FY2021
Narndee exploration and spin-out planning
Geophysical work advanced the Narndee targets, and the company announced plans to divest its gold portfolio through Aurum. The subsequent spin-out is distinguished from the initial intention.
ASX: ARN · Five-year financial review
(ASX: ARN) Aldoro Resources Financial Review - FY2021~25
Aldoro’s portfolio shifted from Western Australian projects toward Namibia’s Kameelburg rare-earths and niobium project. The sharp FY2025 loss increase was dominated by share-based payments and impairment, while exploration cash payments and investment-sale proceeds tell a different liquidity story.
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 net loss
A$21.605m
Includes substantial non-cash charges.
FY2025 closing cash
A$0.932m
July 2025 proceeds excluded.
Exploration cash paid
A$2.393m
Investing cash component in FY2025.
Exploration book value
A$4.381m
After the latest impairment.
Five years in context
The earlier portfolio focused on Narndee and WA lithium-rubidium opportunities, with gold assets spun out through Aurum. The Kameelburg acquisition agreement and subsequent drilling shifted the centre of the exploration programme to Namibia.
This is an exploration-company financial record, not a mine-production or commodity-sales series. Historic resource estimates, later drilling milestones and possible disposal proceeds do not become realised operating revenue simply because they appear in the same annual report.
Events behind the numbers
FY2022
Niobe drilling and Aurum interest
RC drilling expanded the Niobe lithium-rubidium investigation. The gold spin-out left Aldoro with an investment in Aurum rather than gold-mine sales.
FY2023
Kameelburg acquisition agreement
Aldoro agreed to acquire an 85% interest in the Namibian project permits, paid the initial deposit and completed a site visit while conditions precedent remained. Niobe work also progressed.
FY2024
Kameelburg preparation and Narndee write-off
Mapping, metallurgy and drilling preparations advanced in Namibia. Surrender of a Narndee tenement generated impairment; the Kameelburg permit-renewal condition was approved after June.
FY2025
Drilling focus and large non-cash charges
Kameelburg became the flagship focus, and acquisition shares were issued in February. The maiden resource dated 10 July 2025 and September disposal agreements are subsequent events, not June revenue.
FINANCIAL REVIEW / 01
Cash improved through financing and investment realisation
The latest cash increase does not signal positive operating cash generation. Share and option proceeds plus investment-sale cash supported exploration and equipment spending; the operating cash line remained negative.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Five-year earnings and cash record; no missing values plotted as zero.
Operating cash and financing
A$ million
Operating cash flowFinancing cash flow
AI-generated presentation · values from Five-year earnings and cash record; no missing values plotted as zero.
Five-year earnings and cash record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (2.645) | (2.275) | (4.564) | (1.786) | (21.605) |
| Operating cash flow | (0.786) | (1.254) | (0.754) | (0.696) | (0.937) |
| Investing cash flow | (1.250) | (5.732) | (4.498) | (1.681) | (0.738) |
| Financing cash flow | 3.731 | 4.968 | 6.270 | 0.022 | 2.064 |
| Closing cash | 3.899 | 1.880 | 2.898 | 0.543 | 0.932 |
Years ended 30 June; A$ million. Loss is not cash spent on exploration.
FY2025 investment-sale receipts reduce the net investing outflow; they are not operating mine sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Accounting loss was much larger than cash overheads
FY2025 includes A$13.965m of share-based payments and A$7.322m of impairment. Neither is a cash operating payment. The option issue generated cash, but performance rights and acquisition shares did not.
Share-based payments and impairment
A$ million
Share-based payment expenseImpairment expense
AI-generated presentation · values from Non-cash charges explain the FY2025 loss step-up; no missing values plotted as zero.
Non-cash charges explain the FY2025 loss step-up
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Share-based payment expense | 0.269 | 13.965 |
| Impairment expense | 1.093 | 7.322 |
| Depreciation expense | 0.041 | 0.012 |
Positive expense magnitudes. These charges are already included in net loss, not additional cash outflows.
The performance-share conversions and equity remuneration are not fundraising proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Write-downs changed the asset base, not the cash already spent
The current impairment is linked in the extracted note to the later non-core disposal agreements. Those agreements are described as subsequent events; the impairment recorded in the FY2025 accounts is retained without treating future consideration as June cash.
