Southern Alliance Mining Ltd. provided group earnings guidance for the fiscal year 2023. The board of directors of the company informed shareholders that based on a preliminary review of the Group's unaudited financial results for the financial year ended 31 July 2023, the Group is expected to report a net loss for fiscal year 2023. The net loss for FY2023 is mainly due to a decrease in the revenue of the Group.

The decrease in the production of iron ore concentrate is a result of (i) intense overburden removal activities in accordance with the Group's mining schedule; and (ii) the transition from open pit mining to underground mining. As such, the lower sales volume of iron ore concentrate coupled with a lower average realised selling price for iron ore concentrate for FY2023 resulted in a lower revenue for the Group.