FY2021
Use the restated starting point
Later corrections changed acquisition accounting and Codrus-related equity and expense treatment. The table uses restated group assets, equity and loss.
ASX: BSX · Five-year financial review
(ASX: BSX) Blackstone Minerals Financial Review - FY2021~25
Blackstone’s FY2021-FY2025 record combines declining cash, changing subsidiary boundaries and a major share-financed project acquisition. Restated comparatives and the timing of a post-year-end placement are essential to reading the numbers correctly.
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$0.583m
Before July placement.
Total assets
A$83.650m
Changed acquisition perimeter.
Group net loss
A$9.992m
Includes NCI; not owner-only loss.
July placement
A$22.6m gross
Subsequent event, before costs.
Five years in context
The exploration group completed its IDM International merger on 27 June 2025, bringing in the Mankayan copper-gold project. The resulting increase in assets and equity should not be mistaken for internally generated earnings.
Cash at June was only A$0.583m. Directors pointed to the A$22.6m gross placement completed in July when supporting the going-concern basis; the placement does not retrospectively increase the June balance.
Events behind the numbers
FY2022
Large funding year
Net financing cash replenished funds while operating and investing outflows remained substantial. The annual report also revised prior-period accounting.
FY2023
Funding pauses, cash contracts
Net financing was slightly negative while operating outflows continued. This is a cash-flow observation, not an estimate of project value.
FY2024
Codrus leaves the consolidation perimeter
After the April sale, the remaining Codrus holding was accounted for at market fair value. Total-operation losses remain separate from continuing-only amounts.
FY2025
Mankayan acquired just before year-end
The June merger used shares and options. July cash fundraising followed after the balance date and is disclosed separately.
FINANCIAL REVIEW / 01
More assets did not mean more year-end cash
The acquisition expanded the balance sheet while cash continued to fall. Asset carrying values represent the changed project portfolio and accounting perimeter; they are not a valuation of saleable reserves.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Group financial position; no missing values plotted as zero.
Assets and equity
A$ million
Total assetsTotal equity including non-controlling interests
AI-generated presentation · values from Group financial position; no missing values plotted as zero.
Group financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 21.801 | 40.753 | 12.382 | 4.162 | 0.583 |
| Total assets | 36.202 | 70.130 | 36.719 | 19.252 | 83.650 |
| Total equity including non-controlling interests | 30.709 | 63.513 | 30.391 | 16.258 | 79.975 |
FY2021 uses FY2022-restated comparatives. The group perimeter changes with Codrus deconsolidation in April 2024 and the IDM acquisition in June 2025.
The July 2025 placement is subsequent to the balance date, not part of the FY2025 cash balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Funding and cash consumption are separate from loss
Operating outflows reduced across the last three years, but remained negative. The statutory loss also includes non-cash write-offs and investment remeasurement, so it cannot stand in for cash burn.
Total loss and operating cash
A$ million
Loss after tax, total operations including NCIOperating cash flow
AI-generated presentation · values from Group loss and operating cash; no missing values plotted as zero.
Investing and financing cash
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Funding and investing cash; no missing values plotted as zero.
Group loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax, total operations including NCI | (17.180) | (35.543) | (34.484) | (18.449) | (9.992) |
| Operating cash flow | (14.998) | (35.824) | (27.908) | (13.716) | (5.845) |
FY2021 net loss is restated; total operations are used, not continuing-only or parent-only losses. Amounts include the subsidiaries within each period’s consolidation boundary.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Funding and investing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (0.312) | (10.190) | (0.249) | (0.724) | (0.811) |
| Net financing cash flow | 30.347 | 65.030 | (0.294) | 6.201 | 3.091 |
A share-financed acquisition increases assets without an equivalent cash inflow. Gross subsequent fundraising is not substituted for financing cash in the financial year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Project and investment charges need separate labels
Exploration expense, asset write-offs, investment fair-value losses and share-based payments all affect earnings. Their accounting nature differs, and adding them to operating cash flow would double count or mix cash and non-cash measures.
Selected loss components
A$ million
Exploration expenditure expensedAsset write-offsFair-value loss on listed investmentsShare-based payment expense
AI-generated presentation · values from Selected FY2025 loss components; no missing values plotted as zero.
Selected FY2025 loss components
A$ million
| Metric | FY2025 |
|---|---|
| Exploration expenditure expensed | (2.482) |
| Asset write-offs | (1.363) |
| Fair-value loss on listed investments | (0.964) |
| Share-based payment expense | (0.557) |
Selected components only, not a full profit reconciliation or a cash spending total.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Historical group boundaries differ; this is not a constant-portfolio or continuing-only trend.
- A FY2022 narrative contains a small conflicting FY2021 attributable-loss figure. The selected series instead uses the explicitly restated total-group loss in the equity statement.
- Mankayan milestone consideration remains conditional; no future mine production or revenue is inferred.
- 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
- Blackstone Minerals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Blackstone Minerals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Blackstone Minerals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Blackstone Minerals - 2024 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Blackstone Minerals - 2025 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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AI-led method
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