Closing cash
70.8A$m
-20.4% vs FY2024
Five-year financial review
MII / ASX financial review
(ASX: CHN) Chalice Mining Financial Review - FY2021~25
Exploration funding, cash use and Gonneville's development milestones.
FY2021–FY2025AUD · row units statedYear-end: 30 June
FY2025 at a glance
An exploration-stage funding story, not an operating-mine earnings story.
Operating cash flow
(17.8)A$m
+26.3 A$m vs FY2024
Total equity
129.4A$m
-20.5% vs FY2024
Changes are calculated from the selected FY2024 and FY2025 cells. Original comparison notes remain with the tables.
Five years in context
Events behind the numbers
FY2021
Julimar funding
- A$115m raised
- Resource drilling scaled up
FY2022
Maiden Gonneville resource
- Less than two years after discovery
- Scoping-study work continued
FY2023
Study progression
- Scoping study completed; PFS started
- Two resource upgrades
FY2024
Resource & approvals
- Selective-mining resource remodelled
- State and Commonwealth assessment referrals
FY2025
Simpler flowsheet; lower spend
- Issuer reported no need for hydrometallurgy
- Exploration and overhead spending reduced
01 / Five-year financial picture
Financing built the cash base; project work consumed it.
Loss for the year attributable to owners
A$m
(43.2)FY2021
(18.3)FY2022
(65.6)FY2023
(39.5)FY2024
(24.0)FY2025
Exploration and evaluation expense
A$m
(37.3)FY2021
(57.9)FY2022
(61.8)FY2023
(42.5)FY2024
FY2025
Net cash used in operating activities
A$m
(37.6)FY2021
(61.8)FY2022
(59.9)FY2023
(44.1)FY2024
(17.8)FY2025
Cash and cash equivalents at 30 June
A$m
99.9FY2021
131.7FY2022
145.2FY2023
89.0FY2024
70.8FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Selected financial and funding measures
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| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Loss for the year attributable to owners | (43.2) | (18.3) | (65.6) | (39.5) | (24.0) | +15.5 |
| Exploration and evaluation expense | (37.3) | (57.9) | (61.8) | (42.5) | N/C | Not calculated |
| Net cash used in operating activities | (37.6) | (61.8) | (59.9) | (44.1) | (17.8) | +26.3 |
| Cash and cash equivalents at 30 June | 99.9 | 131.7 | 145.2 | 89.0 | 70.8 | -18.1 |
Basis: Consolidated statutory disclosures. Exploration expense is an income-statement charge; operating cash flow is a cash measure and is not interchangeable with expense. FY2025 exploration expenditure is the issuer's project-expenditure total.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Financing cash inflows and issued capital
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| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Net cash from/(used in) financing activities | 112.0 | 96.9 | 74.3 | (0.6) | (0.2) | +0.4 |
| Issued capital at 30 June | 189.4 | 285.0 | 359.9 | 367.5 | 368.0 | +0.6 |
Basis: Financing cash flow is as reported in each original-year cash-flow statement. Issued capital is a period-end balance and is shown only where selected evidence supports the row; it is not a cash-flow proxy.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
FY2025 exploration commitments and non-cash boundary
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| Measure | FY2025 |
|---|---|
| Exploration commitments within one year | 4.5 |
| Exploration commitments in two to five years | 0.4 |
| Total exploration commitments | 4.9 |
| Right-of-use asset depreciation charge | (0.2) |
| Deferred-tax temporary difference on financial assets | 3.8 |
Basis: Consolidated statutory note disclosures at 30 June 2025. Commitments are contractual amounts, not cash paid in FY2025. Right-of-use depreciation is a non-cash charge and is not added to cash spending.
FundingFinancing cash flow and issued capital are not interchangeable.
FY2025 explorationProject expenditure is not comparable with the earlier P&L exploration-expense series.
CommitmentsContractual future amounts, not cash already paid.
02 / Losses, expenditure and non-cash boundaries
The Falcon demerger gain softened the FY2022 statutory loss.
