FY2022
Capital supports exploration
Financing broadly funded operating and investing outflows while exploration carrying amounts increased.
ASX: CAV · Five-year financial review
(ASX: CAV) Carnavale Resources Financial Review - FY2022~26
Carnavale’s FY2022-FY2026 record shows the financing and accounting profile of a gold explorer advancing Kookynie. Cash was replenished in FY2026, while the preceding year’s loss was heavily affected by the Ora Banda impairment.
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.
FY2026 cash
A$2.991m
Year-end group balance.
Net financing
A$6.544m
Fiscal-year cash inflow.
E&E carrying value
A$13.324m
Not a mine valuation.
Kookynie core JV
80% CAV
Partner terms retained.
Five years in context
The latest stored report describes work toward the Kookynie bankable feasibility study, rather than a producing mine. A mining lease milestone and an updated resource support that development history, but are not revenue.
The main cash demand sits in investing activities as well as operating outflows. Comparing net loss only with operating cash would overlook much of the exploration funding requirement.
Events behind the numbers
FY2023
Cash drawdown without net new funding
Investing continued with slightly negative net financing, reducing cash to below A$1m.
FY2024
Further funding and project spending
Positive financing supported continued investment and an increased exploration asset balance.
FY2025
Ora Banda impairment
Directors judged successful development unlikely and charged A$2.589m, widening the statutory loss without matching cash expenditure.
FY2026
Kookynie milestone and refreshed capital
The mining lease was granted, a May resource update was released and capital raising replenished cash. The BFS remained a development task.
FINANCIAL REVIEW / 01
Funding restores cash while project assets grow
The FY2026 cash recovery follows capital raising. Most assets still relate to exploration and evaluation; the balance sheet is therefore sensitive to recoverability assessments rather than reflecting a mature mine’s working capital.
Year-end cash
A$ million
Cash and equivalents
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Cash, assets and equity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and equivalents | 3.247 | 0.919 | 1.245 | 0.778 | 2.991 |
| Total assets | 9.492 | 8.980 | 11.491 | 10.404 | 16.558 |
| Total equity | 8.965 | 8.601 | 11.153 | 10.179 | 16.109 |
Group carrying amounts in A$ million; project resources and feasibility values are not included as financial assets at headline study values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Look beyond operating cash to project investment
Investment outflows exceeded operating outflows in each selected year. The latest financing inflow funded that programme and increased cash, but does not represent project earnings or a guarantee of future funding sufficiency.
Loss versus operating cash
A$ million
Net loss attributable to ownersNet operating cash flow
AI-generated presentation · values from Attributable 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 Project investment and financing; no missing values plotted as zero.
Attributable loss and operating cash
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net loss attributable to owners | (1.413) | (0.453) | (0.791) | (3.027) | (1.233) |
| Net operating cash flow | (0.502) | (0.416) | (0.351) | (0.388) | (0.560) |
Exploration expenditure is substantially carried in assets and investing cash, so operating cash alone is not total project cash consumption.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Project investment and financing
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net investing cash flow | (2.748) | (1.910) | (2.265) | (2.132) | (3.770) |
| Net financing cash flow | 2.967 | (0.002) | 2.942 | 2.053 | 6.544 |
Financing is net cash after costs, not the gross placement or maximum entitlement-offer amount.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Ora Banda explains the impairment year
The A$2.589m FY2025 Ora Banda charge reduced capitalised exploration and widened the loss. The following year’s larger carrying amount reflects the continuing asset portfolio; it should not be read as reversal of that impairment without a supporting record.
Capitalised exploration and evaluation
A$ million
Closing E&E assets
AI-generated presentation · values from Exploration and evaluation carrying amount; no missing values plotted as zero.
Exploration and evaluation carrying amount
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Closing E&E assets | 6.012 | 7.884 | 10.051 | 9.465 | 13.324 |
Closing capitalised stock, not annual cash spending. FY2025 includes the Ora Banda impairment; a lower carrying amount does not directly measure resource depletion.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Latest selected window is FY2022-FY2026.
- August 2025 resource statements appearing in the FY2025 report are subsequent updates, not automatically June 2025 resource balances. Conflicting percentage-growth narratives are not used.
- Kookynie ownership varies across tenements. The 80% figure describes the core JV, not every licence or an attributable production forecast.
- 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
- Carnavale Resources - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Carnavale Resources - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Carnavale Resources - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Carnavale Resources - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Carnavale Resources - Annual Report 2026Existing 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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