FY2022
First full JWD production year
Six JWD cargoes were exported during the year; the company changed from Fe Limited to CuFe Ltd and raised A$5 million in a placement.
ASX: CUF · Five-year financial review
CuFe Ltd (ASX: CUF) - Five-Year Financial Review FY2022-FY2026
Five June year ends from FY2022 through FY2026. Consolidated financial amounts are Australian dollars in units unless a row says otherwise. FY2024 JWD figures use the FY2025 discontinued comparative where a continuing/discontinued split is shown; Resources and JWD physicals use their own stated bases.
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 result
A$5.14m loss
A$5,137,006 consolidated loss after tax.
Cash at 30 June 2026
A$19.03m
Consolidated cash and cash equivalents.
FY2026 financing cash
A$21.32m
Net inflow, mostly new shares and option exercise.
FY2026 combined Resource
23,451 kt
Gecko plus Orlando, total Mineral Resources; project snapshot.
Five years in context
JWD iron ore dominated the early period. The FY2024 annual report showed A$96.1 million of iron ore revenue as continuing; the FY2025 report re-presented that same FY2024 activity as discontinued after the iron ore rights sale. The FY2025 A$7.0 million group profit includes A$6.25 million from discontinued operations, while FY2026 reverted to a A$5.14 million loss. These classifications govern any trend comparison.
The JWD disposal and royalty-asset sale shifted the portfolio toward Tennant Creek copper and gold. Cash reached A$19.0 million at 30 June 2026 after FY2026 financing inflows of A$21.3 million, while operating activities still used A$4.86 million. The capital raise and the larger combined Gecko and Orlando Resource are separate financing and project developments.
Events behind the numbers
FY2023
JWD pause amid iron ore volatility
JWD was suspended from October to December 2022 and restarted in January 2023. The auditor highlighted material going-concern uncertainty.
FY2024
Volume growth, deeper loss
JWD shipped 663,285 wet tonnes. A 187.5 million-share placement at A$0.016 raised A$3 million in May 2024.
FY2025
JWD rights sale completes
The A$12 million JWD iron ore rights transaction settled on 1 November 2024; the FY2025 statement moved JWD into discontinued operations.
FY2026
Tennant Creek and equity funding
CuFe joined the Tennant Creek Copper Alliance in December 2025, and a TCMG share subscription of A$15.35 million was executed in May 2026. The combined Gecko and Orlando Resource reached 23,451 kt in the reported estimate.
FINANCIAL REVIEW / 01
Earnings and the discontinued JWD boundary
The FY2025 group profit was principally a discontinued-operations outcome following the JWD sale; FY2026's continuing loss includes exploration, employee costs and share-based payment expense. The FY2024 split is a re-presentation of the original FY2024 result, not another revenue stream.
Statutory group result
$ (as reported)
(Loss)/profit for the year (total)
AI-generated presentation · values from Consolidated income: statutory result and JWD classification (A$; EPS in cents); no missing values plotted as zero.
Consolidated income: statutory result and JWD classification (A$; EPS in cents)
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Iron ore revenue classified as continuing$ (as reported) | 32,997,036 | 35,021,811 | N/A | N/A | N/A |
| Iron ore revenue classified as discontinued$ (as reported) | N/A | N/A | 96,133,892 | 14,147,699 | N/A |
| Iron ore cost of sales, continuing$ (as reported) | (34,381,296) | (40,221,450) | N/A | N/A | N/A |
| Iron ore cost of sales, discontinued$ (as reported) | N/A | N/A | (99,778,163) | (20,362,986) | N/A |
| Iron ore gross result, continuing$ (as reported) | (1,384,260) | (5,199,639) | N/A | N/A | N/A |
| Iron ore gross result, discontinued$ (as reported) | N/A | N/A | (3,644,271) | (6,215,287) | N/A |
| Other income (continuing operations subtotal)$ (as reported) | 9,132,230 | 3,211,614 | 1,978,139 | 4,155,198 | 460,503 |
| (Loss)/profit before income tax - continuing operations$ (as reported) | (164,915) | (11,154,755) | (1,004,893) | 751,897 | (5,211,927) |
| Income tax expense$ (as reported) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| (Loss)/profit after income tax - continuing operations$ (as reported) | (164,915) | (11,154,755) | (1,004,893) | 751,897 | (5,211,927) |
| Profit/(loss) after income tax - discontinued operations$ (as reported) | N/A | N/A | (12,617,537) | 6,253,828 | 74,921 |
| (Loss)/profit for the year (total)$ (as reported) | (164,915) | (11,154,755) | (13,622,430) | 7,005,725 | (5,137,006) |
| Basic (loss)/earnings per share (total)cents per share | (0.02) | (1.15) | (1.20) | 0.52 | (0.31) |
| Basic (loss)/earnings per share - continuing operationscents per share | (0.02) | (1.15) | (0.09) | 0.05 | (0.32) |
| Basic earnings/(loss) per share - discontinued operationscents per share | N/A | N/A | (1.11) | 0.47 | 0.00 |
FY2022–FY2023 use the classification reported in those annual statements. FY2024 is shown as the FY2025 comparative: JWD iron ore sales and cost are re-presented as discontinued. The FY2024 total loss is unchanged; the FY2024 annual report originally classified A$96,133,892 iron ore revenue as continuing. Do not add both presentations.
