FY2022
Minyari resource expanded
The May2022 resource update supported further study and drilling. This was a resource and development milestone, not gold production.
ASX: AZY · Five-year financial review
(ASX: AZY) Antipa Minerals Financial Review - FY2022~26
Antipa’s cash position changed sharply when the Citadel interest was sold and new equity was raised. The larger funding base supported much heavier Minyari exploration in FY2026. Reported losses alone substantially understate that capitalised cash programme.
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$39.146m
June closing balance.
Exploration cash
A$36.495m
FY2026 capitalised exploration payments.
FY2026 net loss
A$5.945m
Not total annual cash expenditure.
Exploration assets
A$100.666m
June2026 carrying value, not project NPV.
Five years in context
Minyari Dome was the wholly owned core alongside farm-in and JV interests. The Citadel disposal and exits from the Wilki and Paterson farm-ins simplified that portfolio, combining the retained interests into a larger wholly owned Minyari project area.
Resource expansion and exploration activity enlarged the opportunity but did not turn accounting assets into cash or mine production. The FY2026 programme was funded predominantly through equity, while exploration costs accumulated on the balance sheet.
Events behind the numbers
FY2023
Study and discovery focus
The August2022 scoping study was followed by renewed exploration, with the May2023 programme targeting Minyari North, GEO-01 and other prospects.
FY2024
GEO-01 follow-up
Drilling focused on a maiden GEO-01 resource and further regional discoveries. A study update was still being prepared rather than treated as an operating mine decision.
FY2025
Citadel monetised; project interests reunited
The 32% Citadel interest sold to Rio in October2024. Wilki and Paterson farm-in exits occurred in March and April2025, and the company completed a one-for-ten share consolidation.
FY2026
Funding expanded the Minyari programme
The July2025 placement and October director participation financed a larger programme. The April2026 MRE reported 2.9Moz of gold, separately from its multi-metal gold-equivalent measure.
FINANCIAL REVIEW / 01
More cash funding supported more exploration
FY2026 financing inflow funded most of the large investing outflow while still leaving a higher cash balance. It would be misleading to read the much smaller operating outflow as the total cost of the exploration business.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Investing cash versus financing
A$ million
Investing 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 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Loss after tax | (5.856) | (3.255) | (2.443) | (5.343) | (5.945) |
| Operating cash flow | (1.708) | (2.596) | (1.842) | (2.022) | (1.789) |
| Investing cash flow | (24.338) | (10.951) | (7.899) | 7.748 | (36.771) |
| Financing cash flow | 0.271 | 11.475 | 11.975 | 22.719 | 41.224 |
| Closing cash | 7.875 | 5.802 | 8.037 | 36.482 | 39.146 |
This frozen five-year window is FY2022-FY2026, not FY2021-FY2025. All years end 30 June.
AUD figures converted to millions. Capitalised exploration cash is in investing, not the operating cash row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The annual loss is not the annual exploration budget
Capitalisation explains why FY2026 exploration cash payments were much larger than the income-statement loss. Recoverability of accumulated exploration costs remains dependent on future development, exploitation or sale and was identified as requiring significant judgement.
Capitalised exploration cash and net loss
A$ million
Capitalised exploration cash paymentsReported after-tax loss
AI-generated presentation · values from Exploration cash and the reported loss; no missing values plotted as zero.
Exploration cash and the reported loss
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Capitalised exploration cash payments | (22.661) | (9.964) | (7.876) | (9.461) | (36.495) |
| Reported after-tax loss | (5.856) | (3.255) | (2.443) | (5.343) | (5.945) |
Cash expenditure is generally capitalised rather than immediately expensed. Do not add the rows together.
The FY2025 loss includes the Citadel disposal loss; it is not all exploration or administration expense.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The asset base grew with the programme
The group balance sheet is used consistently. Parent-only equity differs and is not substituted for consolidated net assets. Current assets include more than cash, while the exploration balance is a long-term recoverability exposure.
Exploration assets and group equity
A$ million
Capitalised exploration and evaluationTotal group equity
AI-generated presentation · values from Consolidated assets and liquidity; no missing values plotted as zero.
Consolidated assets and liquidity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total assets | 63.917 | 71.189 | 81.048 | 103.691 | 141.567 |
| Total group equity | 59.697 | 68.560 | 78.654 | 98.253 | 137.244 |
| Capitalised exploration and evaluation | 54.803 | 64.475 | 72.050 | 65.773 | 100.666 |
| Current assets | 8.412 | 6.094 | 8.461 | 37.404 | 40.226 |
| Current liabilities | 3.791 | 2.267 | 2.109 | 5.242 | 4.188 |
Consolidated group values selected rather than similar parent-only note figures.
Exploration carrying values are not cash, Ore Reserves or project NPV.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Citadel released cash while producing an accounting loss
A disposal can strengthen liquidity even if its net consideration is below the carrying value. The Citadel cash receipt and disposal loss are therefore not contradictory; neither should be treated as recurring mining revenue.
Citadel sale: cash proceeds and accounting loss
A$ million
| Metric | FY2025 |
|---|---|
| Cash-flow statement net sale proceeds | 16.826 |
| Accounting loss on disposal | (2.433) |
Headline sale consideration was A$17m; the cash-flow line is A$16.826m after transaction effects.
The disposal removed a carrying value of A$19.160m and incurred legal/advisory costs. Cash inflow can therefore coexist with an accounting loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
The larger cash balance still has a work programme behind it
The FY2026 annual extraction identifies a material going-concern uncertainty tied to future funding and exploration commitments. The cash balance is substantial relative to earlier years, but that does not guarantee funding for all future study and development spending. No fixed cash runway is inferred here.
The 2025 share consolidation makes unadjusted historical per-share comparisons unsafe. This report instead uses aggregate dollar amounts. Gold and gold-equivalent resources are also kept distinct rather than added together.
Shares, options and net financing
A$ million
Share-issue proceedsOption-exercise proceedsNet financing cash
AI-generated presentation · values from Recent equity cash funding; no missing values plotted as zero.
Recent equity cash funding
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Share-issue proceeds | 16.587 | 40.000 |
| Option-exercise proceeds | 7.217 | 3.349 |
| Share-issue costs | (1.084) | (2.125) |
| Net financing cash | 22.719 | 41.224 |
The July2025 institutional placement falls in FY2026. Share consolidation changes per-share comparability, not these aggregate dollar values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extractions only; no PDF, parsed-body retrieval, new DB query or financial web research.
- Resource quantities are not Ore Reserves, production or sales. Nearby operators are not included in Antipa’s output.
- FY2022-FY2026 coverage follows the supplied data, without forcing a FY2021 start.
- Published primary-author review; no independent audit.
Annual-report source registry
- Antipa Minerals - Annual Report to ShareholdersExisting annual extraction; consolidated basis and June fiscal boundaries retained.
- Antipa Minerals - Annual Report to shareholdersExisting annual extraction; consolidated basis and June fiscal boundaries retained.
- Antipa Minerals - Annual Report to shareholdersExisting annual extraction; consolidated basis and June fiscal boundaries retained.
- Antipa Minerals - 2025 Annual ReportExisting annual extraction; consolidated basis and June fiscal boundaries retained.
- Antipa Minerals - Annual Report to shareholdersExisting annual extraction; consolidated basis and June fiscal boundaries 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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