FY2021
IPO funds Anthill development
Austral listed in November and began site development and plant refurbishment. The first mine blast was in December; mining and ore deliveries followed in 2022.
ASX: AR1 · Five-year financial review
(ASX: AR1) Austral Resources Financial Review - FY2021~25
Austral moved from an IPO-funded Anthill ramp-up to a liquidity-driven restructuring, then acquired Rocklands. The FY2025 profit and cash recovery need to be read alongside asset transfers, creditor settlements and new financing—not as a simple return to normal copper-mine earnings.
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 total revenue
A$69.660m
Includes discontinued operations.
FY2025 net profit
A$11.874m
Includes disposal and settlement effects.
FY2025 operating cash
A$(17.882)m
Includes discontinued-operation cash flows.
Year-end cash
A$19.304m
At 31 December 2025.
Five years in context
The 2021 listing financed Anthill development and refurbishment of the Mt Kelly processing circuit. Anthill then contributed a ramp-up year before the higher 2023 sales period. Development targets and processing capacity are not substituted for actual sales.
Receivership and debt negotiations changed the story in 2024. Anthill transferred to secured debt holders in September 2025, while Rocklands entered the group in October. Comparing the same legal issuer across years therefore does not mean comparing the same operating assets.
Events behind the numbers
FY2022
Anthill ramp-up
Mining commenced and the processing operation ramped toward steady state. Early pre-strip costs and development investment explain why late-quarter operational progress did not translate into a positive full-year operating cash result.
FY2023
Higher sales, later inventory correction
Copper sales reached 9,075 tonnes. The later report corrected opening inventory and the corresponding cost-of-sales effect; this review uses the restated FY2023 earnings comparative.
FY2024
Receivership and creditor restructuring
A brief receivership in May was followed by senior debt acquisition and restructuring negotiations. Mechanical failures later in the year also interrupted processing.
FY2025
Anthill exits; Rocklands enters
Control of Anthill transferred to creditors in September. Rocklands was acquired in October through a deed of company arrangement, with a separate Glencore financing facility.
FINANCIAL REVIEW / 01
Profit and cash moved in different directions
The FY2025 group profit coincided with negative operating cash. Creditor forgiveness and a disposal gain are accounting effects removed in the cash reconciliation, so they are not evidence of recurring mine cash generation.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record across a changing business; no missing values plotted as zero.
Net earnings versus operating cash
A$ million
Net profit / (loss)Operating cash flow
AI-generated presentation · values from Five-year financial record across a changing business; no missing values plotted as zero.
Five-year financial record across a changing business
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue, including later discontinued operations | 37.260 | 54.828 | 110.280 | 82.087 | 69.660 |
| Net profit / (loss) | (11.728) | (29.800) | 1.920 | (22.620) | 11.874 |
| Operating cash flow | 0.646 | (1.801) | 41.913 | 9.415 | (17.882) |
| Closing cash | 13.334 | 1.535 | 1.145 | 0.079 | 19.304 |
Years ended 31 December; A$ million. FY2021-FY2022 earnings retain those annual-report figures; FY2023 uses the later inventory-error-restated comparative. This is not a uniformly restated earnings series.
FY2025 includes Anthill only until disposal on 2 September; the 2024 comparative includes its full year. Rocklands is consolidated from 25 October 2025.
Continuing-operation copper sales are nil in the latest presentation, but the group did have discontinued-operation sales. Zero continuing revenue must not replace total historical sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The earlier years funded the mine ramp-up
Large plant and mine-development payments preceded the later restructuring. The component cash payments are kept separate from total investing cash to prevent double counting.
Plant and equipment cash payments
A$ million
Payments for property, plant and equipment
AI-generated presentation · values from Cash investment before the portfolio transfer; no missing values plotted as zero.
Cash investment before the portfolio transfer
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Payments for property, plant and equipment | (2.281) | (47.545) | (35.074) | (10.560) |
| Mine development payments | (1.854) | (1.782) | (2.123) | (1.559) |
| Exploration payments | (0.277) | (0.086) | (0.083) | (0.982) |
| Total investing cash flow | (10.621) | (49.413) | (37.280) | (12.505) |
| Total financing cash flow | 22.732 | 38.951 | (5.015) | 2.032 |
Cash payments are negative. Total investing also contains other movements and should not be added to the component rows.
The selected FY2025 packet does not supply a comparable complete investing/financing cash statement; no total is reverse-engineered from acquisition accounting or debt reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Historical deficits explain the creditor negotiations
The 2024 accounts identified material going-concern uncertainty alongside a current deficit and net liabilities. The 2025 liability profile belongs to a substantially changed asset and financing perimeter.
