FY2021
Burkina Faso exploration focus
Dassa and Divole exploration advanced within the Vranso land package. This was discovery work, not gold production.
ASX: AMD · Five-year financial review
(ASX: AMD) Arrow Minerals Financial Review - FY2021~25
Arrow’s financial history combines a shift from Burkina Faso gold exploration to Guinea iron ore and bauxite with a change in reporting calendar and exploration accounting. The latest period brought permit uncertainty, suspended activity and impairment. Those changes matter more than treating every column as an identical twelve-month operating year.
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 closing cash
A$2.590m
December balance from the selected extraction.
FY2025 loss
A$11.805m
Below FY2024, but includes asset impairment.
FY2025 net assets
A$1.783m
After full Simandou North acquired-asset impairment.
FY2025 financing cash
A$6.681m
Not operating revenue.
Five years in context
Burkina Faso exploration provided the early operating focus. Deteriorating security stopped fieldwork in 2022 and led to substantial write-downs, while Arrow acquired its initial Simandou North interest at the December transition date.
The remaining Simandou interest was acquired in March 2024. Arrow also pursued Niagara bauxite, but the FY2025 extraction records permit uncertainty and suspended activities. Neighbouring Simandou mines, regional rail investment and conceptual targets are not Arrow production or reserves.
Events behind the numbers
FY2022
Six-month transition and write-down
The reporting year moved from June to December. Burkina Faso fieldwork stopped; the initial Simandou North interest and Australian asset disposals changed the portfolio.
FY2023
Scout drilling and recapitalisation
Simandou North mapping and scout drilling progressed. The year-end holding remained 33.3%; later acquisition steps are not backdated.
FY2024
Full Simandou acquisition; Niagara entry
Arrow acquired the remaining Simandou holding and agreed to acquire Niagara. Exploration and equity-award expense increased materially.
FY2025
Permit uncertainty changes the outlook
Shares and project activities were suspended pending tenure clarification. The acquired Simandou asset was fully impaired; reinstatement and funding access were central to going concern.
FINANCIAL REVIEW / 01
Equity financing funded exploration, not operating profits
The large FY2024 fundraising coincided with acquisition and exploration cash outflows. FY2025 spending fell, and financing slightly exceeded total operating and investing outflow, but project suspension and permit uncertainty prevent interpreting that cash improvement as operating success.
Closing cash across reported balance dates
A$ million
Closing cash
AI-generated presentation · values from Cash and earnings across a year-end change; no missing values plotted as zero.
Financing cash by reported period
A$ million
Financing cash flow
AI-generated presentation · values from Cash and earnings across a year-end change; no missing values plotted as zero.
Cash and earnings across a year-end change
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (2.678) | (8.343) | (3.120) | (23.757) | (11.805) |
| Operating cash flow - changing expense policy | (1.383) | (0.739) | (3.646) | (14.034) | (6.297) |
| Investing cash flow | (1.301) | 0.779 | 0.832 | (1.912) | 0.000 |
| Financing cash flow | 4.482 | 0.302 | 2.898 | 17.441 | 6.681 |
| Closing cash | 3.284 | 0.617 | 0.701 | 2.207 | 2.590 |
FY2021: year ended June. FY2022: six months July-December 2022. FY2023-FY2025: calendar years. FY2022 is NOT a twelve-month comparison. The separate June 2022 annual record is shown below.
FY2023 uses the FY2024 restated comparison. Earlier years are not retrospectively reconstructed onto the newer exploration-expensing policy.
No CAGR or simple like-for-like growth assertion is applied across these period/policy breaks.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Read the 2022 transition before comparing the trend
The frozen FY2022 edition is a six-month transition report. Its June comparative provides the preceding twelve-month year, which is retained here rather than silently dropped or merged with the six-month result.
The two distinct reporting periods within the 2022 transition
A$ million
| Metric | Year to Jun 2022 | 6 months to Dec 2022 |
|---|---|---|
| Loss after tax | (3.458) | (8.343) |
| Operating cash flow | (1.301) | (0.739) |
| Exploration payments within investing | (2.085) | (0.364) |
| Closing cash | 0.272 | 0.617 |
These are consecutive, non-overlapping reporting periods, not alternative estimates for the same annual result.
