FY2021
White Hill and trial export sales
The 11.6Mt White Hill resource supported scoping work. Small container sales to South Korea continued, but high freight rates constrained bulk-export marketing.
ASX: ASQ · Five-year financial review
(ASX: ASQ) Australian Silica Quartz Financial Review - FY2021~25
ASQ progressed silica and quartz studies without establishing the bulk-export cash engine envisaged in its project plans. By FY2025, declining cash, a terminated Quartz Hill agreement and the decision to market farming properties made liquidity the central financial issue.
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$0.837m
At 30 June 2025.
FY2025 net loss
A$1.922m
Exploration is expensed.
Property and equipment
A$3.273m
Book assets, not available cash.
FY2025 exploration cash
A$1.129m
Included in operating activities.
Five years in context
The early record includes small containerised trial sales to South Korea, while Albany White Hill and Quartz Hill remained development propositions. A trial shipment, a mineral resource and a proposed annual export capacity are different things; none supplies a defensible five-year commercial production series.
The FY2021 equity inflow established a cash buffer that declined over the following four years. ASQ retained property assets, but its FY2025 liquidity response was to consider sales and reduce fees—not to treat those assets as already realised cash.
Events behind the numbers
FY2022
Conditional export arrangement
The January C&D silica-sand terms sheet depended on port access and approvals. The Netley exploration-ground agreement followed in August, after the June financial year-end.
FY2023
Koolyanobbing ground assembled
The acquisition completed in early 2023 and soil sampling and EM surveys generated targets. Netley consideration included shares and resource-linked contingent obligations, not only cash.
FY2024
Quartz Hill resource and study
December 2023 brought the 17.3Mt quartz resource at 99.04% SiO2. Partner-funded drilling and scoping advanced, but prospective offtake remained conditional.
FY2025
Agreement ends; liquidity response
The Quartz Hill agreement ended in June after updated customer specifications were not met. ASQ sought buyers for farming properties and cut fees while continuing selective exploration.
FINANCIAL REVIEW / 01
The cash buffer narrowed across the review
The latest year’s operating cash outflow was larger than FY2024 despite lower exploration payments. Lower customer receipts help explain the change; the cash-statement receipt label does not establish a matching volume of silica sales.
Cash at year-end
A$ million
Closing cash
AI-generated presentation · values from Five-year cash and earnings; no missing values plotted as zero.
Loss versus operating cash
A$ million
Net lossOperating cash flow
AI-generated presentation · values from Five-year cash and earnings; no missing values plotted as zero.
Five-year cash and earnings
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss | (1.191) | (1.778) | (2.248) | (0.831) | (1.922) |
| Operating cash flow | (1.020) | (1.063) | (1.744) | (0.552) | (1.561) |
| Investing cash flow | (0.001) | (0.004) | (0.054) | (0.012) | 0.000 |
| Financing cash flow | 3.582 | (0.007) | (0.002) | (0.000) | 0.000 |
| Closing cash | 5.836 | 4.762 | 2.962 | 2.398 | 0.837 |
Years ended 30 June; brackets indicate outflows or losses. FY2025 investing and financing entries are reported nil.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Book property does not pay the next invoice
Property and equipment represented a large part of total assets at June 2025. The board’s plan to market one or both farming properties was therefore meaningful, but the supplied data do not establish completed sale proceeds. ASQ reported no ready credit facility.
Cash-sensitive assets and current liabilities
A$ million
Current assetsCurrent liabilities
AI-generated presentation · values from Liquidity and property-backed assets; no missing values plotted as zero.
Liquidity and property-backed assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 8.476 | 7.416 | 6.891 | 6.068 | 4.415 |
| Total equity | 8.368 | 7.273 | 5.612 | 5.813 | 4.314 |
| Current assets | 5.999 | 4.939 | 4.369 | 2.569 | 0.929 |
| Current liabilities | 0.108 | 0.143 | 1.279 | 0.255 | 0.101 |
| Working capital | 5.891 | 4.796 | 3.089 | 2.315 | 0.828 |
| Property, plant and equipment | 2.276 | 2.273 | 2.318 | 3.286 | 3.273 |
Working capital is calculated. Property carrying values are not cash proceeds or a valuation of the mineral resources.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Expensed exploration explains the balance sheet
ASQ writes off exploration expenditure each year. Consequently, a project resource or study does not appear as an equivalent capitalised exploration value. FY2025 exploration expense was A$1.107m, whereas cash payments were A$1.129m; timing and accounting basis prevent them being interchangeable.
Exploration cash payments
A$ million
Exploration cash payments
AI-generated presentation · values from Exploration payments within operating cash; no missing values plotted as zero.
Exploration payments within operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash payments | (0.712) | (0.773) | (1.248) | (1.384) | (1.129) |
Exploration costs are expensed, not accumulated as a large exploration asset. Cash payments differ from accrual expenses.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
FY2024 property gains were not cash funding
FY2024 included a A$0.404m reversal of prior impairment and a separate A$0.581m property revaluation gain in other comprehensive income. The latter is not part of net profit or operating receipts. Neither amount is treated as a completed property sale.
Cash receipts from customers
A$ million
Cash receipts from customers
AI-generated presentation · values from Recent cash receipts and property accounting; no missing values plotted as zero.
Recent cash receipts and property accounting
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash receipts from customers | 1.604 | 0.459 |
| Supplier and employee payments | (0.895) | (0.939) |
| Interest received | 0.123 | 0.048 |
| Property revaluation gain in OCI | 0.581 | 0.000 |
Customer receipts retain the cash-statement label; they are not assumed to be silica commodity sales or matched to an unsupported production volume.
FY2024 also had a A$0.404m reversal of prior impairment through earnings. The separate A$0.581m revaluation gain went through other comprehensive income, not operating cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Resources and conditional agreements remain development evidence
Quartz Hill’s technical resource survived the end of the partner agreement; commercial specification and funding decisions are distinct from geological tonnage. White Hill was still seeking buyers before further study and access-route work. Neither historical resource tonnage nor contingent 20,000-tonne shipment milestones is counted as actual sales.
Reading the figures
- Frozen annual extraction data only; no original report, database or web financial retrieval. Published primary-author review.
- Cash receipts are not assumed to be mineral revenue; early trial exports are distinguished from proposed bulk exports.
- Project resources, output capacities and contingent shipment milestones are not actual production or sale volumes.
- The FY2025 agreement termination takes precedence over generic extraction text that still describes exploration under that agreement.
Annual-report source registry
- Australian Silica Quartz - Annual Report to shareholdersExisting annual extraction; cash, property valuation and project-stage distinctions retained.
- Australian Silica Quartz - Annual Report to shareholdersExisting annual extraction; cash, property valuation and project-stage distinctions retained.
- Australian Silica Quartz - Annual Report to shareholdersExisting annual extraction; cash, property valuation and project-stage distinctions retained.
- Australian Silica Quartz - Annual Report to shareholdersExisting annual extraction; cash, property valuation and project-stage distinctions retained.
- Australian Silica Quartz - Annual Report to shareholdersExisting annual extraction; cash, property valuation and project-stage distinctions 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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