FY2021
Kroussou maiden drilling
The maiden drill program started in April 2021 under the earn-in arrangement, supported by an equity placement. Later July/August results were post-year-end announcements.
ASX: AON · Five-year financial review
(ASX: AON) Apollo Minerals Financial Review - FY2021~25
Apollo moved from funding a Kroussou earn-in to owning the project outright, then broadened its exploration portfolio. That change matters financially: early project costs were capitalised, while later exploration flowed through expenses and operating cash. Equity funding continued, but the June 2025 cash buffer was smaller.
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$1.261m
Excludes listed investments.
FY2025 group loss
A$4.354m
Owners’ loss A$4.345m.
Exploration expense
A$3.675m
FY2025 earnings charge.
FY2025 net assets
A$9.679m
Not project market value.
Five years in context
Kroussou acquisition and earn-in costs were capitalised through the June 2022 acquisition of full ownership. The accounting policy expenses subsequent exploration until the stated feasibility threshold is met. A rise in exploration expense after acquisition is not evidence that the earlier years had no exploration effort.
Salanie gold exploration and the Belgrade copper portfolio added new workstreams. Kroussou’s conceptual Exploration Target is not a Mineral Resource or Ore Reserve, and the report does not translate exploration targets or historic samples into production or project valuations.
Events behind the numbers
FY2022
Full ownership acquired
Apollo completed the agreements consolidating 100% ownership of Kroussou. Earn-in and acquisition costs became an important balance-sheet asset.
FY2023
Initial Kroussou target
An initial Exploration Target was announced in November 2022. The Belgrade acquisition agreement announced in August 2023 belongs after the June year-end.
FY2024
Belgrade acquired; Salanie drilling
Belgrade acquisition conditions were satisfied in October 2023. Salanie drilling and a new placement supported the enlarged exploration portfolio.
FY2025
Further Salanie work and portfolio sale
Phase 2 drilling progressed at Salanie. Apollo recorded Serbian sale cash while the wider transaction contained conditional consideration; entitlement funding replenished part of cash spent.
FINANCIAL REVIEW / 01
Equity funding did not fully replace cash used
Operating cash use increased in FY2025. The Serbian sale provided an investing inflow, but total financing still fell short of combined operating and investing needs. The auditor’s going-concern uncertainty remains relevant despite the issuer describing no debt.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Operating cash, acquisition cash and funding; no missing values plotted as zero.
Operating cash and financing
A$ million
Operating cash flowFinancing cash flow
AI-generated presentation · values from Operating cash, acquisition cash and funding; no missing values plotted as zero.
Operating cash, acquisition cash and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (0.686) | (0.963) | (3.712) | (2.614) | (4.291) |
| Investing cash flow | (2.071) | (5.207) | (0.250) | (0.077) | 0.200 |
| Financing cash flow | 3.204 | 6.813 | 1.984 | 3.234 | 3.098 |
| Closing cash | 3.045 | 3.688 | 1.710 | 2.253 | 1.261 |
Years ended 30 June; A$ million. Cash-flow classification changes with acquisition/earn-in spending and subsequent expensed exploration.
FY2025 combined operating and investing outflow was A$4.091m; positive investing cash reflects a Serbian asset-sale receipt, not operating profitability.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Losses reflect exploration activity and non-cash charges
The management summary labels an owners-attributable loss as a group loss. The statement resolves that ambiguity: total group and owners’ figures are shown separately here. Exploration expense remains the largest selected cost; it is not identical to cash spent during the year.
Group loss and exploration expense
A$ million
Group loss after taxExploration and evaluation expense
AI-generated presentation · values from Exploration expense became the main earnings cost; no missing values plotted as zero.
Exploration expense became the main earnings cost
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group loss after tax | (1.179) | (1.825) | (4.040) | (2.921) | (4.354) |
| Loss attributable to owners | (1.167) | (1.817) | (4.037) | (2.913) | (4.345) |
| Exploration and evaluation expense | 0.000 | (0.082) | (2.548) | (2.319) | (3.675) |
| Corporate and administration expense | (0.678) | (0.687) | (0.586) | (0.673) | (0.669) |
| Business development expense | (0.092) | (0.444) | (0.303) | (0.235) | (0.154) |
| Share-based payment expense | (0.438) | (0.213) | (0.614) | (0.127) | (0.057) |
Group loss includes non-controlling interests. It must not be combined interchangeably with the smaller loss attributable to owners.
