ASX: CMO · Five-year financial review

Cosmo Metals Limited (ASX: CMO) - Five-Year Financial Review FY2022-FY2026

An exploration-stage financial review of five annual reports, in reported Australian dollars (A$). FY2022 is a shorter first period. The reporting basis shifts from standalone Cosmo Metals in FY2022–FY2023 to the consolidated group in FY2024–FY2026; later comparative sources are identified in the affected tables.

FY2022 covers 26 August 2021 to 30 June 2022; FY2023–FY2026 are years ended 30 June. FY2022–FY2023 are standalone Cosmo Metals company statements; FY2024–FY2026 are consolidated group statements. · Editorial review: 2026-09-24 · MII Research

Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.

FY2026 statutory loss

A$(4.23)m

Includes A$2.93m Yamarna exploration impairment.

FY2026 operating cash flow

A$(0.887)m

Net cash used in operating activities.

FY2026 closing cash

A$0.466m

At 30 June 2026, before post-year-end placement settlement.

FY2026 E&E carrying value

A$10.255m

After the Yamarna impairment and year additions.

Five years in context

Cosmo began as a Western Australian Yamarna copper–nickel–cobalt explorer after its 31 January 2022 ASX listing. The first statutory period runs only from incorporation on 26 August 2021 to 30 June 2022. The FY2023 Mt Venn Exploration Target and Minjina discovery preceded a portfolio shift toward gold projects.

The group acquired Kanowna through La Zarza on 28 March 2024 and Bingara/Nundle through Galaxias in April 2025. It funded continuing exploration chiefly with share issues and convertible notes, while impairing Yamarna exploration assets in FY2025 and FY2026. The FY2023 auditor and FY2024/FY2026 directors flagged material going-concern uncertainty. FY2025 statements retained a going-concern basis while describing cash outflows, positive net current assets and further financing plans.

Events behind the numbers

FY2022

Listing and first reporting period

Incorporated on 26 August 2021 and began ASX trading on 31 January 2022 after an IPO that raised A$5.102m. The first accounts cover less than a full year.

FY2023

Mt Venn and Minjina

The issuer published a Mt Venn JORC 2012 Exploration Target and reported the Minjina zinc–lead–copper–silver discovery in the Yamarna region.

FY2024

Kanowna acquisition

Cosmo completed its La Zarza/Kanowna Gold Project acquisition on 28 March 2024; the E&E movement separately records La Zarza and direct Kanowna tenement additions.

FY2025

Bingara/Nundle and Yamarna write-down

The Galaxias asset acquisition completed on 17 April 2025, adding NSW projects. The E&E rollforward recognised A$1.887m of impairment during the year.

FY2026

Further drilling and impairment

Exploration at Kanowna and Bingara continued. At 30 June 2026, management recorded a A$2.932m Yamarna impairment after identifying a market-capitalisation indicator.

FINANCIAL REVIEW / 01

Statutory performance and tax

Cosmo remained an exploration-stage company. The statutory loss widened materially in FY2025–FY2026, with separately reported Yamarna impairments accounting for a large part of the increase. The FY2022 first period is shorter than subsequent years.

No deferred tax asset was recognised for unused losses in the selected tax disclosures; those potential benefits are conditional and are not cash or recognised balance-sheet assets. Later comparatives differ from two original tax-loss figures, limiting a direct trend reading.

Statutory loss after income tax

A$ loss by reported period; FY2022 is a shorter first period.

AI-generated presentation · values from Statutory profit or loss and selected expense lines; no missing values plotted as zero.

Statutory profit or loss and selected expense lines

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Interest income	1,874	11,640	6,511	5,415	5,583
Government grants	Not separately presented	Not separately presented	Not separately presented	Not separately presented	89,393
Other income (separate P&L line)	Not separately presented	Not separately presented	Not separately presented	Not separately presented	2,700
Depreciation expense	(2,961)	(19,664)	(20,813)	(19,939)	(8,934)
Non-capital exploration expenditure	(3,320)	(6,631)	(14,488)	(16,423)	(186,984)
Share-based payment expense	(486,000)	0 (nil)	Not separately presented	(17,332)	(295,434)
Administration expense	(606,241)	(671,978)	(574,334)	(784,454)	(903,903)
Finance costs (P&L)	Not separately presented	Not separately presented	(7,823)	(234,935)	(502)
Impairment of mining exploration	Not separately presented	Not separately presented	(860,333)	(1,886,648)	(2,932,037)
Transaction costs on exploration assets	Not separately presented	Not separately presented	Not separately presented	(156,667)	0 (nil)
Other expenses	Not separately presented	Not separately presented	Not separately presented	(1,392)	0 (nil)
Loss before income tax	(1,096,648)	(686,633)	(1,471,280)	-3,112,375	(4,230,118)
Income tax expense	0 (nil)	0 (nil)	0 (nil)	0 (nil)	0 (nil)
Statutory loss after income tax	(1,096,648)	(686,633)	(1,471,280)	(3,112,375)	(4,230,118)
Basic and diluted loss per sharecents	(3.59)	(1.35)	(1.86)	(1.77)	(0.88)

Amounts are A$ unless a row says cents. Expenses and losses are negative.