FY2025 and FY2026 continuing operations contain no iron ore sales; other income includes one-off asset gains. FY2026 discontinued profit is residual JWD recovery. Income-tax nil cells are shown as 0 (nil) only where the period-specific statement record establishes nil.
Losses appear in parentheses. FY2024 split continuing/discontinued EPS uses the FY2025 comparative basis.
Basis and presentation notes (27)
- Iron ore revenue classified as continuing / FY2024 — N/A: JWD FY2024 activity is presented in the FY2025 report's discontinued comparative; the original continuing figure is retained in frozen evidence.
- Iron ore revenue classified as continuing / FY2025 — N/A: Not applicable - iron-ore activity reclassified to discontinued operations from FY2025; no continuing-operations revenue in FY2025
- Iron ore revenue classified as continuing / FY2026 — N/A: Not applicable - iron-ore activity now entirely in discontinued operations
- Iron ore revenue classified as discontinued / FY2022 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore revenue classified as discontinued / FY2023 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore revenue classified as discontinued / FY2026 — N/A: Not applicable - no discontinued-operations revenue in FY2026 (JWD Iron Ore Rights already disposed in prior year)
- Iron ore cost of sales, continuing / FY2024 — N/A: JWD FY2024 activity is presented in the FY2025 report's discontinued comparative; the original continuing figure is retained in frozen evidence.
- Iron ore cost of sales, continuing / FY2025 — N/A: Not applicable - no continuing-operations cost of sales in FY2025 (iron-ore reclassified to discontinued)
- Iron ore cost of sales, continuing / FY2026 — N/A: Not applicable - no continuing-operations cost of sales in FY2026
- Iron ore cost of sales, discontinued / FY2022 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore cost of sales, discontinued / FY2023 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore cost of sales, discontinued / FY2026 — N/A: Not applicable - no discontinued-operations cost of sales in FY2026
- Iron ore gross result, continuing / FY2024 — N/A: JWD FY2024 activity is presented in the FY2025 report's discontinued comparative; the original continuing figure is retained in frozen evidence.
- Iron ore gross result, continuing / FY2025 — N/A: Not applicable - no continuing-operations gross profit/(loss) in FY2025
- Iron ore gross result, continuing / FY2026 — N/A: Not applicable - no continuing-operations gross profit/(loss) in FY2026
- Iron ore gross result, discontinued / FY2022 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore gross result, discontinued / FY2023 — N/A: No discontinued JWD classification in this year's original statement.
- Iron ore gross result, discontinued / FY2026 — N/A: Not applicable - no discontinued-operations gross profit/(loss) in FY2026
- Income tax expense / FY2022 — 0 (nil): Frozen annual record ['R000672'] states nil for Income tax expense, FY2022, on the table's stated basis.
- Income tax expense / FY2023 — 0 (nil): Frozen annual record ['R001823'] states nil for Income tax expense, FY2023, on the table's stated basis.
- Income tax expense / FY2024 — 0 (nil): Frozen annual record ['R003247'] states nil for Income tax expense, FY2024, on the table's stated basis.
