FY2021
Muchea West acquired
AUSCO acquisition completed on 22 July 2021, establishing the Muchea West silica sand interest.
ASX: CRB · Five-year financial review
Carbine Resources Limited (ASX: CRB) - Five-Year Financial Review FY2021-FY2025
Five annual reporting periods ended 31 December 2021–2025. Compare statutory consolidated AUD results, cash use, funding and project carrying values; share counts and loss per share carry their own units.
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.
FY2025 statutory loss
AUD 735,758
Loss attributable to members; year ended 31 December 2025.
FY2025 operating cash outflow
AUD 729,497
Consolidated cash used in operations.
FY2025 year-end cash
AUD 1,473,638
Balance at 31 December 2025.
FY2025 net assets
AUD 9,913,432
Consolidated balance at 31 December 2025.
Five years in context
Carbine's five years cover Muchea West's acquisition and maiden resource, the addition of Down South, and the Muchea West lease grant. The company remained an explorer and developer; the financial statements show annual losses and operating cash outflows rather than mine production revenue.
Net assets moved from AUD 11.22 million at December 2021 to AUD 8.90 million at December 2024, then to AUD 9.91 million at December 2025 following equity raising. FY2025 operating cash use and the auditor's going-concern uncertainty remain relevant when reading the stronger cash balance.
Events behind the numbers
FY2022
Maiden resource
The maiden Muchea West Mineral Resource was announced in July 2022; a mining licence application followed in December.
FY2023
Down South added
The Down South Silica acquisition completed in May 2023 and the Muchea West resource was upgraded later that year.
FY2024
Access and approvals
The company advanced access and heritage arrangements while the Muchea West licence process continued.
FY2025
Lease and equity funding
The Muchea West mining lease was granted in May; a June entitlement offer and placement raised AUD 1,345,275 on their stated terms.
FINANCIAL REVIEW / 01
Earnings and reported loss
Carbine remained in the exploration stage throughout the five annual periods. Its continuing-operations revenue was interest-scale income, while exploration, staff and administration expenses drove statutory losses. The FY2025 statutory loss narrowed as general and administration expense fell and share-based payment expense was nil, despite higher exploration and employee expenses and lower revenue than FY2024. The Group still recorded an operating cash outflow.
Loss attributable to members
AUD
(Loss) after income tax attributable to members
AI-generated presentation · values from Statutory performance, consolidated; no missing values plotted as zero.
Statutory performance, consolidated
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from continuing operations | 11,670 | 26,340 | 59,459 | 31,655 | 15,820 |
| Exploration & evaluation costs | (449,646) | (715,313) | (305,425) | (146,127) | (175,572) |
| Depreciation | (3,941) | (3,107) | (3,105) | (1,452) | Nil |
| Share based payment expense | (703,000) | Nil | (276,992) | (103,798) | Nil |
| Employee, director and consultant expenses | (252,646) | (426,474) | (331,591) | (265,225) | (291,100) |
| General and administration expenses | (325,304) | (365,797) | (434,735) | (441,670) | (284,906) |
| Due diligence and acquisition costs | (802,502) | Nil | Not separately presented | Not separately presented | Not separately presented |
| Gain on sale of financial assets | 761,490 | Nil | Not separately presented | Not separately presented | Not separately presented |
| Loss on disposal of plant and equipment | (10,986) | (3,744) | Nil | Not separately presented | Not separately presented |
| Loss before income tax | (1,774,865) | (1,488,095) | (1,292,389) | (926,617) | (735,758) |
| Income tax | Nil | Nil | Nil | Nil | Nil |
| (Loss) after income tax attributable to members | (1,774,865) | (1,488,095) | (1,292,389) | (926,617) | (735,758) |
| Total comprehensive (loss) attributable to members | (1,774,865) | (1,488,095) | (1,292,389) | (926,617) | (735,758) |
AUD; annual periods ended 31 December. Parentheses indicate losses or expenses. The named 2021/2022 acquisition, investment-sale and disposal items explain the difference between recurring charges and the statutory result. FY2021 Group/Company header ambiguity was checked against the 2021 continuing-operations rows and the 2022 comparison.