FY2022 covers 26 August 2021 to 30 June 2022; subsequent columns are full years to 30 June.

Some expense or income lines were not separately presented in earlier extracted statements; these cells do not imply nil.

FY2025 interest/finance cash-flow lines are distinct from P&L interest income and finance costs.

Basis and presentation notes (27)

Government grants / FY2022 — Not separately presented: No distinct government-grant P&L line is established in this selected year's statement; the FY2026 grant line does not establish an earlier nil.
Government grants / FY2023 — Not separately presented: No distinct government-grant P&L line is established in this selected year's statement; the FY2026 grant line does not establish an earlier nil.
Government grants / FY2024 — Not separately presented: No distinct government-grant P&L line is established in this selected year's statement; the FY2026 grant line does not establish an earlier nil.
Government grants / FY2025 — Not separately presented: No distinct government-grant P&L line is established in this selected year's statement; the FY2026 grant line does not establish an earlier nil.
Other income (separate P&L line) / FY2022 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not infer nil from the later FY2026 presentation.
Other income (separate P&L line) / FY2023 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not infer nil from the later FY2026 presentation.
Other income (separate P&L line) / FY2024 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not infer nil from the later FY2026 presentation.
Other income (separate P&L line) / FY2025 — Not separately presented: No distinct other-income P&L line is established in this selected year's statement; do not infer nil from the later FY2026 presentation.
Share-based payment expense / FY2023 — 0 (nil): Share based payments for 30 June 2023 is a source-reported nil/dash in FY2023 (ref R000657); matched to this row's measure and period.
Share-based payment expense / FY2024 — Not separately presented: No separate FY2024 P&L share-based-payments expense is established in the selected current-year statement. The FY2025 report's FY2024 nil comparative is options recognised in finance costs (R001445), a narrower metric; it cannot establish nil for this row.
Finance costs (P&L) / FY2022 — Not separately presented: No separate P&L finance-cost line is established for this year; financing cash flows are a different measure.
Finance costs (P&L) / FY2023 — Not separately presented: No separate P&L finance-cost line is established for this year; financing cash flows are a different measure.
Impairment of mining exploration / FY2022 — Not separately presented: No separately stated P&L exploration impairment is established for this year; absence is not nil.
Impairment of mining exploration / FY2023 — Not separately presented: No separately stated P&L exploration impairment is established for this year; absence is not nil.
Transaction costs on exploration assets / FY2022 — Not separately presented: The selected P&L does not separately show transaction costs on exploration assets acquired at fair value through profit or loss in this year.
Transaction costs on exploration assets / FY2023 — Not separately presented: The selected P&L does not separately show transaction costs on exploration assets acquired at fair value through profit or loss in this year.
Transaction costs on exploration assets / FY2024 — Not separately presented: The selected P&L does not separately show transaction costs on exploration assets acquired at fair value through profit or loss in this year.
Transaction costs on exploration assets / FY2026 — 0 (nil): Transaction costs on exploration acquired assets at FVTPL for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R002083); matched to this row's measure and period.
Other expenses / FY2022 — Not separately presented: No distinct P&L other-expenses line is established in this selected year's statement.
Other expenses / FY2023 — Not separately presented: No distinct P&L other-expenses line is established in this selected year's statement.
Other expenses / FY2024 — Not separately presented: No distinct P&L other-expenses line is established in this selected year's statement.
Other expenses / FY2026 — 0 (nil): Other expenses for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R002085); matched to this row's measure and period.
Income tax expense / FY2022 — 0 (nil): Income tax expense for 2022 is a source-reported nil/dash in FY2022 (ref R000274); matched to this row's measure and period.
Income tax expense / FY2023 — 0 (nil): Income tax expense for 2023 is a source-reported nil/dash in FY2023 (ref R000576); matched to this row's measure and period.
Income tax expense / FY2024 — 0 (nil): Income tax expense for Consolidated 2024 is a source-reported nil/dash in FY2024 (ref R001105); matched to this row's measure and period.
Income tax expense / FY2025 — 0 (nil): Income tax expense for FY2025 is a source-reported nil/dash in FY2025 (ref R001572); matched to this row's measure and period.
Income tax expense / FY2026 — 0 (nil): Income tax expense for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R002089); matched to this row's measure and period.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