- Income tax expense / FY2025 — 0 (nil): Frozen annual record ['R004828'] states nil for Income tax expense, FY2025, on the table's stated basis.
- Income tax expense / FY2026 — 0 (nil): Frozen annual record ['R005628'] states nil for Income tax expense, FY2026, on the table's stated basis.
- Profit/(loss) after income tax - discontinued operations / FY2022 — N/A: No discontinued JWD classification in this year's original statement.
- Profit/(loss) after income tax - discontinued operations / FY2023 — N/A: No discontinued JWD classification in this year's original statement.
- Basic earnings/(loss) per share - discontinued operations / FY2022 — N/A: No discontinued JWD classification in this year's original statement.
- Basic earnings/(loss) per share - discontinued operations / FY2023 — N/A: No discontinued JWD classification in this year's original statement.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
Continuing operations and result bridge, FY2025–FY2026 (A$)
A$ unless a row states otherwise
| Metric | FY2025 | FY2026 |
|---|---|---|
| Interest income$ (period header; scale not stated) | 77,008 | 115,698 |
| Other income$ (period header; scale not stated) | 4,155,198 | 460,503 |
| Exploration and evaluation expenditure$ | (1,791,997) | (1,903,227) |
| Employee benefits expense and director remuneration$ | (449,341) | (807,970) |
| Finance costscurrency (not stated) | (8,803) | (2,738) |
| Legal costscurrency (not stated) | (114,505) | (75,468) |
| Share-based payment expensecurrency (not stated) | (197,918) | (1,809,013) |
| Amortisation and depreciation expensecurrency (not stated) | (5,014) | (3,801) |
| Accounting and audit feescurrency (not stated) | (267,176) | (295,005) |
| Consultancy feescurrency (not stated) | (148,500) | (77,986) |
| Compliance costscurrency (not stated) | (106,598) | (159,642) |
| Other expensescurrency (not stated) | (332,738) | (438,769) |
| Share of net losses of joint venture/associate (equity method)not stated | (57,719) | (214,509) |
| (Loss)/profit before income tax – continuing operationsnot stated | 751,897 | (5,211,927) |
| (Loss)/profit after income tax – continuing operationsnot stated | 751,897 | (5,211,927) |
| Profit after tax – discontinued operationsnot stated | 6,253,828 | 74,921 |
| (Loss)/profit for the year – totalnot stated | 7,005,725 | (5,137,006) |
Exact consolidated income statement components. Exploration expense here excludes the equity-accounted JV/associate loss shown separately; management's narrative aggregates them.
FY2025 other income includes the A$4 million royalty-asset disposal gain. FY2026 other income includes investment-sale gains; the large FY2026 share-based payment is non-cash.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
FINANCIAL REVIEW / 02
Financial position and liquidity
Equity fell to A$5.51 million at 30 June 2024 and recovered to A$31.11 million at 30 June 2026. The FY2026 cash increase follows capital issuance while the accumulated-loss balance increased.
Cash at 30 June
$
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at each 30 June (A$); no missing values plotted as zero.
Net assets at 30 June
$
NET ASSETS / TOTAL EQUITY
AI-generated presentation · values from Consolidated financial position at each 30 June (A$); no missing values plotted as zero.
