FY2021
Asset-disposal contribution
Profit included a A$4.766m tenement-disposal gain; it was not recurring mine revenue.
ASX: BNR · Five-year financial review
(ASX: BNR) Bulletin Resources Financial Review - FY2021~25
Bulletin’s five-year results are best understood as exploration financed alongside royalties, asset disposals and a listed-investment portfolio. Positive statutory profit does not necessarily mean positive operating cash or a producing 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$8.237m
Not the broader liquid-assets measure.
Net profit
A$1.748m
Includes investment gains.
Operating cash
A$(1.183)m
A net outflow despite profit.
Fair-value gain
A$3.639m
Not a realised cash receipt.
Five years in context
Geko royalties and asset disposals shaped earlier earnings; the listed-investment portfolio became particularly important in FY2025. Their different cash and accounting treatment explains why profit and operating cash do not move together.
Exploration is generally expensed, while qualifying acquisition costs can be carried forward. Comparing expense with total investing cash therefore requires more than assuming all exploration is capitalised.
Events behind the numbers
FY2022
Lower royalty contribution
Geko royalty income was A$0.153m, below the prior-year level, and there was no repeat tenement-disposal profit.
FY2023
Geko interest sold
The royalty, profit-share and joint-venture interest was sold for A$3.1m cash under a December 2022 agreement.
FY2024
Loss despite investment uplift
Fair-value gains did not prevent a statutory loss; operating cash was also negative.
FY2025
Investment and project changes
Bulletin invested in Matsa and expanded Lake Rebecca. A Ravensthorpe permit appeal was dismissed after June; the extraction records an associated impairment.
FINANCIAL REVIEW / 01
Cash is only one part of the portfolio
Cash stayed near its prior-year level while the asset and equity totals rose. Quoted investments may be liquid, but their valuation risk and classification differ from bank cash.
Cash at year end
A$ million
Cash and equivalents
AI-generated presentation · values from Consolidated cash, assets and equity; no missing values plotted as zero.
Assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Consolidated cash, assets and equity; no missing values plotted as zero.
Consolidated cash, assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 0.972 | 7.286 | 8.738 | 8.197 | 8.237 |
| Total assets | 6.536 | 10.757 | 12.755 | 12.484 | 15.116 |
| Total equity | 5.111 | 10.413 | 11.899 | 11.959 | 13.890 |
Consolidated statements, not parent-only notes. Listed investments are not included in the cash row. The issuer’s broader “cash and liquid assets” measure is a different measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Profit does not imply operating cash generation
The FY2023 cash inflow included disposal-related income; the FY2025 profit includes a substantial non-cash fair-value movement. Neither year should be used as a recurring mining cash-margin proxy.
Profit and operating cash
A$ million
Profit / (loss) after taxOperating cash flow
AI-generated presentation · values from Statutory earnings and operating cash; no missing values plotted as zero.
Investing and financing cash
A$ million
Net investing cashNet financing cash
AI-generated presentation · values from Investing and financing cash flows; no missing values plotted as zero.
Statutory earnings and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | 3.555 | 0.463 | 0.564 | (0.647) | 1.747 |
| Operating cash flow | (0.145) | (1.840) | 1.408 | (1.559) | (1.183) |
Gains on disposals and investment values contribute to earnings; this is not a mine-production earnings series. FY2023 operating receipts include the Geko disposal-related income classification retained from the statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash flows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash | (0.044) | 3.784 | 0.044 | 1.016 | 1.039 |
| Net financing cash | 0.000 | 4.370 | 0.000 | 0.002 | 0.184 |
Positive investing cash is a net receipt, not negative exploration spending. Financing nil values are disclosed statement values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate realised sales, fair values and project risk
The A$4.189m combined FY2025 investment gain comprises fair-value movement and realised sale profit. The realised A$0.550m gain is already within other income: adding it again would double count. Separately, the Ravensthorpe impairment reflects a project-specific setback, not a cash payment equal to the charge.
Selected earnings components
A$ million
Fair-value movement on financial assetsExploration expenseImpairment expense
AI-generated presentation · values from Recent earnings components; no missing values plotted as zero.
Recent earnings components
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Fair-value movement on financial assets | 1.033 | 3.639 |
| Other income | 0.485 | 0.623 |
| Exploration expense | (0.741) | (0.582) |
| Impairment expense | 0.000 | (0.538) |
| Income-tax expense | (0.088) | (0.746) |
Not a complete profit bridge. Other income includes realised investment-sale gains and is not added again to the separately disclosed combined investment-gain figure. Unrealised fair-value gains are not cash proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The subsequent July 2025 Ravensthorpe appeal outcome is dated explicitly, even though the stored financial extraction records the related impairment in FY2025.
- A 12% Matsa holding reached through September 2025 option exercise is not presented as the June ownership percentage.
- No mineral production or resource value is inferred from the investment portfolio.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Bulletin Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bulletin Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bulletin Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bulletin Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Bulletin Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
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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