FY2022
Drilling and resource expansion
More than 60,000m of drilling supported an expanded resource. The PFS results were announced after June, so the study outcome is not backdated into FY2022 operating results.
ASX: AUC · Five-year financial review
(ASX: AUC) Ausgold Financial Review - FY2022~26
Katanning moved from resource drilling and feasibility toward engineering and early works. FY2026 brought a step-change in both funding and spending, but project economics remained forecasts and the subsequent OceanaGold proposal was not a completed acquisition at the reporting date.
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.
FY2026 cash
A$87.358m
At 30 June 2026.
FY2026 group loss
A$9.718m
Includes non-cash expenses.
FY2026 investing cash
A$46.039m outflow
Exploration plus property and other payments.
FY2026 equity cash
A$125.150m
Gross share proceeds before costs.
Five years in context
The earlier years built the Katanning resource and feasibility case. The June 2025 DFS and December 2025 update led into engineering, permitting and accommodation works. Ore reserves and forecast production in those studies are not evidence of current gold sales.
FY2026 funding strengthened cash even as exploration and property payments rose. The financial question therefore shifted from maintaining a study budget toward deploying capital and meeting development-related obligations, without assuming that every proposed construction commitment had already become cash expenditure.
Events behind the numbers
FY2023
PFS to DFS work programme
Completion of the PFS early in the financial year was followed by de-risking and resource drilling. An April 2023 capital raising supported further Katanning work.
FY2024
September resource upgrade
The September 2023 resource update and further project work supported the DFS pathway. The announced placement programme crossed year-end; the financial table uses recognised receipts, not the full announcement headline.
FY2025
Katanning DFS completed
The DFS was completed on 30 June 2025. A later placement and critical land agreement were subsequent events and are reflected in the following year where supported.
FY2026
Early works and a later takeover proposal
The December 2025 DFS update, land access and workforce village advanced development. OceanaGold’s scheme proposal was announced on 17 August 2026, after the financial year.
FINANCIAL REVIEW / 01
The funding step-change is visible in cash
Financing more than covered the FY2026 operating and investing outflows. This is a financing-led increase in cash, not cash generated by commercial gold production. Higher interest receipts also helped reduce operating cash use despite larger supplier and employee payments.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Net financing and investing cash
A$ million
Financing cash flowInvesting cash flow
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Five-year financial record
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Loss after tax | (2.586) | (5.227) | (8.344) | (10.750) | (9.718) |
| Operating cash flow | (1.138) | (2.242) | (2.559) | (2.455) | (1.651) |
| Investing cash flow | (11.015) | (10.567) | (16.903) | (11.134) | (46.039) |
| Financing cash flow | 15.630 | 11.293 | 15.047 | 20.621 | 123.019 |
| Closing cash | 10.929 | 9.412 | 4.997 | 12.028 | 87.358 |
Years ended 30 June; Australian dollars. FY2022 values are supported by FY2023 comparatives, not by mechanically using the document label of every extracted row.
Cash-flow statement classifications are retained, including the issuer-presented FY2025 loan-note settlement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Drilling, property and land access consume different budgets
Exploration payments increased markedly in FY2026. The land deed provided for staged consideration rather than A$35m of cash all paid at signing, and the PPE cash line is not identical to the accounting additions schedule. No unsupported reconciliation is imposed.
Exploration cash payments
A$ million
Exploration cash payments
AI-generated presentation · values from Exploration and evaluation cash payments; no missing values plotted as zero.
Exploration and evaluation cash payments
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Exploration cash payments | (10.923) | (9.872) | (5.682) | (11.120) | (23.634) |
Cash classified as investing; these amounts should not be added to the capitalised closing balance as though both were expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A stronger balance sheet still carries development obligations
The cash raise and expanding project assets increased the balance sheet. Current liabilities also rose; the remaining land payment was due no later than August 2026 under the deed. The report does not treat book exploration value as liquid funding or as the DFS project valuation.
Current assets and current liabilities
A$ million
Current assetsCurrent liabilities
AI-generated presentation · values from Asset growth and current obligations; no missing values plotted as zero.
Asset growth and current obligations
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total assets | 73.972 | 81.546 | 89.441 | 103.828 | 247.459 |
| Total equity | 71.776 | 78.593 | 84.120 | 98.317 | 215.104 |
| Exploration and evaluation assets | 62.361 | 69.874 | 71.276 | 78.856 | 129.944 |
| Current assets | 11.250 | 9.863 | 5.399 | 12.530 | 88.519 |
| Current liabilities | 0.925 | 1.011 | 3.658 | 2.770 | 28.473 |
Exploration assets are carrying values, not cash payments or project NPV.
The FY2026 land consideration was staged: A$15m in August 2025 and A$20m by FID or 26 August 2026, whichever occurred first.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Net loss is not the project cash bill
FY2026 loss included share-based payment and exploration impairment expenses, while substantial exploration payments were investing cash. These bases should not be combined into a single expenditure number.
The FY2025 loan-note settlement included principal set off against placement subscriptions. The statutory cash presentation is reproduced as extracted, but it is not described as an additional cash transaction separate from the related placement.
Gross ordinary-share receipts
A$ million
Gross share proceeds
AI-generated presentation · values from What changed in the latest two years; no missing values plotted as zero.
What changed in the latest two years
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| PPE cash payments | (0.021) | (22.344) |
| Gross share proceeds | 24.250 | 125.150 |
| Option exercise proceeds | 0.000 | 3.930 |
| Share issue costs | (1.492) | (6.039) |
| Interest received | 0.605 | 2.522 |
| Exploration impairment expense | 4.228 | 2.226 |
| Share-based payment expense | 2.069 | 3.621 |
Cash proceeds and payments are distinguished from the last two non-cash expense rows.
PPE cash payments do not equal accounting additions: FY2026 additions were A$15.590m. Timing and allocation are not reconstructed beyond the supplied evidence.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Study values and takeover terms are not financial-statement assets
The December 2025 study update used a long-term A$4,300/oz gold assumption for its A$1.03bn post-tax NPV5. That forecast is neither booked asset value nor actual revenue. FID was targeted by the end of calendar 2026 in the supplied annual narrative.
The August 2026 OceanaGold proposal contemplated 0.03365 shares per Ausgold share and an optional cash election. Its implied equity value is transaction commentary after June, not realised sale proceeds in the five-year cash table. Completion is not inferred.
Reading the figures
- Only existing frozen annual extraction used; no raw report, new DB lookup or web financial research. No MiniMax drafting or publication approval.
- FY2022-FY2026 are the five supplied fiscal years; early rows with older value periods are not relabelled as FY2022.
- Share-consolidation and multi-tranche placements prevent simple comparison of share-count headlines; this review focuses on cash receipts.
- Study output, NPV and proposed takeover consideration are not actual production, balance-sheet fair value or sale receipts.
Annual-report source registry
- Ausgold - 2022 Annual ReportFrozen annual extraction; fiscal cut-offs, staged land consideration and cash/accounting distinctions retained.
- Ausgold - 2023 Annual ReportFrozen annual extraction; fiscal cut-offs, staged land consideration and cash/accounting distinctions retained.
- Ausgold - 2024 Annual ReportFrozen annual extraction; fiscal cut-offs, staged land consideration and cash/accounting distinctions retained.
- Ausgold - 2025 Annual ReportFrozen annual extraction; fiscal cut-offs, staged land consideration and cash/accounting distinctions retained.
- Ausgold - 2026 Annual ReportFrozen annual extraction; fiscal cut-offs, staged land consideration and cash/accounting 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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