FY2022
Karonie gold and lithium work
Gold drilling continued while lithium exploration began across the Karonie tenure; the work was exploration, not product sales.
ASX: ALY · Five-year financial review
(ASX: ALY) Alchemy Resources Financial Review - FY2022~26
Alchemy moved from equity-funded exploration towards project transactions and partner-funded work. Its latest balance sheet contains a sizeable listed-share investment, but a smaller cash balance. Separating cash receipts, non-cash consideration and exploration write-offs is the key to reading these five 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.
FY2026 cash
A$0.818m
Cash, not cash plus quoted investments.
FY2026 exploration cash
A$1.303m
Investing outflow before option receipts.
FY2026 investment assets
A$3.283m
Fair-value carrying amount.
FY2026 loss
A$3.840m
Includes write-offs and investment remeasurement.
Five years in context
Alchemy explored Australian gold, lithium and base-metal assets rather than operating a producing mine. The FY2023 placement built the cash buffer that supported subsequent exploration; no financing cash was reported in FY2024 or FY2025.
In FY2026 the Karonie and Lake Rebecca sale exchanged tenements for Forrestania shares. At Bryah, Newcam took a 60% interest, with Alchemy retaining 40% free carried to a decision to mine. These changes alter both future spending exposure and the nature of reported assets.
Events behind the numbers
FY2023
Placement replenished cash
The October 2022 A$5.5m gross placement funded the planned Australian drilling and sampling programme.
FY2024
Overflow resource; Bryah interests returned
A maiden Overflow resource was completed and Sandfire’s former Bryah base-metal interests returned to Alchemy. These are not receipts from mine production.
FY2025
JOGMEC farm-in commenced
The Roe Hills lithium arrangement allowed JOGMEC to earn up to 51% by funding exploration through March 2029. The A$6m earn-in ceiling is not cash already received by Alchemy.
FY2026
Two transactions reshape the portfolio
Forrestania acquired Karonie/Lake Rebecca for shares; Newcam exercised the Bryah option. Yellow Mountain drilling progressed, while Catalyst’s latest Bryah drilling reported no significant results.
FINANCIAL REVIEW / 01
The FY2023 funding buffer declined over the next three years
Project receipts reduced FY2026 net investing outflow, but they did not eliminate the underlying exploration spend. Closing cash fell despite the option proceeds and a smaller equity subscription.
Closing cash at each June balance date
A$ million
Closing cash
AI-generated presentation · values from Five-year funding and cash record; no missing values plotted as zero.
Financing versus exploration cash
A$ million
Net financing cash flowExploration cash payments - investing
AI-generated presentation · values from Five-year funding and cash record; no missing values plotted as zero.
Five-year funding and cash record
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Loss after tax | (0.806) | (0.713) | (1.481) | (1.304) | (3.840) |
| Operating cash flow | (0.453) | (0.213) | (0.273) | (0.305) | (0.461) |
| Exploration cash payments - investing | (1.443) | (2.011) | (1.719) | (1.476) | (1.303) |
| Net investing cash flow | (1.443) | (2.013) | (1.719) | (1.476) | (0.203) |
| Net financing cash flow | 2.980 | 5.223 | 0.000 | 0.000 | 0.250 |
| Closing cash | 2.008 | 5.005 | 3.013 | 1.232 | 0.818 |
Years ended 30 June; A$ million. Exploration payments are inside investing cash flow, not additional to it.
FY2024 and FY2025 financing rows explicitly report no cash financing. FY2026 investing includes A$1.100m tenement-option proceeds.
Loss is an accounting result and must not be equated with cash consumption.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A stronger current-asset mix does not mean more cash
The new listed-share holding lifted current assets even as exploration assets and total equity fell. It is market-exposed financial property, not the equivalent of unrestricted bank cash.
Exploration carrying value and total equity
A$ million
Exploration and evaluation assetsTotal equity
AI-generated presentation · values from The asset mix changed after the project transactions; no missing values plotted as zero.
