FY2021
Listed and funded exploration
Black Canyon listed on 5May2021 following a A$5m IPO. The first listed reporting year therefore contained only a short post-listing period.
ASX: BCA · Five-year financial review
(ASX: BCA) Black Canyon Financial Review - FY2021~25
Black Canyon developed a manganese exploration portfolio after its 2021 listing. Cash funding supported resource work, but the FY2025 return to profit came from reversing an earlier impairment—not from commercial manganese 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 profit
A$0.379m
Includes a non-cash impairment reversal.
Impairment reversal
A$1.213m
FY2025 accounting income.
June cash
A$2.222m
Excludes subsequent A$10m capital raising.
Exploration assets
A$7.945m
June2025 carrying value.
Five years in context
The IPO funded exploration in the Pilbara. Work progressed from Flanagan Bore resource growth to a wider Balfour Manganese Field portfolio and the Wandanya targets. Resource estimates and scoping studies describe development opportunities, not realised sales.
The changing impairment assessment is central to the financial comparison. Management judged that the FY2024 indicators no longer existed in FY2025 and reversed the prior impairment within the accounting cap. That decision improved reported profit without a corresponding cash receipt.
Events behind the numbers
FY2022
Flanagan Bore expanded
The project resource increased and Black Canyon earned an initial 51% interest, electing to progress toward75%. An April placement supported work. The scoping study followed after June.
FY2023
Larger manganese resource base
The November2022 Flanagan Bore update and metallurgical testwork supported further evaluation. Additional Balfour ground expanded the exploration footprint.
FY2024
Wandanya targets and study preparation
Rock-chip sampling and a June heritage survey prepared Wandanya for drilling. KR1/KR2 scoping-study results were released after the reporting year, not booked as achieved cash flow.
FY2025
Asset reassessment and conditional expansion
Improved resource and project assessments supported an impairment reversal. A June agreement to acquire Ndalamo remained subject to due diligence and specified tenement grants.
FINANCIAL REVIEW / 01
Funding rebuilt cash while exploration continued
The FY2025 cash increase was supported by share funding, not positive operating cash flow. Exploration cash was lower than in earlier years, but both operating and investing activities still consumed cash.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Operating cash and 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 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (0.842) | (1.213) | (2.022) | (1.994) | 0.379 |
| Operating cash flow | (0.337) | (1.089) | (1.226) | (0.734) | (0.858) |
| Investing cash flow | (0.036) | (1.977) | (2.397) | (1.488) | (1.061) |
| Financing cash flow | 5.090 | 3.037 | 0.000 | 1.798 | 3.438 |
| Closing cash | 4.778 | 4.750 | 1.127 | 0.704 | 2.222 |
Years ended 30 June; Australian dollars converted to millions. FY2021 includes listing in May, not five full years as a listed company.
FY2025 profit is the income-statement result; a share-based-payment reserve transfer is not extra profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
An impairment reversal explains the profit headline
The reversal was larger than the reported profit. The prior-year impairment related to market capitalisation, commodity prices and recoverability indicators; management’s later reassessment changed the carrying value, not historical cash spending.
The movement in accumulated losses also contains a share-based-payment reserve transfer. That transfer is not an additional profit or cash inflow.
Profit and impairment effect
A$ million
Profit / (loss) after taxImpairment reversal / (expense)
AI-generated presentation · values from From impairment expense to impairment reversal; no missing values plotted as zero.
From impairment expense to impairment reversal
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Impairment reversal / (expense) | (1.214) | 1.213 |
| Other income | 0.472 | 0.273 |
| Interest income | 0.041 | 0.029 |
| Administration and other expenses | (1.293) | (1.137) |
| Profit / (loss) after tax | (1.994) | 0.379 |
Reversal is non-cash accounting income. The reported income-statement result is used rather than the inconsistent FY2024 cash-reconciliation opening result.
Other income is retained under its supplied label, not assumed to be manganese sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Exploration assets are not unrestricted cash
Capitalised costs grew alongside the exploration programme and the impairment reversal. Non-cash share consideration and service payments can also affect assets without appearing as equivalent cash expenditure. The asset balance should not be read as a ready-to-spend funding reserve.
Exploration carrying value and equity
A$ million
Exploration and evaluation assetsTotal equity
AI-generated presentation · values from Exploration assets and liquidity; no missing values plotted as zero.
Exploration assets and liquidity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 5.353 | 8.284 | 6.145 | 6.348 | 10.225 |
| Total equity | 5.010 | 7.386 | 5.604 | 6.048 | 9.897 |
| Exploration and evaluation assets | 0.537 | 3.335 | 4.678 | 5.542 | 7.945 |
| Current assets | 4.815 | 4.861 | 1.397 | 0.755 | 2.268 |
| Current liabilities | 0.342 | 0.897 | 0.541 | 0.286 | 0.311 |
Exploration assets reflect capitalised costs and impairment judgements, not a producing mine valuation.
FY2023 labels affected by character encoding are interpreted using their metric, note and statement context; numeric records remain unchanged.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Cash expenditure sits in two different statement sections
Most exploration cash is classified in investing, while corporate and other operating payments sit in operating activities. A comparison based only on the operating cash row would miss a material part of the funding requirement.
Exploration cash and operating cash
A$ million
Exploration cash paymentsOperating cash flow
AI-generated presentation · values from Cash invested in exploration; no missing values plotted as zero.
Cash invested in exploration
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash payments | (0.036) | (1.882) | (2.396) | (1.487) | (1.061) |
| Operating cash flow | (0.337) | (1.089) | (1.226) | (0.734) | (0.858) |
Exploration payments are investing cash; the operating row therefore does not represent the full annual cash requirement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Subsequent cash and conditional acquisitions remain outside June
The going-concern assessment refers to a successful A$10m capital raising after the reporting date. Subsequent option exercises are also separately disclosed. Neither is added to the June cash balance.
The Ndalamo agreement used shares and options and depended on tenement grants and due diligence. It is not described here as an unconditional completed cash acquisition. Similarly, the KR1/KR2 projected mine life, NPV and operating cash flows are study scenarios rather than realised financial performance.
Reading the figures
- Existing annual extraction only; no new DB query, PDF, parsed body or financial web research.
- FY2024 cash-reconciliation loss conflicts with the primary income statement; the latter is supported by the equity statement and is selected, with the discrepancy logged.
- FY2023 encoded labels were semantically interpreted rather than rejected by text matching.
- Published primary-author review; no independent audit.
Annual-report source registry
- Black Canyon - Annual Report to shareholdersFrozen annual extraction; impairment, cash and subsequent events separately treated.
- Black Canyon - Annual Report to shareholdersFrozen annual extraction; impairment, cash and subsequent events separately treated.
- Black Canyon - Annual Report to shareholdersFrozen annual extraction; impairment, cash and subsequent events separately treated.
- Black Canyon - Annual Report to shareholdersFrozen annual extraction; impairment, cash and subsequent events separately treated.
- Black Canyon - Annual Report to shareholdersFrozen annual extraction; impairment, cash and subsequent events separately treated.
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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