Consolidated financial position at each 30 June (A$)
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents$ | 7,193,910 | 3,896,360 | 7,546,861 | 2,233,916 | 19,034,726 |
| Restricted cash (term deposits)$ | 469,242 | 360,000 | 360,000 | 0 (nil) | N/P |
| Inventory$ | 4,568,168 | 3,711,719 | 5,613,374 | 0 (nil) | N/P |
| Trade and other receivables$ | 4,621,391 | 3,040,933 | 6,655,486 | 386,054 | 286,573 |
| Other current assets / financial asset (current)$ | 177,485 | 147,141 | 166,674 | 75,866 | 42,944 |
| Financial asset (current) — Note 9$ | 3,405,067 | 318,818 | 1,951,960 | 98,444 | 0 (nil) |
| Total current assets$ | 20,435,263 | 11,474,971 | 22,294,355 | 2,794,280 | 19,364,243 |
| Exploration and evaluation expenditure (non-current)$ | 8,866,852 | 9,184,992 | 9,038,292 | 9,078,217 | 9,128,217 |
| Mine properties and development costs (non-current)$ | 5,331,936 | 1,793,658 | 0 (nil) | 0 (nil) | N/P |
| Plant and equipment$ | 22,900 | 22,628 | 15,087 | 10,073 | 8,816 |
| Investments accounted for using the equity method$ | 2,999,352 | 2,409,727 | 3,138,916 | 3,138,916 | 3,170,266 |
| Total non-current assets$ | 17,549,995 | 13,411,005 | 12,192,295 | 12,227,206 | 12,307,299 |
| TOTAL ASSETS$ | 37,985,258 | 24,885,976 | 34,486,650 | 15,021,486 | 31,671,542 |
| Trade and other payables (current)$ | 11,147,544 | 8,586,775 | 27,551,118 | 1,558,648 | 557,006 |
| Interest-bearing borrowings (current)$ | 1,304,510 | 1,797,624 | 0 (nil) | 0 (nil) | N/P |
| Provisions (current)$ | 131,208 | 131,208 | 1,424,558 | 357,622 | N/P |
| Total Current Liabilities$ | 12,860,114 | 10,515,607 | 28,975,676 | 1,916,270 | 557,006 |
| Provisions (non-current)$ | 505,637 | 566,189 | 0 (nil) | N/P | N/P |
| Total Non-Current Liabilities$ | 505,637 | 566,189 | 0 (nil) | N/P | N/P |
| TOTAL LIABILITIES$ | 13,365,751 | 11,081,796 | 28,975,676 | 1,916,270 | 557,006 |
| NET ASSETS / TOTAL EQUITY$ | 24,619,507 | 13,804,180 | 5,510,974 | 13,105,216 | 31,114,536 |
FY2025's own note separates trade/other payables (A$1,558,648) and current provisions (A$357,622); the FY2026 statement combines these in its FY2025 comparative as A$1,916,270 payables. Total liabilities and equity are unchanged. Components should not be added across those two presentations.
Assets and liabilities are period-end stocks. Capitalised exploration is an asset; cash purchases of exploration assets belong in the cash-flow table. Reported nil is shown as 0 (nil), while a missing separate line remains not separately presented.
Basis and presentation notes (18)
- Restricted cash (term deposits) / FY2025 — 0 (nil): Frozen annual record ['R004237'] states nil for Restricted cash (term deposits), FY2025, on the table's stated basis.
- Restricted cash (term deposits) / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Inventory / FY2025 — 0 (nil): Frozen annual record ['R004239'] states nil for Inventory, FY2025, on the table's stated basis.
- Inventory / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Financial asset (current) — Note 9 / FY2026 — 0 (nil): Frozen annual record ['R005323'] states nil for Financial asset (current) — Note 9, FY2026, on the table's stated basis.
- Mine properties and development costs (non-current) / FY2024 — 0 (nil): Frozen annual record ['R003499'] states nil for Mine properties and development costs (non-current), FY2024, on the table's stated basis.
- Mine properties and development costs (non-current) / FY2025 — 0 (nil): Frozen annual record ['R004251'] states nil for Mine properties and development costs (non-current), FY2025, on the table's stated basis.
- Mine properties and development costs (non-current) / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Interest-bearing borrowings (current) / FY2024 — 0 (nil): Frozen annual record ['R003511'] states nil for Interest-bearing borrowings (current), FY2024, on the table's stated basis.
- Interest-bearing borrowings (current) / FY2025 — 0 (nil): FY2025 current-liability balance-sheet line R004260; Note 17 subtotal R004412 corroborates.
- Interest-bearing borrowings (current) / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Provisions (current) / FY2026 — N/P: FY2026 SoFP does not separately disclose a provisions line.
- Provisions (non-current) / FY2024 — 0 (nil): Frozen annual record ['R003517'] states nil for Provisions (non-current), FY2024, on the table's stated basis.
- Provisions (non-current) / FY2025 — N/P: FY2025 selected statement has no separate provisions (non-current) line. Equality of liability totals does not by itself establish a reported zero.
