FY2021
Revelo acquired
The acquisition combined share consideration, cash and assumed liabilities. The acquired exploration assets were not a producing business.
ASX: AGD · Five-year financial review
(ASX: AGD) Austral Gold Financial Review - FY2021~25
Austral Gold returned to profit in FY2025, but the turnaround was broader than mine output alone. Higher realised prices, Casposo’s restart, investment gains and an impairment reversal all matter. The cash improvement is real in the annual record; the remaining current-liability deficit is equally important.
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.
FY2025 revenue
US$51.170m
Up from US$36.790m.
FY2025 operating cash
US$9.252m
Positive after the FY2024 cash outflow.
FY2025 owners’ profit
US$14.726m
Includes investment and impairment effects.
Net financial debt
US$16.040m
Issuer measure at December 2025.
Five years in context
The portfolio moved through lower Guanaco/Amancaya output, asset sales and impairments before Casposo resumed commercial production in October 2025. Combined FY2025 output remained below FY2024 on the issuer-reported GEO series, despite the added Casposo contribution.
The issuer attributes the revenue recovery to Casposo and higher realised gold and silver prices. Separately, gains on securities and a Casposo impairment reversal lifted statutory earnings. They should not be folded into mining margins or portrayed as all-cash operating profit.
Events behind the numbers
FY2022
Heap project and disposal agreement
Heap-reprocessing construction began and the Pingüino sale was agreed. Sale completion and its first cash receipt occurred in March 2023.
FY2023
Disposal completed; liquidity remained tight
The Pingüino disposal completed while closing cash remained low. The net cash figure includes the bank overdraft, unlike gross bank cash.
FY2024
Impairments reshape the balance sheet
Amancaya mine and plant assets and several exploration properties were impaired. These charges reduced earnings and carrying amounts, not cash by the same amount.
FY2025
Casposo restarts; Guanaco disrupted
Casposo began commercial production in October. A late-August workplace fatality led to a temporary Guanaco circuit suspension, affecting output and unit costs.
FINANCIAL REVIEW / 01
Revenue recovered before volumes returned to earlier levels
Gross profit strengthened with the price and operating mix change. The five-year revenue series should be read beside production and the earnings adjustments, rather than explained by tonnes or ounces alone.
Revenue and gross profit
US$ million
Sales revenueGross profit
AI-generated presentation · values from The five-year revenue and earnings record; no missing values plotted as zero.
Attributable profit and loss
US$ million
Profit / (loss) attributable to owners
AI-generated presentation · values from The five-year revenue and earnings record; no missing values plotted as zero.
The five-year revenue and earnings record
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Sales revenue | 64.390 | 49.710 | 47.729 | 36.790 | 51.170 |
| Gross profit | 12.270 | 2.566 | 0.546 | 3.557 | 16.707 |
| Profit / (loss) attributable to owners | (7.324) | (8.257) | (7.229) | (27.068) | 14.726 |
Attributable earnings are used consistently; they are not comprehensive income or adjusted earnings.
The FY2025 result includes investment gains and an impairment reversal. It must not be interpreted as profit entirely from mining.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash generation improved, while investment resumed
FY2025 operating inflow supported new plant spending, principally at Casposo. Disposal proceeds reduced the net investing outflow; they are not deducted from gross capex to suggest the plant cost less. Reclassified comparatives are used deliberately.
Cash net of overdraft
US$ million
Closing cash - cash-flow basis, net of overdraft
AI-generated presentation · values from Cash flows and cash net of overdraft; no missing values plotted as zero.
Cash flow by activity
US$ million
Operating cash flowInvesting cash flowNet financing cash flow
AI-generated presentation · values from Cash flows and cash net of overdraft; no missing values plotted as zero.
Cash flows and cash net of overdraft
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | 11.310 | 10.953 | 8.132 | (6.492) | 9.252 |
| Investing cash flow | (18.471) | (11.595) | (12.425) | 5.030 | (2.475) |
| Net financing cash flow | (2.894) | (0.778) | 4.406 | 3.814 | 0.363 |
| Closing cash - cash-flow basis, net of overdraft | 2.346 | 0.926 | 1.039 | 3.391 | 10.531 |
| PP&E cash payments | (6.897) | (6.434) | (11.283) | (0.434) | (7.904) |
| Exploration cash payments | (8.390) | (5.790) | (4.614) | (0.928) | (0.468) |
FY2022 uses the FY2023 restated cash-flow categories; FY2023 uses later reclassified comparatives. FY2025 also changed presentation to the direct method.
FY2023/FY2024 cash is net of US$0.222m/US$0.199m bank overdraft. Gross balance-sheet cash is not forced to match these figures.
Positive FY2024 investing cash includes asset disposals. It is not negative capex or recurring operating earnings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate reported output from the changed operating mix
Casposo contributed 4,283 GEOs after restart while Guanaco/Amancaya contributed 11,109 GEOs. Casposo’s stockpile-based costs are not a direct benchmark for Guanaco’s disrupted operations. C1 and AISC are issuer-defined measures, not IFRS cost-of-sales margins.
