FY2021
Production and early debt repayment
Jaurdi produced 30,095 ounces. Beacon repaid A$18m of debentures a year ahead of schedule and reported being debt-free at that point.
ASX: BCN · Five-year financial review
(ASX: BCN) Beacon Minerals Financial Review - FY2021~25
Beacon expanded the ore-feed options around its Jaurdi mill, but stronger gold sales did not prevent a statutory loss in FY2025. Cash generation, mining costs and capital funding tell different parts of that story.
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 gold sales
A$92.369m
Excludes interest revenue.
FY2025 net loss
A$14.002m
After tax; not comprehensive loss.
Operating cash inflow
A$12.169m
Positive despite the statutory loss.
Closing cash
A$14.381m
Supported by equity financing.
Five years in context
Jaurdi remained the processing hub while Geko, MacPhersons and Lady Ida broadened the potential ore-feed base. An owner-operated fleet and new deposits add investment requirements; resource growth alone does not establish better cash margins.
The five-year cash record shows positive operating inflows, but investing and financing choices materially changed the cash balance. Profit, gold held at year-end and cash receipts must not be treated as interchangeable measures.
Events behind the numbers
FY2022
Plant and tailings investment
The mill processed 791,000 dry tonnes and produced 29,770 ounces. A gravity circuit and new tailings storage facility were commissioned.
FY2023
Geko and owner-operated mining
Geko was acquired in December2022; low-grade stockpiles increased the available ore inventory. Truck and excavator purchases supported the owner-operator transition.
FY2024
MacPhersons mining began
Mining commenced in November2023, while ore cartage to Jaurdi began after year-end in July2024. Rainfall and viscous Geko stockpiles affected June-quarter milling.
FY2025
Lady Ida work and new feed options
Iguana drilling expanded, while the Wealth of Nations option was signed in May and exercised after year-end. The October2024 entitlement issue raised about A$10.3m gross.
FINANCIAL REVIEW / 01
Cash generation weakened despite higher sales
Operating cash remained positive, but FY2025 mining and exploration cash expenditure was substantially higher than the FY2024 comparative. Net equity proceeds helped rebuild closing cash; the increase was not solely the result of operating performance.
Revenue trajectory
A$ million
Revenue including interest
AI-generated presentation · values from Revenue, earnings and cash across five years; no missing values plotted as zero.
Profit versus operating cash
A$ million
Profit / (loss) after taxOperating cash flow
AI-generated presentation · values from Revenue, earnings and cash across five years; no missing values plotted as zero.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Revenue, earnings and cash across five years; no missing values plotted as zero.
Revenue, earnings and cash across five years
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue including interest | 73.749 | 71.172 | 72.441 | 83.379 | 92.730 |
| Profit / (loss) after tax | 20.282 | 14.828 | 5.225 | 9.187 | (14.002) |
| Operating cash flow | 42.329 | 33.289 | 21.328 | 36.069 | 12.169 |
| Investing cash flow | (9.541) | (34.850) | (28.495) | (29.828) | (9.504) |
| Financing cash flow | (26.114) | (7.749) | (1.202) | (4.808) | 5.919 |
| Closing cash | 22.042 | 12.732 | 4.363 | 5.797 | 14.381 |
Years ended 30 June. Full Australian-dollar amounts converted to millions.
FY2023 after-tax profit is 5.225m; 4.451m is total comprehensive profit, not the same earnings measure.
Revenue includes interest; it is not identical to gold sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A loss year requires more than a sales explanation
FY2025 cost of goods sold exceeded reported revenue, turning the gross result negative. Exploration write-offs and financing costs then widened the pre-tax loss, partly offset by a tax benefit. A positive OCI movement reduces comprehensive loss but does not change statutory after-tax profit.
Gross result reversed
A$ million
Gross profit / (loss), including interest revenue
AI-generated presentation · values from From gross profit to a statutory loss; no missing values plotted as zero.
From gross profit to a statutory loss
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gold sales | 82.896 | 92.369 |
| Cost of goods sold | (62.692) | (103.110) |
| Gross profit / (loss), including interest revenue | 20.687 | (10.380) |
| Exploration write-off | (2.873) | (3.456) |
| Finance expense | (0.969) | (1.679) |
| Tax benefit / (expense) | (4.344) | 3.121 |
| Other comprehensive income | 0.074 | 3.193 |
Parenthesised costs, write-offs and finance expenses retain their negative statement signs.
Other comprehensive income is kept outside after-tax profit. No unsupported physical operating cause is assigned to the cost increase.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Mine spending and funding commitments
Development cash investment eased from FY2024, while operating mining expenditure increased. Equipment debt and provisions remain relevant even though the company had been debt-free after its FY2021 debenture repayment. Rehabilitation provisions are measured at discounted restoration obligations, not immediate cash outlays.
Investing cash uses
A$ million
Cash purchase of plant and equipmentCash development and exploration investmentCash tenement acquisitions
AI-generated presentation · values from Cash uses, equipment funding and provisions; no missing values plotted as zero.
Cash uses, equipment funding and provisions
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash mining and exploration expenditure | (42.441) | (80.327) |
| Cash purchase of plant and equipment | (3.112) | (4.537) |
| Cash development and exploration investment | (21.396) | (4.792) |
| Cash tenement acquisitions | (4.925) | (1.479) |
| Equipment-loan repayments | (1.051) | (3.688) |
| Equipment loans: current + non-current | 9.364 | 8.319 |
| Provisions: current + non-current | 29.113 | 27.271 |
Operating mining cash and investing development cash are separate statement classifications, not two estimates of the same measure.
Provisions are accounting obligations, not all cash due immediately. Financing inflow in FY2025 includes a net equity raise.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Balance-sheet growth and realisation timing
Gold inventory is not cash until sold. The FY2023 packet specifically records a post-year-end bullion sale; likewise, FY2025 Astral shares were sold after year-end and are not assumed to have contributed June cash.
Iguana stockpile milling recovered 911 ounces during FY2025 under a 50:50 arrangement, with 455.5 ounces transferred to the partner. This project-specific figure is not Beacon’s total annual gold production.
Group assets and equity
A$ million
Total group assetsTotal group equity / net assets
AI-generated presentation · values from Group assets and equity; no missing values plotted as zero.
Group assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total group assets | 64.753 | 80.256 | 87.860 | 112.642 | 112.324 |
| Total group equity / net assets | 51.471 | 58.709 | 62.286 | 67.790 | 66.586 |
Group figures are used consistently, not the smaller parent-only balances.
Assets and equity are accounting carrying amounts, not a mine valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Existing annual extraction packets only; no new original-document, DB or financial-web retrieval.
- FY2023 narrative/reconciliation labels sometimes call comprehensive income net profit; primary income-statement and next-year comparative entries establish the distinction used here.
- A consistent FY2025 group production-volume series was not established from the selected extraction; project-specific ounces are not substituted for it.
- Published; primary-author review is not an independent audit.
Annual-report source registry
- Beacon Minerals - Annual Report to ShareholdersFrozen annual extraction; consolidated financial context retained.
- Beacon Minerals - Annual Report to ShareholdersFrozen annual extraction; consolidated financial context retained.
- Beacon Minerals - Annual Report to ShareholdersFrozen annual extraction; consolidated financial context retained.
- Beacon Minerals - Annual Report to shareholdersFrozen annual extraction; consolidated financial context retained.
- Beacon Minerals - Annual Report to shareholdersFrozen annual extraction; consolidated financial 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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.