The asset mix changed after the project transactions
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total assets | 10.192 | 14.975 | 13.491 | 12.306 | 8.797 |
| Exploration and evaluation assets | 8.096 | 9.846 | 10.395 | 10.903 | 4.632 |
| Total liabilities | 0.247 | 0.353 | 0.240 | 0.319 | 0.359 |
| Total equity | 9.945 | 14.622 | 13.251 | 11.987 | 8.437 |
| Current assets less current liabilities | 1.849 | 4.774 | 2.856 | 1.084 | 3.805 |
FY2026 current assets include A$3.283m of quoted financial investments. Working capital is therefore not all cash.
Exploration carrying amounts are accounting assets, not resource market values. The asset disposals change the comparison with prior years.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Write-offs explain much of the widening accounting loss
The FY2026 exploration write-off includes the reduction of the sold tenements to the agreed share consideration. The separate fair-value/investment loss further reduced earnings. Neither line should be substituted for exploration cash expenditure.
Exploration write-offs
A$ million
Exploration expenditure written off
AI-generated presentation · values from Write-offs and the latest investment loss; no missing values plotted as zero.
Write-offs and the latest investment loss
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Other income | 0.017 | 0.188 | 0.156 | 0.197 | 0.129 |
| Exploration expenditure written off | (0.249) | (0.306) | (1.065) | (0.910) | (1.560) |
| Employee expense | (0.239) | (0.271) | (0.212) | (0.168) | (0.226) |
| Corporate expense | (0.239) | (0.228) | (0.220) | (0.261) | (0.315) |
| Administration expense | (0.096) | (0.096) | (0.140) | (0.162) | (0.153) |
Selected income-statement components. FY2026 also includes a A$1.717m fair-value/investment loss, shown separately below; this is not a cash exploration payment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The transactions generated three distinct forms of value
Option cash, cash subscribed into ALY and Forrestania shares have different effects. The retained royalties and free-carried interest remain contractual exposure to future outcomes; this review does not assign them a present value.
FY2026: cash receipts and non-cash consideration are different
A$ million
| Metric | FY2026 |
|---|---|
| Tenement-option cash proceeds | 1.100 |
| Cash from ALY share issues | 0.250 |
| Karonie/Lake Rebecca sale - share consideration at agreement | 5.000 |
| Financial investments at year end | 3.283 |
| Fair-value and investment loss | (1.717) |
The A$5m sale consideration was Forrestania shares. It must not be added to operating or investing cash receipts.
Newcam narrative identifies A$0.5m option and A$0.5m exercise payments. The cash statement reports A$1.1m total tenement-option proceeds; the remaining A$0.1m is not assigned to a transaction without evidence.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction data only; no raw reports, fresh DB retrieval, web financial research or MiniMax drafting. Published and reviewed by the primary author, not an independent reviewer.
- The selected packet genuinely covers FY2022-FY2026. It is not relabelled FY2021-FY2025.
- FY2026 tenement-option cash exceeds the two Newcam payments described in the narrative by A$0.1m. The statement total is retained without inventing a transaction allocation.
- Quoted investments, mineral resources, unearned farm-in ceilings and contingent royalties are not cash or realised mineral sales. FY2025 going-concern uncertainty is retained as historical context, not silently extended as a newly verified FY2026 audit conclusion.
Annual-report source registry
- Alchemy Resources - Annual Report to shareholdersFrozen annual extraction; June year-end and transaction basis preserved.
- Alchemy Resources - Annual Report to shareholdersFrozen annual extraction; June year-end and transaction basis preserved.
- Alchemy Resources - Annual Report to ShareholdersFrozen annual extraction; June year-end and transaction basis preserved.
- Alchemy Resources - Annual Report to ShareholdersFrozen annual extraction; June year-end and transaction basis preserved.
- Alchemy Resources - Annual Report to ShareholdersFrozen annual extraction; June year-end and transaction basis 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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