FY2021
Samphire acquisition closes
The transaction completed on 8 October 2020, bringing a new project and acquired cash into the reporting perimeter.
ASX: AGE · Five-year financial review
(ASX: AGE) Alligator Energy Financial Review - FY2021~25
Alligator’s balance sheet expanded as Samphire advanced towards a field recovery trial. Repeated equity raisings financed exploration and pilot-plant work, leaving a substantial cash buffer at June 2025. That buffer, capitalised project costs and reported mineral resources are three different measures—not interchangeable evidence of a producing business.
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$30.150m
After the June placement.
FY2025 exploration cash
A$10.344m
Separate from expensed and impaired costs.
FY2025 statutory loss
A$5.911m
Not the A$5.242m comprehensive loss.
Exploration assets
A$40.960m
Accounting carrying amount.
Five years in context
The October 2020 Samphire acquisition established the current development focus. Subsequent work combined resource evaluation, engineering and trial preparation; the modular processing plant was built offsite before the final on-site approvals.
The field recovery trial is intended to generate evidence for feasibility and a mining-lease application. Interest from potential utility customers is conditional on trials and approvals, not a completed production history or recognised sales.
Events behind the numbers
FY2022
Funding and Big Lake ownership
Substantial equity receipts supported the expanding programme. The right to acquire 100% of Big Lake was exercised in December 2021.
FY2023
Exploration draws on the earlier raise
Exploration cash payments increased while no new equity cash was received in the annual cash-flow record. The balance-date cash buffer declined.
FY2024
Trial plant built offsite
The modular pilot plant was fabricated and transported to Whyalla, with on-site construction still dependent on approvals. A September 2023 placement funded the next phase.
FY2025
Lease and equity funding secured
A retention lease was granted in January and the placement completed in June. Final trial approval came in August 2025, after year-end.
FINANCIAL REVIEW / 01
Equity raises replenish a cash-consuming development programme
The latest financing inflow exceeded operating and investing outflows, lifting year-end cash. Interest receipts helped offset corporate cash costs, but these are returns on cash rather than uranium revenue.
The cash buffer over five years
A$ million
Closing cash
AI-generated presentation · values from Five-year loss, cash use and financing; no missing values plotted as zero.
Annual cash use and financing
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Five-year loss, cash use and financing; no missing values plotted as zero.
Five-year loss, cash use and financing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (0.991) | (2.248) | (2.855) | (3.452) | (5.911) |
| Operating cash flow | (0.790) | (1.698) | (1.526) | (1.712) | (1.978) |
| Investing cash flow | (0.056) | (2.957) | (7.078) | (15.383) | (12.398) |
| Financing cash flow | 1.573 | 30.152 | (0.025) | 26.989 | 16.134 |
| Closing cash | 1.631 | 27.128 | 18.498 | 28.392 | 30.150 |
Annual loss does not include all capitalised exploration or plant spending. Financing is a cash-flow total after raising costs and any lease payments.
FY2021 investing cash includes cash acquired with Samphire. It should not be mistaken for a year with almost no project expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Growing project assets still require future testing and funding
Capitalised exploration represents a large share of assets, alongside cash. Technical judgement is required on recoverability and impairment, while the trial’s timing and results remain important to subsequent project decisions.
Exploration carrying amounts and equity
A$ million
Exploration and evaluation assetsTotal equity
AI-generated presentation · values from Cash, capitalised projects and equity; no missing values plotted as zero.
Cash, capitalised projects and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 13.815 | 44.592 | 44.124 | 68.137 | 79.487 |
| Exploration and evaluation assets | 11.846 | 16.754 | 23.779 | 33.682 | 40.960 |
| Total equity | 13.346 | 44.001 | 41.441 | 65.853 | 77.353 |
| Total liabilities | 0.470 | 0.591 | 2.683 | 2.283 | 2.134 |
| Net current assets | 1.491 | 27.114 | 17.109 | 27.589 | 29.342 |
Exploration assets are accumulated carrying amounts, not the value of uranium in the ground. Net current assets is a calculated liquidity measure, not a completed project-finance commitment.