Nil FY2021 exploration expense is not nil exploration activity: earn-in/acquisition spending was capitalised and appears in investing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Capitalised acquisitions are distinct from ongoing expense
The Kroussou asset grew during acquisition, while the Belgrade acquisition added a further carrying amount in FY2024. The later Serbian assets sold had no capitalised balance in the supplied note; the remaining carrying value related to Studena.
Net assets and exploration assets
A$ million
Group net assetsExploration and evaluation assets
AI-generated presentation · values from Acquisition costs remain on the balance sheet; no missing values plotted as zero.
Acquisition costs remain on the balance sheet
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group net assets | 5.345 | 10.679 | 9.216 | 10.862 | 9.679 |
| Exploration and evaluation assets | 2.227 | 7.546 | 7.546 | 8.832 | 8.832 |
Exploration asset carrying values are not estimates of mine value or proved mineral reserves.
FY2024 net assets use the statement and contemporaneous narrative amount A$10,861,760; the later summary comparator is A$100 lower.
FY2025 full group balance-sheet detail is not supplied consistently; parent-only figures are not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Cash placements and scrip acquisitions are different
The Belgrade acquisition used shares, options and deferred shares alongside acquisition costs. These non-cash instruments are not treated as gross cash raised, while the FY2025 entitlement and shortfall offer is reflected in the cash proceeds row.
Equity cash raised, net of issue costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross share-issue proceeds | 3.250 | 7.260 | 1.994 | 3.494 | 3.250 |
| Cash share-issue costs | (0.046) | (0.447) | (0.010) | (0.260) | (0.151) |
Share consideration for acquiring projects is separate from this cash series.
FY2025 gross proceeds include the entitlement and shortfall offer; they do not represent sales revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Read the latest exploration and transaction cash separately
The FY2025 comparative makes the exploration component of operating payments visible. The full conditional Serbian consideration is not booked as cash in this review, and the pending French permit compensation claim is not treated as a realised asset recovery.
Latest cash detail separates activity from asset transactions
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Exploration payments within operating | (2.053) | (3.444) |
| Other supplier and employee payments | (1.033) | (0.908) |
| Proceeds from sale of royalty interests | 0.380 | 0.000 |
| Serbian exploration-asset sale cash | 0.000 | 0.200 |
The FY2024 original supplier line included exploration; the FY2025 comparative separates it without changing total operating cash.
The Serbian cash receipt is not the entire conditional transaction consideration; deferred cash, shares and royalties are not assumed received.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only the frozen annual extraction was used. No raw documents, fresh database retrieval, web financial research or MiniMax drafting. Published primary-author-reviewed copy.
- FY2025 full group balance-sheet detail is incomplete in the packet; parent-only rows are not inserted as group data. Explicit group net assets and exploration carrying value are retained.
- FY2024 net assets differ by A$100 in a later narrative comparator; the original statement and FY2024 narrative agree and are selected.
- FY2025 management loss is owners-attributable, not total group loss. The statement attribution resolves this distinction without changing the source record.
- Exploration Target figures, historic grades, conditional deferred sale consideration and pending legal compensation are not realised financial returns.
Annual-report source registry
- Apollo Minerals - Annual Report to shareholdersFrozen annual extraction; group, owners and project basis distinguished.
- Apollo Minerals - Annual Report to shareholdersFrozen annual extraction; group, owners and project basis distinguished.
- Apollo Minerals - Annual Report to shareholdersFrozen annual extraction; group, owners and project basis distinguished.
- Apollo Minerals - Annual Report to shareholdersFrozen annual extraction; group, owners and project basis distinguished.
- Apollo Minerals - Annual Report to shareholdersFrozen annual extraction; group, owners and project basis 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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