Suvo Strategic Minerals (ASX:SUV) reported its financial results for FY24.
The company posted a revenue of $12.3 million, an increase from $11.3 million in FY23.
During FY24, Suvo completed significant capital expenditure at its Pittong operations, resulting in reduced capital outflows and implemented cost optimisation initiatives across the company.
Suvo secured an extension on its $1 million debt funding beyond the initial due date of Nov. 30, providing financial stability and operational flexibility.
The extension allows for six months with an additional six-month option at Suvo's discretion.
"FY24 has been a transformative year for Suvo, characterised by significant progress in our operational efficiencies and financial outcomes," said Aaron Banks, Executive Chairman, of Suvo Strategic Minerals.
Another key highlight of the year was the licensing of Intellectual Property from Murdoch University for low-carbon geopolymer concrete technology.
Suvo signed a binding joint development agreement with PERMAcast to commercialise this technology, marking a significant step towards sustainable construction solutions.
In addition to its financial achievements, Suvo also completed new purchase orders from existing Chinese distributor Qingdao Minglang New Material, totalling 1,568 tonnes of hydrous kaolin valued at approximately $1.2 million.
Suvo Strategic Minerals is a hydrous kaolin producer and exploration company focused on production at, and expansion of, their 100% owned Pittong hydrous kaolin operation located 40km west of Ballarat in Victoria.
Its exploration is focused on near-term kaolin and high purity silica assets with 100% owned Gabbin (kaolin), Eneabba and Muchea (silica sands) projects located in Western Australia.
At the time of reporting, Suvo Strategic Minerals' share price was $0.055.