FY2021
Gorno resource work expanded the opportunity
Resource growth and licence discussions supported Gorno development work, alongside applications over other Italian historical mining areas.
ASX: AZI · Five-year financial review
(ASX: AZI) Altamin Financial Review - FY2021~25
Altamin’s financial history follows two strategic changes: Gorno moved into a funded joint venture and later returned to full ownership, while Lazio became a major development priority. Cash funding remained essential, and project potential was not yet commercial production.
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$1.103m
At 30 June, before the later entitlement offer.
FY2025 net loss
A$4.957m
Includes the disclosed JV loss line.
FY2025 operating cash
(A$3.147m)
Net operating outflow.
Gorno ownership
100%
Remaining interest acquired in January 2025.
Five years in context
The Appian arrangement funded Gorno through Vedra rather than simply issuing cash to Altamin shareholders. Despite majority ownership, joint control required equity accounting. Comparing group cash across that change needs this ownership and accounting context.
After reacquiring the remaining interest, Altamin pursued a Gorno sale process while advancing Lazio’s SOP, lithium and boron concepts. These development and monetisation routes are not completed mine sales or operating production.
Events behind the numbers
FY2022
Scoping study and equity funding
The November 2021 Gorno scoping study set out a proposed mine scenario, not achieved production. A February 2022 entitlement issue raised A$6m. The company adopted the Altamin name.
FY2023
Appian JV funded Gorno
The project transferred to Vedra in December 2022. By June 2023 Appian had contributed US$6.3m of its initial commitment, while later construction funding remained conditional.
FY2024
Lazio’s SOP opportunity emerged
Brine work, process studies and a maiden resource supported greater emphasis on SOP while retaining lithium and geothermal possibilities. A collaboration MOU did not by itself constitute completed financing.
FY2025
Gorno returned to full ownership
The remaining 29.85% Vedra interest was acquired in January, with an asset-acquisition accounting treatment. Lazio testwork progressed and a Gorno sale process was initiated.
FINANCIAL REVIEW / 01
Equity funding roughly offset operating cash use
The cash balance remained low relative to annual cash expenditure. FY2025 financing broadly matched operating cash use but also had to accommodate investing activity. The directors said additional capital would be needed within the next twelve months.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Operating cash versus net financing
A$ million
Operating cash flowFinancing 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 after tax | (5.378) | (5.665) | (2.834) | (3.689) | (4.957) |
| Operating cash flow | (4.924) | (5.093) | (3.822) | (2.019) | (3.147) |
| Investing cash flow | 0.135 | (0.051) | (0.005) | 0.000 | (0.096) |
| Financing cash flow | 6.646 | 5.884 | (0.013) | 2.247 | 3.103 |
| Closing cash | 4.085 | 4.836 | 1.003 | 1.225 | 1.103 |
Consolidated Australian dollars converted to millions; years ended 30 June.
The reporting perimeter changes when Gorno becomes an equity-accounted JV in FY2023 and returns to full ownership in FY2025. These are reported group figures, not a constant-perimeter mine series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The JV loss line is not a second cash-spend total
Altamin expenses exploration as incurred, except initially capitalised tenement acquisition costs. The Gorno JV adds equity-accounting and reserve effects. The report therefore retains the stated income-statement JV line and does not manufacture an underlying loss by substituting gross JV-note figures.
Exploration expense and cash payments
A$ million
Exploration expenseExploration cash payments
AI-generated presentation · values from Recent exploration and JV accounting; no missing values plotted as zero.
Recent exploration and JV accounting
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Exploration expense | (1.703) | (2.645) |
| Exploration cash payments | (1.733) | (2.555) |
| JV losses: income-statement line | (1.735) | (2.050) |
| Impairment reversal | 0.205 | 0.177 |
Expense, cash payments and equity-accounted JV losses are different bases and must not be added as total cash spending.
The separate JV income-statement line is retained; it is not replaced with the gross loss from the JV note or reserve transfers.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Ownership and accounting changed the balance sheet
Before January 2025, majority ownership did not mean unilateral control because the JV required unanimous decisions. The reacquisition was classified as an asset acquisition, with no goodwill recognised. A small nominal initial payment is not evidence that every future obligation disappeared.
Assets and reported equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Assets, equity and current obligations; no missing values plotted as zero.
Assets, equity and current obligations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 5.295 | 5.427 | 5.169 | 3.805 | 2.415 |
| Total equity | 3.809 | 4.010 | 4.605 | 3.172 | 1.430 |
| Current assets | 4.429 | 5.041 | 1.234 | 1.752 | 1.442 |
| Current liabilities | 1.459 | 1.390 | 0.562 | 0.627 | 0.985 |
Book equity is not Gorno sale value or Lazio project NPV. The accounting perimeter changes across the five years.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Future offers and commitments are not June cash
The September 2025 accelerated entitlement offer targeted approximately A$6.46m before costs, with a major shareholder committing to its institutional entitlement. Both the offer and the retail funding expectation are subsequent to the financial year. The going-concern disclosure remains conditional on timely additional funding.
Share proceeds and net financing
A$ million
Share-issue cash proceedsNet financing cash
AI-generated presentation · values from Equity cash funding received within the year; no missing values plotted as zero.
Equity cash funding received within the year
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Share-issue cash proceeds | 2.357 | 3.256 |
| Share-issue transaction costs | (0.110) | (0.153) |
| Net financing cash | 2.247 | 3.103 |
The September 2025 entitlement offer is after the June year-end and is not included here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Gorno sale terms and Lazio testwork need different labels
Appian retains contingent consideration rights: a choice involving 15% of net sale proceeds or a US$10m royalty through five annual US$2m payments upon commercial production, under the stated arrangement. No liability was recognised because the triggers were uncertain; this does not erase the contractual possibility.
Lazio’s laboratory and conceptual flowsheet work demonstrates development progress, not a producing operation. Gorno’s scoping-study production target likewise remains a study scenario. Neither is converted into group revenue or cash in this report.
Reading the figures
- Frozen annual extraction only; no original reports, new DB retrieval or financial web research.
- Reported group figures include changing JV and consolidation scope; no pro-forma constant-perimeter history is fabricated.
- January 2025 completion is stated at month level because extracted narratives differ between 23 and 24 January.
- Published primary-author review; no independent audit.
Annual-report source registry
- Altamin - 2021 Annual ReportExisting annual extraction; USD project funding kept separate from AUD company accounts.
- Altamin - 2022 Annual ReportExisting annual extraction; USD project funding kept separate from AUD company accounts.
- Altamin - 2023 Annual ReportExisting annual extraction; USD project funding kept separate from AUD company accounts.
- Altamin - 2024 Annual ReportExisting annual extraction; USD project funding kept separate from AUD company accounts.
- Altamin - 2025 Annual ReportExisting annual extraction; USD project funding kept separate from AUD company accounts.
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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