FY2021
IGO transaction and special dividend
The non-refundable tenement fee was received, alongside equity funding. BOA paid an 8-cent special dividend; this is not a recurring mine-operating pattern.
ASX: BOA · Five-year financial review
(ASX: BOA) BOA Resources Financial Review - FY2021~25
BOA’s financial history is shaped by the IGO tenement transaction, equity funding and an evolving exploration portfolio. Cash briefly recovered in FY2024 before falling again in FY2025, while exploration write-offs reduced earnings and the asset carrying value. The five-year tables distinguish cash movements from non-cash accounting charges.
Reading the figures: Values are shown in A$ million to three decimals unless stated. Brackets denote negative amounts; 0 (nil) is a supported zero. FY2025 cash is sourced at its exact A$823,616 balance before display rounding.
FY2025 cash
A$823,616
Exact 30 June 2025 statement balance.
Exploration assets
A$4.788m
Carrying value, not resource value.
FY2025 write-off
A$1.069m
Non-cash exploration asset reduction.
Net working capital
A$0.836m
30 June 2025; not a funding forecast.
Five years in context
The FY2021 profit should not be treated as evidence of a producing mine. A large non-refundable tenement option fee changed earnings and cash, and was accompanied by equity funding and a special dividend.
Subsequent years focused on exploration and portfolio changes. Capitalised exploration grew through FY2024, before the FY2025 write-off reduced its carrying value. This accounting asset is neither cash nor a mineral-resource estimate.
Events behind the numbers
FY2022
Exploration without a new raising
The company advanced its lithium and other exploration portfolio while IGO continued its Fraser Range work. No capital raising was completed during the financial year.
FY2023
Lithium portfolio expands
Two Tanks and Cat Camp were added to the portfolio. A June rights-issue announcement led to completion in July, after the FY2023 balance date.
FY2024
Funding and portfolio reshaping
The rights issue completed and the Queensland tenement sale became effective. BOA retained a carried interest; a disposal transaction is not production revenue.
FY2025
New name, lower asset carrying value
Boadicea became BOA Resources in December 2024. The year included exploration write-offs and continued approvals work, with future funding still needed.
FINANCIAL REVIEW / 01
Cash contracted while capital stayed in exploration
The cash record and exploration asset record move differently. Capital spent and capital written off should be assessed separately; a year-end asset balance does not indicate how much funding remains.
Cash at year end
A$ million
Cash and cash equivalents
AI-generated presentation · values from Five-year balance-date record; no missing values plotted as zero.
Exploration asset carrying value
A$ million
Capitalised exploration and evaluation
AI-generated presentation · values from Five-year balance-date record; no missing values plotted as zero.
Five-year balance-date record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 5.254 | 3.544 | 1.482 | 1.935 | 0.824 |
| Capitalised exploration and evaluation | 2.655 | 3.733 | 5.189 | 5.508 | 4.788 |
| Total assets | 8.021 | 7.393 | 6.827 | 7.491 | 5.719 |
| Total liabilities | 0.183 | 0.435 | 0.570 | 0.086 | 0.093 |
| Total equity | 7.838 | 6.958 | 6.257 | 7.406 | 5.627 |
Cash uses exact statement balances; amounts are rounded only for this A$ million display. FY2025 cash is A$823,616.
Capitalised exploration is a carrying value subject to recoverability assessment, not a mineral resource valuation.
FY2025 total assets less total liabilities reconciles to reported equity. Selected FY2025 balances were supplemented from the verified original-PDF table interpretation.
Source: Existing annual extracted data and selected stored notes; FY2025 primary-statement values supplemented by accepted PDF-verified table interpretations. Annual editions are listed below.
FINANCIAL REVIEW / 02
The transaction year is not a recurring earnings baseline
The tenement fee distinguishes FY2021 from subsequent losses. The FY2025 loss widened alongside a larger exploration write-off; that non-cash charge should not be confused with cash exploration spending.
Statutory profit / (loss)
A$ million
Statutory profit / (loss) after tax
AI-generated presentation · values from Reported earnings and exploration write-offs; no missing values plotted as zero.
Reported earnings and exploration write-offs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other income | 0.035 | 0.002 | 0.054 | 0.200 | 0.016 |
| Statutory profit / (loss) after tax | 2.693 | (0.927) | (0.879) | (0.792) | (1.779) |
| Exploration and evaluation write-off | (0.303) | 0.000 | (0.267) | (0.331) | (1.069) |
FY2021 also includes a separately reported A$5.500m tenement option fee; it is not contained in the other-income row or treated as mine sales.
Other income is not total revenue. Write-offs are accounting charges, not cash outflows in the year.
FY2025 statutory loss of A$1,779,303 is reported directly in the income statement, not calculated from rounded earnings per share.
Source: Existing annual extracted data and selected stored notes; FY2025 primary-statement values supplemented by accepted PDF-verified table interpretations. Annual editions are listed below.
FINANCIAL REVIEW / 03
Funding dates matter as much as funding totals
The FY2021 investing inflow came from the tenement fee. Financing cash is net of a special dividend, issue costs and borrowing repayments, so it is much smaller than gross share proceeds. The later rights issue belongs in FY2024 cash flows.
