FY2021
Projects acquired with shares
The three-project portfolio was acquired for share consideration. Cash share-issue receipts were a separate financing transaction.
ASX: AGC · Five-year financial review
(ASX: AGC) Australian Gold and Copper Financial Review - FY2021~25
AGC’s cash position is shaped by equity raising and exploration spending, not operating mine revenue. Funding in FY2024 rebuilt its cash buffer, and additional FY2025 equity receipts broadly offset increased project investment. Capitalised exploration and annual losses tell different parts of the story.
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.
June 2025 cash
A$13.995m
Slightly below the prior balance date.
FY2025 investing outflow
A$5.535m
Mainly exploration cash payments.
Exploration assets
A$21.580m
Carrying value, not a reserve valuation.
FY2025 loss
A$1.089m
Distinct from capitalised project expenditure.
Five years in context
The starting portfolio comprised Moorefield, Gundagai and Cargelligo in New South Wales. Share consideration established a sizeable exploration asset balance before subsequent cash programmes. Reading that acquisition value as spending would overstate cash deployed.
AGC describes mineral exploration as its principal activity and equity raisings as its main funding channel. Drill results and tenement acquisitions are development evidence, not realised production or sales.
Events behind the numbers
FY2022
Achilles drilling support
The company reported a A$200,000 cooperative-drilling grant award. An award does not automatically equal cash received in that year.
FY2023
Write-off affects earnings
Exploration expenditure written off and share-based payments contributed to the accounting loss, alongside continuing cash exploration.
FY2024
Equity funding rebuilds liquidity
A$15.05m of gross share receipts transformed the cash balance. The later GeoZen tranche completed in August 2024 belongs to FY2025.
FY2025
More exploration; tenement expansion
Investment rose and an EL9012 purchase agreement was signed in June. Only the execution payment was paid by year-end; completion remained pending.
FINANCIAL REVIEW / 01
Financing rebuilt the buffer before exploration accelerated
FY2024 was the major funding reset. In FY2025, fresh equity cash broadly covered operating and investing outflows, leaving the closing cash balance little changed despite the larger exploration programme. This is financing-supported stability, not operating self-funding.
Cash at each June balance date
A$ million
Closing cash
AI-generated presentation · values from Five years of funding, earnings and cash; no missing values plotted as zero.
Cash use versus financing
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Five years of funding, earnings and cash; no missing values plotted as zero.
Five years of funding, earnings and cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (2.014) | (0.579) | (1.657) | (0.644) | (1.089) |
| Operating cash flow | (0.561) | (0.573) | (0.547) | (0.576) | (0.575) |
| Investing cash flow | (1.108) | (2.432) | (1.501) | (2.104) | (5.535) |
| Financing cash flow | 8.905 | 0.000 | 0.000 | 14.736 | 5.866 |
| Closing cash | 7.236 | 4.232 | 2.183 | 14.239 | 13.995 |
Accounting loss and cash outflow are different measures. FY2021 includes share-settled project acquisitions as well as cash equity financing.
FY2024 loss is A$644,414 in the financial statements and FY2025 comparative; an extracted narrative says A$644,444. The corroborated financial-statement value is displayed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The asset base combines acquisitions and capitalised work
Exploration assets expanded while liabilities remained much smaller than equity. Their recoverability nevertheless depends on future development, exploitation or sale; capitalisation is not proof of commercially recoverable reserves.
Exploration carrying value and equity
A$ million
Exploration and evaluation carrying valueTotal equity
AI-generated presentation · values from Capitalised exploration, equity and obligations; no missing values plotted as zero.
Capitalised exploration, equity and obligations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation carrying value | 11.064 | 13.460 | 14.124 | 16.051 | 21.580 |
| Total equity | 18.258 | 17.690 | 16.329 | 30.382 | 35.557 |
| Total liabilities | 0.233 | 0.201 | 0.160 | 0.206 | 0.672 |
Exploration carrying value is not a mineral-resource valuation or cash available to spend.
FY2021 includes A$10m of acquired exploration projects. The acquisition was settled in shares, so that amount is not added to cash exploration expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The exploration programme became more cash intensive
Investing-classified exploration payments more than doubled in FY2025. A separate operating-classified exploration payment also appears, so comparisons based on the investing line alone would understate total exploration-related cash expenditure.
Exploration cash classified as investing
A$ million
Exploration cash payments - investing
AI-generated presentation · values from Exploration payments and equity cash receipts; no missing values plotted as zero.
Exploration payments and equity cash receipts
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash payments - investing | (0.963) | (2.402) | (1.495) | (2.068) | (5.240) |
| PP&E cash payments | (0.115) | (0.003) | (0.006) | (0.007) | (0.201) |
| Gross share-issue cash receipts | 10.000 | 0.000 | 0.000 | 15.050 | 6.050 |
| Share issue cash costs | (1.095) | 0.000 | 0.000 | (0.314) | (0.184) |
Exploration classified within operating cash flow is shown separately below; the investing row is not a complete all-category exploration-spend measure.
Cash issues are not the same as shares issued to acquire projects. Issuer-reported nil financing in FY2022 and FY2023 is retained as zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Losses do not capture all project investment
Share-based expenses and write-offs help explain why annual loss differs from cash use. The FY2025 director options were expensed over vesting rather than treated as cash raised. No adjusted-loss subtotal is invented.
The Browns Reef agreement was signed in August 2025, after the last balance date. Its cash deposit, share consideration and approval conditions belong to subsequent-event context, not completed FY2025 assets or cash spending.
Share-based payment expense
A$ million
Share-based payment expense
AI-generated presentation · values from Read exploration cash separately from non-cash charges; no missing values plotted as zero.
Read exploration cash separately from non-cash charges
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Exploration cash payments - operating | (0.065) | (0.005) | (0.210) |
| Share-based payment expense | (0.295) | (0.010) | (0.353) |
Two distinct bases: the first row is cash; the second is an accounting expense. They are not summed.
FY2023 also included A$0.724m of exploration expenditure written off, separate from that year’s cash exploration payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Existing frozen annual extractions only; no PDF, parsed-body, DB expansion or financial web research. Primary-author review, not independent audit. Published.
- FY2024 loss follows two corroborating financial-statement observations rather than the A$30-higher extracted narrative. Both original records are preserved in the evidence log.
- FY2023 total-assets observations differ by A$8,930 between extractions. No total-assets trend or forced correction is presented; selected exploration, equity and cash observations are retained.
- No blank borrowing or lease observation is interpreted as zero. Grant awards, future option proceeds and pending acquisitions are not counted as balance-date cash.
- Exploration cash split between operating and investing is kept visible. Resource quantities, drill intercepts and project carrying values are not treated as mine sales.
Annual-report source registry
- Australian Gold and Copper - Annual Report to ShareholdersExisting annual extraction, with stated comparative identities.
- Australian Gold and Copper - Annual Report to ShareholdersExisting annual extraction, with stated comparative identities.
- Australian Gold and Copper - Annual Report to ShareholdersExisting annual extraction, with stated comparative identities.
- Australian Gold and Copper - Annual Report to ShareholdersExisting annual extraction, with stated comparative identities.
- Australian Gold and Copper - Annual Report to shareholdersExisting annual extraction, with stated comparative identities.
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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