The six-month loss includes A$8.523m exploration impairment, mainly Burkina Faso; do not annualise that charge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Exploration accounting and equity awards widened the reported loss
The FY2024 voluntary policy change expensed exploration and previous associate advances, with FY2023 restated. Share-based remuneration was another substantial FY2024 expense. Neither accounting line can be equated with net cash funding or project asset market value.
Two major FY2024 expense drivers
A$ million
Exploration and evaluation expenseShare-based payments expense
AI-generated presentation · values from Why the FY2024 loss expanded; no missing values plotted as zero.
Why the FY2024 loss expanded
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Exploration and evaluation expense | (2.607) | (10.618) |
| Share-based payments expense | (0.103) | (9.467) |
| Employee benefits expense | (0.333) | (1.693) |
| Administration and other expense | (0.601) | (1.899) |
FY2023 is restated. Equity-settled awards are accounting expense, not the amount of cash paid to explore.
Selected components only; this is not a complete loss reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The latest write-down reduced net assets
The FY2025 impairment reflects tenure uncertainty and lack of planned substantive exploration at Simandou North. It does not quantify physically mined ore or establish that neighbouring deposits belong to Arrow.
Net assets at the selected balance dates
A$ million
Net assets
AI-generated presentation · values from Net assets and liabilities after the Guinea expansion; no missing values plotted as zero.
Net assets and liabilities after the Guinea expansion
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net assets | 11.551 | 2.382 | 2.129 | 5.717 | 1.783 |
| Total liabilities | 1.749 | 1.266 | 1.229 | 2.496 | 1.123 |
| Cash and cash equivalents | 3.284 | 0.617 | 0.701 | 2.207 | 2.590 |
FY2023 net assets use the later restated balance. FY2022 is the December balance, not the separate June annual balance.
FY2025 net assets include full impairment of the acquired Simandou North exploration asset. Cash alone does not establish freedom from a future funding requirement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Cash issues and share-settled consideration must remain separate
The January 2025 share consolidation changed the per-share basis, while deferred acquisition consideration was settled in shares later that year. This review avoids a misleading EPS trend across the consolidation and does not count share settlement as new cash.
FY2024-FY2025 financing and exploration cash
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gross cash share proceeds | 18.580 | 7.230 |
| Net financing cash flow | 17.441 | 6.681 |
| Exploration payments within operating | (9.890) | (3.109) |
A$0.5m deferred Simandou acquisition consideration was settled in shares in June 2025; it is not part of cash share proceeds.
Exploration cash is already included in operating cash flow under the selected later presentation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction only. No raw reports, fresh DB queries, financial web research or MiniMax drafting. Published; primary-author review only.
- Unequal reporting periods and the later retrospective policy change remain explicit. FY2023 uses restated figures; earlier policy periods are not synthetically restated.
- FY2025 full expense and asset breakdowns are incomplete in the packet. Supported earnings, liabilities, net assets and cash are retained without invented missing lines.
- Permit cancellation is not asserted as formally confirmed: the issuer described uncertainty requiring government clarification. Forecast production, regional infrastructure and neighbouring resources are not Arrow realised results.
- No per-share growth series is constructed across the 20-to-1 consolidation. The latest report’s conditional Niagara milestone obligation is not treated as paid cash.
Annual-report source registry
- Arrow Minerals - Annual Report to ShareholdersFrozen extraction; changed year-end, restated comparison and group scope retained.
- Arrow Minerals - Annual ReportFrozen extraction; changed year-end, restated comparison and group scope retained.
- Arrow Minerals - Annual ReportFrozen extraction; changed year-end, restated comparison and group scope retained.
- Arrow Minerals - Annual Report 2024Frozen extraction; changed year-end, restated comparison and group scope retained.
- Arrow Minerals - Annual Report 2025Frozen extraction; changed year-end, restated comparison and group scope retained.
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
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
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