Small one- or two-dollar differences between extracted narrative and statement totals are immaterial at this display scale; statement values are retained without rewriting the inputs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate exploration, pilot plant and financial investments
Plant cash spending peaked during the offsite pilot-plant build, then declined. Exploration payments remained substantial. The separate EnviroCopper investment provides exposure to copper ISR work; it is not Samphire plant capex or uranium output.
Exploration and plant cash payments
A$ million
Exploration cash paymentsPlant and equipment cash payments
AI-generated presentation · values from The cash cost of advancing the portfolio; no missing values plotted as zero.
The cash cost of advancing the portfolio
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash payments | (0.635) | (2.873) | (6.544) | (11.230) | (10.344) |
| Plant and equipment cash payments | 0.000 | (0.057) | (0.410) | (3.053) | (0.769) |
| Gross equity cash receipts | 1.695 | 31.678 | 0.000 | 28.792 | 17.250 |
| Equity raising cash costs | (0.122) | (1.527) | 0.000 | (1.728) | (1.041) |
Plant payments, capitalised exploration and financial investments are distinct categories. FY2025 also included A$1.1m of investment payments, outside the two project-spending rows.
Attaching options are not future cash until exercised. June 2025 placement cash and later approval of options are separate events.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Impairment and OCI move different parts of the accounts
The Alligator Rivers impairment increased FY2025 expenses after a technical review and a decision not to budget significant near-term operational spending there. The equity-investment fair-value gain instead appears in OCI and does not reduce the statutory loss.
The proposed Piedmont exit, final Samphire trial approval and R&D refund were subsequent events. None is backdated into June 2025 cash or represented as commercial uranium production.
Non-cash exploration impairment
A$ million
Exploration impairment charge
AI-generated presentation · values from Charges outside capitalised project expenditure; no missing values plotted as zero.
Charges outside capitalised project expenditure
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation expense | (0.067) | (0.180) | (0.141) | (0.263) | (0.721) |
| Exploration impairment charge | (0.024) | 0.000 | (0.514) | (0.645) | (2.212) |
| Share-based payment expense | (0.027) | (0.205) | (0.250) | (0.415) | (0.534) |
These are profit-and-loss expenses, not extra cash payments. Do not add them to the cash spending table.
The FY2025 impairment relates to Alligator Rivers projects; FY2024 relates to Piedmont. A generic duplicated nil label in the extraction is not used to erase the project-specific charge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 loss versus total comprehensive loss
A$ million
| Metric | FY2025 |
|---|---|
| Loss after tax | (5.911) |
| Equity-investment fair-value gain in OCI | 0.668 |
| Total comprehensive loss | (5.242) |
The OCI gain reduces comprehensive loss but is not operating profit or cash received. It is not netted into the five-year statutory-loss row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only frozen annual extractions were used. No raw PDFs, original parsed text, new DB searches, financial web research or MiniMax drafting. Primary-author consistency review, not independent audit.
- All monetary tables are A$ million. Cash acquisition effects, capitalised costs, expenses, impairment and financial investments are deliberately separated.
- The June placement is corroborated by actual cash receipts; August shareholder approval concerned attaching options. Conflicting broad wording in one claim is not allowed to move the cash receipt to the wrong year.
- Duplicate generic impairment/OCI labels are interpreted with the explicit project and financial-statement records. Small rounding differences are retained in source evidence, not treated as missing data.
- The report ends at FY2025; subsequent approvals and forecasts are explicitly dated. Mineral-resource growth and utility interest are not treated as sales or financial valuation. Published.
Annual-report source registry
- Alligator Energy - Annual Report - 30 June 2021Existing annual extracted data with comparative provenance.
- Alligator Energy - Annual Report - 30 June 2022Existing annual extracted data with comparative provenance.
- Alligator Energy - Annual Report to shareholdersExisting annual extracted data with comparative provenance.
- Alligator Energy - Annual Report - 2024Existing annual extracted data with comparative provenance.
- Alligator Energy - Annual Report - 2025Existing annual extracted data with comparative provenance.
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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