Alice Queen shifted its exploration emphasis toward Fiji after substantial Australian exploration-asset impairments. FY2025 drilling increased cash use, funded mainly by equity subscriptions. The closing cash balance improved, but working capital remained in deficit and the remaining book-equity buffer was small.
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.
Cash held, not future commitments.
Before other comprehensive loss.
Includes non-controlling interests.
At 30 June 2025.
The early portfolio centred on Horn Island and NSW exploration. The Fiji licence acquisition expanded the scope, with FY2025 field activity concentrated on Viani while Australian projects were maintained or reviewed. None of the historic mine or resource figures is treated as current gold sales.
The FY2022 NSW impairment was followed by a change to expensing exploration and a further write-down of remaining capitalised costs in FY2023. This accounting reset explains why the balance sheet and loss series cannot be read as a uniform five-year development-spend trend.
Infill drilling and scoping work progressed at Horn Island. A March 2021 conditional agreement sought the Fiji prospects; the later completed licence acquisition is distinguished from that agreement.
Viani and Nabila licences were secured. Non-core NSW carrying values were impaired where substantive spending was not planned and recovery was not supported.
Exploration was expensed under the changed policy; the remaining capitalised balance was impaired. Surplus NSW tenure and operating costs were reduced.
Sabeto fieldwork advanced drill targets. Gage’s subscription was approved in June but funds arrived and shares were issued in July 2024, after year-end.
Four diamond holes were completed at Viani. Gage’s investment funded the renewed activity; results from the final holes and a later placement tranche were reported after June 2025.
FY2025 cash rose, but operating cash use also increased with Viani exploration. Financing, rather than mine sales, funded the programme; the auditor still identified material going-concern uncertainty.
A$ million
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group loss after tax | (1.878) | (8.241) | (20.063) | (2.254) | (4.196) |
| Operating cash flow | (1.369) | (1.255) | (1.996) | (2.355) | (3.636) |
| Investing cash flow | (8.573) | (3.003) | (0.707) | 0.060 | (0.075) |
| Financing cash flow | 8.158 | 3.431 | 2.427 | 2.380 | 4.005 |
| Closing cash | 1.161 | 0.334 | 0.042 | 0.123 | 0.371 |
Years ended 30 June; A$ million. Group loss includes non-controlling interests and is not the owners-only or comprehensive loss.
Exploration cash shifts between investing and operating as the accounting approach changes; do not read operating cash alone as total historical project spend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The NSW and later remaining-asset impairments materially reduced equity. The business continued exploring; a nil capitalised exploration balance is an accounting carrying value, not a conclusion that a project has no resource potential.
A$ million
AI-generated presentation · values from Exploration carrying values and impairment before the Fiji drilling ramp-up; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation carrying value | 20.122 | 17.193 | 0.000 | 0.000 |
| Impairment expense | 0.000 | (6.401) | (17.596) | 0.000 |
The FY2022 NSW impairment and FY2023 remaining capitalised-cost impairment are non-cash charges.
Nil carrying value does not mean the underlying projects contain no mineralisation. The group changed to expensing exploration from 1 July 2022.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Viani was the fieldwork priority in FY2025. No fieldwork was reported at Horn Island or the Lachlan Fold Belt projects in that year, reflecting capital allocation priorities rather than a manufactured production shortfall.
A$ million
AI-generated presentation · values from Recent exploration: expense and operating cash; no missing values plotted as zero.
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Exploration expense | (0.885) | (0.470) | (2.800) |
| Exploration payments within operating | (0.847) | (0.374) | (2.416) |
Expense and cash payments use different recognition timing; neither should be inferred from the other.
FY2023 also included A$0.658m exploration payments within investing. FY2021 and FY2022 investing exploration payments were A$10.252m and A$3.398m respectively.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated equity incorporates the minority-interest balance; it is not the standalone parent figure. The working-capital deficit and low cash are read alongside the going-concern disclosure, without converting either into an unsupported months-of-runway estimate.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 22.306 | 17.954 | 0.360 | 0.599 | 0.911 |
| Total liabilities | 0.763 | 0.887 | 0.907 | 0.537 | 0.898 |
| Total equity / (deficiency) | 21.543 | 17.067 | (0.547) | 0.062 | 0.013 |
| Working capital / (deficit) | 0.812 | (0.371) | (0.768) | (0.077) | (0.172) |
FY2025 total equity is A$13,110, including negative non-controlling interests; it is not the parent entity’s standalone equity.
Working capital is calculated from reported current totals. A one-dollar FY2024 narrative rounding discrepancy is immaterial and not forced into the arithmetic.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The FY2025 share cash line includes the July 2024 Gage subscription. The May 2025 placement had a second tranche issued in July 2025, and September 2025 convertible-note commitments are subsequent events. The stated willingness of a shareholder to support work is not treated as unconditional financing.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross share-issue cash | 8.820 | 3.805 | 2.215 | 2.993 | 4.058 |
| Cash share-issue costs | (0.578) | (0.243) | (0.128) | (0.143) | (0.043) |
Does not include separate option exercises, borrowing movements, lease payments or FY2025 Gage cost reimbursement.
The July 2024 Gage subscription belongs to FY2025. The July 2025 placement tranche belongs after the FY2025 balance date.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The FY2025 A$4.196m group loss is distinct from A$4.144m attributable to parent owners and A$4.240m comprehensive loss. The chart/table record does not mix these measures across years.
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Loss attributable to parent owners | (2.205) | (4.144) |
| Loss attributable to non-controlling interests | (0.049) | (0.052) |
| Other comprehensive loss | (0.004) | (0.044) |
| Total comprehensive loss | (2.258) | (4.240) |
Group net loss equals owners plus non-controlling interests. Other comprehensive loss is additional, not included in net loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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