FY2021
Sala acquired and Swedish drilling
Sala was acquired in February 2021. Drilling and interpretation at Greater Falun developed the exploration programme; historical mine production is not current sales.
ASX: AQI · Five-year financial review
(ASX: AQI) Alicanto Minerals Financial Review - FY2021~25
Alicanto’s FY2025 loss narrowed sharply and cash recovered, but those outcomes have different explanations. Exploration spending declined and a large non-cash share-payment reversal helped earnings; equity raising replenished the bank balance. The report keeps all three effects separate.
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$2.642m
Higher after equity funding.
FY2025 loss
A$0.942m
Includes a non-cash net benefit.
Gross equity cash
A$4.723m
FY2025 total, not plus A$3m again.
Exploration cash
A$0.684m
FY2025 operating outflow component.
Five years in context
Alicanto focused on Sweden’s Falun and Sala projects while disposing of Arakaka in Guyana. Historic mine production is context for exploration, not Alicanto’s current-period production or sales.
Exploration is expensed as incurred except for capitalised acquisition costs. Falun’s acquisition mixed cash and shares; neither the acquisition carrying value nor the Sala Inferred Resource is treated as a forecast financial return.
Events behind the numbers
FY2022
Arakaka disposal completed
The Guyana sale completed in January 2022. Its potential milestone-linked consideration was not all immediate cash; Sala drilling supported a resource announced after June year-end.
FY2023
Sala resource and Falun acquisition
The maiden Sala Inferred Resource was announced in July 2022. Falun’s historic mine permit acquisition completed in May 2023 with cash plus scrip consideration.
FY2024
Broader acquisition strategy
Exploration continued around Falun and Sala. The June board restructure accompanied an expanded strategy to consider complementary advanced projects.
FY2025
Equity funding and incentive reset
Five equity issuances replenished funds while options and performance rights were cancelled or forfeited. The accounting write-backs were separate from cash proceeds.
FINANCIAL REVIEW / 01
Cash recovery came from financing and lower cash use
Operating cash outflow fell as exploration payments declined. Financing exceeded the combined operating and investing cash requirement in FY2025, producing a larger closing balance. The going-concern uncertainty remained disclosed.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Cash flows and year-end liquidity; no missing values plotted as zero.
Exploration payments and total operating cash
A$ million
Exploration payments within operatingOperating cash flow
AI-generated presentation · values from Cash flows and year-end liquidity; no missing values plotted as zero.
Cash flows and year-end liquidity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (4.297) | (8.309) | (5.978) | (5.006) | (2.726) |
| Investing cash flow | (0.455) | 0.751 | 0.300 | (0.001) | 0.031 |
| Financing cash flow | 6.832 | 6.297 | 5.494 | 2.743 | 4.534 |
| Closing cash | 4.513 | 3.252 | 3.068 | 0.804 | 2.642 |
| Exploration payments within operating | (3.244) | (6.892) | (3.745) | (3.411) | (0.684) |
Years ended 30 June; A$ million. Exploration payments are included in operating cash, not additional to it.
FY2023 investing inflow included the release of security deposits; it is not exploration revenue.
FY2024 closing cash and FY2023 closing cash are taken from the statement series, not a mismatched FY2025-extraction opening comparator.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A small reported loss is not the same as low cash consumption
The FY2025 net share-based benefit arose because reversals exceeded new performance-right expense. The new rights still generated an expense; the result is not evidence that no incentives were issued or that the company received cash from cancellations.
Loss and continuing exploration expense
A$ million
Loss after tax, total operationsExploration expense, continuing operations
AI-generated presentation · values from Smaller losses reflect lower exploration and a non-cash reversal; no missing values plotted as zero.
Smaller losses reflect lower exploration and a non-cash reversal
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax, total operations | (7.361) | (9.936) | (7.046) | (5.470) | (0.942) |
| Exploration expense, continuing operations | (2.574) | (6.287) | (3.808) | (3.319) | (0.713) |
| Share-based payment expense / net benefit | (1.024) | (0.362) | (0.225) | (0.359) | 1.782 |
| Employee benefit expense | (0.416) | (0.481) | (0.789) | (0.680) | (0.926) |
| Consultancy expense | (1.986) | (1.788) | (1.187) | (0.551) | (0.458) |
FY2021 uses the restated comparative separating Arakaka discontinued operations; total loss still includes those operations. FY2022 total loss includes A$0.399m discontinued loss.
Negative amounts are expenses/losses; the positive FY2025 share-payment value is a net non-cash benefit, not cash raised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Positive current resources, with lease obligations retained
Current assets exceeded current liabilities at June 2025, with a separate non-current lease liability. The latest full asset detail is less complete than earlier packets, so the report relies on explicit group net assets rather than inventing an asset composition.
Net assets
A$ million
Net assets
AI-generated presentation · values from Current resources and net assets; no missing values plotted as zero.
Current resources and net assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net assets | 6.337 | 4.873 | 4.785 | 2.539 | 4.559 |
| Current assets | 5.032 | 3.868 | 3.417 | 1.038 | 2.969 |
| Current liabilities | 0.951 | 1.138 | 0.503 | 0.313 | 0.290 |
FY2021-FY2022 net assets calculated from reported consolidated assets less liabilities; later cells are reported totals.
FY2025 current liabilities do not include the separate A$0.135m non-current lease liability.
Positive net assets and working capital do not remove the auditor’s going-concern uncertainty.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Count each equity raising only once
The A$3m placement is a component of the approximately A$4.72m annual gross cash raised. Issue costs reduce cash available, and lease repayments also sit within financing cash. The separate share-payment accounting bridge has no place in this cash total.
Gross equity cash raised
A$ million
Gross share-issue proceeds
AI-generated presentation · values from Cash equity funding; no missing values plotted as zero.
Cash equity funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross share-issue proceeds | 7.427 | 7.000 | 6.100 | 3.000 | 4.723 |
| Cash issue costs | (0.395) | (0.472) | (0.424) | (0.228) | (0.144) |
The FY2025 approximately A$4.72m total includes the A$3m placement component; they must not be added again.
Share-based accounting benefits and scrip paid for assets are not cash financing proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only frozen annual extraction records were used. No raw reports, new DB access, financial web research or MiniMax drafting. Published, primary-author-reviewed copy.
- FY2021 continuing-operation expenses use the FY2022 restated comparison; the loss series includes discontinued operations. This reporting change is not suppressed.
- A FY2025-extraction comparative opening cash repeats FY2022 closing cash. The coherent FY2024 statement opening/closing series is used instead; the conflicting record remains in the log.
- The FY2022 Arakaka cash-flow receipt and narrative cash consideration differ. The cash-flow line is used for cash totals without inventing an exchange-rate or timing reconciliation.
- FY2025 detailed exploration carrying value is not reconstructed from earlier-year values. Historic mine output, resources and conditional sale consideration are not current financial performance.
Annual-report source registry
- Alicanto Minerals - Annual Report to shareholdersFrozen annual extraction; discontinued operations, expense reversals and cash funding separated.
- Alicanto Minerals - Annual Report to shareholdersFrozen annual extraction; discontinued operations, expense reversals and cash funding separated.
- Alicanto Minerals - Annual Report to shareholdersFrozen annual extraction; discontinued operations, expense reversals and cash funding separated.
- Alicanto Minerals - Annual Report to shareholdersFrozen annual extraction; discontinued operations, expense reversals and cash funding separated.
- Alicanto Minerals - Annual Report to shareholdersFrozen annual extraction; discontinued operations, expense reversals and cash funding separated.
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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