Basis and presentation notes (19)
- Depreciation / FY2025 — Nil: The selected original table shows a dash for this item.
- Share based payment expense / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Share based payment expense / FY2025 — Nil: The selected original table shows a dash for this item.
- Due diligence and acquisition costs / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Due diligence and acquisition costs / FY2023 — Not separately presented: The selected FY2023 consolidated P&L extraction has no separately attributed line for this item; the statutory loss is reported, and no zero or component amount is inferred.
- Due diligence and acquisition costs / FY2024 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2024 comparative column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Due diligence and acquisition costs / FY2025 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2025 current-year column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Gain on sale of financial assets / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Gain on sale of financial assets / FY2023 — Not separately presented: The selected FY2023 consolidated P&L extraction has no separately attributed line for this item; the statutory loss is reported, and no zero or component amount is inferred.
- Gain on sale of financial assets / FY2024 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2024 comparative column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Gain on sale of financial assets / FY2025 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2025 current-year column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Loss on disposal of plant and equipment / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Loss on disposal of plant and equipment / FY2024 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2024 comparative column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Loss on disposal of plant and equipment / FY2025 — Not separately presented: The selected FY2025 consolidated P&L schedule (FY2025 current-year column) has no separate line for this item. The statutory result remains reported; no nil amount is inferred.
- Income tax / FY2021 — Nil: Issuer-reported dash. Column entity/period scope conflict retained.
- Income tax / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Income tax / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Income tax / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Income tax / FY2025 — Nil: The selected original table shows a dash for this item.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
Loss per share and basic denominator
mixed
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic loss per sharecents per share | (0.556) | (0.31) | (0.25) | (0.17) | (0.086) |
| Diluted loss per sharecents per share | (0.556) | (0.31) | (0.25) | (0.17) | (0.086) |
| Weighted average ordinary shares – basicshares | 319,497,984 | 479,771,962 | 522,951,438 | 551,737,756 | 859,919,166 |
The EPS rows are cents per ordinary share; denominator is weighted-average ordinary shares. The separate dollar-per-share entries in the earlier draft are inconsistent with the cents-labelled EPS note and are excluded.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
FINANCIAL REVIEW / 02
Assets, liquidity and liabilities
Cash declined through FY2024 while the capitalised project interests remained the principal non-current asset. FY2025 equity rose following share issues and cash at year-end increased to AUD 1.47 million. The FY2025 auditor identified a material uncertainty related to going concern despite net current assets of AUD 1.44 million; this report retains that qualification.
Cash at 31 December
AUD
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 31 December; no missing values plotted as zero.
Consolidated financial position at 31 December
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3,652,046 | 2,343,305 | 1,267,957 | 451,473 | 1,473,638 |
| Trade and other receivables | 69,012 | 8,968 | 10,099 | 14,606 | 8,485 |
| Other current assets | 405,206 | 13,578 | 16,916 | 16,970 | 15,708 |
| Total current assets | 4,126,264 | 2,365,851 | 1,294,972 | 483,049 | 1,497,831 |
| Exploration and evaluation expenditure | 7,413,829 | 7,413,829 | 8,421,350 | 8,421,350 | 8,421,350 |
| Total non-current assets | 7,478,919 | 7,468,386 | 8,472,802 | 8,471,350 | 8,471,350 |
| Total assets | 11,605,183 | 9,834,237 | 9,767,774 | 8,954,399 | 9,969,181 |
| Trade and other payables | 381,033 | 80,254 | 47,427 | 56,871 | 55,749 |
| Provisions | 7,832 | 25,760 | Nil | Nil | Nil |
| Total current liabilities | 388,865 | 106,014 | 47,427 | 56,871 | 55,749 |
| Total liabilities | 388,865 | 106,014 | 47,427 | 56,871 | 55,749 |
| Net assets / Total equity | 11,216,318 | 9,728,223 | 9,720,347 | 8,897,528 | 9,913,432 |
AUD. The FY2023 cash and net-assets cells are mapped to the 2023 current-year column; the starting draft had repeated FY2024 observations there. No interest-bearing borrowings are shown in these selected statement totals; liabilities presented here are trade payables and provisions.