- Provisions (non-current) / FY2026 — N/P: FY2026 selected statement has no separate provisions (non-current) line. Equality of liability totals does not by itself establish a reported zero.
- Total Non-Current Liabilities / FY2024 — 0 (nil): Frozen annual record ['R003519'] states nil for Total Non-Current Liabilities, FY2024, on the table's stated basis.
- Total Non-Current Liabilities / FY2025 — N/P: FY2025 selected statement has no separate total non-current liabilities line. Equality of liability totals does not by itself establish a reported zero.
- Total Non-Current Liabilities / FY2026 — N/P: FY2026 selected statement has no separate total non-current liabilities line. Equality of liability totals does not by itself establish a reported zero.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
Consolidated equity components at 30 June (A$)
A$
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Contributed equity | 58,622,052 | 58,847,052 | 64,004,653 | 64,108,853 | 85,446,166 |
| Accumulated losses | (38,248,811) | (49,403,566) | (63,025,996) | (56,020,271) | (61,157,277) |
| Total reserves | 4,246,266 | 4,360,694 | 4,532,317 | 5,016,634 | 6,825,647 |
| Total equity | 24,619,507 | 13,804,180 | 5,510,974 | 13,105,216 | 31,114,536 |
FY2025 components use the FY2026 statement's comparative column for a clear row mapping. This does not change FY2025 reported total equity.
Source: CuFe annual reports; selected original statement and note rows in the evidence register.
FINANCIAL REVIEW / 03
Cash generation, investing and financing
FY2025 operating cash outflow coincided with the final JWD operating period; investing cash included JWD and royalty-asset proceeds. FY2026 cash growth came from equity financing despite negative operating cash flow.
Operating and financing cash flow
$
Net cash flows from/(used in) operating activitiesNet cash flows from/(used in) financing activities
AI-generated presentation · values from Consolidated cash flow and cash reconciliation (A$); no missing values plotted as zero.
Consolidated cash flow and cash reconciliation (A$)
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash flows from/(used in) operating activities$ | (3,538,360) | (7,912,583) | 5,319,732 | (24,630,003) | (4,858,021) |
| Net cash flows from/(used in) investing activities$ | (796,078) | 4,626,707 | (2,846,567) | 19,317,058 | 340,700 |
| Net cash flows from/(used in) financing activities$ | 5,697,500 | (11,674) | 1,177,336 | 0 (nil) | 21,318,131 |
| Net increase/(decrease) in cash and cash equivalents$ | 1,363,062 | (3,297,550) | 3,650,501 | (5,312,945) | 16,800,810 |
| Cash and cash equivalents at beginning of year$ | 5,830,848 | 7,193,910 | 3,896,360 | 7,546,861 | 2,233,916 |
| Cash and cash equivalents at end of year$ | 7,193,910 | 3,896,360 | 7,546,861 | 2,233,916 | 19,034,726 |
FY2025 JWD disposal proceeds are investing cash flow, while FY2025 operating cash flow reflects the final iron ore operating period. FY2026 financing inflow is chiefly share issuance and option exercise.
Basis and presentation notes (1)
- Net cash flows from/(used in) financing activities / FY2025 — 0 (nil): Frozen annual record ['R004620'] states nil for Net cash flows from/(used in) financing activities, FY2025, on the table's stated basis.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
Operating cash-flow components, FY2025–FY2026 (A$)
A$
| Metric | FY2025 | FY2026 |
|---|---|---|
| Receipts from customers | 15,170,119 | 0 (nil) |
| Payments to suppliers and employees | (38,093,010) | (2,714,265) |
| Interest received | 92,803 | 100,892 |
| Payments for exploration and evaluation | (1,789,666) | (1,868,250) |
| Payments of interest and other finance costs | (10,249) | 0 (nil) |
| Interest withholding tax paid | 0 (nil) | (152,144) |
| Stamp duty paid | 0 (nil) | (224,254) |
| Net operating cash flow | (24,630,003) | (4,858,021) |
This is the direct cash-flow presentation, not the accrual income statement. FY2026 customer receipts are printed as a dash and shown Nil; cash interest and taxes remain separate from profit-and-loss amounts.
