FY2021
ASX listing and initial cash buffer
Albion commenced ASX trading on 30 April after a A$5m IPO. The year-end cash position provided funding for the early exploration programme.
ASX: ALB · Five-year financial review
(ASX: ALB) Albion Resources Financial Review - FY2021~25
Albion ended FY2025 with more cash despite a larger accounting loss. Equity funding supported exploration, while the all-scrip Yandal West acquisition added an expense without an equivalent cash payment. The distinction explains why loss, exploration spending and cash reserves move differently.
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$3.320m
Closing cash after net equity funding.
FY2025 loss
A$2.649m
Includes the all-scrip acquisition charge.
Yandal consideration
A$0.994m
Recorded value, not cash acquisition spend.
Exploration cash
A$0.672m
Included within operating cash use.
Five years in context
Albion listed in April 2021 following its IPO, then spent on early exploration across its project portfolio. Funding receipts vary by year; the absence of an annual capital raise is different from an absence of exploration activity.
The January 2025 Yandal West acquisition was an asset acquisition paid in shares and performance rights. Albion expenses exploration and acquisition costs as incurred, making reported losses sensitive to non-cash project transactions rather than simply the year’s cash drilling budget.
Events behind the numbers
FY2022
Pillara East and Leinster drilling
Heritage clearance and work approvals supported Pillara East drilling, while a maiden RC programme was completed at Leinster.
FY2023
Target review and renewed funding
The Leinster review downgraded the eastern section while retaining western exploration targets. Net share funding replenished cash.
FY2024
Red Well conductors investigated
Review and ground EM work identified bedrock conductors at Red Well. Exploration continued without a net financing cash inflow.
FY2025
Yandal West acquired
The acquisition closed in January alongside a placement. The associated tenement consideration was expensed rather than capitalised.
FINANCIAL REVIEW / 01
New funding outweighed operating cash consumption
FY2025 net financing exceeded operating cash use and lifted closing cash. Exploration payments were larger than in the previous year, but remain a component of the operating outflow, not a second outflow to add to it.
Cash at the June balance date
A$ million
Closing cash
AI-generated presentation · values from Annual loss, cash spending and financing; no missing values plotted as zero.
Operating cash flow and net financing
A$ million
Operating cash flow - includes explorationNet financing cash flow
AI-generated presentation · values from Annual loss, cash spending and financing; no missing values plotted as zero.
Annual loss, cash spending and financing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss | (0.445) | (2.138) | (0.799) | (0.652) | (2.649) |
| Operating cash flow - includes exploration | (0.391) | (2.001) | (0.669) | (0.597) | (1.171) |
| Exploration cash payments, included above | (0.209) | (1.538) | (0.217) | (0.321) | (0.672) |
| Net financing cash flow | 4.935 | (0.038) | 1.403 | 0.000 | 1.849 |
| Closing cash | 4.544 | 2.506 | 3.240 | 2.643 | 3.320 |
Years ended 30 June. Exploration cash payments are part of operating cash flow; do not add the two outflows together.
FY2022 negative net financing is reported cash issue costs, not an invented negative share issuance. FY2024 net financing is explicitly nil.
The FY2025 cash movement contains a one-dollar rounding difference; displayed million-dollar amounts preserve the reported cash balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The acquisition charge widened the loss without using equivalent cash
The vendor-share and performance-right values total the tenement acquisition charge. Non-acquisition share-based payments are separately expensed. Neither is equivalent to cash received in the accompanying placement or cash spent on exploration.
Exploration-related expense versus cash payments
A$ million
Exploration, evaluation and tenement acquisition expenseExploration cash payments
AI-generated presentation · values from Accounting expense versus exploration cash payments; no missing values plotted as zero.
Yandal West: the all-scrip consideration
A$ million
| Metric | FY2025 |
|---|---|
| Vendor shares - recorded consideration | 0.889 |
| Tranche A performance rights - recorded value | 0.075 |
| Tranche B performance rights - recorded value | 0.030 |
| Total acquisition consideration expensed | 0.994 |
These are amounts of consideration, not quantities of shares or rights. The total equals the FY2025 tenement-acquisition expense.
Performance-right values are not cash paid or evidence that future resource/mine milestones have been achieved. The all-scrip acquisition is separate from cash raised in the accompanying placement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Accounting expense versus exploration cash payments
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration, evaluation and tenement acquisition expense | (0.248) | (1.481) | (0.224) | (0.322) | (1.845) |
| Exploration cash payments | (0.209) | (1.538) | (0.217) | (0.321) | (0.672) |
FY2025 combines the two separately disclosed expense lines to compare with the earlier combined category.
The comparison exposes the non-cash acquisition component; it does not imply that every expense-to-cash difference is a timing accrual.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Read the asset base through the accounting policy
Unlike an explorer that carries substantial historic exploration costs, Albion expenses this work and the Yandal acquisition. The balance sheet therefore should not be used as a direct valuation of the project portfolio or to infer that expensed projects no longer exist.
Net assets / equity
A$ million
Net assets / equity
AI-generated presentation · values from The balance sheet reflects an expense-as-incurred model; no missing values plotted as zero.
The balance sheet reflects an expense-as-incurred model
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 4.599 | 2.705 | 3.274 | 2.688 | 3.514 |
| Total liabilities | 0.136 | 0.244 | 0.049 | 0.039 | 0.311 |
| Net assets / equity | 4.463 | 2.460 | 3.225 | 2.649 | 3.202 |
FY2025 total assets are calculated from reported net assets plus total liabilities.
Exploration and tenement acquisition costs are expensed under Albion’s accounting policy, so the report does not invent a capitalised mineral-resource asset.
Unspecified extracted borrowing fields are not automatically interpreted as zero debt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Mongers Lake disposal belongs after the June close
The August 2025 sale of Mongers Lake comprised A$0.1m cash and Capricorn Metals shares valued at A$1.4m, with further payments conditional on resource and mine-development milestones. The share consideration is not cash and the contingent amounts are not guaranteed receipts. None is added to June 2025 cash.
Reading the figures
- Prepared only from the frozen annual extraction packet. No raw reports, fresh DB evidence, financial web research or MiniMax drafting. Published, with primary-author review only.
- Exploration cash is operating-classified throughout these selected years. It is not added again when comparing total operating consumption.
- FY2025 total assets are an explicit calculation. Unspecified borrowing fields are not converted into zero, and no unsupported net-debt series is created.
- Performance-right accounting values do not establish vesting or fulfilment of resource milestones. The extracted narrative’s vesting wording is not propagated as an operating achievement.
- The August 2025 Mongers Lake disposal and contingent consideration remain subsequent events, separated into cash, shares and conditional payments.
Annual-report source registry
- Albion Resources - Annual Report to shareholdersJune-year accounts; cash, all-scrip consideration and later disposal separately identified.
- Albion Resources - Annual Report to shareholdersJune-year accounts; cash, all-scrip consideration and later disposal separately identified.
- Albion Resources - Annual Report to shareholdersJune-year accounts; cash, all-scrip consideration and later disposal separately identified.
- Albion Resources - Annual Report to shareholdersJune-year accounts; cash, all-scrip consideration and later disposal separately identified.
- Albion Resources - Annual Report to shareholdersJune-year accounts; cash, all-scrip consideration and later disposal separately identified.
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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