FY2021
Western Australian target generation
Work identified drill-ready nickel targets at Jimberlana and the company pursued Earaheedy Basin tenement applications. These were exploration assets, not producing mines.
ASX: BLZ · Five-year financial review
(ASX: BLZ) Blaze Minerals Financial Review - FY2021~25
Blaze changed its exploration portfolio while cash remained limited. Canadian lithium plans ended, legacy Australian licences were written off, and new African interests were acquired using a mixture of shares, cash and deferred payments.
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$0.410m
Before subsequent capital raising.
FY2025 loss
A$4.479m
Includes non-cash project write-offs.
Exploration carrying value
A$6.035m
Includes newly acquired interests.
Deferred consideration
A$1.603m
Current Congo acquisition obligation.
Five years in context
The portfolio shifted from Western Australian nickel and other exploration toward Canadian lithium, then Uganda and the Republic of Congo. The financial series therefore spans different project combinations, not a stable producing business.
A rising exploration asset can coexist with losses and declining cash: share-funded acquisitions and deferred purchase payments add assets without equivalent cash receipts. Failed or relinquished projects can be written off at the same time.
Events behind the numbers
FY2022
Nickel drilling and Earaheedy preparation
Jimberlana targets were drill-tested and Earaheedy heritage surveys completed. Earaheedy drilling announced in late July2022 was after this year-end.
FY2023
North Spirit agreement
A May2023 agreement proposed acquiring North Spirit in Ontario. Field activity commenced in July2023, belonging to the next financial year.
FY2024
Canadian lithium agreement terminated
North Spirit field work was followed by termination of the agreement on26June2024. Australian work included auger drilling at Kirkalocka.
FY2025
Uganda and Congo interests acquired
The60% Gecko Uganda interest was acquired in November2024 using shares. The80% Congo interest included a June2025 initial cash payment and deferred consideration.
FINANCIAL REVIEW / 01
Equity cash supported continuing exploration
Financing inflows supported operating and investing outflows, but closing cash declined across the period. FY2025 financing cash is not increased by the shares issued for the Uganda acquisition or to settle a supplier.
Cash at each year-end
A$ million
Closing cash
AI-generated presentation · values from Five-year group loss and cash; no missing values plotted as zero.
Operating cash and financing cash
A$ million
Operating cash flowFinancing cash flow
AI-generated presentation · values from Five-year group loss and cash; no missing values plotted as zero.
Group loss, including discontinued operations
A$ million
Net loss after tax, total operations
AI-generated presentation · values from Five-year group loss and cash; no missing values plotted as zero.
Five-year group loss and cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax, total operations | (2.428) | (1.610) | (1.067) | (4.651) | (4.479) |
| Operating cash flow | (0.760) | (0.922) | (0.736) | (0.770) | (0.888) |
| Investing cash flow | (0.424) | (0.518) | (0.669) | (0.748) | (1.115) |
| Financing cash flow | 2.637 | 0.572 | 0.879 | 1.001 | 1.673 |
| Closing cash | 2.650 | 1.783 | 1.257 | 0.740 | 0.410 |
June year-ends; full Australian dollars converted to millions.
FY2024 group loss includes the North Spirit discontinued operation. Its continuing-only loss is not substituted into the total-operations series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Write-offs explain much of the latest loss
The FY2025 exploration write-off total was A$3.430m. The separately described A$3.250m Kirkalocka relinquishment is part of the total, not an additional expense to stack on top. Direct exploration expense and investment fair-value changes are separate lines.
FY2024 included a A$1.719m discontinued-operation loss. Removing it from that year while retaining all-operation results elsewhere would make the trend misleading.
FY2025: major expense components
A$ million
| Metric | FY2025 |
|---|---|
| Exploration carrying-value write-off | (3.430) |
| Exploration expensed directly | (0.191) |
| Directors fees | (0.264) |
| Consultant fees | (0.142) |
| Accounting and audit | (0.129) |
| Investment fair-value loss | (0.032) |
| Total statutory loss | (4.479) |
Major components only, not a complete arithmetic bridge. The total loss already includes these expenses.
Exploration write-offs are non-cash charges; they are not repeated as cash exploration spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
New interests replaced part of the written-off portfolio
The Gecko Uganda purchase used A$3.125m of shares and was treated as an asset acquisition. The Congo interest combined an initial US$200,000 payment with US$1.050m deferred consideration. Their Australian-dollar carrying amounts are not evidence of cash raised.
A further A$188,208 of supplier expenditure was settled in shares. That non-cash item helps explain why the capitalised-asset roll-forward is not identical to exploration payments in the cash-flow statement.
Exploration assets versus equity
A$ million
Deferred exploration and evaluationTotal group equity
AI-generated presentation · values from Exploration assets and group equity; no missing values plotted as zero.
Exploration assets and group equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Deferred exploration and evaluation | 3.991 | 4.587 | 5.454 | 3.405 | 6.035 |
| Total group equity | 6.605 | 6.390 | 6.642 | 4.188 | 4.645 |
Exploration asset growth includes acquisitions funded by shares and deferred consideration, not only cash exploration.
The FY2025 increase does not mean every legacy project retained its value: substantial write-offs occurred simultaneously.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Near-term obligations remained important
Deferred Congo consideration forms most of current liabilities. The report flags material going-concern uncertainty if additional capital cannot be raised. The A$2.193m subsequently raised is disclosed as later support, not counted in June2025 cash.
Cash and current liabilities
A$ million
CashTotal current liabilities
AI-generated presentation · values from FY2025 liquidity and acquisition obligations; no missing values plotted as zero.
FY2025 liquidity and acquisition obligations
A$ million
| Metric | FY2025 |
|---|---|
| Cash | 0.410 |
| Trade and other payables | 0.375 |
| Current deferred acquisition consideration | 1.603 |
| Total current liabilities | 1.978 |
| Total group assets | 6.623 |
| Exploration assets | 6.035 |
Deferred consideration relates to the Congo acquisition and is not new cash financing.
Cash is only one current asset; the cash-versus-liabilities comparison is not presented as a complete working-capital calculation.
Subsequent capital raised is not added to this June balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction data only; no original documents, DB query, parsed-body retrieval or financial-web research.
- Discontinued cash-flow sub-lines contain conflicting classification labels in the extraction; the consistent consolidated totals are retained without rebuilding that split.
- Exploration asset values are not resource estimates, mine valuations or forecast production.
- Published primary-author review, not an independent audit.
Annual-report source registry
- Blaze Minerals - Annual Report to shareholdersFrozen annual extraction; disposal, acquisition and cash/non-cash bases retained.
- Blaze Minerals - Annual Report 30 June 2022Frozen annual extraction; disposal, acquisition and cash/non-cash bases retained.
- Blaze Minerals - Annual Report 30 June 2023Frozen annual extraction; disposal, acquisition and cash/non-cash bases retained.
- Blaze Minerals - Annual Report 30 June 2024Frozen annual extraction; disposal, acquisition and cash/non-cash bases retained.
- Blaze Minerals - Annual Report to shareholdersFrozen annual extraction; disposal, acquisition and cash/non-cash bases 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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