Unused tax losses and unrecognised potential tax benefit

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Unused tax losses for which no deferred tax asset was recognised	610,648	5,343,606	7,324,815	8,705,514	11,084,636
Potential tax benefit at 30%, unrecognised	183,194	1,603,082	2,197,445	2,611,654	3,325,391

Tax-loss carry-forward and potential benefit are stock measures at each 30 June, not cash tax assets. The source calculations are subject to recovery conditions.

The display uses each annual report's current-year figure. Later report comparatives differ materially for FY2022 and FY2025: the FY2023 report gives FY2022 unused losses A$1,764,968 versus original A$610,648; the FY2026 report gives FY2025 A$7,151,232 versus original A$8,705,514. The selected tables do not establish the reason, so this row is not read as a clean growth series.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

FINANCIAL REVIEW / 02

Assets, liquidity and commitments

Exploration and evaluation expenditure is the principal asset. The financial statement basis shifts from standalone Cosmo Metals in FY2022–FY2023 to the consolidated group in FY2024. Closing cash declined to A$466,276 at June 2026 while net current assets remained positive at A$494,979. The issuer nonetheless reported material uncertainty related to going concern and future funding.

Cash and cash equivalents at 30 June

Cash and cash equivalents

A$ period-end cash; this stock measure is distinct from annual cash flow.

AI-generated presentation · values from Financial position at 30 June — standalone FY2022–FY2023; group FY2024–FY2026; no missing values plotted as zero.

Financial position at 30 June — standalone FY2022–FY2023; group FY2024–FY2026

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and cash equivalents	3,058,757	612,449	1,284,663	730,526	466,276
Trade and other receivables	103,454	131,864	97,883	218,397	227,501
Total current assets	3,162,211	744,313	1,382,546	948,923	693,777
Plant and equipment	69,693	61,801	40,988	19,657	21,555
Exploration and evaluation expenditure	5,963,499	8,453,597	9,373,141	11,090,567	10,254,531
Security deposits (non-current)	Not separately presented	Not separately presented	Not separately presented	30,000	74,504
Total non-current assets	6,033,192	8,515,398	9,414,129	11,140,224	10,350,590
Total assets	9,195,403	9,259,711	10,796,675	12,089,147	11,044,367
Trade and other payables (current)	116,280	339,824	664,410	571,727	176,124
Interest-bearing liabilities (current)	Not separately presented	Not separately presented	0	13,577	0 (nil)
Provisions (current)	5,579	7,174	16,890	2,255	22,674
Total current liabilities	121,859	346,998	681,300	587,559	198,798
Provisions (non-current)	0 (nil)	335	1,112	0	301
Total non-current liabilities	Not separately presented	335	1,112	0	301
Total liabilities	121,859	347,333	682,412	587,559	199,099
Net assets	9,073,544	8,912,378	10,114,263	11,501,588	10,845,268
Issued capital	9,197,642	9,544,309	11,857,308	14,513,375	19,070,522
Reserves	972,550	1,151,350	1,511,516	2,382,597	1,220,408
Accumulated losses	(1,096,648)	(1,783,281)	(3,254,561)	-5,394,384	(9,445,662)
Total equity	9,073,544	8,912,378	10,114,263	11,501,588	10,845,268
Net current assets / working capital	3,040,352	397,315	701,246	361,364	494,979

FY2022–FY2023 are standalone Cosmo Metals company statements; FY2024–FY2026 are consolidated group statements. The column boundary changes between FY2023 and FY2024.

FY2025 receivables/current-asset subtotals and security deposits are supported by the FY2026 comparative where the frozen FY2025 extraction lacks a separate current-year row.

FY2024 nil interest-bearing liabilities comes from the FY2025 comparative (R001416), and FY2022 nil non-current provisions from the FY2023 comparative (R000692); neither nil is inferred from an absent original current-year line.

FY2023 source row for non-current liabilities is mislabelled 'Total current liabilities' within the non-current section; its 335 amount is used only with the source qualification.

A blank earlier security-deposit cell is not assumed to be zero. Working capital follows the issuer's stated reconciliation.