Liabilities before and after the asset transfer
A$ million
Current borrowingsTotal liabilities
AI-generated presentation · values from Liabilities changed with the assets under control; no missing values plotted as zero.
The liquidity problem before the 2025 restructuring
A$ million
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Total assets | 141.832 | 156.478 | 148.635 |
| Total liabilities | 152.975 | 164.750 | 179.853 |
| Net liabilities / negative equity | (11.143) | (8.272) | (31.218) |
| Working capital / (deficit) | (60.998) | (76.697) | (87.116) |
FY2022 balance sheet is restated for the inventory error; FY2023 inventory closing balance was not itself misstated.
These historical figures precede the 2025 Anthill disposal and Rocklands acquisition.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Liabilities changed with the assets under control
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Current borrowings | 81.396 | 10.160 |
| Total current liabilities | 141.436 | 13.506 |
| Total non-current liabilities | 38.417 | 64.646 |
| Total liabilities | 179.853 | 78.152 |
FY2025 also has A$12.492m non-current borrowings. The liabilities reduction is not evidence that all debt was repaid with operating cash.
Old Anthill facilities were removed with the disposal; the new Rocklands prepayment facility is a separate borrowing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
A restructuring profit is not a cash-flow shortcut
The cash reconciliation separately removes A$12.223m of creditor forgiveness and A$26.698m of disposal profit. Depreciation, accrued interest and inventory movements also matter. These selected lines explain the distinction without presenting an incomplete sum as a full bridge.
Selected FY2025 profit-to-cash reconciliation adjustments
A$ million
| Metric | FY2025 |
|---|---|
| Starting net profit | 11.874 |
| Remove trade-payables forgiveness gain | (12.223) |
| Remove profit on disposal | (26.698) |
| Add back depreciation and amortisation | 42.949 |
| Accrued interest adjustment | 9.259 |
| Change in inventories | (31.517) |
| Change in trade and other payables | (9.319) |
| Ending operating cash flow | (17.882) |
Selected reconciliation lines, not a complete additive bridge. Other published adjustments are omitted from this compact table.
Negative gain-removal entries are cash-flow adjustments, not additional losses or cash payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
A partial final Anthill period, then a new portfolio
The discontinued-operation comparison is 4,716 tonnes of copper cathode sold in 2025 versus 6,341 tonnes in 2024. The former stops at the September disposal while the latter covers twelve months; it is not a like-for-like annual production comparison.
The FY2025 continuing revenue was management-fee income rather than continuing cathode sales. Rocklands was in care and maintenance, with costs expensed. Guarantees and rehabilitation liabilities are not interchangeable with available cash or immediate debt repayments.
FINANCIAL REVIEW / 06
The next financing chapter belongs to 2026
The Lady Loretta transaction and February 2026 capital raising were subsequent events. Their expected or received amounts are not inserted into December 2025 cash, revenue or operating performance.
Reading the figures
- Written only from the frozen annual extraction packet. No original reports, new database queries, financial web research or MiniMax were used. Published primary-author review.
- The 2022 inventory restatement changes the balance sheet and the 2023 earnings comparison; earlier earnings retain their stated edition and are not presented as uniformly restated.
- A complete FY2025 cash-investing/financing and asset/equity statement is not supplied by the selected packet. Those totals are not inferred from acquisition consideration, guarantees or debt movements.
- A borrowing-note record incorrectly labels the latest current balance FY2026. The independently extracted FY2025 statement row and dated Rocklands facility disclosure are selected instead.
- Discontinued operations, part-year asset control and non-cash restructuring effects limit cross-year comparability. No resource-to-revenue or mine-life valuation is inferred.
Annual-report source registry
- Austral Resources - Austral Resources Annual Report to ShareholdersExisting annual extraction; preserve restatement edition and disposal/acquisition dates.
- Austral Resources - Austral Resources Annual Report to ShareholdersExisting annual extraction; preserve restatement edition and disposal/acquisition dates.
- Austral Resources - Austral Resources Annual Report to ShareholdersExisting annual extraction; preserve restatement edition and disposal/acquisition dates.
- Austral Resources - Austral Resources Annual Report to ShareholdersExisting annual extraction; preserve restatement edition and disposal/acquisition dates.
- Austral Resources - Austral Resources Annual Report to ShareholdersExisting annual extraction; preserve restatement edition and disposal/acquisition dates.
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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