FY2021
Restructure and royalty funding
Anax established the Whim Creek focus and received US$2m in exchange for a future net-smelter royalty. The possible additional project funding was not received cash.
ASX: ANX · Five-year financial review
(ASX: ANX) Anax Metals Financial Review - FY2021~25
Anax’s Whim Creek development strategy is visible in capitalised exploration and continued cash spending. Early profits arose alongside royalty and investment transactions, while later years relied on equity and debt funding. The proposed large strategic investment must be kept separate from cash actually raised.
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$2.931m
Below the prior June balance.
FY2025 loss
A$3.796m
Selected statement/management amount.
FY2025 net assets
A$22.045m
Not cash or project NPV.
FY2025 note proceeds
A$3.308m
Gross proceeds before costs.
Five years in context
The 2020 restructure renamed Aurora Minerals as Anax and brought Whim Creek into focus. The 80% participating interest does not mean each consolidated accounting line should be multiplied by 80%: the supplied policy explains control and recognition of the full project assets and liabilities.
The April 2023 feasibility study and later processing-hub work set out a development proposition, not completed production. Project NPV, planned concentrate output and potential MDP investment are therefore not inserted into historical financial results.
Events behind the numbers
FY2022
Feasibility work and investment sales
Work concentrated on the DFS. Financial-asset sales and fair-value gains supported the financial results, rather than metal-product revenue.
FY2023
DFS completed; shareholder loan
The DFS was released in April. Jetosea funding supported study work and working capital, with a repayment extension agreed in June.
FY2024
Permitting and regional hub strategy
The Stage 2 mining approval was obtained and regional feed studies progressed. Development finance remained a separate objective.
FY2025
Convertible notes and conditional investment
MDP subscribed for convertible notes, while larger term-sheet investment remained conditional. The marketing-agreement dispute went to arbitration, withdrawn after year-end.
FINANCIAL REVIEW / 01
Funding did not fully offset operating and investing outflows
FY2025 financing was substantial but smaller than combined operating and investing cash use, so the cash buffer declined. The financial statements continued to rely on further funding within twelve months.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Profit, funding and cash are different measures; no missing values plotted as zero.
Financing cash and operating cash
A$ million
Financing cash flowOperating cash flow
AI-generated presentation · values from Profit, funding and cash are different measures; no missing values plotted as zero.
Profit, funding and cash are different measures
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | 0.241 | 1.485 | (2.860) | (2.788) | (3.796) |
| Operating cash flow | 0.933 | (1.740) | (2.547) | (2.092) | (2.359) |
| Investing cash flow | (3.727) | (1.506) | (5.473) | (3.491) | (3.884) |
| Financing cash flow | 6.369 | 3.864 | 2.412 | 7.967 | 5.079 |
| Closing cash | 6.701 | 7.319 | 1.711 | 4.095 | 2.931 |
Years ended 30 June; A$ million. Positive early earnings do not establish producing-mine profitability.
FY2021 included proceeds from selling a future royalty interest; FY2022 investing benefited from financial-asset sales. These are not metal sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Exploration spending and acquisition settlements must not be merged
The FY2025 A$1.5m acquisition payment corresponds to the outstanding deferred Whim Creek settlements. It is distinct from ongoing exploration spending and from the remeasured future Aeris obligation.
Exploration and evaluation cash within investing
A$ million
Exploration and evaluation payments within investing
AI-generated presentation · values from Exploration cash is split between operating and investing; no missing values plotted as zero.
Exploration cash is split between operating and investing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration payments within operating | 0.000 | (0.148) | (0.241) | (0.064) | (0.079) |
| Exploration and evaluation payments within investing | (3.716) | (6.580) | (5.456) | (2.939) | (2.382) |
These rows are included in the cash categories above and are not additional to them.
FY2023-FY2025 acquisition payments are separate from these exploration-payment lines; FY2025 acquisition cash was A$1.5m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A better current ratio does not remove the funding condition
Net current liabilities narrowed even as cash fell. The shift of the Aeris obligation beyond the current period contributes to the changed maturity profile; it does not extinguish the contractual obligation.
Working capital / deficit
A$ million
Working capital / (deficit)
AI-generated presentation · values from Positive net assets coexist with a current funding deficit; no missing values plotted as zero.
Positive net assets coexist with a current funding deficit
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net assets | 12.882 | 18.712 | 17.006 | 22.290 | 22.045 |
| Working capital / (deficit) | 4.915 | 2.594 | (2.915) | (3.685) | (0.839) |
FY2025 working capital improved partly against a changed liability maturity profile. It is not evidence that cash increased.
The A$3.5m Aeris obligation was reclassified non-current with expected payment no earlier than Q2 2027; contractual face value differs from discounted carrying value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Convertible debt is not the same as an equity placement
The notes carry a separate conversion component and transaction costs. The larger MDP term-sheet ceiling is not treated as fully committed, received development cash, and Jetosea’s loan modification is not treated as a new cash borrowing equal to its face value.
Latest financing: carrying values differ from cash raised
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Jetosea current loan carrying amount | 2.618 | 2.950 |
| Convertible note non-current carrying amount | 0.000 | 2.790 |
| Gross share-issue cash | 7.972 | 2.545 |
| Gross convertible-note cash | 0.000 | 3.307 |
The FY2025 convertible notes raised A$3.3075m gross. Issue costs, the equity conversion component and effective-interest accrual produce a different liability carrying value.
The A$3.1m Jetosea face value is not a new FY2025 cash draw of that amount. A substantial modification generated accounting expense.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Early profits were not evidence of a producing mine
The FY2022 result includes both realised and unrealised financial-asset gains. FY2021 also benefited from selling the future royalty interest. These one-off and valuation items should not be extrapolated into recurring mine cash generation.
FY2022 profit included investment gains
A$ million
| Metric | FY2022 |
|---|---|
| Realised gain on financial-asset disposal | 2.101 |
| Unrealised fair-value gain | 1.966 |
| Cash proceeds from financial-asset sales | 5.315 |
| Profit after tax | 1.485 |
Realised gain is not the sale cash proceeds. The unrealised gain is not a cash receipt.
These selected figures explain the earnings/cash distinction, not a complete profit bridge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction only; no raw annual reports, new DB retrieval, financial web research or MiniMax drafting. Published, with primary-author rather than independent review.
- The FY2025 detailed balance-sheet asset breakdown is not complete in the packet. Explicit net-assets and current-deficit disclosures are used without manufacturing missing lines.
- The auditor-summary extraction says loss A$3,798,815, while the financial summary and going-concern management disclosure both say A$3,795,815. The latter corroborated figure is selected and the discrepancy retained in the review log.
- Whim Creek DFS values are forecasts on a project basis; the MDP investment ceiling and proposed ownership outcomes are not completed financial results. May note-issue date wording differs by one day across claims, so the narrative uses the month.
- FY2021 headline revenue and total-other-income definitions differ because of financial-asset valuation effects; neither is presented as a five-year mineral-sales series.
Annual-report source registry
- Anax Metals - Annual Report to shareholdersFrozen annual extraction; consolidated accounting and project participation distinguished.
- Anax Metals - Annual Report to shareholdersFrozen annual extraction; consolidated accounting and project participation distinguished.
- Anax Metals - Annual Report to shareholdersFrozen annual extraction; consolidated accounting and project participation distinguished.
- Anax Metals - Annual Report to shareholdersFrozen annual extraction; consolidated accounting and project participation distinguished.
- Anax Metals - Annual Report to shareholdersFrozen annual extraction; consolidated accounting and project participation 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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