Basis and presentation notes (3)
- Provisions / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Provisions / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Provisions / FY2025 — Nil: The selected original table shows a dash for this item.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
FINANCIAL REVIEW / 03
Operating cash use and funding
Operating cash use persisted across all five years. FY2021 investing cash benefited from AUD 1,641,490 of Boss Energy investment sale proceeds, while FY2022 included AUD 302,915 of Muchea West acquisition stamp duty. FY2025 financing cash proceeds came from new shares, offset by cash capital-raising costs; the 2025 cash bridge reconciles to the year-end balance.
Net operating cash outflow
AUD
Net cash from operating activities
AI-generated presentation · values from Cash flow and cash bridge; no missing values plotted as zero.
Cash flow and cash bridge
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | (1,907,951) | (1,008,227) | (1,075,348) | (816,484) | (729,497) |
| Net cash from investing activities | 1,167,412 | (299,233) | Nil | Nil | Nil |
| Net cash from financing activities | 2,801,836 | (1,281) | Nil | Nil | 1,751,662 |
| Net (decrease)/increase in cash held | 2,061,297 | (1,308,741) | (1,075,348) | (816,484) | 1,022,165 |
| Cash at beginning of year | 1,590,749 | 3,652,046 | 2,343,305 | 1,267,957 | 451,473 |
| Foreign exchange effect | Nil | Nil | Nil | Nil | Nil |
| Cash at end of year | 3,652,046 | 2,343,305 | 1,267,957 | 451,473 | 1,473,638 |
AUD. FY2025 operating cash and opening/closing balances also appear in independently labelled issuer records. The FY2025 cash-flow table prints 2024/2023 headers. Its first numeric column reconciles to the FY2025 cash balance, financing and operating-cash reconciliation; mapped here to FY2025.
Basis and presentation notes (10)
- Net cash from investing activities / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Net cash from investing activities / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Net cash from investing activities / FY2025 — Nil: The FY2025 cash-flow table prints 2024/2023 headers. Its first numeric column reconciles to the FY2025 cash balance, financing and operating-cash reconciliation; mapped here to FY2025.
- Net cash from financing activities / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Net cash from financing activities / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Foreign exchange effect / FY2021 — Nil: The selected issuer record shows a dash or nil for this item.
- Foreign exchange effect / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Foreign exchange effect / FY2023 — Nil: The selected issuer record shows a dash or nil for this item.
- Foreign exchange effect / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Foreign exchange effect / FY2025 — Nil: The FY2025 cash-flow table prints 2024/2023 headers. Its first numeric column reconciles to the FY2025 cash balance, financing and operating-cash reconciliation; mapped here to FY2025.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
Operating cash payments and receipts
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (1,095,736) | (724,525) | (790,615) | (705,150) | (577,744) |
| Payments for exploration expenditure | (820,665) | (311,191) | (344,615) | (143,919) | (168,372) |
| Interest received | 8,450 | 27,489 | 59,882 | 32,585 | 16,619 |
AUD, direct cash-flow statement amounts. Exploration cash payments and exploration expenses are different measures.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
FINANCIAL REVIEW / 04
Shareholder funding and capital
No dividend was paid or recommended in FY2021–FY2024. The selected FY2025 records reviewed here do not establish its dividend status. FY2025 issued capital included rights and other share issues and noncash conversion of director performance rights. This capital account is distinct from the issuer's narrower June entitlement-offer announcement.