Basis and presentation notes (4)
- Receipts from customers / FY2026 — 0 (nil): Frozen annual record ['R005700'] states nil for Receipts from customers, FY2026, on the table's stated basis.
- Payments of interest and other finance costs / FY2026 — 0 (nil): Frozen annual record ['R005712'] states nil for Payments of interest and other finance costs, FY2026, on the table's stated basis.
- Interest withholding tax paid / FY2025 — 0 (nil): FY2025 comparative for the same cash-flow line is explicitly nil in R005709; this is a cash payment, not an expense or asset balance.
- Stamp duty paid / FY2025 — 0 (nil): FY2025 comparative for the same cash-flow line is explicitly nil in R005711; this is a cash payment, not an expense or asset balance.
Source: CuFe annual reports; selected original statement and note rows in the evidence register.
Selected investing cash-flow components (A$)
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Purchase of exploration assets$ | (5,091,352) | (308,165) | (82,204) | (14,925) | (50,000) |
| Purchase of plant and equipment$ | (6,518) | (8,993) | 0 (nil) | N/P | N/P |
| Payments for capitalised mine development$ | (900,958) | (51,570) | (443,040) | 0 (nil) | N/P |
| Cash consideration paid (JWD Restructure Transaction)A$ | Not applicable | 0 (nil) | (500,000) | (1,210,000) | 0 (nil) |
| Proceeds from sale of JWD Project (Iron Ore Rights)$ | N/A | N/A | N/A | 12,000,000 | 0 (nil) |
| Proceeds from sale of royalty asset$ | N/A | N/A | N/A | 4,000,000 | 0 (nil) |
| Receipts/(payments) from commodity collar/swaps transactions closed$ | 5,559,470 | 5,993,663 | (1,164,467) | 4,301,124 | (2,544) |
| Investment in joint venture (Yarram JV from FY2025)$ | (532,063) | (1,107,470) | (638,654) | (115,441) | 45,422 |
| Investment in associate (TCCA)$ | N/A | N/A | N/A | 0 (nil) | (160,100) |
| Proceeds on sale of investment (FY2026 transaction)$ | Not applicable | Not applicable | Not applicable | 0 (nil) | 546,227 |
The A$12 million JWD investing cash-flow line is the gross transaction measure used in the cash-flow statement; the issuer says A$7.081 million was received in cash and the balance offset against trade creditors at settlement. It is distinct from disposal profit and from PP&E assets.
Commodity collar/swap cash movements are investing lines in these reported statements. The table is selected material components, not a full subtotal reconciliation.
Cash consideration is the JWD Restructure Transaction line: FY2022 is before that transaction and FY2023 is nil in the FY2024 comparative. The FY2026 investment-sale receipt is a distinct one-off line; earlier years are marked not applicable to that sale.
Basis and presentation notes (24)
- Purchase of plant and equipment / FY2024 — 0 (nil): Frozen annual record ['R003169'] states nil for Purchase of plant and equipment, FY2024, on the table's stated basis.
- Purchase of plant and equipment / FY2025 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Purchase of plant and equipment / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Payments for capitalised mine development / FY2025 — 0 (nil): Frozen annual record ['R004593'] states nil for Payments for capitalised mine development, FY2025, on the table's stated basis.
- Payments for capitalised mine development / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Cash consideration paid (JWD Restructure Transaction) / FY2022 — Not applicable: FY2022 precedes the FY2024 JWD Restructure Transaction cash-consideration line (R003175); the earlier year's other acquisition consideration is a different transaction.
- Cash consideration paid (JWD Restructure Transaction) / FY2023 — 0 (nil): FY2023 comparative for the same cash-flow line is explicitly nil in R003176; this is a cash payment, not an expense or asset balance.
- Cash consideration paid (JWD Restructure Transaction) / FY2026 — 0 (nil): Frozen annual record ['R005721'] states nil for Cash consideration paid, FY2026, on the table's stated basis.
- Proceeds from sale of JWD Project (Iron Ore Rights) / FY2022 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of JWD Project (Iron Ore Rights) / FY2023 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of JWD Project (Iron Ore Rights) / FY2024 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of JWD Project (Iron Ore Rights) / FY2026 — 0 (nil): Frozen annual record ['R005729'] states nil for Proceeds from sale of JWD Project (Iron Ore Rights), FY2026, on the table's stated basis.
