FY2021
Fish Hawk, before acquisition
The earliest annual record belongs to Fish Hawk Resources. It is retained as subsidiary history, not described as a listed ACDC group year.
ASX: ADC · Five-year financial review
(ASX: ADC) ACDC Metals Financial Review - FY2021~25
ACDC’s financial history is an IPO-funded transition into mineral-sands and rare-earth project development. The source archive reaches back to FY2021, but its earliest records belong to Fish Hawk before acquisition. Keeping that boundary visible makes the cash and asset trends useful without manufacturing a five-year consolidated group history.
Reading the figures: Tables state the legal entity and reporting period. FY2021 is a separate Fish Hawk record, not a missing or zero ACDC group year. ACDC FY2022 covers 28 September 2021 to 30 June 2022.
FY2025 cash
A$2.026m
30 June balance.
FY2025 net loss
A$0.694m
Group statutory result.
Capitalised exploration
A$8.152m
Accounting carrying value, not project NPV.
January 2023 IPO
A$8.0m
Gross raising, not net financing cash.
Five years in context
ACDC acquired Fish Hawk on 13 January 2023 for A$550,000: A$50,000 cash and A$500,000 shares. The transaction was treated as an asset acquisition, not a business combination with goodwill. Its earlier standalone losses are therefore not ACDC group losses.
Goschen Central and the proposed rare-earth processing plant advanced through drilling and studies. Pilot samples and a scoping study are development evidence—not commercial sales, an Ore Reserve or earned EBITDA.
Events behind the numbers
FY2022
Two different reporting entities
ACDC’s comparative period runs from 28 September 2021 to 30 June 2022. Fish Hawk has its own separate annual report and loss.
FY2023
IPO and asset acquisition
The January IPO raised A$8m gross and ASX admission followed on 17 January. Fish Hawk was acquired during the same month.
FY2024
Drilling, pilots and a retracted study
Resource and pilot work progressed. The 22 April scoping study was retracted on 3 May after ASX raised mine-plan and inferred-resource scheduling concerns.
FY2025
Updated resource and development study
Goschen Central’s updated resource was 620Mt at 2.2% THM. The disclosed study remained preliminary and no Ore Reserve was declared.
FINANCIAL REVIEW / 01
The entity boundary comes before the trend
A useful history does not require pretending that the listed group existed in the same form in every archived year. Here, the pre-acquisition company stays in its own panel while ACDC’s four reporting periods form the financial series.
Separate pre-acquisition record: Fish Hawk Resources
A$ million
| Metric | FY2021 | FY2022 |
|---|---|---|
| Fish Hawk standalone net loss | (0.011533) | (0.033259) |
This historical subsidiary panel supplies context, not two extra years of group performance. Its FY2022 loss differs legitimately from ACDC’s A$216,490 short-period loss. No pre-acquisition consolidation is invented.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
IPO cash becomes an exploration asset base
The IPO changed the scale of the balance sheet. Subsequent cash declined while capitalised exploration grew. These carrying amounts remain dependent on future development or recovery; they are not cash proceeds or independently valued mineral resources.
ACDC cash at period end
A$ million
Cash and equivalents
AI-generated presentation · values from ACDC reporting entity: FY2022-FY2025; no missing values plotted as zero.
Capitalised exploration and equity
A$ million
Capitalised explorationTotal equity
AI-generated presentation · values from ACDC reporting entity: FY2022-FY2025; no missing values plotted as zero.
ACDC reporting entity: FY2022-FY2025
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cash and equivalents | 0.487 | 5.999 | 3.596 | 2.026 |
| Total assets | 0.496 | 11.281 | 10.907 | 10.505 |
| Total equity | 0.423 | 11.061 | 10.583 | 10.130 |
| Capitalised exploration | 0.000 | 5.111 | 7.184 | 8.152 |
FY2022 covers 28 September 2021 to 30 June 2022, not a full year; balance dates are 30 June. Fish Hawk was acquired in January 2023 and is consolidated only from control.
FY2021 Fish Hawk standalone information is shown separately, not spliced into the ACDC group trend. Parent-only FY2023/FY2024 statements differ from the selected group amounts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Operating cash is only part of development spending
Exploration payments are principally investing cash in the displayed statement. The FY2023 financing inflow reflects the IPO-era funding cycle; the following nil or negative financing years should not be interpreted as repeated funding at the same rate.