FY2025 share issues and capital account
mixed
| Metric | FY2025 |
|---|---|
| Rights issue and shortfall shares issuedshares | 367,410,081 |
| Rights issue and shortfall proceedsAUD | 1,102,230 |
| Other capital raising shares issuedshares | 242,717,864 |
| Other capital raising proceedsAUD | 728,154 |
| Shares issued on director performance-right conversionshares | 30,000,000 |
| Capital raising cash costsAUD | (78,722) |
| Share-based capital raising costAUD | (30,500) |
| Ordinary shares at year-endshares | 1,191,865,701 |
| Contributed equity at year-endAUD | 42,650,720 |
FY2025 cash proceeds in the cash-flow statement total AUD 1,830,384. The issuer's 18 June entitlement-offer announcement cited AUD 1,345,275 for that offer and accompanying placement; the issued-capital note covers all 2025 capital raisings. The 30 million director-right conversions were noncash. The AUD 30,500 share-based capital-raising cost moved between contributed equity and reserve with no net equity effect.
Source: Carbine FY2025 annual report, issued capital and statement of changes in equity.
FINANCIAL REVIEW / 05
Project carrying values and development milestones
The Muchea West acquisition established the capitalised project carrying value in FY2021. The Down South acquisition added AUD 1,007,521 in FY2023. Annual exploration spending was expensed rather than added to those carrying balances; this is an accounting boundary, not a measure of physical progress. The Muchea West mining lease was granted in May 2025; source records differ by one day on the grant date.
Capitalised exploration interests
AUD
Carrying amount at end of year
AI-generated presentation · values from Capitalised exploration and evaluation roll-forward; no missing values plotted as zero.
Capitalised exploration and evaluation roll-forward
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Carrying amount at beginning of year | Nil | 7,413,829 | 7,413,829 | 8,421,350 | 8,421,350 |
| Project acquisition addition | 7,413,829 | Nil | 1,007,521 | Nil | Not separately presented |
| Exploration and evaluation incurred (in period) | 449,646 | 715,313 | 305,425 | 146,127 | 175,572 |
| Exploration costs expensed | (449,646) | (715,313) | (305,425) | (146,127) | (175,572) |
| Carrying amount at end of year | 7,413,829 | 7,413,829 | 8,421,350 | 8,421,350 | 8,421,350 |
AUD. Exploration expenditure incurred was expensed in each year; the capitalised balance rose through the FY2021 Muchea West and FY2023 Down South acquisitions. The FY2025 source presents project carrying amounts of AUD 7,413,829 and AUD 1,007,521.
Basis and presentation notes (4)
- Carrying amount at beginning of year / FY2021 — Nil: The selected issuer record shows a dash or nil for this item.
- Project acquisition addition / FY2022 — Nil: The selected issuer record shows a dash or nil for this item.
- Project acquisition addition / FY2024 — Nil: The selected issuer record shows a dash or nil for this item.
- Project acquisition addition / FY2025 — Not separately presented: The FY2025 exploration rollforward presents opening A$8,421,350, incurred A$175,572, expensed A$(175,572), project carrying amounts and unchanged closing A$8,421,350, without a separately labelled acquisition-addition line. The arithmetic is a review check, not a zero amount.
Source: Carbine annual reports FY2021–FY2025; original extracted records and selected annual tables.
Reading the figures
- FY2025 cash-flow statement numeric columns print 2024/2023; period mapping is supported by the FY2025 balance-sheet cash, operating reconciliation and the 2025 report heading. The original header conflict remains recorded.
- Issuer records differ on whether the Muchea West mining lease was granted on 13 or 14 May 2025; the report states May 2025 without selecting a day.
- The selected FY2025 annual extraction records and table inventory do not establish the FY2025 dividend decision; this is a source coverage gap, not an assertion of issuer non-disclosure.
- This source-limited edition uses frozen annual extraction records and selected same-issuer annual tables.
Annual-report source registry
- Carbine Resources Limited annual report 2021Year ended 2021-12-31; annual report dated 2022-04-29.
- Carbine Resources Limited annual report 2022Year ended 2022-12-31; annual report dated 2023-04-28.
- Carbine Resources Limited annual report 2023Year ended 2023-12-31; annual report dated 2024-03-28.
- Carbine Resources Limited annual report 2024Year ended 2024-12-31; annual report dated 2025-03-31.
- Carbine Resources Limited annual report 2025Year ended 2025-12-31; annual report dated 2026-03-31.
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.
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