FY2021
First Mandilla resource
The May 2021 estimate established 500.4koz of contained gold. The August update was after June year-end and is not backdated.
ASX: AAR · Five-year financial review
(ASX: AAR) Astral Resources Financial Review - FY2021~25
Astral’s five-year story is the funding of a larger gold-development portfolio, not growth in current mine revenue. Mandilla advanced through resource definition and studies, while the Maximus takeover expanded both the exploration asset base and future commitments. The financial tables separate that non-cash expansion from money raised and spent.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
Cash at June 2025
A$18.604m
Balance-sheet cash after financing and investment.
FY2025 exploration cash outflow
A$8.929m
Not the capitalised accounting addition.
FY2025 statutory loss
A$2.644m
Distinct from investment cash requirements.
Exploration carrying amount
A$72.385m
Includes acquisition additions; not resource value.
Five years in context
The Mandilla programme progressed from a maiden resource in FY2021 to a pre-feasibility study and maiden probable reserve in FY2025. Those are development milestones rather than realised production, sales or financial returns. The report therefore centres on funding, expenditure and balance-sheet changes.
FY2025 is also a change in company perimeter. Maximus brought Spargoville into the group through a share-based takeover, while a separate placement supplied cash. Treating the acquisition consideration as cash expenditure would obscure both how the deal was financed and why exploration assets increased.
Events behind the numbers
FY2022
Drilling expands the resource
More than 55km of drilling supported continued Mandilla work; the January estimate reached 784koz. These remain resource estimates, not output.
FY2023
Feysville work resumes
Exploration broadened to Feysville alongside Mandilla. The July resource update and September scoping study belong after FY2023 year-end.
FY2024
Standalone development studied
The September 2023 scoping study examined a standalone 2.5Mtpa plant. Its forecast production is not plotted as historical sales.
FY2025
Study and acquisition milestones
The Mandilla PFS was announced in June; the Maximus takeover had completed in May, adding Spargoville to the portfolio.
FINANCIAL REVIEW / 01
Capital raising, not operating profit, replenished cash
Cash recovered from its FY2023 low as financing inflows exceeded operating and investment outflows. The FY2025 placement is reflected in the cash-flow record; it is not operating revenue. The loss figure alone understates the funding needed to support an active exploration programme.
Interest-receipt classification changes in the latest statement. The combined operating-plus-investing comparison below avoids mistaking that presentation change for a change in total pre-financing cash requirements. It still includes genuine acquisition effects and is not labelled issuer free cash flow.
Cash at the five balance dates
A$ million
Closing cash
AI-generated presentation · values from Earnings, funding and cash across five years; no missing values plotted as zero.
Cash required before financing versus net financing
A$ million
Operating plus investing cash flowNet financing cash flow
AI-generated presentation · values from Earnings, funding and cash across five years; no missing values plotted as zero.
Earnings, funding and cash across five years
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Statutory loss after tax | (3.670) | (2.353) | (3.714) | (2.584) | (2.644) |
| Net operating cash flow | (1.270) | (0.938) | (1.871) | (1.554) | (2.293) |
| Net investing cash flow | (5.167) | (5.607) | (7.168) | (5.012) | (8.521) |
| Operating plus investing cash flow | (6.437) | (6.545) | (9.039) | (6.565) | (10.813) |
| Net financing cash flow | 12.843 | (0.086) | 7.181 | 11.016 | 23.648 |
| Closing cash | 9.807 | 3.177 | 1.319 | 5.769 | 18.604 |
A$ million. This explorer/developer has no producer-style sales or margin series added to the selected financial record.
Interest receipts are classified in investing in the FY2021-FY2024 editions and operating in FY2025. FY2025 also re-presents the FY2024 comparative. The table retains each selected year’s original classification; compare the combined operating-plus-investing subtotal across that boundary, not operating cash flow alone.
The combined subtotal includes acquisition effects and is not a mine free-cash-flow measure. Closing cash is a point-in-time balance, not cash generated during the year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A larger asset base is not the same as a cash return
The latest increase in equity and exploration assets reflects both capital raising and the acquisition of another portfolio. Capitalised costs remain subject to future recoverability. They are not a mark-to-market valuation of the company’s gold inventory.
Exploration carrying amount and equity
A$ million
Capitalised exploration and evaluationTotal equity
AI-generated presentation · values from Liquidity and the growth of the asset base; no missing values plotted as zero.
Liquidity and the growth of the asset base
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current assets | 9.883 | 3.326 | 1.626 | 6.003 | 19.229 |
| Current liabilities | 0.576 | 1.873 | 1.404 | 0.866 | 3.962 |
| Net current assets | 9.307 | 1.454 | 0.221 | 5.137 | 15.267 |
| Capitalised exploration and evaluation | 13.227 | 19.212 | 25.271 | 29.357 | 72.385 |
| Total liabilities | 0.694 | 2.000 | 1.504 | 1.028 | 4.490 |
| Total equity | 22.558 | 20.819 | 25.505 | 34.512 | 87.394 |
Capitalised exploration expenditure is a carrying amount, not a valuation of gold resources. The Maximus acquisition changes the FY2025 asset perimeter.
