FY2021
Bekisopa drilling programme
Drilling was completed in November, supporting the subsequent maiden-resource work. The March 2022 resource release is not backdated to 2021.
ASX: AKO · Five-year financial review
(ASX: AKO) AKORA Resources Financial Review - FY2021~25
AKORA’s cash balance recovered in FY2025 as equity funding exceeded combined operating and exploration cash use. The balance sheet remained concentrated in capitalised exploration, principally Bekisopa. Progress from drilling to project studies is important, but it is not a history of mine production or sales.
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 cash
A$1.103m
After equity funding and annual spending.
FY2025 exploration cash
A$1.360m
Payments, not the change in carrying value.
Capitalised exploration
A$14.519m
Most relates to Bekisopa.
FY2025 net loss
A$1.989m
Exploration-stage consolidated result.
Five years in context
The programme moved from Bekisopa drilling to a resource estimate, scoping work and pre-feasibility studies. Capitalised expenditure accumulated as technical work advanced; it should not be read as mineral-sale revenue or an immediately realisable asset value.
The PFS describes a proposed Stage One operation and US-dollar project economics. Those are conditional study outputs, not historical annual production, a funding commitment or cash generated by AKORA. The group’s financial statements in this review remain in Australian dollars.
Events behind the numbers
FY2022
Maiden resource and new equity
The March maiden-resource release followed the previous drilling campaign. New equity receipts supported continuing exploration spending.
FY2023
Scoping study and PFS commencement
The updated scoping study was released in November and a pre-feasibility study commenced in December. Study output remains prospective.
FY2024
PFS work and strategic-finance discussions
Processing trials and road-route engineering progressed. Non-binding financing indications were not equivalent to completed project funding.
FY2025
PFS economics; further capital required
The PFS set out the Stage One development case. Satrokala remained on care and maintenance, and the company continued to depend on equity funding.
FINANCIAL REVIEW / 01
Lower exploration payments helped rebuild the cash buffer
Exploration cash spending fell from its FY2024 level while operating cash use increased. Net financing still exceeded both categories combined, rebuilding cash despite a foreign-exchange reduction in the cash reconciliation.
Cash at December year-end
A$ million
Closing cash
AI-generated presentation · values from The five-year funding and expenditure record; no missing values plotted as zero.
Operating and exploration cash use
A$ million
Operating cash flowExploration payments / investing cash flow
AI-generated presentation · values from The five-year funding and expenditure record; no missing values plotted as zero.
The five-year funding and expenditure record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss | (1.077) | (1.501) | (1.595) | (2.200) | (1.989) |
| Operating cash flow | (1.124) | (1.389) | (1.401) | (1.584) | (1.931) |
| Exploration payments / investing cash flow | (2.998) | (2.204) | (1.425) | (3.163) | (1.360) |
| Net financing cash flow | 0.291 | 3.270 | 3.421 | 4.092 | 3.783 |
| Closing cash | 1.046 | 0.722 | 1.314 | 0.661 | 1.103 |
Years ended 31 December. Exploration payments equal the investing-cash total in these selected statements.
FY2025 financing subtotal is identified from the financing section and its share proceeds less issue costs, not rejected because an extracted label is incomplete.
FY2022 consolidated loss is supported by the statement, later comparison and auditor-related claim; inconsistent narrative amounts are not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Most assets remain committed to exploration
Bekisopa accounts for most of the exploration carrying value. Asset recovery depends on future development or sale, and the auditor treated exploration accounting as a key audit matter. The net-current-asset buffer is much smaller than total equity.
Capitalised exploration within total assets
A$ million
Total assetsCapitalised exploration and evaluation
AI-generated presentation · values from Assets, equity and working capital; no missing values plotted as zero.
Net current assets
A$ million
Net current assets
AI-generated presentation · values from Assets, equity and working capital; no missing values plotted as zero.
Assets, equity and working capital
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 8.289 | 9.632 | 11.271 | 13.906 | 15.741 |
| Capitalised exploration and evaluation | 7.215 | 8.891 | 9.933 | 13.219 | 14.519 |
| Total liabilities | 0.629 | 0.189 | 0.177 | 0.363 | 0.197 |
| Total equity | 7.660 | 9.443 | 11.094 | 13.542 | 15.543 |
| Net current assets | 0.440 | 0.552 | 1.162 | 0.323 | 1.024 |
FY2025 total assets are explicitly calculated from reported net assets and total liabilities; exploration is an explicit extracted claim.
Capitalised exploration is an accounting balance, not recoverable cash or the market value of contained iron.
A complete reconciliation of historical retained earnings is not reconstructed from the packet; the selected year-end asset/equity observations are shown directly.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Bekisopa within capitalised exploration
A$ million
| Metric | FY2025 |
|---|---|
| Bekisopa carrying amount | 12.353 |
| Total capitalised exploration | 14.519 |
Bekisopa is included within the group total; these values must not be summed.
The PFS reports US-dollar economics. Those forward-looking project values are not mixed with these Australian-dollar historical accounts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Fundraising supports studies, not yet a funded producing mine
New share receipts funded the work programme, with cash raising costs reducing the net contribution. The group described equity as its primary funding source and did not have access to credit facilities. The going-concern disclosure retained material uncertainty if sufficient funding could not be achieved.
The mining permit was formally granted in January 2026 and announced in March, followed by appointment of a corporate-finance adviser. These subsequent milestones are not December 2025 approvals or cash receipts.
Cash share subscriptions
A$ million
Cash from share subscriptions
AI-generated presentation · values from Equity cash received and issue costs; no missing values plotted as zero.
Equity cash received and issue costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash from share subscriptions | 0.000 | 3.427 | 3.579 | 4.411 | 4.044 |
| Cash equity-raising costs | 0.000 | (0.157) | (0.158) | (0.318) | (0.261) |
FY2021 share-subscription receipts are explicitly nil, but option exercise provided A$0.291m. It is incorrect to describe that year as having no financing receipts.
Share consideration and shares issued in lieu of fees are not added to cash subscriptions.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only previously generated annual extraction packets were used. No raw reports, additional DB evidence, financial web research or MiniMax drafting. Published; primary-author review, not independent audit.
- FY2022 loss is selected from the consolidated statement and auditor-related disclosure, corroborated by the next-year comparative. Conflicting narrative loss and historical retained-earnings movement are logged rather than silently reconciled.
- FY2025 total assets are calculated as net assets plus liabilities; total capitalised exploration and Bekisopa carrying value come from an explicit project claim.
- The January 2026 mining permit and March 2026 financing-adviser appointment are subsequent events. PFS cash flows, capital requirements and nameplate capacity are not historical receipts or output.
- Exploration cash payments and narrative expenditure can differ slightly; the cash-flow table is selected for cash spending. No currency conversion of US-dollar study economics into Australian-dollar accounts is attempted.
Annual-report source registry
- AKORA Resources - 2021 Annual ReportCalendar-year accounts; studies and later milestones identified separately.
- AKORA Resources - 2022 Annual ReportCalendar-year accounts; studies and later milestones identified separately.
- AKORA Resources - Annual Report to shareholdersCalendar-year accounts; studies and later milestones identified separately.
- AKORA Resources - Annual Report to shareholdersCalendar-year accounts; studies and later milestones identified separately.
- AKORA Resources - Annual Report to shareholdersCalendar-year accounts; studies and later milestones identified separately.
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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