FY2021
Placement supports Medcalf work
A November 2020 placement raised A$0.4m before costs while the company worked towards project approvals.
ASX: ACP · Five-year financial review
(ASX: ACP) Audalia Resources Financial Review - FY2021~25
Audalia’s financial story is the cost of advancing Medcalf while funding remains constrained. Exploration assets accumulated, but so did liabilities and financing expense. A share issue rebuilt cash in FY2025; it did not remove the disclosed working-capital deficiency or turn the project into an operating mine.
Reading the figures: A$ million unless stated otherwise. Brackets denote losses or outflows. Borrowings, accrued interest and exploration carrying amounts are kept separate.
Cash at June 2025
A$0.586m
After an equity raise and further borrowing.
FY2025 loss
A$1.128m
Includes A$0.743m financing expense.
Exploration carrying amount
A$13.828m
Accounting cost, not mineral resource value.
Working-capital deficiency
A$1.083m
Disclosed at 30 June 2025.
Five years in context
Medcalf remained the central development project. The financial record is therefore better read through cash requirements, funding and recoverability of capitalised exploration than through producer-style sales margins. The FY2025 extraction identifies a single reportable Medcalf segment.
The company relied on borrowing during the three years without new share issues, before returning to equity funding in FY2025. Rising accounting interest expense and deferred amounts explain why a relatively small operating cash outflow does not capture the entire build-up of obligations.
Events behind the numbers
FY2022
Borrowing replaces new equity
The preserved comparative records A$1.03m of new borrowing and nil share proceeds. Exploration cash payments remained material.
FY2023
Approval work and funding uncertainty
Medcalf planning covered pit design, geotechnical work and processing-plant design. The issuer also disclosed material going-concern uncertainty.
FY2024
Cash narrows before approval
Cash closed at A$20,708. Primary environmental approval was announced on 5 July 2024, after this balance date, rather than during FY2024.
FY2025
Equity funding returns
The company issued 100m shares in November 2024 and recorded A$2m gross share proceeds during the year. Further September 2025 placement plans are subsequent events.
FINANCIAL REVIEW / 01
FY2025 financing rebuilt a thin cash buffer
Share proceeds were the decisive change in the latest funding mix. Operating and exploration outflows still consumed cash, so the larger year-end balance should not be mistaken for operating profitability. R&D receipts reduced net investing outflows in earlier years.
Cash held at each year end
A$ million
Closing cash
AI-generated presentation · values from Cash funding and expenditure; no missing values plotted as zero.
Operating, investing and financing cash
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash funding and expenditure; no missing values plotted as zero.
Cash funding and expenditure
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.246) | (0.237) | (0.264) | (0.260) | (0.405) |
| Capitalised exploration cash payments | (1.026) | (1.011) | (0.593) | (0.460) | (1.310) |
| Net investing cash flow | (0.760) | (0.662) | (0.129) | (0.460) | (1.310) |
| Gross cash proceeds from share issues | 0.400 | 0.000 | 0.000 | 0.000 | 2.000 |
| Cash proceeds from borrowings | 0.630 | 1.030 | 0.620 | 0.330 | 0.290 |
| Net financing cash flow | 1.024 | 1.030 | 0.620 | 0.330 | 2.280 |
| Closing cash | 0.071 | 0.184 | 0.411 | 0.021 | 0.586 |
Outflows are negative. Exploration payments form part of investing cash: do not add them again to the investing subtotal.
FY2022 is read from the preserved FY2023 comparative extraction. A conflict between FY2021 closing cash and the later FY2022 opening-cash field remains logged; no continuous opening-to-closing bridge is claimed.
Share proceeds are gross; financing cash includes issue costs. Nil share proceeds in FY2022-FY2024 are explicitly supported by the extraction, not filled from blank cells.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Finance costs increasingly shape the loss
Interest expense grew much faster than corporate and administration expense over the five-year record. This is a financing burden on a development-stage company, not evidence of deteriorating mine operating margins. Cash paid and expense accrued must be read separately.
Interest expense and administration expense
A$ million
Financing costs - interest expenseCorporate and administration expenses
AI-generated presentation · values from What makes up the annual loss; no missing values plotted as zero.
