FY2021
Paradox process testing
Brine-development and exploration work continued in Utah alongside WA exploration. Bromine pilot testing advanced the process concept; the reported yield was a test result, not annual commercial production.
ASX: ASN · Five-year financial review
(ASX: ASN) Anson Resources Financial Review - FY2021~25
Anson funded a progression from brine testing and feasibility work to land acquisition and demonstration plants at Paradox and Green River. Technical progress continued in FY2025, but the financial record remained one of development spending, equity funding and declining cash—not commercial lithium sales.
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$2.447m
At 30 June 2025.
FY2025 net loss
A$8.497m
Excludes other comprehensive movements.
Working capital
A$0.752m
Positive but lower than the prior year.
FY2025 project-asset cash
A$3.711m
Investing exploration/evaluation payments.
Five years in context
The earlier Paradox programme explored lithium and other chemicals from Utah brines. Green River added a second development focus, and direct lithium extraction demonstrations became increasingly important. Neither test yield nor a future annual plant-capacity target establishes sales revenue.
The large FY2023 cash raise preceded heavy FY2024 project and land spending. FY2025 investing outflow was smaller, but operating cash use continued and available cash fell. This makes actual funding availability distinct from technical milestones and conditional financing interest.
Events behind the numbers
FY2022
Sampling and feasibility preparation
Long Canyon exploration and sampling supported the Paradox programme. The completed DFS was announced on 8 September 2022, after June, and is not backdated into FY2022 realised earnings.
FY2023
DFS and Green River expansion
The DFS was completed in September 2022. Green River claims and a May 2023 land letter of intent expanded the pipeline; land settlement followed in September 2023.
FY2024
Land, demonstration plant and LG term sheet
The Green River land purchase completed, the sample plant produced lithium carbonate from Paradox brine, and an LG term sheet was signed. Koch pilot collaboration followed in June.
FY2025
DLE progress and conditional funding interest
Koch testing and the Green River maiden resource advanced. EXIM expressed non-binding debt-financing interest; the definitive LG agreement signed in September was a subsequent event.
FINANCIAL REVIEW / 01
A smaller loss did not stop the cash decline
FY2025 loss narrowed while operating cash outflow increased. Lower investing spend softened total cash use, but financing did not fully replenish the cash consumed. Equity and cash therefore tell different stories.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Net loss and operating cash
A$ million
Loss after taxOperating cash flow
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Five-year financial record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (4.521) | (6.751) | (12.430) | (9.837) | (8.497) |
| Operating cash flow | (2.788) | (4.560) | (9.917) | (7.022) | (8.198) |
| Investing cash flow | (1.120) | (2.871) | (6.060) | (22.964) | (3.963) |
| Financing cash flow | 5.587 | 10.913 | 48.931 | (0.451) | 6.383 |
| Closing cash | 2.233 | 5.731 | 38.645 | 8.215 | 2.447 |
Years ended 30 June; A$ million. Commercial lithium sales are not inferred from pilot production, product samples or offtake agreements.
Earlier operating cash includes exploration payments; capitalised development and later exploration-asset payments are separately classified as investing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The FY2024 investment peak has a project context
The Green River land settlement occurred in September 2023, inside FY2024. Later reported US-project spending greatly exceeded Australian-project spending, but the segment basis changed in FY2025; this review does not force the older and newer segments into an identical five-year series.
Investing project-asset payments
A$ million
Development / exploration-asset payments, investing
AI-generated presentation · values from Cash applied to project assets; no missing values plotted as zero.
Cash applied to project assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Development / exploration-asset payments, investing | (1.165) | (2.793) | (6.350) | (19.350) | (3.711) |
| Property, plant and equipment payments | (0.058) | (0.089) | (0.010) | (4.311) | (0.306) |
FY2021-FY2022 labels are development expenditure; later periods use exploration and evaluation assets. This is a labelled cash-classification history, not a uniform accounting-policy assumption.
Additional operating exploration payments were A$1.216m in FY2021 and A$3.150m in FY2022. Those amounts are not included in the investing project row.
FY2024 included the September 2023 Green River land acquisition; the prior May letter of intent was not the cash completion.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Project assets are not a substitute for cash
Net assets remained substantial relative to cash, but the latest working-capital buffer was small. The company identified dependence on additional funding and the risk that lack of capital could reduce activity; no unsupported cash-runway estimate is calculated.
