FY2022
Infrastructure route under development
The company linked Marillana development to MinRes-Hancock port and transport infrastructure work. Project expenditure included the group’s share of joint-operation costs.
ASX: BCK · Five-year financial review
(ASX: BCK) Brockman Mining Financial Review - FY2022~26
Brockman held a large iron-ore exploration asset base but little cash relative to its obligations. Marillana’s development remained dependent on infrastructure and approvals, while borrowing, payable remeasurement and tax effects strongly influenced the financial results.
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
HK$3.922m
Group cash, not an undrawn facility.
FY2026 net loss
HK$28.783m
After tax and finance effects.
Non-current borrowings
HK$126.753m
Other payables shown separately.
Mining properties
HK$733.524m
Carrying value, not production revenue.
Five years in context
Marillana is a 50%-owned development interest. Technical work progressed, but the infrastructure solution to be arranged by MinRes or its subsidiaries had not yet been implemented in the FY2026 report. A resource or reserve base alone therefore does not establish operating cash generation.
The financing structure includes shareholder borrowing and Polaris-related obligations with different repayment terms. Their accrual interest, remeasurement and funding timing must be distinguished from actual cash payments.
Events behind the numbers
FY2023
Joint-operation expense rose sharply
The larger reported loss reflected a much higher share of joint-operation expenditure, partly offset by tax recognition. Infrastructure corridor permissions remained relevant.
FY2024
Technical studies completed
On-ground Marillana technical studies were completed; environmental updates and hydrological modelling continued. Punda Springs reconnaissance drilling also progressed.
FY2025
Non-core disposal and continued funding
A non-core tenement sale contributed a gain while project development continued. No project capital expenditure was recognised, which is not the same as no exploration expense.
FY2026
Approvals, design and loan extension
Plant designs and approvals remained in progress. The shareholder facility was increased in December2025 and extended to December2027. Ophthalmia’s July2026 agreement is subsequent to this year-end.
FINANCIAL REVIEW / 01
Borrowing supported ongoing cash consumption
Operating activities consumed cash in every year shown. Borrowing inflows supported continued activity, but cash stayed low by the end of FY2026. The undrawn shareholder facility disclosed at the report date is not added to year-end cash.
Year-end cash
HK$ million
Closing cash
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Operating cash versus financing
HK$ 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
HK$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net loss after tax | (20.814) | (56.556) | (13.362) | (34.612) | (28.783) |
| Operating cash flow | (20.173) | (19.242) | (19.199) | (18.576) | (19.605) |
| Investing cash flow | (0.165) | 0.082 | 1.557 | 2.707 | (0.069) |
| Financing cash flow | 5.150 | 7.605 | 5.843 | 16.769 | 18.355 |
| Closing cash | 28.797 | 16.495 | 4.559 | 5.274 | 3.922 |
Years ended 30 June2022-2026. HK$000 statement values converted to HK$ million, not Australian dollars.
Development remains pre-production; investing receipts can include non-core tenement disposals rather than product sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Finance and tax effects alter the loss trend
FY2023’s exceptionally high exploration charge included substantial joint-operation expenditure. More recently, interest costs were partly offset by gains on payable remeasurement, and the tax line changed from expense to benefit. These are not indications of iron-ore sales commencing.
Net loss across the five years
HK$ million
Net loss after tax
AI-generated presentation · values from Five-year financial record; no missing values plotted as zero.
Recent earnings drivers
HK$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Exploration and evaluation expense | (6.488) | (9.024) |
| Finance income | 9.758 | 14.564 |
| Finance costs | (16.024) | (21.030) |
| Tax benefit / (expense) | (7.684) | 2.662 |
| Net loss | (34.612) | (28.783) |
Finance income includes payable remeasurement effects; it is not gold or iron-ore sales.
