FY2021
Lucena written down
The entire Lucena carrying value, about A$9.1m, was impaired. The non-cash charge helps explain the large statutory loss.
ASX: AGR · Five-year financial review
(ASX: AGR) Aguia Resources Financial Review - FY2021~25
Aguia’s asset base grew while its liquid cash remained limited. Impairments, the acquisition of Andean and a fertilizer-plant lease explain why a rising equity balance does not necessarily mean stronger short-term liquidity. The review keeps those changes separate from annual operating cash use.
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$0.579m
Distinct from capitalised project assets.
FY2025 loss
A$2.764m
Below FY2024, when copper impairment was recorded.
Exploration carrying value
A$39.317m
Includes the changed project perimeter.
Current-asset deficit
A$3.448m
A$0.898m current assets less A$4.346m current liabilities.
Five years in context
Phosphate permitting and related litigation shaped the earlier development timeline in Brazil. A construction licence was issued in November 2022, but the company deferred construction while the public civil action remained unresolved. A licence and an operating mine are not the same financial milestone.
Andean was consolidated at 30 June 2024, adding Colombia to the geographical segments. Compulsory acquisition of remaining shares completed later. These different dates explain why Colombian assets already appear in the FY2024 accounts.
Events behind the numbers
FY2022
Commercial plans remained conditional
The Pampafos memorandum was non-binding and dependent on permits and product registration. It is not treated as recognised sales.
FY2023
Licence issued; construction deferred
The November 2022 construction licence did not remove the pending litigation constraint described by the company.
FY2024
Colombian assets enter the group
Andean was acquired for accounting purposes at 30 June. A separate copper-project impairment affected the annual result.
FY2025
Plant lease changes the balance sheet
A ten-year lease over an existing fertilizer plant created right-of-use assets and lease liabilities. This is not an outright cash plant purchase.
FINANCIAL REVIEW / 01
A lower loss does not erase cash constraints
FY2025 operating cash remained negative and year-end cash declined. The lower loss follows a year containing a major copper impairment; it should not be described as proof of operating self-funding.
Cash at each June balance date
A$ million
Closing cash
AI-generated presentation · values from Five-year earnings and operating cash record; no missing values plotted as zero.
Statutory loss versus operating cash
A$ million
Loss after taxOperating cash flow
AI-generated presentation · values from Five-year earnings and operating cash record; no missing values plotted as zero.
Five-year earnings and operating cash record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (10.842) | (1.856) | (2.237) | (5.795) | (2.764) |
| Operating cash flow | (0.728) | (1.335) | (2.083) | (2.056) | (2.034) |
| Closing cash | 4.298 | 3.726 | 0.438 | 1.013 | 0.579 |
The five-year loss series is explicitly supplied in the FY2025 annual extraction. Cash and operating flows retain their original/comparative sources.
Loss is not cash expenditure: FY2021 includes the Lucena impairment and FY2024 includes a copper-project impairment. No recurring-profit measure is invented.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The balance sheet is asset-rich but cash-constrained
Exploration assets dominate the balance sheet, and Andean introduced a major perimeter change. In FY2025 liabilities also expanded, turning net current assets into a deficit despite positive total equity.
Exploration assets and group equity
A$ million
Exploration and evaluation assetsTotal group equity
AI-generated presentation · values from Asset growth and liquidity move in different directions; no missing values plotted as zero.
Net current assets / deficiency
A$ million
Net current assets / (deficiency)
AI-generated presentation · values from Asset growth and liquidity move in different directions; no missing values plotted as zero.
Asset growth and liquidity move in different directions
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 30.205 | 32.383 | 34.334 | 37.282 | 48.108 |
| Exploration and evaluation assets | 24.137 | 26.723 | 31.572 | 33.763 | 39.317 |
| Total group equity | 28.129 | 31.652 | 34.077 | 36.348 | 41.166 |
| Total liabilities | 2.076 | 0.731 | 0.257 | 0.934 | 6.942 |
| Net current assets / (deficiency) | 2.309 | 3.083 | 0.348 | 0.291 | (3.448) |
FY2024 includes the Andean acquisition at 30 June and introduces Colombian assets. The increase is not purely organic exploration expenditure.