Basis and presentation notes (8)

Security deposits (non-current) / FY2022 — Not separately presented: No separate non-current security-deposit balance is established for this year; later balances do not determine it.
Security deposits (non-current) / FY2023 — Not separately presented: No separate non-current security-deposit balance is established for this year; later balances do not determine it.
Security deposits (non-current) / FY2024 — Not separately presented: No separate non-current security-deposit balance is established for this year; later balances do not determine it.
Interest-bearing liabilities (current) / FY2022 — Not separately presented: No separately reported current interest-bearing-liability balance is established for this year; later-period nils do not determine it.
Interest-bearing liabilities (current) / FY2023 — Not separately presented: No separately reported current interest-bearing-liability balance is established for this year; later-period nils do not determine it.
Interest-bearing liabilities (current) / FY2026 — 0 (nil): Interest-bearing liabilities for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R002118); matched to this row's measure and period.
Provisions (non-current) / FY2022 — 0 (nil): Provisions for 30 June 2022 is a source-reported nil/dash in FY2023 (ref R000692); matched to this row's measure and period.
Total non-current liabilities / FY2022 — Not separately presented: No separately stated FY2022 total non-current liabilities is established. The FY2023 comparative reports nil non-current provisions (R000692), but that component is not itself a source-stated total.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

Exploration and evaluation commitments at each year end

Metric	FY2022	FY2023	FY2024	FY2025
Due within 12 months	539,040	653,040	538,320	881774
Due in 12 months to five years	2,156,160	2,612,160	2,153,280	1797096
Total exploration commitments	2,695,200	3,265,200	2,691,600	2678870

Issuer's FY2022–FY2025 exploration commitment classifications. The selected FY2026 table uses the broader title 'Future Contractual Commitments'; its relationship to these prior-year exploration commitments remains unconfirmed, so FY2026 is shown separately below.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

FY2026 future contractual commitments

Metric	FY2026
Due within 12 months	996,378
Due in 12 months to five years	3,093,120
Total future contractual commitments	4,089,498

Selected FY2026 annual-report table, page 58. Its saved title and rows establish the time bands and amounts, but not whether every commitment has the same exploration-only scope as the earlier series.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

FINANCIAL REVIEW / 03

Cash deployment and capitalised exploration

Operating and investing cash flows were negative in every period; equity funding supplied the principal cash inflow. The annual exploration carrying-value movement includes non-cash project acquisitions and impairments, so it should not be read as a cash-spend series.

Net operating cash flow

A$ cash outflow from operations; FY2022 covers the incorporation-to-June period.

AI-generated presentation · values from Cash flows — standalone FY2022–FY2023; group FY2024–FY2026; no missing values plotted as zero.

Exploration and evaluation carrying amount

Closing E&E carrying amount

A$ at 30 June after acquisitions, capitalised expenditure, impairments and write-offs.

AI-generated presentation · values from Capitalised exploration and evaluation carrying amount movement; no missing values plotted as zero.

Cash flows — standalone FY2022–FY2023; group FY2024–FY2026

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Payments to suppliers and employees	(587,467)	(613,499)	(586,287)	(796,012)	(901,575)
Interest and other finance costs paid	Not separately presented	Not separately presented	Not separately presented	(2,290)	(502)
Interest received (FY2022–FY2025) / interest and other income received (FY2026)	1,874	11,640	6,511	5,415	58,283
GST received / (paid), separately shown	Not separately presented	Not separately presented	Not separately presented	Included in combined line	(43,171)
Net operating cash flow	(585,593)	(601,859)	(579,776)	(792,887)	(886,965)
Payments for property, plant and equipment	(118,684)	(7,169)	0 (nil)	0 (nil)	(10,832)
Refund of property, plant and equipment	Not separately presented	46,030	0 (nil)	0 (nil)	Not separately presented
Cash paid for tenement acquisitions	Not separately presented	Not separately presented	(383,596)	(843,720)	0 (nil)
Exploration and evaluation payments (FY2022–FY2024) / exploration and business-development payments (FY2025–FY2026)	(931,151)	(2,447,777)	(595,580)	(763,280)	(2,523,400)
Security deposits paid	Not separately presented	Not separately presented	Not separately presented	(30,000)	(44,504)
Net investing cash flow	(1,049,835)	(2,408,916)	(979,176)	(1,637,000)	(2,578,736)
Cash proceeds from share issues	5,102,000	568,238	2,528,674	1,571,126	3,550,884
Capital-raising cash costs	(407,815)	(3,771)	(297,598)	(179,053)	(336,016)
Convertible note cash proceeds, net of costs	Not separately presented	Not separately presented	Not separately presented	470,000	0 (nil)
Cash proceeds from options	Not separately presented	Not separately presented	90	100	160
Great Boulder loan cash proceeds	329,786	0 (nil)	Not applicable	Not applicable	Not applicable
Great Boulder loan cash repayments	(329,786)	0 (nil)	Not applicable	Not applicable	Not applicable
Other borrowing cash proceeds	Not separately presented	Not separately presented	Not separately presented	32,438	0 (nil)
Other borrowing cash repayments	Not separately presented	Not separately presented	Not separately presented	(18,861)	(13,577)
Net financing cash flow	4,694,185	564,467	2,231,166	1,875,750	3,201,451
Net change in cash	3,058,757	(2,446,308)	672,214	(554,137)	(264,250)
Opening cash	0 (nil)	3,058,757	612,449	1,284,663	730,526
Closing cash	3,058,757	612,449	1,284,663	730,526	466,276

