FY2021
Sorby Hills focus and equity funding
A September2020 A$12m raise supported feasibility and drilling. The company changed its name to Boab Metals in January2021, with the DFS under way.
ASX: BML · Five-year financial review
(ASX: BML) Boab Metals Financial Review - FY2021~25
Boab advanced Sorby Hills from feasibility into engineering and commercial arrangements while remaining dependent on development funding. The five-year accounts show equity-supported cash spending, not the forecast earnings or cash flows of the proposed mine.
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$7.529m
After capital raisings during the year.
FY2025 net loss
A$3.841m
Statutory, not feasibility-study EBITDA.
Operating cash outflow
A$3.830m
Includes project development cash.
Plant deposit asset
A$1.500m
A$0.5m cash plus A$1.0m shares.
Five years in context
Pacifico became Boab Metals in January2021 as the company concentrated on Sorby Hills. Feasibility, port/power arrangements and engineering advanced, but those milestones are not a record of an operating lead-silver mine.
Current exploration and development expenditure is expensed under the stated policy. This explains why the carrying value of acquired exploration assets stayed comparatively stable despite continuing annual cash outflows.
Events behind the numbers
FY2022
Infrastructure and adjacent project work
Port access, power heads of agreement and early-works approvals progressed. Manbarrum was added and Eight Mile Creek drilling began alongside Sorby Hills work.
FY2023
Definitive feasibility study delivered
The DFS updated the production target, capital estimate and project economics. Its concentrate output and cash-flow figures are forecasts, not this year’s sales or operating cash.
FY2024
FEED completed
Front-end engineering and design refined the process plant and project economics. Offtake, finance and approval negotiations continued toward a future investment decision.
FY2025
Offtake, plant agreement and ownership option
Trafigura offtake/prepayment terms were signed; a DeGrussa plant agreement and deposit followed. A separate option to buy Yuguang’s25% stake remained conditional on a final investment decision.
FINANCIAL REVIEW / 01
Project spending continued before operating revenue
FY2025 equity proceeds exceeded operating and investing outflows, increasing cash. Mining and development payments sit within operating cash, so the small investing subtotal must not be described as the entire development budget.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Five-year financial and cash record; 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 financial and cash record; no missing values plotted as zero.
Statutory losses
A$ million
Net loss after tax
AI-generated presentation · values from Five-year financial and cash record; no missing values plotted as zero.
Five-year financial and cash record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (5.039) | (6.805) | (5.917) | (3.322) | (3.841) |
| Operating cash flow | (4.554) | (6.489) | (5.377) | (3.665) | (3.830) |
| Investing cash flow | 0.148 | (0.024) | (1.636) | (0.003) | (0.513) |
| Financing cash flow | 14.394 | (0.066) | 5.274 | 4.752 | 6.208 |
| Closing cash | 12.897 | 6.318 | 4.579 | 5.664 | 7.529 |
Years ended30June; full AUD amounts converted to millions.
Mining and development cash is included in operating activities. Investing cash alone does not measure the whole project programme.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A steady exploration balance can coexist with spending
Acquired exploration assets are distinct from the ongoing expenses of advancing the project. Group asset growth in FY2025 also includes the DeGrussa deposit, which combines cash and share consideration.
Assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Group assets, equity and exploration carrying value; no missing values plotted as zero.
Exploration and evaluation carrying amount
A$ million
Exploration and evaluation assets
AI-generated presentation · values from Group assets, equity and exploration carrying value; no missing values plotted as zero.
Group assets, equity and exploration carrying value
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 18.664 | 11.667 | 11.625 | 12.757 | 16.538 |
| Total equity | 16.982 | 10.580 | 10.395 | 12.090 | 15.790 |
| Exploration and evaluation assets | 5.161 | 4.668 | 4.644 | 4.644 | 4.644 |
The relatively stable exploration asset is consistent with current exploration/development expenditure being expensed. It does not mean no work was undertaken.
Group financial balances are not the Sorby Hills project NPV or a price for the unacquired minority interest.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Buying equipment is not the same as commissioning a mine
The DeGrussa purchase price is A$10m: A$1.5m deposit, A$6m cash on completion and A$2.5m within12months of first concentrate sale. Only A$0.5m of the deposit was cash; A$1m was paid in shares. Relocation, reconstruction and refurbishment are separate execution work.
The Yuguang option covers the remaining25% interest. Its exercise and later production-linked payments are not assumed paid or completed at June2025. The subsequently extended option deadline does not establish100% ownership.
Recent cash commitments and earnings basis
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash mining and development expenditure | (2.047) | (2.251) |
| Cash property, plant and equipment purchase | (0.003) | (0.013) |
| Cash plant deposit | 0.000 | (0.500) |
| Cash proceeds from share issues | 5.178 | 6.680 |
| Cash equity issue costs | (0.349) | (0.389) |
| Lease principal payments | (0.077) | (0.083) |
| Recognised revenue including interest | 0.238 | 0.174 |
Plant deposit cash is only A$0.5m; a further A$1.0m was settled in shares.
Revenue includes interest and a project-revenue line. No concentrate sales or commercial production are inferred from that label.
Exploration/development expense of A$2.250834m differs from cash paid; no automatic equality is imposed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Commercial agreements still require funding execution
Trafigura’s offtake covers75% of concentrate up to a minimum531,000tonnes, with associated US$30m prepayment terms. This is a commercial arrangement, not an additional June cash balance or realised sales volume.
The directors identified material going-concern uncertainty, with further funding needed to meet obligations and advance a final investment decision. Low bank debt does not remove those future development needs.
FY2025 near-term balance-sheet snapshot
A$ million
| Metric | FY2025 |
|---|---|
| Current assets | 8.598 |
| Current liabilities | 0.503 |
| Interest-bearing borrowings | 0.000 |
| Lease liabilities | 0.035 |
| Non-current DeGrussa deposit asset | 1.500 |
Nil borrowings does not mean no future funding requirement or no lease obligations.
The deposit asset is not the full purchase price of a relocated, operating plant.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Existing frozen annual extractions only; no original reports, DB queries, parsed-body retrieval or financial-web research.
- FEED/DFS output, C1 cost, EBITDA and NPV are prospective project measures, not historical company financials.
- The extracted approval narrative mixes a December2024 date with subsequent-event wording; it is not used to assert a new approval date.
- The Sorby Hills revenue label is not interpreted as commercial concentrate sales without supporting evidence.
- Published primary-author review, not an independent audit.
Annual-report source registry
- Boab Metals - Annual ReportFrozen annual extraction; development expense, cash and contingent transactions retained.
- Boab Metals - Annual ReportFrozen annual extraction; development expense, cash and contingent transactions retained.
- Boab Metals - Annual ReportFrozen annual extraction; development expense, cash and contingent transactions retained.
- Boab Metals - Annual ReportFrozen annual extraction; development expense, cash and contingent transactions retained.
- Boab Metals - 2025 Annual ReportFrozen annual extraction; development expense, cash and contingent transactions 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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