FY2025 includes right-of-use assets and lease obligations. Neither a lease asset nor capitalised exploration is cash available for debt repayment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Use the available cash-flow history without inventing the missing year
Historical equity receipts financed corporate and exploration cash needs. The last extracted full cash-flow comparison ends at FY2024; FY2025 operating cash and closing cash are available separately. The unextracted investing and financing totals are not reconstructed from balance-sheet changes.
Cash investment and equity funding before FY2025
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Investing cash flow | (1.726) | (2.230) | (2.605) | (0.499) |
| Financing cash flow | 3.717 | 2.896 | 1.390 | 3.133 |
| Exploration cash payments | (0.939) | (1.435) | (2.320) | (0.589) |
| Gross share-issue cash receipts | 4.005 | 3.047 | 1.480 | 3.301 |
This supporting table stops at FY2024 because the frozen FY2025 packet lacks the corresponding complete investing/financing cash-flow rows. That is an extraction gap, not issuer non-disclosure or a zero.
FY2024 investing cash includes A$0.090m cash acquired with Andean. The acquisition is not equivalent to the year’s exploration payment.
FY2021 opening, exchange and cash-change labels are taken from the coherent original-year extraction, not the permuted labels in the later comparative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Lease and convertible financing add real obligations
The plant lease supports access to fertilizer-processing infrastructure but creates ongoing obligations. The convertible loan is secured against Andean shares and has contractual cash interest; its conversion option does not make the liability disappear at the balance date.
The auditor highlighted material going-concern uncertainty. A favourable court decision was reported in October 2024, but this review does not independently determine the legal position or assert that all funding and operating conditions were satisfied.
FY2025 obligations behind the working-capital deficit
A$ million
| Metric | FY2025 |
|---|---|
| Trade and other payables | 1.214 |
| Current financial liability | 1.500 |
| Current lease liability | 0.787 |
| Convertible loans | 0.750 |
| Related-party loans at call | 0.095 |
| Non-current lease liability | 2.596 |
| Right-of-use asset - separate asset, not an obligation | 3.838 |
The first five rows comprise current liabilities. The non-current lease is separate; the right-of-use asset is shown only to explain the lease-accounting counterpart.
The convertible loan carries 10% annual interest and a 12-month repayment term, subject to a lender-elected extension. Conversion depends on the specified terms; it is not assumed to have happened.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extracted records only. No original documents, parsed body, fresh DB query, web financial research or additional extraction. Primary-author review, not independent audit; published.
- The FY2025 investing and financing cash-flow totals are absent from the selected frozen packet. The historical supporting table is explicitly limited to FY2021-FY2024 rather than filling a fabricated fifth-year value.
- FY2021 cash-movement labels differ in the later comparative extraction. The original-year records correctly identify opening cash, net increase and exchange effect; source records remain unchanged.
- Andean accounting acquisition, completion of remaining-share acquisition and subsequent legal decisions have distinct dates. Their timing is not collapsed into a single event.
- One-dollar differences in FY2025 loss observations are immaterial at the displayed precision. The five-year highlights and auditor statement corroborate the selected amount.
- An unextracted revenue or production series is not proof of no production. No sales trajectory is inferred from conditional marketing arrangements, resource estimates or capitalised costs.
Annual-report source registry
- Aguia Resources Limited - Annual ReportExisting annual extraction with group/parent boundaries preserved.
- Aguia Resources Limited - Annual Report - 30 June 2022Existing annual extraction with group/parent boundaries preserved.
- Aguia Resources Limited - Annual Report to ShareholdersExisting annual extraction with group/parent boundaries preserved.
- Aguia Resources Limited - Annual Report to shareholdersExisting annual extraction with group/parent boundaries preserved.
- Aguia Resources Limited - Full Year Statutory AccountsExisting annual extraction with group/parent boundaries preserved.
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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