- Proceeds from sale of royalty asset / FY2022 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of royalty asset / FY2023 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of royalty asset / FY2024 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Proceeds from sale of royalty asset / FY2026 — 0 (nil): Frozen annual record ['R005731'] states nil for Proceeds from sale of royalty asset, FY2026, on the table's stated basis.
- Investment in associate (TCCA) / FY2022 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Investment in associate (TCCA) / FY2023 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Investment in associate (TCCA) / FY2024 — N/A: This dated transaction or entity had not occurred in the selected annual period.
- Investment in associate (TCCA) / FY2025 — 0 (nil): Frozen annual record ['R005726'] states nil for Investment in associate (TCCA), FY2025, on the table's stated basis.
- Proceeds on sale of investment (FY2026 transaction) / FY2022 — Not applicable: FY2022 precedes the FY2026 investment-sale cash receipt R005727 represented by this transaction-specific row; no earlier receipt is assigned to it.
- Proceeds on sale of investment (FY2026 transaction) / FY2023 — Not applicable: FY2023 precedes the FY2026 investment-sale cash receipt R005727 represented by this transaction-specific row; no earlier receipt is assigned to it.
- Proceeds on sale of investment (FY2026 transaction) / FY2024 — Not applicable: FY2024 precedes the FY2026 investment-sale cash receipt R005727 represented by this transaction-specific row; no earlier receipt is assigned to it.
- Proceeds on sale of investment (FY2026 transaction) / FY2025 — 0 (nil): Frozen annual record ['R005728'] states nil for Proceeds on sale of investment, FY2025, on the table's stated basis.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
Financing cash-flow components (A$)
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Proceeds from shares issued (net of costs)$ | 4,592,562 | 0 (nil) | 2,810,000 | 0 (nil) | 20,428,756 |
| Proceeds from exercise of options$ | 355,000 | 225,000 | 0 (nil) | 0 (nil) | 889,375 |
| Proceeds from borrowings$ | 9,551,504 | 17,244,660 | 21,176,689 | 4,895,692 | 0 (nil) |
| Repayment of borrowings$ | (8,456,845) | (17,188,975) | (22,809,353) | (4,895,692) | 0 (nil) |
| Principal payments on lease liabilities$ | (344,721) | (292,359) | Nil | N/P | N/P |
Share-issue proceeds here are net of costs and differ from gross placements and non-cash consideration-share values. Borrowing proceeds and repayments are both shown to retain the turnover behind a small net movement.
Basis and presentation notes (9)
- Proceeds from shares issued (net of costs) / FY2023 — 0 (nil): Frozen annual record ['R002097'] states nil for Proceeds from shares issued (net of costs), FY2023, on the table's stated basis.
- Proceeds from shares issued (net of costs) / FY2025 — 0 (nil): Frozen annual record ['R004615'] states nil for Proceeds from shares issued (net of costs), FY2025, on the table's stated basis.
- Proceeds from exercise of options / FY2024 — 0 (nil): Frozen annual record ['R003189'] states nil for Proceeds from exercise of options, FY2024, on the table's stated basis.
- Proceeds from exercise of options / FY2025 — 0 (nil): Frozen annual record ['R005746'] states nil for Proceeds from exercise of options, FY2025, on the table's stated basis.
- Proceeds from borrowings / FY2026 — 0 (nil): Frozen annual record ['R005747'] states nil for Proceeds from borrowings, FY2026, on the table's stated basis.
- Repayment of borrowings / FY2026 — 0 (nil): Frozen annual record ['R005749'] states nil for Repayment of borrowings, FY2026, on the table's stated basis.
- Principal payments on lease liabilities / FY2024 — Nil: FY2024 original cash-flow statement prints a dash; R003195 interprets that as no principal lease payment. Numeric zero is retained only for arithmetic.
- Principal payments on lease liabilities / FY2025 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
- Principal payments on lease liabilities / FY2026 — N/P: No separate amount in the selected annual statement; this is not an assertion of issuer non-disclosure.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
FINANCIAL REVIEW / 04
Share capital and returns
Shares on issue expanded across the period, especially in FY2024 and FY2026. The share count is a period-end number; net issue cash and gross placement amounts are different measures. The five selected annual packages report no dividends declared or paid.