Selected loss drivers
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| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Corporate and administration expenses | (6.8) | (5.8) | (6.3) | (6.0) | ~(3.9) | +2.1 |
| Net gain from Falcon demerger | nil | 47.0 | nil | N/D | N/D | Not calculated |
| Interest income (FY2021-FY2024) / interest received (FY2025) | 0.2 | 0.1 | 2.9 | 5.0 | N/C | Not calculated |
| Income tax benefit/(expense) | 3.1 | (0.2) | 1.2 | 5.1 | (1.9) | -7.0 |
Basis: Consolidated statutory income-statement amounts. Positive tax benefit is presented as income; FY2025's source presents A$1.917m as a positive tax expense, which is shown below as a negative calculated effect on profit or loss for a consistent benefit/(expense) convention.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
FY2022 driverThe demerger gain partly offset exploration expense.
FY2025 driverLower exploration and corporate costs; lower interest income and tax expense were offsets.
Calculation labelsApproximate corporate expense and the tax sign convention remain disclosed with the figures.
03 / Liquidity, balance sheet and capital structure
Cash and equity declined after FY2023 as project work continued.
Cash and cash equivalents
A$m
99.9FY2021
131.7FY2022
145.2FY2023
89.0FY2024
70.8FY2025
Total equity
A$m
149.2FY2021
176.3FY2022
187.1FY2023
162.8FY2024
129.4FY2025
Total liabilities
A$m
13.4FY2021
10.4FY2022
12.0FY2023
7.9FY2024
6.6FY2025
Each chart uses its own scale. Parentheses denote negative amounts.
Consolidated financial position
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| Measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ FY2024→FY2025 |
|---|---|---|---|---|---|---|
| Total assets | 162.7 | 186.8 | 199.1 | 170.7 | 136.0 | -34.7 |
| Total liabilities | 13.4 | 10.4 | 12.0 | 7.9 | 6.6 | -1.3 |
| Total equity | 149.2 | 176.3 | 187.1 | 162.8 | 129.4 | -33.4 |
| Cash and cash equivalents | 99.9 | 131.7 | 145.2 | 89.0 | 70.8 | -18.1 |
Basis: 30 June consolidated statutory financial-position totals. FY2021-FY2024 use the consolidated rather than parent-entity statement. FY2025 total assets are a disclosed calculation: total equity plus total liabilities.Δ = latest minus previous signed value, calculated before display rounding, in each row’s unit; not an investment return.
Liquidity definitionIssuer-reported cash and investments are not the statutory cash balance.
BorrowingsNo borrowing value is filled with zero or used to invent a net-debt measure.
04 / Project transition and reporting boundaries
Project milestones are not production or revenue.
Development stageResource definition → scoping → pre-feasibility work.
FY2025 metallurgyIssuer reported saleable copper and nickel concentrates without hydrometallurgy.
No inferred outcomeNo new cost, timing, financing or reserve-conversion estimate.
Definitions & reporting basis
Reporting basis and comparison notes
Consolidated statutory financial statements, Australian dollars. Financial tables are presented in A$ millions, converted from issuer A$'000 disclosures (divide by 1,000); losses and cash outflows retain their negative sign. Each period ends 30 June. Chalice reported one exploration and evaluation segment in FY2025; this is a development-stage review, not a producer scorecard.
- The company reported one exploration and evaluation segment in FY2025. Revenue, production, realised-price and unit-cost charts are intentionally omitted because they would not describe the selected development-stage evidence.
- Original-year statutory observations are retained. Some later documents show comparative classifications or balances alongside their current year; this report does not silently replace original-year selected series with later comparatives.
- FY2025 financial-position detail supports cash, liabilities, equity and lease liabilities. It explicitly records interest-bearing borrowings as not disclosed rather than zero; no net-debt line is calculated.
Terms used in the tables
- Exploration and evaluation expenditure
- Costs expensed in profit or loss during exploration and evaluation; the issuer states capitalisation begins only when technical feasibility and commercial viability are demonstrable.
- N/D
- Not disclosed in the selected evidence for that period. It is not a zero, nil or inference of absence.
Annual reports used
- FY2021 · Chalice Mining Limited · Annual Report to Shareholders. Year ended 2021-06-30
- FY2022 · Chalice Mining Limited · Annual Report to Shareholders. Year ended 2022-06-30
- FY2023 · Chalice Mining Limited · Annual Report to shareholders. Year ended 2023-06-30
- FY2024 · Chalice Mining Limited · Annual Report to Shareholders. Year ended 2024-06-30
- FY2025 · Chalice Mining Limited · Annual report. Year ended 2025-06-30
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