Reported production - scope changes in FY2025
Issuer-reported gold-equivalent ounces
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gold-equivalent production, reported operating portfolio | 31,142 | 27,686 | 24,879 | 15,573 | 15,392 |
FY2021-FY2024: Guanaco/Amancaya. FY2025: combined operations including Casposo after its October restart.
Issuer gold-equivalent conversion ratios vary across periods and sites; this is not a constant-price metal-equivalent series. FY2025 indicators exclude disclosed commissioning output.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 operations: a different mix, not a uniform cost base
US$ per issuer-reported GEO
| Metric | Guanaco/Amancaya | Casposo | Combined |
|---|---|---|---|
| C1 cash cost | 2,602 | 1,387 | 2,264 |
| All-in sustaining cost | 2,834 | 1,638 | 2,501 |
C1 includes mine, plant, site G&A, smelting, refining and royalties, excluding corporate G&A. AISC adds sustaining capex, brownfield exploration and mine-closure amortisation.
Casposo costs reflect stockpile processing after restart; Guanaco was affected by a temporary circuit suspension. These are not identical operating conditions.
Guanaco and Casposo used different AuEq conversion ratios (84.6:1 and 72.1:1 silver:gold). Cost units follow the explicit issuer explanations rather than inconsistent KPI row labels.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Investment gains and asset reversals are material
The latest result includes US$12.980m of gains on equity securities and a US$3.689m PP&E impairment reversal. Their effect must remain visible even though operating cash flow also improved. The reversal relates to Casposo; the major prior-year plant impairment related to Amancaya.
Group equity after impairments and profit recovery
US$ million
Total group equity
AI-generated presentation · values from Equity through impairments and the earnings recovery; no missing values plotted as zero.
Selected drivers of the FY2025 profit
US$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Investment sale and fair-value gains | 1.724 | 12.980 |
| PP&E impairment reversal / (charge) | (16.705) | 3.689 |
Selected components only, not a complete earnings bridge.
The extraction gives two different FY2024 adjusted-earnings comparatives. No non-IFRS adjusted-earnings trend is published from that conflict.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Equity through impairments and the earnings recovery
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total group equity | 57.098 | 48.815 | 41.573 | 14.365 | 29.696 |
The equity balance is not cash or a mineral-resource valuation. FY2024 was affected by substantial impairments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Profitability does not remove the funding conditions
Current liabilities still exceeded current assets at year-end. The major shareholder’s assurance on calling certain loans and the February 2026 placement informed the going-concern assessment. The placement is a subsequent event, not FY2025 cash.
Inventory described at fair value in the issuer’s liquidity discussion is not added to cash here. Debt reduction and a higher cash balance improve flexibility, but the large short-term debt portion remains relevant.
A stronger cash buffer, but short-term obligations remain
US$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gross balance-sheet cash | 3.590 | 10.531 |
| Total financial debt | 26.595 | 26.571 |
| Issuer-reported net financial debt | 23.005 | 16.040 |
| Net current assets / (deficiency) | (5.823) | (6.371) |
FY2024 working-capital deficiency is calculated from US$20.177m current assets less US$26.000m current liabilities; both references are retained.
FY2025 short-term financial debt was US$20.060m. Support from the major shareholder and a subsequent capital raising formed part of the going-concern assessment; neither reclassifies all current debt as long-term.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen per-year extractions only; no raw-document or new DB/web retrieval. Primary author review, not independent audit; published.
- FY2022 restated and FY2023 reclassified cash flows are selected explicitly. FY2023 financing is taken from the corroborating narrative because a table extraction concatenated two values.
- Cash-flow balances are net of overdraft. Balance-sheet gross cash and issuer net debt are presented separately.
- GEO conversion and the operating portfolio change across years. No constant-basis volume growth rate is calculated, and commissioning exclusions are retained.
- The KPI AISC unit labels conflict with explicit per-GEO narrative; the latter is used and documented. FY2024 adjusted earnings conflict (1.421m versus 3.862m) is logged, not plotted.
- An extracted claim incorrectly describes FY2025 production as higher than FY2024. The report follows the explicit output figures, 15392 versus 15573 GEOs. Forecast 2026 output and subsequent equity funding are not historical FY2025 production or cash.
Annual-report source registry
- Austral Gold Limited - Annual Report to shareholdersCalendar-year annual extraction; financial currency US dollars, comparative changes noted.
- Austral Gold Limited - Annual Report to shareholdersCalendar-year annual extraction; financial currency US dollars, comparative changes noted.
- Austral Gold Limited - Annual Report to shareholdersCalendar-year annual extraction; financial currency US dollars, comparative changes noted.
- Austral Gold Limited - Annual Report to shareholdersCalendar-year annual extraction; financial currency US dollars, comparative changes noted.
- Austral Gold Limited - Annual Report to shareholdersCalendar-year annual extraction; financial currency US dollars, comparative changes noted.
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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