Cash-flow amounts are A$ and outflows are negative. No cash-flow line is treated as an accrual asset or expense.

Reporting basis changes after FY2023: the first two columns are standalone company cash-flow statements, and FY2024–FY2026 are consolidated group statements.

Issuer component labels change: FY2022–FY2025 report 'Interest received', while FY2026 reports 'Interest and other income received'. FY2022–FY2024 report 'Payments for exploration and evaluation', while FY2025–FY2026 report 'Payments for exploration and business development'. Compare the net cash-flow totals across periods; those component rows are not a uniform definition.

FY2025 original operating-cash presentation includes GST within supplier/employee payments of A$(796,012). Its FY2026 comparative separates A$(10,167) GST and reclassifies that payment line to A$(785,845); the net A$(792,887) is unchanged. This table uses FY2025's original current-year lines.

FY2022's Great Boulder borrowing and repayment were equal A$329,786 gross cash flows; FY2023 shows nil on those lines. The financing totals are not loan proceeds.

The FY2022 Great Boulder borrowing and repayment were equal A$329,786 gross cash flows, with source-reported nil on those named lines in FY2023; later columns for those FY2022-specific events are not applicable. Other missing borrowing lines are not treated as nil.

FY2025 GST is included in its original supplier/employee payment line; the separately stated FY2025 comparative GST in the FY2026 report is context, not a second FY2025 cash payment in this table.

Basis and presentation notes (41)

