		1,521		1,415			1,501		1,416
AVERAGE REALIZED PRICES ⁽⁶⁾
Silver ($/ounce)		30.87		22.33			28.06		22.94
Gold ($/ounce)		2,666		1,980			2,388		1,951
Zinc ($/tonne)		3,060		2,493			2,828		2,656
Lead ($/tonne)		1,967		2,121			2,058		2,146
Copper ($/tonne)		9,019		8,146			9,260		8,475

(1)		Cost of Sales includes production costs, depreciation and amortization and royalties.
(2)		Per share amounts are based on basic weighted average common shares.
(3)		Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.
(4)		Non-sustaining capital expenditures primarily relate to project capital that is expected to increase future production.
(5)		Silver Segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than silver ("silver segment by-product credits"), and are calculated per ounce of silver sold. Gold Segment Cash Costs and AISC are calculated net of credits for realized revenues from all metals other than gold ("gold segment by-product credits"), and are calculated per ounce of gold sold.
(6)		Metal prices stated are inclusive of final settlement adjustments on concentrate sales.

	Three months ended December 31,
	2024			2023
Revenue	$	815.1		$	669.6
Cost of sales
Production costs		(416.2	)		(441.3	)
Depreciation and amortization		(188.7	)		(143.1	)
Royalties		(25.3	)		(20.3	)
		(630.2	)		(604.7	)
Mine operating earnings		184.9			64.9

General and administrative		(6.3	)		(18.5	)
Exploration and project development		(0.9	)		(3.8	)
Mine care and maintenance		(6.9	)		(7.9	)
Foreign exchange gains (losses)		18.9			(7.9	)
Impairment charges		—			(36.2	)
Derivative (losses) gains		(19.0	)		7.1
Gains (losses) on sale of mineral properties, plant and equipment		2.5			(0.4	)
Gains from sale of subsidiaries		137.4			—
Transaction and integration costs		—			(0.3	)
Change in mine reclamation obligations		(53.9	)		(13.8	)
Other expense		(2.1	)		(10.0	)
Earnings (loss) from operations		254.6			(26.8	)
Investment (loss) income		(5.9	)		3.3
Interest and finance expense		(22.7	)		(24.5	)
Earnings (loss) before income taxes		226.0			(48.0	)
Income tax expense		(118.2	)		(19.8	)
Net earnings (loss)	$	107.8		$	(67.8	)

Net earnings (loss) attributable to:
Equity holders of the Company		107.6			(68.0	)
Non-controlling interests		0.2			0.2
	$	107.8		$	(67.8	)

Other comprehensive earnings (loss), net of taxes
Items that will not be reclassified to net earnings (loss)
Unrealized (loss) gain on long-term investment		(0.3	)		0.5
Remeasurement of retirement benefit plan		(0.2	)		(2.6	)
Income tax expense related to long-term investments		—			(0.9	)
Total other comprehensive loss	$	(0.5	)	$	(3.0	)
Total comprehensive earnings (loss)	$	107.3		$	(70.8	)

Total comprehensive earnings (loss) attributable to:
Equity holders of the Company	$	107.1		$	(71.0	)
Non-controlling interests		0.2			0.2
	$	107.3		$	(70.8	)

Earnings (loss) per share attributable to common shareholders
Basic earnings (loss) per share	$	0.30		$	(0.19	)
Diluted earnings (loss) per share	$	0.30		$	(0.19	)
Weighted average shares outstanding (in 000's) Basic		363,016			364,678
Weighted average shares outstanding (in 000's) Diluted		363,113			364,678

	Three months ended December 31,
	2024			2023
Operating activities
Net earnings (loss) for the period	$	107.8		$	(67.8	)
Income tax expense		118.2			19.8
Depreciation and amortization		188.7			143.1
Impairment charges		—			36.2
Net realizable value inventory recovery		(12.3	)		(0.2	)
Gains from sale of subsidiaries		(137.4	)		—
Accretion on closure and decommissioning provision		7.5			8.2
Change in mine reclamation obligations		53.9			13.8
Investment loss (gain)		5.9			(3.3	)
Interest paid		(9.3	)		(11.1	)
Interest expense		12.3			13.2
Interest received		3.5			4.9
Income taxes paid		(65.0	)		(32.4	)
Other operating activities		6.1			1.1
Net change in non-cash working capital items		(5.8	)		41.9
	$	274.1		$	167.4
Investing activities
Cash disposed in sale of subsidiaries	$	(16.2	)	$	—
Cash proceeds from sale of subsidiaries		306.6			45.5
Payments for mineral properties, plant and equipment		(85.4	)		(118.7	)
Proceeds from disposition of mineral properties, plant and equipment		2.1			0.9
Net (payments) proceeds from derivatives		(5.3	)		1.7
	$	201.8		$	(70.6	)
Financing activities
Proceeds from common shares issued	$	0.5		$	—
Distributions to non-controlling interests		—			(0.4	)
Dividends paid		(36.3	)		(36.4	)
Net (repayments) proceeds from debt		(1.7	)		10.4
Payment of equipment leases		(12.2	)		(19.1	)
	$	(49.7	)	$	(45.5	)
Effects of exchange rate changes on cash and cash equivalents		(2.4	)		0.8
Increase in cash and cash equivalents		423.8			52.1
Cash and cash equivalents at the beginning of the period		439.0			347.5
Cash and cash equivalents at the end of the period	$	862.8		$	399.6

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 Investor Kit

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Overview

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Key Projects

Arunta Project

Cobar Project

Management Team

Bob Duffin - Non-executive Chairman

Ley Kingdom - Chief Executive Officer

Jason Berton - Non-executive Director

Mark Dugmore - Non-executive Director

Ian White - Non-executive Director

Ian Morgan - Chief Financial Officer and Company Secretary

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