FY2021
Incorporation and Serbian licence transfer
The first financial period began18December2020. Work focused on acquiring Serbian licences and preparing for the IPO, which closed in July2021 after year-end.
ASX: BMM · Five-year financial review
(ASX: BMM) Bayan Mining and Minerals Financial Review - FY2021~25
BMM’s five reporting periods cover a new-company IPO, expansion into Canadian lithium and a later shift toward Nevada exploration. Project impairments and non-cash share expenses made the loss trend different from annual cash consumption.
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$0.391m
Before July and September 2025 raises.
FY2025 net loss
A$3.920m
Includes impairment and share charges.
FY2025 impairment
A$1.875m
Non-cash accounting charge.
Year-end equity
A$1.454m
Consolidated accounting net assets.
Five years in context
The original Balkan Mining & Minerals entity was incorporated in December2020, with Serbian licences transferred before the July2021 IPO. The first reported period is shorter than12months; it is not a low-cost mature operating year.
Canadian options broadened the portfolio, but Serbian drilling deferral and subsequent Canadian withdrawals led to impairments. FY2025 work included Nevada reconnaissance and Ontario field activity, not a transition to commercial mining.
Events behind the numbers
FY2022
IPO cash funded exploration
The July2021 offer raised A$6.5m before costs. The Gorge option announced4July2022 was after the June2022 reporting date and is not backdated into this financial year.
FY2023
Canadian portfolio and Serbian impairment
Ontario and Quebec projects expanded the portfolio. The deferred Serbian drilling campaign led to an impairment provision, while Canadian sampling and early work continued.
FY2024
Gorge drilling and Serbian exit process
A maiden Gorge drill programme was completed in December2023, with assay access unresolved in the report. Serbian tenements were relinquished and the subsidiary disposal process was under way.
FY2025
Nevada work and option withdrawals
Bayan Springs fieldwork and staking progressed. Gorge and Tango options were withdrawn and their carrying values reduced to nil; Arrel work continued in Ontario.
FINANCIAL REVIEW / 01
Cash consumption is not the same as the net loss
FY2025 operating outflow was below the prior year despite a larger accounting loss. Impairment and share-based charges were non-cash, while the overseas tax refund reduced net investing outflow. Share proceeds broadly funded the year’s cash uses.
Year-end cash
A$ million
Closing cash
AI-generated presentation · values from Five reporting periods: loss and cash; no missing values plotted as zero.
Net loss versus operating cash
A$ million
Group net loss, total operationsOperating cash flow
AI-generated presentation · values from Five reporting periods: loss and cash; no missing values plotted as zero.
Financing cash inflows
A$ million
Financing cash flow (FY2022 reconstructed)
AI-generated presentation · values from Five reporting periods: loss and cash; no missing values plotted as zero.
Five reporting periods: loss and cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group net loss, total operations | (0.444) | (3.079) | (4.983) | (2.646) | (3.920) |
| Operating cash flow | (0.225) | (1.636) | (2.420) | (1.868) | (1.167) |
| Investing cash flow | (0.066) | (0.259) | (0.933) | (1.257) | (0.188) |
| Financing cash flow (FY2022 reconstructed) | 0.273 | 5.548 | 1.783 | 1.367 | 1.383 |
| Closing cash | 0.001 | 3.616 | 2.122 | 0.360 | 0.391 |
FY2021 is the short period 18 December 2020 - 30 June 2021, not a full year. Later columns are June financial years.
FY2022 financing is an editorial sum of IPO/share proceeds, issuance costs and borrowing movements. The extracted subtotal has the opposite sign; the component-supported inflow is used and the one-dollar magnitude difference is retained in the issue log.
No annualisation of FY2021 and no post-year capital raising added to earlier cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Portfolio exits change the comparison
The FY2023 group result included the Serbian impairment; FY2024 continued to show a discontinued-operation loss. The report retains total-operations losses throughout instead of switching to a smaller continuing-only measure.
Gorge and Tango carrying values were nil at June2025 after option withdrawal. This is an impairment decision, not a statement that the company paid the same amount in cash during the year.
Continuing and discontinued losses
A$ million
Continuing-operations lossDiscontinued-operations loss
AI-generated presentation · values from Continuing versus discontinued results; no missing values plotted as zero.
Continuing versus discontinued results
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Continuing-operations loss | (2.397) | (3.920) |
| Discontinued-operations loss | (0.249) | 0.000 |
| Total loss | (2.646) | (3.920) |
| Share-based payment expense | (0.660) | (0.735) |
Continuing and discontinued results sum to the group loss. Share-based expense is already included, not added again.
FY2025 impairment of A$1.875m is distinct from operating cash expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Equity raises did not prevent asset write-downs
Group equity declined as exploration losses and impairments exceeded new capital contributions over parts of the period. Project options and geological prospects do not justify replacing the carrying values with an assumed mineral valuation.
The FY2025 packet states that the group had no defined Mineral Resources or Ore Reserves. Exploration targets and field observations are not presented as proven deposits or sales potential.
Group assets and equity
A$ million
Total group assetsTotal group equity
AI-generated presentation · values from Asset and equity contraction; no missing values plotted as zero.
Asset and equity contraction
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total group assets | 1.615 | 5.479 | 4.065 | 3.359 | 1.764 |
| Total group equity | 0.996 | 5.347 | 3.597 | 3.163 | 1.454 |
Portfolio exits, impairment, exploration spending and equity issues all affect the balance sheet.
Values are accounting assets and equity, not mineral resources, reserves or a mine valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Subsequent capital belongs after June
The company completed a A$250,000 placement in July2025 and a A$3.272m placement in September2025, before costs. Those events supported the going-concern assessment but do not change the A$390,515 June cash balance. Further funding and successful project development remained important.
The contractor dispute associated with Gorge is retained as an unresolved claim rather than treated as a confirmed additional payable or a realised gain. The extracted narrative has inconsistent dating, so no new event date is invented.
FY2025 cash and non-cash distinctions
A$ million
| Metric | FY2025 |
|---|---|
| Exploration cash in operating activities | (0.289) |
| Exploration/evaluation cash in investing | (0.388) |
| Overseas tax refund in investing | 0.209 |
| Share-issue cash proceeds | 1.460 |
| Impairment expense, non-cash | (1.875) |
| Share-based payment expense, non-cash | (0.735) |
| Current liabilities at year-end | 0.310 |
Expense, cash flows and closing liabilities are different measures and must not be summed into one total.
Net investing outflow includes an overseas tax refund, so it is smaller than gross exploration cash paid.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only existing frozen annual extraction data used; no original documents, database query, parsed-body retrieval or financial-web research.
- FY2021 is a short incorporation period; no artificial twelve-month comparison.
- FY2022 financing is explicitly reconstructed from supported components because the extracted subtotal sign conflicts with the IPO cash evidence and cash movement.
- Contractor-dispute timing is inconsistent in the extraction; no invented date or liability amount is added.
- Published primary-author review, not an independent audit.
Annual-report source registry
- BMM - Annual ReportFrozen annual extraction; historical Balkan identity and period boundaries retained.
- BMM - Annual ReportFrozen annual extraction; historical Balkan identity and period boundaries retained.
- BMM - Annual ReportFrozen annual extraction; historical Balkan identity and period boundaries retained.
- BMM - Annual Report to ShareholdersFrozen annual extraction; historical Balkan identity and period boundaries retained.
- BMM - Annual Report to ShareholdersFrozen annual extraction; historical Balkan identity and period boundaries 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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AI-led method
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