ASX 300 mining shares have had a volatile period in 2024, with their underlying commodities fluctuating heavily throughout the year.
It is now earnings season once again, and we get to see the performance of various mining stocks after all this activity.
Regis Resources Ltd (ASX: RRL) and Syrah Resources Ltd (ASX: SYR) shares are both plummeting today after releasing their quarterly activity reports.
Currently, Regis Resources shares are trading at $1.74, down 9%, while Syrah Resources has dropped more than 11% to 26.8 cents apiece.
Let's take a look.
ASX 300 mining share dips after quarterly report
Regis Resources reported a solid quarter, with gold production reaching 106.4 thousand ounces (koz) at an all-in sustaining cost (AISC) of $2,247 per ounce.
Its Duketon site contributed 75.6 thousand ounces of gold at an AISC of $2,249 per ounce, whereas the FY24 group gold production totalled 417.7koz, at an AISC of $2,286 per ounce.
Financially, the ASX 300 mining share recorded gold sales of 114.5koz, totalling $404 million at an average realised price of $3,528 per ounce.
Operating cash flow reached a record of $166 million, with Duketon contributing $106 million and its Tropicana site contributing $60 million.
As of 30 June 2024, Regis held a "record cash and bullion" position of $295 million. It says this is after investing $50 million in capital expenditures and $16 million in exploration at McPhillamys.
For FY25, the ASX 300 mining share expects gold production to be between 350 and 380 thousand ounces.
It has forecasted around $110 million to $125 million toward growth investment, and exploration spending is set between $50 million and $60 million.
Regis Resources' Managing Director, Jim Beyer, highlighted the company's strong cash generation and growth potential.
This has been a significant few months for the company. The cash-generating capacity of Regis is now clear for all to see after we broke free of the longstanding hedge book.
Analysts at Bell Potter recently retained their buy rating on the ASX 300 mining share despite trimming the price target to $2.70.
According to my colleague James, Bell Potter praised the McPhillamys Gold Project's feasibility study, noting its favourable project metrics and lower-than-expected costs.
Regis shares are down more than 61% in the last 12 months.
Syrah Resources' quarterly numbers
Syrah Resources posted its quarterly update for the three months ending June 30, 2024 today as well.
The ASX 300 mining share reported that global electric vehicle (EV) demand growth was up 24% year over year, mainly driven by China.
Filings show it burnt nearly $4 million in cash during the quarter and has burnt more than $20 million this year to date.
Syrah's Balama graphite operation produced 24 thousand tonnes of natural graphite at a 78% recovery rate during the period.
However, the company says recent US Government policy may impact sales from its Vidalia active anode material (AAM) facility moving forward.
Recent guidance on the US Inflation Reduction Act ("IRA") is affecting near-term ex-China anode demand for Balama natural graphite fines and qualification of Vidalia [AAM] required for sales.
Sales and shipments totalled 10,000 tonnes at an average price of US$735 per tonne. Meanwhile, the Vidalia facility ramped up its capacity to produce 11.25ktpa of AAM.
Interestingly, the company also dispatched commercial-scale production samples to Tesla Inc (NASDAQ: TSLA) among other customers.
However, Vidalia AAM sales are now expected to start from early 2025. This is in part due to "low-cost Chinese AAM import availability", the company says.
Vidalia AAM sales now expected from early 2025 as expanded qualification requirements and timelines are being introduced by customers concurrently with US Government policy changes and low-cost Chinese AAM import availability
The ASX 300 mining share was heavily shorted at the start of the week, with 10% short interest on Monday.
It is down 61% in the last 12 months.
Foolish takeaway
These two ASX 300 mining shares have sold off sharply on Thursday after their quarterly activities updates.
What happens from here is anyone's guess. Mining stocks have a high benchmark to cross. As always, conduct your own due diligence.
