FY2021
Permitting and COVID-related delays
The company attributed delays to site-work approvals and community engagement to COVID restrictions while progressing engineering studies.
ASX: AKM · Five-year financial review
(ASX: AKM) Aspire Mining Financial Review - FY2021~25
Aspire’s reported results swing with foreign exchange while the business continues to fund coal-project development. Reading the five-year record requires two adjustments: use the issuer’s re-presented US-dollar history, and show the six-month 2023 transition separately from full years.
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 group loss
US$12.851m
Includes a large non-cash FX effect.
FY2025 operating cash use
US$2.481m
Cash reconciliation, not the statutory loss.
FY2025 equity
US$39.294m
Group equity including non-controlling interests.
Reporting break
6-month transition
July-December 2023 is shown separately.
Five years in context
Aspire’s principal activity was advancing the studies, permits and approvals for Ovoot in Mongolia. The FY2024 extraction identifies a 100% Ovoot interest and 90% Nuurstei interest. Project capacity, a feasibility-study valuation and a resource estimate are not annual coal sales.
Presentation changed from Australian to US dollars on 1 July 2023, with a December financial year-end. This report uses the later US-dollar historical earnings series, rather than splicing original Australian-dollar results into the newer statements. The extra six-month period remains visible.
Events behind the numbers
FY2022
FEED engineering completed
The coal-handling plant and Erdenet rail-terminal FEED studies were completed; other permits and feasibility work remained necessary.
FY2023
Treasury investment and reporting transition
The June-year cash record includes a substantial bond investment. The company then changed presentation currency and reported an additional six-month period.
FY2024
Development work; unrealised FX gain
Ovoot studies and approvals remained the principal activity. The positive statutory result included a large unrealised currency gain, not mine sales.
FY2025
FX reversal and rights forfeiture
Foreign-exchange losses dominated the statutory result. Performance rights were forfeited after shareholder approval was not obtained, with further forfeiture following a director’s resignation.
FINANCIAL REVIEW / 01
Statutory swings do not establish a producing-mine earnings trend
The shift from profit to loss in FY2025 is much larger than the change in operating cash use. The cash reconciliation identifies foreign exchange as the dominant non-cash bridge. Translation movements in OCI partly offset the latest statutory loss in the equity record.
Full-year statutory result on the US-dollar basis
US$ million
Consolidated profit / (loss) after tax
AI-generated presentation · values from Annual statutory earnings - re-presented US-dollar history; no missing values plotted as zero.
Annual statutory earnings - re-presented US-dollar history
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated profit / (loss) after tax | (3.866) | 0.311 | (0.377) | 6.661 | (12.851) |
FY2021-FY2023 are 12-month periods to June, using the US-dollar historical series in the FY2024 extraction. FY2024-FY2025 are 12-month periods to December.
A separate six-month period to December 2023 sits between FY2023 and FY2024; it is shown below, not silently discarded or annualised.
The group includes non-controlling interests. These values are not the slightly different result attributable to owners.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The extra six-month reporting period
US$ million
| Metric | 6 months to Dec 2023 |
|---|---|
| Consolidated loss after tax | (3.364) |
| Closing cash | 6.982 |
Shown separately because the year-end changed. No six-month result is doubled to invent a full-year result.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A lower cash balance is not all money spent on exploration
The purchase of bonds moved funds out of cash equivalents in the June 2023 year. Later net proceeds from those investments partly offset exploration payments. This makes investing cash flow a treasury-and-project measure, not a pure capex proxy.
Cash at successive balance dates
US$ million
Cash and cash equivalents at balance date
AI-generated presentation · values from The transition period and the cash portfolio; no missing values plotted as zero.
Exploration payments by actual reporting period
US$ million
Exploration cash payments
AI-generated presentation · values from The transition period and the cash portfolio; no missing values plotted as zero.
The transition period and the cash portfolio
US$ million
| Metric | Jun 2023 (12m) | Dec 2023 (6m) | Dec 2024 (12m) |
|---|---|---|---|
| Operating cash flow | (1.456) | (0.822) | (1.535) |
| Investing cash flow | (11.965) | (0.690) | (0.834) |
| Exploration cash payments | (1.930) | (0.676) | (1.779) |
| Cash and cash equivalents at balance date | 8.568 | 6.982 | 4.578 |
The December 2023 column covers six months; cash spending is not compared as if all three columns cover a year. Closing cash is a point-in-time balance.
