Southern Alliance Mining Ltd. provided earnings guidance for the six months ended 31 January 2024. For the period, the company expects to report a turnaround from gross loss to gross profit and a significantly lower net loss for first half of fiscal year 2024 compared to the same period last year. The gross profit and lower net loss for first half of fiscal year is mainly due to increase in sales revenue as a result of the adoption of full underground mining, resulting in an increase in ore extracted from underground mining which contributed to higher volume of iron ore concentrate produced and sold; increase in volume of crushed iron ore and iron ore tailing sold; coupled with a more favourable iron ore concentrate and crushed iron ore selling price.

The Group also witnessed an increase in other income and a decrease in general and administrative in first half of fiscal year.