What makes up the annual loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.000 | 0.000 | 0.001 | 0.004 | 0.013 |
| Financing costs - interest expense | (0.298) | (0.482) | (0.519) | (0.537) | (0.743) |
| Corporate and administration expenses | (0.319) | (0.348) | (0.389) | (0.394) | (0.398) |
| Net loss after tax | (0.616) | (0.836) | (0.902) | (0.937) | (1.128) |
Selected income-statement lines, not a full arithmetic reconciliation: other income and exploration write-offs also affect the total.
Financing expense is an accrual measure. It is not the same as the cash raised from new borrowings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
More exploration assets, but a larger liability base
Exploration and evaluation dominates the asset base. The latest equity increase reflects funding as well as the year’s loss; it is not a realised gain on Medcalf. Borrowing classifications changed between current and non-current across the period, so the combined balance is the more useful debt comparison.
Net assets and total liabilities
A$ million
Net assets / equityTotal liabilities
AI-generated presentation · values from Exploration assets, liabilities and net assets; no missing values plotted as zero.
Exploration assets, liabilities and net assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 11.002 | 11.876 | 12.158 | 12.396 | 14.592 |
| Exploration and evaluation carrying amount | 10.837 | 11.578 | 11.634 | 12.253 | 13.828 |
| Total liabilities | 6.262 | 7.972 | 9.156 | 10.331 | 11.468 |
| Net assets / equity | 4.740 | 3.904 | 3.002 | 2.065 | 3.125 |
| Borrowings - current and non-current combined | 3.626 | 4.704 | 5.328 | 5.613 | 5.808 |
Exploration carrying amounts are accumulated accounting costs, not the market value of a mineral resource.
Borrowings are included within liabilities. The combined borrowing series avoids treating current/non-current reclassification as repayment. Accrued interest in payables is additional to the borrowing carrying amount.
The entity reports no controlled entities in FY2025; this is the issuer financial position, not a fabricated consolidated mine portfolio.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Positive cash does not remove the funding condition
The issuer reported a working-capital deficiency and material uncertainty related to going concern. Directors’ fees, salary, superannuation, borrowings and interest include payment deferrals or support arrangements. These conditions matter alongside the cash number and are not presented as settled liabilities.
The retained loan disclosure identifies unsecured private-investor facilities with 8% and 10% interest and an extended repayment date of 15 July 2026. The separate related-party facilities were fully drawn at June 2025. Neither the borrowing limits nor September 2025 placement intentions are added to balance-date cash.
Latest liquidity and obligations
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash at year end | 0.021 | 0.586 |
| Current liabilities | 1.497 | 1.797 |
| Working-capital deficiency | (1.405) | (1.083) |
| Accrued interest in non-current payables | 3.204 | 3.844 |
Current liabilities, working-capital deficiency and accrued interest are different measures; the table is not an additive debt total.
Going-concern uncertainty is explicitly disclosed despite the positive cash balance. Deferred fees and lender support are not additional cash assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Prepared from the frozen annual extracted facts and claims only. No original report, parsed body, database expansion or financial web research was used. This is primary-author review, not independent audit.
- FY2022 financial amounts are supplied by FY2023 comparative records within the existing packet. No missing standalone extraction was recreated.
- FY2021 closing cash and the FY2022 opening-cash comparative do not agree in the extraction. The closing balances and independently disclosed annual cash-flow totals are retained, without claiming a reconciled cumulative cash bridge; the discrepancy is logged for later correction.
- The Medcalf resource descriptions changed between vanadium-focused and high-grade titanium-focused bases. They are not plotted as a single comparable reserve or production series.
- Primary environmental approval announced 5 July 2024 and the September 2025 proposed placement are not backdated into preceding financial years. This is the publication edition.
Annual-report source registry
- Audalia Resources Limited - Annual Report to shareholdersRegistered annual extraction, balance date 2021-06-30. FY2022 figures displayed from the FY2023 comparative extraction.
- Audalia Resources Limited - Annual Report to shareholdersRegistered annual extraction, balance date 2022-06-30. FY2022 figures displayed from the FY2023 comparative extraction.
- Audalia Resources Limited - Annual Report to shareholdersRegistered annual extraction, balance date 2023-06-30. FY2022 figures displayed from the FY2023 comparative extraction.
- Audalia Resources Limited - Annual Report to shareholdersRegistered annual extraction, balance date 2024-06-30. FY2022 figures displayed from the FY2023 comparative extraction.
- Audalia Resources Limited - Annual Report to shareholdersRegistered annual extraction, balance date 2025-06-30. FY2022 figures displayed from the FY2023 comparative extraction.
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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