Net current assets is calculated from reported totals. Small dollar-level differences in source subtotals are retained rather than silently changing reported figures. No unreported interest-bearing-debt value is inserted as zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Track cash exploration separately from accounting additions
Cash exploration spending increased in FY2025, while the acquired exploration asset addition was much larger still. The two tables separate annual cash spending from selected accounting movements so that an acquisition does not look like a sudden increase in drilling expenditure.
Cash invested in exploration
A$ million
Exploration cash outflow
AI-generated presentation · values from Exploration cash and capitalised expenditure are different measures; no missing values plotted as zero.
Exploration cash and capitalised expenditure are different measures
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash outflow | (5.539) | (5.621) | (7.251) | (5.025) | (8.929) |
| PP&E cash outflow | (0.032) | (0.035) | 0.000 | (0.010) | (0.063) |
Cash outflows are negative. The carrying value in the balance sheet also reflects acquisitions, accruals, impairments and other movements; it must not be obtained by simply adding annual cash payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent changes in capitalised exploration
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening carrying amount | 25.271 | 29.357 |
| Expenditure capitalised during the year | 4.364 | 9.943 |
| FY2025 additions through Maximus acquisition | Not part of FY2024 acquisition scope | 32.874 |
| Closing carrying amount | 29.357 | 72.385 |
Selected movement lines, not a complete roll-forward. Other adjustments and impairment can affect the closing amount. The acquisition addition is not a current-year cash exploration payment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The takeover changes scale and commitments
Astral acquired full ownership of Maximus through an all-scrip offer. The retained accounting description treats it as an asset acquisition. The table separates previously held interest, offer shares and transaction costs from the cash acquired and cash acquisition costs in the cash-flow statement.
The enlarged portfolio also carries higher minimum exploration commitments. These future amounts do not all fall due immediately, and the table keeps maturity buckets separate. They should not be deducted from current cash as though the entire total were a present cash payment.
Commitments by time horizon
A$ million
Not later than 12 monthsBetween 12 months and five yearsGreater than five years
AI-generated presentation · values from Exploration commitments after the enlarged portfolio; no missing values plotted as zero.
Maximus consideration: distinguish non-cash shares from cash flows
A$ million
| Metric | FY2025 |
|---|---|
| Carrying value of previously held interest | 5.990 |
| Fair value of shares issued under the offer | 25.270 |
| Transaction costs included in consideration | 2.524 |
| Total consideration | 33.783 |
| Cash acquired - separate cash-flow item | 1.302 |
| Cash costs associated with acquisition - separate cash-flow item | (0.832) |
The first three components sum to total consideration. The final two rows are separate cash-flow disclosures and are not extra consideration components.
The takeover was all-scrip and accounted for as an asset acquisition. Previously held interest, acquisition accounting costs and current cash payments are different categories; the total consideration is not treated as cash spent.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration commitments after the enlarged portfolio
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Not later than 12 months | 0.419 | 1.549 |
| Between 12 months and five years | 0.954 | 2.589 |
| Greater than five years | 0.412 | 1.731 |
| Total minimum exploration commitments | 1.785 | 5.869 |
Future commitments at the balance date, not current-year cash expenditure or a production forecast. The FY2025 scope includes Spargoville, which was absent from the FY2024 project columns.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Prepared only from the frozen annual extraction packet, with no original PDF, raw parsed body, fresh database lookup or financial web research. Primary-author review is not an independent original-document audit.
- All figures are A$ million unless stated otherwise. Negative cash amounts are outflows. Resources, reserves, study targets, carrying amounts and cash expenditure are not interchangeable.
- The stored FY2021 cash-opening and movement labels conflict with the stored prior-year closing cash. Those two fields are not used: reported operating/investing/financing subtotals and balance-sheet closing cash are shown. The discrepancy remains recorded for later source correction.
- FY2021-FY2024 retain interest receipts in investing; FY2025 presents interest in operating. The combined cash subtotal remains comparable in classification, but acquisition and portfolio changes still affect economic scope.
- EPS records contain inconsistent cents/dollars wording in this extraction and are not presented. This is a source interpretation issue, not issuer non-disclosure.
- FY2025 acquired-asset records inconsistently cite accounting standards in metadata. The report uses the explicit asset-acquisition narrative and does not reproduce a disputed standard label. Minor A$1 rounding differences are preserved, not used as a rejection rule.
- Study and reserve milestones are historical disclosures, not a claim that production has started or that forecast economics have been realised. This is the publication edition.
Annual-report source registry
- Astral Resources NL - Annual Report to shareholdersExisting extracted records; year ended 2021-06-30. Registered document date 2021-09-22.
- Astral Resources NL - Annual Report to shareholdersExisting extracted records; year ended 2022-06-30. Registered document date 2022-09-30.
- Astral Resources NL - Annual Report to shareholdersExisting extracted records; year ended 2023-06-30. Registered document date 2023-09-25.
- Astral Resources NL - Annual ReportExisting extracted records; year ended 2024-06-30. Registered document date 2024-09-25.
- Astral Resources NL - Annual ReportExisting extracted records; year ended 2025-06-30. Registered document date 2025-09-25.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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