Tax recognition and non-cash finance effects mean profit/loss does not equal cash consumed. Statement finance costs are not replaced with a differently presented cash-reconciliation add-back.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A large property balance is not a cash reserve
The FY2026 mining-property roll-forward attributes its increase to exchange differences. It would therefore be incorrect to interpret that increase as new capital expenditure, resource tonnage growth or realised project value.
Mining properties and equity
HK$ million
Mining exploration propertiesTotal group equity
AI-generated presentation · values from Mining properties dominate the group balance sheet; no missing values plotted as zero.
Mining properties dominate the group balance sheet
HK$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Total group assets | 765.225 | 724.809 | 713.302 | 704.761 | 740.242 |
| Total group equity | 590.137 | 511.212 | 498.524 | 456.414 | 454.012 |
| Mining exploration properties | 733.677 | 705.842 | 706.596 | 697.691 | 733.524 |
Mining exploration properties are accounting carrying values, not liquid assets or forecast sales.
FY2026 increase in this property balance is explained by exchange translation, not additional cash investment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Liquidity depends on terms, not only net assets
The shareholder loan bears17% annual interest and was extended to31December2027. Polaris advances have separate security and repayment terms linked to Brockman’s share of net product revenue. These balances should not be combined into a single assumed cash repayment schedule.
The FY2026 year-end had net current liabilities. A subsequent1July2026 agreement concerning Ophthalmia affected a Polaris payable; that subsequent relief is disclosed, not used to erase the June obligation. The auditor highlighted material going-concern uncertainty without modifying its opinion.
Current assets and current liabilities
HK$ million
Current assetsCurrent liabilities subtotal
AI-generated presentation · values from Liquidity and shareholder-related funding; no missing values plotted as zero.
Liquidity and shareholder-related funding
HK$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Current assets | 6.164 | 4.770 |
| Current liabilities subtotal | 2.080 | 8.906 |
| Non-current borrowings | 92.461 | 126.753 |
| Cash proceeds from borrowings | 17.189 | 18.814 |
| Non-current other payables | 67.643 | 61.750 |
Current liabilities use the actual subtotal, not an empty section heading encoded as nil in the extraction.
Year-end liabilities remain shown before the subsequent Ophthalmia agreement. Borrowings and other payables are different balances.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Joint-operation expense and cash are different measures
The exploration expense includes the group’s share of joint-operation costs. The specific exploration cash disclosure is part of operating cash and must not be added to total operating cash as though it were separate.
Exploration expense versus cash
HK$ million
Exploration and evaluation expenseExploration cash within operating activities
AI-generated presentation · values from Expense is not the same as cash paid by the group; no missing values plotted as zero.
Expense is not the same as cash paid by the group
HK$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Exploration and evaluation expense | (6.488) | (9.024) |
| Exploration cash within operating activities | (2.193) | (4.735) |
The expense includes the group’s joint-operation expenditure. Funding arrangements and non-cash/accrual effects prevent treating the expense as cash paid in that year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only frozen annual extraction data used; no original PDFs, parsed-body retrieval, new DB query or financial web research.
- HK-dollar scales follow statement and narrative context even where an individual row has an abbreviated unit label.
- Ophthalmia’s ownership/classification description is inconsistent across FY2026 narratives; only the explicitly subsequent July2026 agreement is used, without asserting a new June ownership percentage.
- Published primary-author review, not an independent audit.
Annual-report source registry
- Brockman Mining - Annual Report to shareholdersFrozen annual extraction; HK$ reporting and joint-operation/funding context retained.
- Brockman Mining - Annual Report to shareholdersFrozen annual extraction; HK$ reporting and joint-operation/funding context retained.
- Brockman Mining - Annual Report to shareholdersFrozen annual extraction; HK$ reporting and joint-operation/funding context retained.
- Brockman Mining - Annual Report to shareholdersFrozen annual extraction; HK$ reporting and joint-operation/funding context retained.
- Brockman Mining - Annual Report to shareholdersFrozen annual extraction; HK$ reporting and joint-operation/funding context 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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