Ordinary shares at year end
shares
Ordinary shares at year end
AI-generated presentation · values from Ordinary share capital and issuance (shares unless noted); no missing values plotted as zero.
FINANCIAL REVIEW / 05
JWD operations and Tennant Creek Resources
JWD shipments rose through FY2024 on a 100% project basis, before the rights sale changed the operating scope. The combined Tennant Creek Mineral Resource total reported in FY2026 is a project estimate and is distinct from CuFe's balance-sheet carrying values and ownership interests.
JWD ore shipped before disposal
wmt
Ore shipped
AI-generated presentation · values from JWD iron ore physical output, 100% project basis; no missing values plotted as zero.
JWD iron ore physical output, 100% project basis
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Ore minedwmt | 697,248 | 509,058 | 847,756 |
| Ore processedwmt | 564,074 | 489,215 | 849,570 |
| Ore shippedwmt | 330,747 | 418,706 | 663,285 |
These physical measures are 100% project basis, while CuFe held 60% of the Wiluna Iron JV during FY2022–FY2023 and stepped to 100% in FY2024. They are not CuFe attributable tonnes.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
JWD realised pricing and C1 cost per shipped wet tonne
A$ unless a row states otherwise
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Revenue (FOB) realised – USD/wmtUS$/wmt | 117.19 | 93.52 | 102.81 |
| Revenue (FOB) realised – AUD/wmtA$/wmt | 162.35 | 136.12 | 152.28 |
| Realised hedging gains/(losses) – AUD/wmtA$/wmt | 26.93 | 24.62 | 0.20 |
| Total revenue – AUD/wmtA$/wmt | 189.28 | 160.73 | 152.49 |
| C1 cost per wmt shipped – AUD/wmtA$/wmt | 158.59 | 142.70 | 140.57 |
FOB realised USD and AUD pricing, hedging and C1 cost are source defined operational measures. C1 cost is not total statutory cost of sales.
Source: CuFe annual reports, selected consolidated statement or note rows; source registry below.
Combined Gecko and Orlando Mineral Resources: reported snapshots
Tonnage kt; grades as stated
| Metric | FY2025 report | FY2026 report |
|---|---|---|
| Combined total Resource tonneskt | 10,350 | 23,451 |
| Combined copper grade% | 1.53 | 1.73 |
| Combined gold gradeg/t | 1.07 | 0.72 |
These are project Resource snapshots, not balance-sheet assets or production. FY2026 source table totals Gecko plus Orlando, with 16,669 kt Indicated and 6,782 kt Inferred; it is not a Gecko-only figure. Reporting dates follow the annual report table and should not be presumed to be the fiscal balance date.
Source: CuFe annual reports; selected original statement and note rows in the evidence register.
Reading the figures
- Selected frozen extraction and same-issuer annual-table evidence only. The FY2025 balance-sheet source extraction is misaligned; the FY2026 comparative was used to check totals and component presentation. Original records remain unchanged.
- A few annual rows contain dashes or are not separately presented. These are identified cell by cell; they are not converted to zero or assumed to prove issuer non-disclosure.
- Resource estimates use annual-report snapshots and their project/classification basis. No claim is made that their publication date equals 30 June or that all tonnes are CuFe attributable.
Annual-report source registry
- CuFe Ltd Annual Report 2022Year ended 2022-06-30; report dated 2022-09-23. Consolidated annual report; A$ presentation unless otherwise stated.
- CuFe Ltd Annual Report 2023Year ended 2023-06-30; report dated 2023-09-28. Consolidated annual report; A$ presentation unless otherwise stated.
- CuFe Ltd Annual Report 2024Year ended 2024-06-30; report dated 2024-09-30. Consolidated annual report; A$ presentation unless otherwise stated.
- CuFe Ltd Annual Report 2025Year ended 2025-06-30; report dated 2025-09-30. Consolidated annual report; A$ presentation unless otherwise stated.
- CuFe Ltd Annual Report 2026Year ended 2026-06-30; report dated 2026-09-02. Consolidated annual report; A$ presentation unless otherwise stated.
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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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.
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