FY2021
Koongie Park earn-in reaches 50%
The first milestone was met in December. The later 75% milestone was completed in early 2022, not backdated into 2021.
ASX: AKN · Five-year financial review
(ASX: AKN) AuKing Mining Financial Review - FY2021~25
AuKing’s smaller FY2025 loss did not remove its funding constraint. Closing cash remained modest, current liabilities exceeded current assets, and exploration spending was spread across operating expenses and capitalised projects. Changes in the project portfolio matter more than a simple reading of the investing-cash line.
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 loss
A$2.840m
Statement-based figure; conflicting extracted prose excluded.
Closing cash
A$0.114m
At 31 December 2025.
Working-capital deficit
A$1.675m
Current liabilities exceeded current assets.
FY2025 cash financing
A$2.181m
Net of share costs and loan repayments.
Five years in context
AuKing progressed from the Koongie Park earn-in to overseas licence acquisitions and later portfolio changes. The business remained an explorer without recurring operating revenues; project-sale receipts and share-disposal gains are not a producing-mine revenue stream.
Accounting treatment differs by project. Koongie Park expenditure is carried as an exploration asset, while Tanzania, Canada and Orion costs are expensed under the disclosed risk-based policy. Both the balance sheet and operating cash flow must therefore be read alongside investing cash flow.
Events behind the numbers
FY2022
Second earn-in milestone
The company announced completion of the second Koongie Park milestone in February. Equity cash supported continued exploration.
FY2023
Tanzania acquisition
The acquisition of 92 U brought Tanzanian licences into the portfolio. Share and option consideration was accounted for as an asset acquisition, not cash exploration payments.
FY2024
Canadian expansion and impairment
Canadian project costs and a Koongie Park impairment contributed to the annual loss. Borrowing became an additional cash-funding source.
FY2025
Partnering, disposals and an abandoned deal
Cobalt Blue obtained a 51% beneficial interest under a new Koongie Park earn-in. Non-core assets were sold, while the Orion opportunity did not proceed.
FINANCIAL REVIEW / 01
The latest loss narrowed, but operating cash use increased
The smaller loss partly reflects the absence of the previous impairment and lower overseas exploration charges. It did not translate into lower operating cash use: project costs, financing charges and creditor movements still consumed cash.
Cash at December year-end
A$ million
Closing cash
AI-generated presentation · values from Profit, cash and the external-funding cycle; no missing values plotted as zero.
Cash funding against operating and investing flows
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Profit, cash and the external-funding cycle; no missing values plotted as zero.
Profit, cash and the external-funding cycle
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (1.763) | (2.345) | (12.665) | (5.554) | (2.840) |
| Operating cash flow | (1.846) | (1.848) | (3.675) | (1.976) | (2.359) |
| Investing cash flow | (4.545) | (3.871) | (0.510) | (0.161) | 0.258 |
| Financing cash flow | 8.870 | 4.874 | 2.925 | 1.775 | 2.181 |
| Closing cash | 2.500 | 1.656 | 0.396 | 0.034 | 0.114 |
Calendar years ended 31 December. Group figures, not parent-only accounts.
FY2025 loss of A$2.840205m is supported by the cash reconciliation, tax note and segment result. Conflicting loss amounts in extracted narrative were not substituted.
Exploration expenditure is split between operating and investing activities under project-specific accounting policies. Investing cash flow is not total exploration spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Exploration assets do not pay current liabilities
Most of the asset base consists of capitalised exploration. The company and auditor identified material going-concern uncertainty, with future equity raising central to the directors’ funding assessment. Positive net assets are therefore not a substitute for liquidity.
Net current assets / liabilities
A$ million
Net current assets / (liabilities)
AI-generated presentation · values from Liquidity weakened even while net assets remained positive; no missing values plotted as zero.
Liquidity weakened even while net assets remained positive
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 7.725 | 10.282 | 9.365 | 8.226 | 8.110 |
| Capitalised exploration and evaluation | 4.866 | 8.318 | 8.771 | 8.092 | 7.943 |
| Total liabilities | 0.626 | 0.417 | 0.378 | 1.951 | 1.812 |
| Net assets | 7.099 | 9.865 | 8.987 | 6.274 | 6.297 |
| Net current assets / (liabilities) | 2.143 | 1.378 | 0.050 | (1.868) | (1.675) |
Exploration assets are not available cash. Positive net assets can coexist with a material working-capital deficit.
The FY2025 exploration closing balance is used directly; inconsistent acquisition/addition amounts in other extracted rows are not forced into a synthetic roll-forward.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate cash exploration from acquisition and accounting charges
The FY2023 Tanzania charge materially exceeded cash payments. Later Orion costs also combined cash payments and non-cash items. Presenting only capitalised exploration would miss substantial expenditure already expensed in the income statement.