Interest and other finance costs paid / FY2022 — Not separately presented: No separate finance-cost cash payment is established for this year's cash-flow statement; P&L expense is not a cash-flow substitute.
Interest and other finance costs paid / FY2023 — Not separately presented: No separate finance-cost cash payment is established for this year's cash-flow statement; P&L expense is not a cash-flow substitute.
Interest and other finance costs paid / FY2024 — Not separately presented: No separate finance-cost cash payment is established for this year's cash-flow statement; P&L expense is not a cash-flow substitute.
GST received / (paid), separately shown / FY2022 — Not separately presented: No separate GST cash-flow component is established in this selected year's cash-flow presentation; do not infer a zero from the combined operating lines.
GST received / (paid), separately shown / FY2023 — Not separately presented: No separate GST cash-flow component is established in this selected year's cash-flow presentation; do not infer a zero from the combined operating lines.
GST received / (paid), separately shown / FY2024 — Not separately presented: No separate GST cash-flow component is established in this selected year's cash-flow presentation; do not infer a zero from the combined operating lines.
GST received / (paid), separately shown / FY2025 — Included in combined line: FY2025's original current-year cash-flow presentation includes GST in supplier and employee payments of A$(796,012) (R001455). The FY2026 report separately shows FY2025 comparative GST paid of A$(10,167) (R001843), but this report retains the original FY2025 presentation without duplicating that comparative amount.
Payments for property, plant and equipment / FY2024 — 0 (nil): Payments for property, plant and equipment for Consolidated 30 June 2024 is a source-reported nil/dash in FY2024 (ref R001069); matched to this row's measure and period.
Payments for property, plant and equipment / FY2025 — 0 (nil): Payments for property, plant and equipment for FY2025 is a source-reported nil/dash in FY2025 (ref R001459); matched to this row's measure and period.
Refund of property, plant and equipment / FY2022 — Not separately presented: No separate PP&E refund cash-flow line is established for this year; the FY2023 refund and FY2024–FY2025 nil lines are period-specific.
Refund of property, plant and equipment / FY2024 — 0 (nil): Refund of property, plant and equipment for Consolidated 30 June 2024 is a source-reported nil/dash in FY2024 (ref R001071); matched to this row's measure and period.
Refund of property, plant and equipment / FY2025 — 0 (nil): Refund of property, plant and equipment for FY2025 is a source-reported nil/dash in FY2025 (ref R001460); matched to this row's measure and period.
Refund of property, plant and equipment / FY2026 — Not separately presented: No separate PP&E refund cash-flow line is established for this year; the FY2023 refund and FY2024–FY2025 nil lines are period-specific.
Cash paid for tenement acquisitions / FY2022 — Not separately presented: No separate tenement-acquisition cash payment line is established for this year's selected cash flow; accrual acquisitions are not cash-flow substitutes.
Cash paid for tenement acquisitions / FY2023 — Not separately presented: No separate tenement-acquisition cash payment line is established for this year's selected cash flow; accrual acquisitions are not cash-flow substitutes.
Cash paid for tenement acquisitions / FY2026 — 0 (nil): Payments for acquisition of tenements for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R001848); matched to this row's measure and period.
Security deposits paid / FY2022 — Not separately presented: No separate security-deposit cash payment is established for this year's selected cash flow; later deposits are not evidence of earlier nil.
Security deposits paid / FY2023 — Not separately presented: No separate security-deposit cash payment is established for this year's selected cash flow; later deposits are not evidence of earlier nil.
Security deposits paid / FY2024 — Not separately presented: No separate security-deposit cash payment is established for this year's selected cash flow; later deposits are not evidence of earlier nil.
Convertible note cash proceeds, net of costs / FY2022 — Not separately presented: No separate convertible-note cash proceeds are established for this year; the FY2025 financing transaction is period-specific.
Convertible note cash proceeds, net of costs / FY2023 — Not separately presented: No separate convertible-note cash proceeds are established for this year; the FY2025 financing transaction is period-specific.
Convertible note cash proceeds, net of costs / FY2024 — Not separately presented: No separate convertible-note cash proceeds are established for this year; the FY2025 financing transaction is period-specific.
Convertible note cash proceeds, net of costs / FY2026 — 0 (nil): Proceeds from issue of convertible notes, net of costs for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R001860); matched to this row's measure and period.
Cash proceeds from options / FY2022 — Not separately presented: No separate option-exercise cash proceeds are established for this year; later receipts do not establish earlier nil.
Cash proceeds from options / FY2023 — Not separately presented: No separate option-exercise cash proceeds are established for this year; later receipts do not establish earlier nil.
Great Boulder loan cash proceeds / FY2023 — 0 (nil): Proceeds from loan (Great Boulder Resources Ltd) for Year ended 30 June 2023 is a source-reported nil/dash in FY2023 (ref R000548); matched to this row's measure and period.
Great Boulder loan cash proceeds / FY2024 — Not applicable: This row identifies the FY2022 Great Boulder loan proceeds (ref R000264); FY2024 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Great Boulder loan cash proceeds / FY2025 — Not applicable: This row identifies the FY2022 Great Boulder loan proceeds (ref R000264); FY2025 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Great Boulder loan cash proceeds / FY2026 — Not applicable: This row identifies the FY2022 Great Boulder loan proceeds (ref R000264); FY2026 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Great Boulder loan cash repayments / FY2023 — 0 (nil): Repayment of loan (Great Boulder Resources Ltd) for Year ended 30 June 2023 is a source-reported nil/dash in FY2023 (ref R000550); matched to this row's measure and period.
Great Boulder loan cash repayments / FY2024 — Not applicable: This row identifies the FY2022 Great Boulder loan repayment (ref R000265); FY2024 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Great Boulder loan cash repayments / FY2025 — Not applicable: This row identifies the FY2022 Great Boulder loan repayment (ref R000265); FY2025 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Great Boulder loan cash repayments / FY2026 — Not applicable: This row identifies the FY2022 Great Boulder loan repayment (ref R000265); FY2026 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Other borrowing cash proceeds / FY2022 — Not separately presented: No separate other-borrowing cash proceeds line is established for this year. The Great Boulder related-party loan is a distinct financing line and is not silently reclassified here.
Other borrowing cash proceeds / FY2023 — Not separately presented: No separate other-borrowing cash proceeds line is established for this year. The Great Boulder related-party loan is a distinct financing line and is not silently reclassified here.
Other borrowing cash proceeds / FY2024 — Not separately presented: No separate other-borrowing cash proceeds line is established for this year. The Great Boulder related-party loan is a distinct financing line and is not silently reclassified here.
Other borrowing cash proceeds / FY2026 — 0 (nil): Proceeds from borrowings for 30 June 2026 is a source-reported nil/dash in FY2026 (ref R001864); matched to this row's measure and period.
Other borrowing cash repayments / FY2022 — Not separately presented: No separate other-borrowing repayment cash-flow line is established for this year. The Great Boulder related-party repayment is a distinct line.
Other borrowing cash repayments / FY2023 — Not separately presented: No separate other-borrowing repayment cash-flow line is established for this year. The Great Boulder related-party repayment is a distinct line.
Other borrowing cash repayments / FY2024 — Not separately presented: No separate other-borrowing repayment cash-flow line is established for this year. The Great Boulder related-party repayment is a distinct line.
Opening cash / FY2022 — 0 (nil): Cash at the beginning of the financial period for For the period 26 August 2021 to 30 June 2022 is a source-reported nil/dash in FY2022 (ref R000268); matched to this row's measure and period.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

