FY2021
Feasibility and pilot testing
Pilot roast-leach work supported the BFS and mining-lease progress. A downstream manufacturing grant was awarded; pilot extraction rates were technical tests, not annual mine recovery.
ASX: AVL · Five-year financial review
(ASX: AVL) Australian Vanadium Financial Review - FY2021~25
AVL combined adjoining vanadium projects and advanced a mine-to-battery development strategy. The balance sheet expanded with the TMT merger, but FY2025 brought substantial cash use and no fresh grant or share-issue receipts. Remaining cash also carried grant-use conditions.
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$11.491m
Includes grant-earmarked and restricted amounts.
FY2025 net loss
A$11.912m
Consolidated after-tax result.
FY2025 mining cash
A$16.882m outflow
Before grants, tax incentives and other cash offsets.
Current grant liability
A$4.156m
Not an ordinary bank loan.
Five years in context
The early period centred on feasibility and pilot work. The TMT merger then combined neighbouring projects and changed both development design and reported assets. The post-merger optimisation is not simply a continuation of the old project at identical scale.
Government support materially affected cash timing. A grant award, cash received, eligible expenditure recognised and the remaining conditional balance are four different measures. Keeping them separate explains how cash could fall sharply while project work continued.
Events behind the numbers
FY2022
BFS and larger grant support
The project BFS and the A$49m MMI collaboration grant established a development framework. Feasibility EBITDA and production quantities remained forecasts.
FY2023
Electrolyte facility development
Work on the Perth electrolyte facility extended the mine-to-battery strategy. Grant receipts and R&D incentive receipts offset part of investing cash spend.
FY2024
TMT merger and integrated study
The TMT merger completed on 1 February 2024. An updated combined resource and optimisation study followed, with a further MMI-C progress payment in June.
FY2025
Grant-backed spending and agreement variation
Eligible MMI-C expenditure reduced the project asset cost while cash was deployed. The August 2025 grant variation aligned the agreement with the integrated project and remained a subsequent event.
FINANCIAL REVIEW / 01
Cash declined as expenditure continued without new funding receipts
FY2025 had no government-grant cash receipt and no share-issue proceeds. Operating and investing cash outflows, plus lease repayments, explain the drawdown. The remaining grant entitlement is conditional and is not included in cash held.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Operating and investing cash
A$ million
Operating 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 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss | (3.141) | (5.036) | (7.240) | (15.204) | (11.912) |
| Operating cash flow | (2.977) | (4.432) | (6.845) | (8.662) | (13.541) |
| Investing cash flow | (3.588) | (4.976) | (0.084) | 3.218 | (10.975) |
| Financing cash flow | 4.519 | 32.356 | 7.359 | 14.990 | (0.413) |
| Closing cash | 3.496 | 26.444 | 26.874 | 36.420 | 11.491 |
Earlier dollars and later A$000 are converted to A$ million before comparison.
FY2022 and FY2023 cash use later comparatives. Historical reclassifications change individual cash-flow categories but not closing cash; no uniform-restatement claim is made.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Gross project spend is larger than net investing outflow
FY2024 investing cash included A$7.586m acquired cash and A$3.398m acquisition-related costs, alongside grant receipts. FY2025 instead relied partly on R&D incentive receipts to offset mining-interest payments. These are not revenue from a producing vanadium mine.
Mining-interest payments
A$ million
Mining-interest cash payments
AI-generated presentation · values from Project spending and cash offsets; no missing values plotted as zero.
Government and R&D cash receipts
A$ million
Government grant cash receiptsR&D incentive cash receipts
AI-generated presentation · values from Project spending and cash offsets; no missing values plotted as zero.
Project spending and cash offsets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Mining-interest cash payments | (4.835) | (7.563) | (8.209) | (10.973) | (16.882) |
| Government grant cash receipts | 0.331 | 3.033 | 9.860 | 15.622 | 0.000 |
| R&D incentive cash receipts | 0.973 | 0.000 | 0.619 | 0.675 | 4.869 |
Grant receipts in this cash table can span different grant programmes; they are not all receipts against the A$49m MMI-C agreement.
Recognition of eligible grant expenditure reduces project asset cost under the stated policy; it is not a second cash receipt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The merger changes the meaning of asset growth
The February 2024 consolidation expanded the project area and combined the orebody. Higher total assets should therefore not be read as cash invested by the existing business alone. The integrated resource is not added again to the predecessor resources.
Assets and total equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Merger-expanded assets and current obligations; no missing values plotted as zero.
Merger-expanded assets and current obligations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 33.551 | 64.331 | 77.425 | 170.334 | 143.497 |
| Total equity | 31.396 | 60.533 | 60.489 | 140.946 | 129.878 |
| Current assets | 4.063 | 27.709 | 28.727 | 37.691 | 12.634 |
| Current liabilities | 2.041 | 3.665 | 15.272 | 27.087 | 11.368 |
The February 2024 TMT merger changed the asset perimeter; the step-up is not all organic expenditure or a cash fundraising.
Current liabilities include unspent grant obligations; restricted or earmarked cash is not assumed freely available.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Grant accounting is not the same as unrestricted liquidity
The company had received A$24.5m of the A$49m MMI-C grant by June 2025. It recognised about A$14m of eligible expenditure during FY2025 as a reduction of the exploration and evaluation asset, even though new grant cash receipts that year were nil.
The reported adjusted working capital excludes the grant liability, while cash includes earmarked and restricted amounts. Those qualifications are retained; a mechanically calculated unrestricted-cash balance would require an overlap assumption the extraction does not establish.
Cash and outstanding grant obligations
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash and cash equivalents | 36.420 | 11.491 |
| Current grant liability | 18.130 | 4.156 |
| Current assets | 37.691 | 12.634 |
| Total current liabilities | 27.087 | 11.368 |
FY2025 cash includes about A$4.2m earmarked for eligible grant activities and A$0.5m restricted cash; no assumption is made about overlap between those disclosures.
The issuer’s A$5.4m working-capital figure excludes the grant liability. It is not unrestricted cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Small customer revenue is not mine production
FY2025 included A$0.624m of revenue from customer contracts. The annual extraction also describes the group as predevelopment and not producing or selling vanadium oxides, electrolyte or iron concentrate. The revenue is therefore left under its statement label, without inventing a commodity volume, unit price or operating margin.
Historic BFS EBITDA and vanadium-output figures were study forecasts. Later grant variation and funding expectations do not turn them into achieved financial results or confirmed future receipts.
Reading the figures
- Frozen annual extraction only; no original report, new DB lookup, financial web research or MiniMax. Published primary-author review.
- Mixed source units are normalised per cell, not by ticker-wide assumptions.
- Perimeter changes, grant conditions and cash reclassifications are disclosed. No original-source investigation was added.
- Customer revenue is not assigned an unsupported vanadium-product identity; study forecasts are not realised output.
Annual-report source registry
- Australian Vanadium - Annual ReportFrozen annual extraction; grant receipts, liabilities, recognition and merger perimeter retained.
- Australian Vanadium - Annual Report to shareholdersFrozen annual extraction; grant receipts, liabilities, recognition and merger perimeter retained.
- Australian Vanadium - Annual Report to shareholdersFrozen annual extraction; grant receipts, liabilities, recognition and merger perimeter retained.
- Australian Vanadium - Annual Report to shareholdersFrozen annual extraction; grant receipts, liabilities, recognition and merger perimeter retained.
- Australian Vanadium - Annual Report to shareholdersFrozen annual extraction; grant receipts, liabilities, recognition and merger perimeter 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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