Loss versus operating cash flow
A$ million
Statutory lossOperating cash flow
AI-generated presentation · values from ACDC loss and cash flows; no missing values plotted as zero.
Investing and financing cash flows
A$ million
Investing cash flowFinancing cash flow
AI-generated presentation · values from ACDC loss and cash flows; no missing values plotted as zero.
ACDC loss and cash flows
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Statutory loss | (0.216) | (1.122) | (0.502) | (0.694) |
| Operating cash flow | (0.189) | (0.568) | (0.431) | (0.752) |
| Investing cash flow | 0.000 | (1.416) | (1.971) | (0.763) |
| Financing cash flow | 0.676 | 7.496 | 0.000 | (0.056) |
FY2022 is a short initial reporting period; no annualisation is made. FY2023 includes the IPO and acquisitions, so it is not a steady-state cash-funding benchmark.
FY2024 net financing is reported nil. FY2025 financing outflow is capital-raising costs, not a new loan repayment. Investing exploration payments sit outside operating cash flow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Cash investment and share-linked asset additions differ
The FY2025 exploration balance includes a performance-right probability adjustment as well as costs capitalised. That non-cash component explains why the carrying-value movement exceeds cash exploration payments.
The extraction describes an A$240,316 ATO assessment associated with GST credits misappropriated by an external service provider. Possible subsequent insurance cover up to A$250,000 was not recognised as an asset. Neither an assured reimbursement nor an offset to June cash is assumed.
Components added to exploration assets in FY2025
A$ million
Acquisition costs addedPerformance-right probability adjustmentCurrent expenditure capitalised
AI-generated presentation · values from FY2025 exploration carrying-value bridge; no missing values plotted as zero.
FY2025 exploration carrying-value bridge
A$ million
| Metric | FY2025 |
|---|---|
| Opening capitalised exploration | 7.184 |
| Acquisition costs added | 0.022 |
| Performance-right probability adjustment | 0.195 |
| Current expenditure capitalised | 0.751 |
| Closing capitalised exploration | 8.152 |
The A$195,000 performance-right adjustment is not current cash spent. A$751,040 current capitalised expenditure plus A$22,000 acquisition costs equals the separately reported A$773,040 exploration investing payment; this does not make the entire carrying-value increase cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 liquidity and funding position
A$ million
| Metric | FY2025 |
|---|---|
| Current assets | 2.281 |
| Current liabilities | 0.375 |
| Current interest-bearing borrowings | 0.000 |
| Non-current interest-bearing borrowings | 0.000 |
| Exploration investing payments | (0.773) |
| Supplier and employee payments | (0.872) |
Borrowings are reported nil in the selected extraction; this does not mean the business has no obligations or future funding requirements. The subsequent possible insurance recovery is not added to cash or assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Five fiscal labels do not establish five like-for-like ACDC group years. The report explicitly separates Fish Hawk FY2021-FY2022 history from ACDC FY2022-FY2025 financials.
- ACDC FY2022 is a short reporting period. Parent-only financial statements are not substituted for consolidated FY2023-FY2025 amounts.
- Different resource cut-offs and study stages are not joined into a single resource-growth chart. The retracted FY2024 study is not treated as current guidance.
- Scoping-study output is preliminary, not earned EBITDA, a proved reserve or secured project funding.
- Existing annual extraction only; no new raw-source, database, web or MiniMax work. Primary-author review, not independent audit; published.
Annual-report source registry
- Fish Hawk Resources Pty Ltd - Fish Hawk Resources Annual Report 30 June 2021Pre-acquisition Fish Hawk standalone evidence; not ACDC consolidated history.
- Fish Hawk Resources Pty Ltd - Fish Hawk Resources Annual Report 30 June 2022Pre-acquisition Fish Hawk standalone evidence; not ACDC consolidated history.
- ACDC Metals Ltd - Full Year Statutory AccountsExisting ACDC extraction, including separately labelled prior-period comparatives.
- ACDC Metals Ltd - Annual Report to ShareholdersExisting ACDC extraction, including separately labelled prior-period comparatives.
- ACDC Metals Ltd - Annual Report to ShareholdersExisting ACDC extraction, including separately labelled prior-period comparatives.
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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.