Capitalised exploration and evaluation carrying amount movement

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Opening E&E carrying amount	0 (nil)	5,963,499	8,453,597	9,373,141	11,090,567
Acquisition: Yamarna / La Zarza / Kanowna tenements	5,000,000	0 (nil)	844,278	51,045	0 (nil)
FY2024 direct Kanowna tenement acquisition	Not applicable	Not applicable	132,930	Not applicable	Not applicable
FY2025 Galaxias Metals acquisition	Not applicable	Not applicable	Not applicable	2,693,320	Not applicable
Capitalised expenditure incurred	963,499	2,496,729	817,157	876,132	2,282,985
Exploration impairment	Not separately presented	Not separately presented	-860,333	-1,886,648	(2,932,037)
Exploration expenditure written off	Not separately presented	(6,631)	-14,488	-16,423	(186,984)
Closing E&E carrying amount	5,963,499	8,453,597	9,373,141	11,090,567	10,254,531

These are accrual carrying-value movements; they are not equivalent to cash exploration payments.

FY2024 includes the A$132,930 direct Kanowna tenement acquisition as well as A$844,278 for La Zarza. FY2025 includes A$2,693,320 for Galaxias as well as A$51,045 for Kanowna.

FY2026 opening plus A$2,282,985 additions less A$2,932,037 impairment and A$186,984 write-off reconciles to the A$10,254,531 closing amount.

The specifically named FY2024 direct Kanowna and FY2025 Galaxias acquisition rows are event-specific, not reusable zero-valued yearly series; the broader acquisitions row is retained independently.

Basis and presentation notes (14)

Opening E&E carrying amount / FY2022 — 0 (nil): Opening balance for 2022 (opening) is a source-reported nil/dash in FY2022 (ref R000299); matched to this row's measure and period.
Acquisition: Yamarna / La Zarza / Kanowna tenements / FY2023 — 0 (nil): Acquisitions during the year for FY2023 is a source-reported nil/dash in FY2023 (ref R000629); matched to this row's measure and period.
Acquisition: Yamarna / La Zarza / Kanowna tenements / FY2026 — 0 (nil): Acquisitions- Kanowna Gold Project tenements (note 8(a)) for 2026 is a source-reported nil/dash in FY2026 (ref R001977); matched to this row's measure and period.
FY2024 direct Kanowna tenement acquisition / FY2022 — Not applicable: This row identifies the FY2024 direct Kanowna tenement acquisition (ref R001151); FY2022 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2024 direct Kanowna tenement acquisition / FY2023 — Not applicable: This row identifies the FY2024 direct Kanowna tenement acquisition (ref R001151); FY2023 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2024 direct Kanowna tenement acquisition / FY2025 — Not applicable: This row identifies the FY2024 direct Kanowna tenement acquisition (ref R001151); FY2025 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2024 direct Kanowna tenement acquisition / FY2026 — Not applicable: This row identifies the FY2024 direct Kanowna tenement acquisition (ref R001151); FY2026 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2025 Galaxias Metals acquisition / FY2022 — Not applicable: This row identifies the FY2025 Galaxias Metals acquisition (ref R001541); FY2022 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2025 Galaxias Metals acquisition / FY2023 — Not applicable: This row identifies the FY2025 Galaxias Metals acquisition (ref R001541); FY2023 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2025 Galaxias Metals acquisition / FY2024 — Not applicable: This row identifies the FY2025 Galaxias Metals acquisition (ref R001541); FY2024 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
FY2025 Galaxias Metals acquisition / FY2026 — Not applicable: This row identifies the FY2025 Galaxias Metals acquisition (ref R001541); FY2026 is not that named transaction. This does not assert zero for other acquisitions or financing cash flows.
Exploration impairment / FY2022 — Not separately presented: No distinct exploration-carrying-value impairment movement is established in this year's selected rollforward.
Exploration impairment / FY2023 — Not separately presented: No distinct exploration-carrying-value impairment movement is established in this year's selected rollforward.
Exploration expenditure written off / FY2022 — Not separately presented: No distinct exploration-carrying-value write-off movement is established in the FY2022 selected rollforward; P&L exploration expense is not the same movement.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