Exploration carrying value
A$ million
Exploration and evaluation carrying value
AI-generated presentation · values from Exploration cash and book value; no missing values plotted as zero.
Exploration cash payments
A$ million
Exploration and evaluation cash payments
AI-generated presentation · values from Exploration cash and book value; no missing values plotted as zero.
Exploration cash and book value
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation cash payments | (1.250) | (5.535) | (4.482) | (1.706) | (2.393) |
| Exploration and evaluation carrying value | 2.959 | 8.335 | 9.159 | 9.083 | 4.381 |
Payments are cash outflows; carrying value is the balance remaining after capitalisation, non-cash additions and impairment.
The FY2025 carrying value falls despite fresh expenditure because impairment outweighed the additions. Book value is not a mineral-resource valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 exploration carrying-value bridge
A$ million
| Metric | FY2025 |
|---|---|
| Opening carrying value | 9.083 |
| Exploration expenditure incurred | 2.480 |
| Acquisition consideration paid in shares | 0.140 |
| Impairment | (7.322) |
| Closing carrying value | 4.381 |
Opening balance plus expenditure and share consideration, less impairment, equals the closing carrying value.
A$2.480m expenditure recognised in the asset roll-forward differs from A$2.393m exploration cash paid; they are not interchangeable.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Positive working capital did not remove funding risk
At June 2025, net current assets were A$0.903m and liabilities A$0.206m. The group reported no external borrowings, but the annual disclosure still identified material going-concern uncertainty. Absence of debt is not equivalent to a fully funded exploration plan.
Balance-sheet development before the latest write-down
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 8.103 | 11.386 | 13.231 | 11.413 |
| Total liabilities | 0.266 | 0.536 | 0.490 | 0.167 |
| Total equity | 7.837 | 10.850 | 12.740 | 11.246 |
The frozen FY2025 extraction supplies the loss, cash, liabilities and exploration balance but not a complete comparable total-assets/equity statement. No missing total is estimated.
Latest disclosed net current assets were A$0.903m, with cash A$0.932m and total liabilities A$0.206m. Going-concern uncertainty remained disclosed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Cash issues, non-cash shares and future proceeds stay separate
The FY2025 investment-sale proceeds were A$2.198m. The A$0.587m option conversions in July 2025 and equipment purchased with shares later that month are outside June cash. Later Sultan milestone payments remain conditional, not booked as realised sale receipts here.
Share proceeds and cash issue costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash proceeds from ordinary shares | 3.655 | 5.146 | 6.727 | 0.035 | 1.446 |
| Cash share-issue costs | (0.099) | (0.178) | (0.457) | (0.013) | (0.060) |
Separate proceeds from issued listed options were A$0.678m in FY2025, so the ordinary-share row alone is not total financing.
Share-based expenses and acquisition consideration paid in shares are non-cash and excluded from these rows.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only the frozen annual extraction packet was used. No raw reports, new database queries, financial web research or MiniMax drafting. Published primary-author review.
- The packet does not supply a complete comparable FY2025 total-assets/equity statement. The earlier series ends explicitly at FY2024 rather than filling gaps with invented totals.
- The acquisition interest and group consolidation are not mechanically reduced to an 85% financial series; reported group cash and asset values are preserved.
- Performance-right milestone commodity descriptions are internally inconsistent in the extracted narrative; no detailed gold-resource milestone claim is reproduced.
- The July 2025 maiden resource and later asset disposal agreements are not FY2025 production, sales, reserves or received cash.
Annual-report source registry
- Aldoro Resources - Annual Report to shareholdersFrozen annual extraction; cash/non-cash transactions and reporting cut-off retained.
- Aldoro Resources - Annual Report to shareholdersFrozen annual extraction; cash/non-cash transactions and reporting cut-off retained.
- Aldoro Resources - Annual Report to shareholdersFrozen annual extraction; cash/non-cash transactions and reporting cut-off retained.
- Aldoro Resources - Annual Report to shareholdersFrozen annual extraction; cash/non-cash transactions and reporting cut-off retained.
- Aldoro Resources - Annual Report to shareholdersFrozen annual extraction; cash/non-cash transactions and reporting cut-off retained.
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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