June 2023 investing includes US$9.976m invested in bonds. The cash decline was therefore not wholly exploration spending. FY2024 investing includes US$0.906m net bond proceeds.
Bonds are financial investments, not included in the displayed cash-equivalent total. No FY2025 closing-cash value was recovered in this frozen packet; this is an extraction gap, not issuer non-disclosure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Development assets are not the same as liquidity
Exploration and evaluation remain substantial within the asset base. Recovery depends on successful development or sale; the auditor highlighted tenure, continued funding and commercial viability in assessing impairment indicators. Those conditions are different from measuring available cash.
Exploration assets within total assets
US$ million
Total assetsCapitalised exploration and evaluation
AI-generated presentation · values from Capitalised exploration and the balance sheet around the transition; no missing values plotted as zero.
Capitalised exploration and the balance sheet around the transition
US$ million
| Metric | Jun 2023 (12m) | Dec 2023 (6m) | Dec 2024 (12m) |
|---|---|---|---|
| Capitalised exploration and evaluation | 26.014 | 27.123 | 27.432 |
| Total assets | 45.519 | 45.206 | 42.505 |
| Total liabilities | 0.137 | 0.213 | 0.443 |
| Total equity | 45.382 | 44.994 | 42.062 |
Balance dates rather than equal operating periods. June 2023 figures use the amended US-dollar comparison.
Capitalised exploration depends on development or sale recovery assumptions. It is not the NPV of a producing mine or an immediately available cash reserve.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Read the FX adjustment, OCI and equity as separate layers
The FY2025 operating cash outflow was far smaller than the statutory loss. Currency translation increased OCI while the profit-and-loss FX adjustment worked in the opposite direction. The group equity balance therefore declined much less than the reported loss alone would imply.
Future development still depends on finance. The historical report states that additional funding may not be available on acceptable terms and that a shortfall could delay or postpone development; the bond portfolio is not proof that the full mine-development programme is funded.
Latest statutory result versus operating cash flow
US$ million
Consolidated profit / (loss)Operating cash flow
AI-generated presentation · values from FY2024-FY2025: currency movements dominate earnings; no missing values plotted as zero.
FY2024-FY2025: currency movements dominate earnings
US$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Consolidated profit / (loss) | 6.661 | (12.851) |
| FX loss / (gain), cash-reconciliation adjustment | (8.663) | 10.159 |
| Operating cash flow | (1.535) | (2.481) |
| Result attributable to owners | 6.665 | (12.848) |
| Foreign-currency translation movement in OCI | (9.715) | 10.179 |
| Total equity at year-end | 42.062 | 39.294 |
The FX adjustment reverses the non-cash profit-and-loss effect in the cash reconciliation: a negative adjustment removes a gain; a positive adjustment adds back a loss. It is not an additional cash loss.
Translation in other comprehensive income (OCI) is separate from the FX item in profit and loss. Neither is added to operating cash flow as a funding receipt.
FY2025 fact metadata says AUD in places, but the linked reporting-currency claim explicitly says US dollars and the FY2024 comparatives match the US-dollar statements. Display currency follows that contextual evidence.
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 report, fresh DB retrieval, web financial research or MiniMax drafting. Primary-author review only; not approved for publication.
- FY2021-FY2023 earnings are the later re-presented US-dollar series. The June 2023 annual period and the following six-month December period are separate, not a single fabricated 18-month year.
- The frozen FY2025 packet contains earnings, operating-cash reconciliation and equity information but not a complete current cash-flow/balance-sheet set. Missing cash and asset totals are not estimated or labelled issuer non-disclosure.
- Some FY2025 extracted currency metadata incorrectly says AUD. The report uses the explicit US-dollar reporting context and matching prior-year US-dollar comparatives; this resolution is recorded in the evidence log.
- No mine production, sales, current valuation or investment recommendation is inferred from planned capacity, historical feasibility economics or capitalised costs.
Annual-report source registry
- Aspire Mining - Annual Report to shareholdersExtracted reporting periods and re-presented currencies are explicitly distinguished.
- Aspire Mining - Annual Report to shareholdersExtracted reporting periods and re-presented currencies are explicitly distinguished.
- Aspire Mining - Annual Report to shareholdersExtracted reporting periods and re-presented currencies are explicitly distinguished.
- Aspire Mining - Annual Report to shareholdersExtracted reporting periods and re-presented currencies are explicitly distinguished.
- Aspire Mining - Annual Report to shareholdersExtracted reporting periods and re-presented currencies are explicitly distinguished.
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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