Exploration payments by cash-flow category
A$ million
Exploration payments classified as investingTanzania exploration - operating cashCanada exploration - operating cash
AI-generated presentation · values from Exploration cash payments across accounting classifications; no missing values plotted as zero.
Exploration cash payments across accounting classifications
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Exploration payments classified as investing | (0.766) | (0.246) | (0.035) |
| Tanzania exploration - operating cash | (1.603) | (0.448) | (0.132) |
| Canada exploration - operating cash | 0.000 | (0.053) | (0.020) |
| Orion project payments - operating cash | Not presented | Not presented | (0.287) |
Only cash-payment categories are compared. Historical absence of an Orion cash line is not turned into a zero.
Tanzania, Canada and Orion costs are expensed under the stated policy; Koongie Park capitalised expenditure has a different treatment.
The FY2023 Tanzania income-statement charge was A$9.306m, much larger than A$1.603m cash exploration payments: acquisition consideration and cash expenditure are not interchangeable.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The abandoned Orion opportunity had both cash and non-cash costs
A$ million
| Metric | FY2025 |
|---|---|
| Orion project expense | (0.524) |
| Orion cash payments | (0.287) |
| Non-cash Orion cost add-back | 0.238 |
The expense is a charge; the positive add-back reverses a non-cash expense in the cash reconciliation. These are different measures, not three costs to sum.
The proposed acquisition/earn-in did not proceed. No anticipated mine revenue or resource acquisition is booked into this review.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Facility limits, actual drawdowns and later fundraising differ
FY2025 financing included both share subscriptions and borrowing, offset by issue costs and repayments. The RiverFort facility ceiling was A$5m, but the first documented tranche drawn was A$0.5m; the ceiling is not added to cash reserves.
The packet records additional equity raising and loan repayment after December 2025, but its aggregate proceeds and repayment amounts conflict across narrative extractions. Those later events are acknowledged without selecting an unsupported amount or changing the FY2025 closing cash.
Cash from shares and new borrowing
A$ million
Cash proceeds from share issuesCash borrowing receipts
AI-generated presentation · values from Share subscriptions and borrowing supplied cash; no missing values plotted as zero.
Share subscriptions and borrowing supplied cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash proceeds from share issues | 9.475 | 5.366 | 3.176 | 1.255 | 2.254 |
| Cash share-issue costs | (1.205) | (0.492) | (0.251) | (0.082) | (0.316) |
| Cash borrowing receipts | 0.750 | 0.000 | 0.000 | 0.656 | 0.829 |
| Cash loan repayments | (0.150) | 0.000 | 0.000 | (0.054) | (0.586) |
Supported nil observations are shown as zero. Share consideration for acquisitions and non-cash settlement of liabilities are not cash subscription receipts.
The RiverFort A$5m facility limit is not the amount drawn. The first A$0.5m tranche was drawn in September 2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Prepared only from frozen annual extracted records. No raw annual reports, new DB search, financial web research or MiniMax drafting. Primary-author review; not approved for publication.
- FY2025 extracted narrative contains loss amounts of A$2.480205m and A$2.740205m. The A$2.840205m figure is selected because the cash reconciliation, tax note and segment result agree. No unsupported correction of original evidence records was made.
- The packet inconsistently dates the Tanzanian licence sale to the June and September quarters. It is described only as occurring during 2025. Post-year-end fundraising totals and loan repayment amounts remain unresolved and are not quantified.
- Project-specific expense versus capitalisation policies prevent one investing-cash line from measuring all exploration. Historical Orion cash-line absence is explicitly retained, not replaced by zero.
- FY2025 exploration roll-forward additions and opening balances are inconsistent across extracted tables; closing balance is retained without manufacturing a reconciliation. Resource estimates, licence applications and planned production are not revenue.
Annual-report source registry
- AuKing Mining - Full Year Statutory AccountsCalendar-year extraction; non-cash acquisitions, project policy and subsequent events distinguished.
- AuKing Mining - Annual Report to shareholdersCalendar-year extraction; non-cash acquisitions, project policy and subsequent events distinguished.
- AuKing Mining - Annual Report to shareholdersCalendar-year extraction; non-cash acquisitions, project policy and subsequent events distinguished.
- AuKing Mining - Full Year Statutory AccountsCalendar-year extraction; non-cash acquisitions, project policy and subsequent events distinguished.
- AuKing Mining - Annual Report to shareholdersCalendar-year extraction; non-cash acquisitions, project policy and subsequent events 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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