Total equity
A$ million
Total equity / net assets
AI-generated presentation · values from Liquidity and consolidated capital; no missing values plotted as zero.
Liquidity and consolidated capital
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total equity / net assets | 2.852 | 7.374 | 56.497 | 49.659 | 48.955 |
| Total liabilities | 3.233 | 5.558 | 3.236 | 4.938 | 3.706 |
| Total assets, equity plus liabilities | 6.085 | 12.933 | 59.733 | 54.598 | 52.660 |
| Working capital / (deficit) | (0.588) | 0.813 | 39.136 | 6.091 | 0.752 |
Total assets are explicitly calculated from reported equity and liabilities. They are not a resource valuation or a forecast project return.
The latest cash balance and working capital declined despite positive equity; substantial value remains tied to project assets rather than immediately available cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Cash raisings and financing commitments stay separate
The EXIM letter covers potential financing up to US$330m and is non-binding. It is not added to cash or assumed to be a drawn loan. The financial statements are presented in Australian dollars, so that US-dollar headline is not mixed into the table totals.
Cash ordinary-share proceeds
A$ million
Gross ordinary-share proceeds
AI-generated presentation · values from Equity cash, option exercises and costs; no missing values plotted as zero.
Equity cash, option exercises and costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross ordinary-share proceeds | 4.614 | 7.357 | 50.000 | 0.000 | 7.210 |
| Option exercise proceeds | 1.373 | 4.180 | 2.280 | 0.036 | 0.000 |
| Capital-raising cash costs | (0.308) | (0.507) | (3.129) | (0.075) | (0.252) |
Nil ordinary-share proceeds in FY2024 and nil option-exercise proceeds in FY2025 are explicit cash-statement entries.
Financing cash also includes other movements such as lease repayments; gross equity proceeds do not equal the net financing total.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
The Koch note is a liability, not project revenue
The US$250,000 note was issued under the pilot-testing commercial arrangement. Its A$ liability carrying amount and small equity component are separated from cash financing and from the technical DLE results. The maturity extension occurred after the reporting date.
Koch note and lease balances
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Convertible-note liability, current | 0.361 | 0.421 |
| Convertible-note equity component | 0.016 | 0.016 |
| Current lease liabilities | 0.526 | 0.517 |
| Non-current lease liabilities | 0.539 | 0.314 |
A$ carrying amounts. The note’s US$250,000 principal is a different currency and is not the reported liability balance.
The September maturity extension to March 2026 is disclosed as a subsequent event, not a change to the June 2025 current classification.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 06
Offtake and pilot output are milestones, not sales
The 2024 LG term sheet was conditional on FID, commercial production and product qualification. The later definitive agreement disclosed a five-year supply term commencing in January 2028. The differing dates are kept as successive disclosures, not treated as completed deliveries.
The reported DLE recovery and lithium-chloride output describe a demonstration programme. No five-year commercial sales or operating margin is manufactured from those results or from the internally estimated exploration target.
Reading the figures
- Only frozen annual extraction data were used. No original annual reports, new database queries, financial web research or MiniMax drafting. Published primary-author review.
- Operating exploration, capitalised project payments and later operations-cost labels are not assumed to have a uniform basis; the cash classifications are explicitly labelled.
- The FY2025 segment reporting basis changed. No artificial five-year project allocation is imposed.
- Pilot output, resource estimates, offtake quantities and non-binding financing are not realised mine revenue, reserves or cash.
- Post-year note extension, definitive offtake and land-claim additions are not backdated into the June 2025 financial statements.
Annual-report source registry
- Anson Resources - Annual Report to ShareholdersFrozen annual extraction; AUD reporting, project timing and cash classifications retained.
- Anson Resources - Annual Report to ShareholdersFrozen annual extraction; AUD reporting, project timing and cash classifications retained.
- Anson Resources - Annual Report to ShareholdersFrozen annual extraction; AUD reporting, project timing and cash classifications retained.
- Anson Resources - Annual Report to ShareholdersFrozen annual extraction; AUD reporting, project timing and cash classifications retained.
- Anson Resources - Release of Enhanced Annual Report for FY 2025Frozen annual extraction; AUD reporting, project timing and cash classifications 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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AI-led method
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