• Q2 FY25 EBITDA up 14% to $4.1 million despite 10% revenue decline
• Net cash of $31.9 million, 4th consecutive quarter of positive cashflow
• Contracts extended with Anglo American, new contract with Peabody Energy

Mastermyne Group Ltd, a mining services business specialising in underground operations, has released its Quarterly Activities Report and Appendix 4C for FY25 Q2. Revenue of $56.2 million was $6.3 million below the prior quarter, predominantly due to the suspension of primary services at Grosvenor Mine. Despite the lower revenue, EBITDA increased to $4.1 million (FY25 Q1: $3.6 million) due to a different revenue mix. The company's net cash position improved to $31.9 million (FY25 Q1: $25.8 million), with positive net cashflow from operating activities of $6.7 million, the fourth consecutive positive quarter. Mastermyne successfully navigated the changes in manning at the Anglo American mines, with its contracts covering Moranbah North, Aquila and Grosvenor mines being extended to 5 April 2025. Discussions have commenced for a potential further extension, as Anglo's Steel Making Coal business is sold to Peabody Energy. The company also secured a new $15 million, 3-year contract with Peabody Energy for Ventilation Control Devices Installation work, and a 12-month extension of its Longwall Services contract with Whitehaven's Narrabri Mine. Additionally, Mastermyne's digital training solution was successfully delivered for Coronado's new Mammoth mine.

Mastermyne is working to retain and potentially grow its ongoing work scope beyond FY25 Q3 as Peabody Energy takes ownership of Anglo American's Steel Making Coal business. The company also has a number of near-term contract opportunities under active discussion.