FINANCIAL REVIEW / 04

Equity funding and shareholder returns

Ordinary shares outstanding expanded through cash raisings, acquisition consideration and performance-right conversions. The share count and issued-capital balances are accounting measures; the cash-flow statement isolates actual cash proceeds and issue costs. The annual-report extraction records no declared or paid dividends across FY2022–FY2026.

Ordinary shares on issue

Period-end ordinary shares; expansion is not itself a measure of cash received.

AI-generated presentation · values from Ordinary shares, equity balances and shareholder returns; no missing values plotted as zero.

Ordinary shares, equity balances and shareholder returns

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Ordinary shares on issueshares	50,510,001	58,086,501	128,156,497	322,135,629	694,127,014
Issued capital	9,197,642	9,544,309	11,857,308	14,513,375	19,070,522
Share-based payment and other reserves	972,550	1,151,350	1,511,516	2,382,597	1,220,408
Accumulated losses	(1,096,648)	(1,783,281)	(3,254,561)	-5,394,384	(9,445,662)
Total equity	9,073,544	8,912,378	10,114,263	11,501,588	10,845,268

Ordinary share counts and equity values are period-end balances, not cash proceeds. The cash-flow table shows cash from share issues and related cash costs.

FY2025 ordinary shares on issue (322,135,629; R002248) and reserves (A$2,382,597; R002135) are taken from the FY2026 annual report's FY2025 comparative columns because the selected FY2025 extraction lacks those current-year rows.

The FY2026 accumulated-loss balance is A$(9,445,662), from the FY2026 current-year balance sheet; the editorial starting draft repeated FY2025 by error.

The issuer's annual extraction records report no dividends for all five periods; no dividend series is charted.

Source: Cosmo Metals annual reports; original current-year columns except where noted.

FINANCIAL REVIEW / 05

Portfolio and exploration indicators

The published Mt Venn figures are an Exploration Target range, not a Mineral Resource or mine output. Kanowna and Bingara/Nundle became the later project focus; no production, product sales or unit-cost series is appropriate for this explorer.

Mt Venn FY2023 JORC 2012 Exploration Target: published range

mixed: Mt, kt and %

Metric	Lower estimate	Upper estimate
CuEq target tonnageMt	10.2	32.3
CuEq target grade%	0.63	0.55
CuEq contained metalkt	64.5	177.2
Copper grade%	0.36	0.31
Nickel grade%	0.09	0.08
Cobalt grade%	0.03	0.03

This is the FY2023 published Exploration Target, repeated in the FY2024 package; it is a dated range, not a Mineral Resource, Ore Reserve, production, or five-year operating series.

The lower tonnage scenario has a higher CuEq grade than the upper tonnage scenario, as published. Each range endpoint belongs to its own scenario.

Source: Cosmo Metals FY2023 annual-report Mt Venn Exploration Target table; FY2024 repeats the FY2023 target.

Reading the figures

FY2022 is a shorter first period and FY2024 begins consolidated/group reporting after predecessor company comparatives.
FY2025 original operating-cash component classification differs from the FY2026 comparative; the reported FY2025 net operating cash flow is unchanged.
The FY2026 future contractual commitments table has a broader title than the earlier exploration commitment tables. Its scope is not proven identical by the selected rows.
Unused tax loss figures for FY2022 and FY2025 differ in later comparative columns. The selected annual tables do not explain the revision or basis change.
Several rows were not separately presented in every current-year extracted statement; these cells are not treated as zero or issuer non-disclosure.

Annual-report source registry

Cosmo Metals Limited Annual Report 2022Year/period ended 2022-06-30; report dated 2022-09-23.
Cosmo Metals Limited Annual Report 2023Year/period ended 2023-06-30; report dated 2023-09-22.
Cosmo Metals Limited Annual Report 2024Year/period ended 2024-06-30; report dated 2024-09-19.
Cosmo Metals Limited Annual Report 2025Year/period ended 2025-06-30; report dated 2025-09-05.
Cosmo Metals Limited Annual Report 2026Year/period ended 2026-06-30; report dated 2026-09-09.

Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.

Sources, copyright and independence

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AI-led method

This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.

Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.

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