In FY2025, operating and investing activities used cash without a financing inflow. This explains the lower closing cash balance; the exploration write-off is not an additional cash outflow.
Cash flows by activity
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Annual cash flows by activity; no missing values plotted as zero.
Annual cash flows by activity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.911) | (0.805) | (0.544) | (0.655) | (0.745) |
| Net investing cash flow | 5.215 | (0.881) | (1.486) | (0.821) | (0.366) |
| Net financing cash flow | 0.450 | (0.024) | (0.031) | 1.929 | 0 (nil) |
FY2021 investing cash includes the A$5.500m tenement option receipt, net of exploration payments. Positive investing cash is not negative capital expenditure.
The rights issue announced in June 2023 completed in July 2023, in FY2024. Its proceeds are not shifted back to FY2023.
FY2025 operating and investing outflows reconcile the decline in cash from A$1,934,722 to A$823,616. Financing was nil: the source prints a dash, supported by the financing components and cash reconciliation.
Basis and presentation notes (1)
- Net financing cash flow / FY2025 — 0 (nil): Printed as a dash in the financing total. Nil is supported by the financing component rows and the complete cash reconciliation; it is not a missing value converted to zero.
Source: Existing annual extracted data and selected stored notes; FY2025 primary-statement values supplemented by accepted PDF-verified table interpretations. Annual editions are listed below.
FINANCIAL REVIEW / 04
FY2025: asset write-offs and the next funding decision
The exploration write-off exceeded capitalised additions, reducing the year-end carrying value. It is an accounting reduction, not a cash bill of the same amount.
The issuer and auditor described dependence on a FY2026 capital raising to maintain a positive cash balance. Reported absence of debt does not mean absence of payables or future commitments.
FY2025 additions versus write-off
A$ million
Capitalised additionsWrite-off
AI-generated presentation · values from FY2025 exploration asset movement; no missing values plotted as zero.
FY2025 exploration asset movement
A$ million
| Metric | FY2025 |
|---|---|
| Opening carrying value | 5.508 |
| Capitalised additions | 0.349 |
| Write-off | (1.069) |
| Closing carrying value | 4.788 |
The reported movement reconciles: opening carrying value + additions - write-off = closing carrying value. Additions are not assumed to equal exploration cash payments.
Source: Existing annual extracted data and selected stored notes; FY2025 primary-statement values supplemented by accepted PDF-verified table interpretations. Annual editions are listed below.
FY2025 liquidity and expenditure commitments
A$ million
| Metric | FY2025 |
|---|---|
| Net working capital | 0.836 |
| Exploration commitments within one year | 0.543 |
| Exploration commitments one to five years | 1.453 |
| Total disclosed exploration commitments | 1.996 |
Working capital is a balance-date measure, not all cash available for future exploration. Commitments are not recognised balance-sheet liabilities and may be renegotiated or avoided through sale, farm-out or relinquishment.
The stored FY2025 note reports prior-year working capital A$1,893,372; the FY2024 extraction reports A$1,893,374. This A$2 difference is retained in the audit log and does not change FY2025.
Source: Existing annual extracted data and selected stored notes; FY2025 primary-statement values supplemented by accepted PDF-verified table interpretations. Annual editions are listed below.
Reading the figures
- This is a selected five-year financial review, not a reproduction of every financial-statement row. The seven previously missing FY2025 headline totals and the exact cash balance are now included.
- FY2025 selected primary-statement values were visually checked against printed pages 21, 22 and 24 (PDF pages 22, 23 and 25) and stored as a separate, traceable DB table-interpretation supplement. Original parser records remain preserved.
- The company is an individual entity with no controlled entities. Earlier report titles use Boadicea Resources; the FY2025 name change does not create a new company.
- Other income, capitalised exploration, expenditure commitments and cash payments have different meanings and are not summed into a synthetic performance measure.
- A pre-existing A$2 difference between the FY2024 working-capital extraction and the FY2025 comparative remains in the audit log; it does not affect the FY2025 figure.
- Primary-author review of the selected corrections; no independent audit. This local review copy has not been published.
Annual-report source registry
- Boadicea Resources Limited - FY2021 Annual ReportExisting year-by-year extracted annual-report evidence; unchanged in this update.
- Boadicea Resources Limited - FY2022 Annual ReportExisting year-by-year extracted annual-report evidence; unchanged in this update.
- Boadicea Resources Limited - FY2023 Annual ReportExisting year-by-year extracted annual-report evidence; unchanged in this update.
- Boadicea Resources Limited - FY2024 Annual ReportExisting year-by-year extracted annual-report evidence; unchanged in this update.
- BOA Resources Limited - FY2025 Annual ReportFY2025 notes retain their existing saved evidence. Primary statement supplement: printed pages 21, 22 and 24; PDF pages 22, 23 and 25. Seven totals and exact cash were verified and registered in the DB on 29 September 2026.
Prepared from the existing annual extracted data and saved corrections. This edition applies eight accepted BOA FY2025 DB table-interpretation supplements previously verified from the original PDF. It does not perform a new extraction or financial web search. Prior reports and parser records remain unchanged; correction lineage is retained in the evidence files.
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AI-led method
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