FY2021
Equity raised for exploration
Rights issue, placement and shareholder purchase plan increased year-end cash; the annual report also identified going-concern material uncertainty.
ASX: CUL · Five-year financial review
Cullen Resources Limited (ASX: CUL) - Five-Year Financial Review FY2021-FY2025
Five annual reports for Cullen Resources Limited, an exploration company. Amounts are Australian dollars unless marked cents/share or shares. The tables distinguish annual flows from 30 June balances and distinguish reported values from presentation differences.
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 loss after tax
A$902,321
Consolidated statutory loss for year ended 30 June 2025.
FY2025 closing cash
A$7,380
At 30 June 2025, before subsequent royalty proceeds.
FY2025 exploration spend
A$617,949
Capitalised expenditure during the year.
FY2025 net assets
A$4.54m
A$4,538,190 at 30 June 2025.
Five years in context
Cullen remained focused on mineral exploration. Statutory losses and operating cash outflows persisted across the five years, while the cash balance fell markedly by June 2025. Equity issues funded exploration and group costs; A$60,000 of director loans appeared in FY2025. The group did not report mineral production or AISC as its operating basis.
The A$4,747,995 Mt Stuart deferred-consideration and royalty intangible stayed on the consolidated position statement. The auditor qualified its FY2025 opinion because it could not obtain sufficient evidence supporting the directors’ valuation assumptions; the FY2024 opinion had a similar qualification. A post-year-end Wyloo royalty sale brought A$1.5m after the 30 June 2025 balance date and is excluded from the closing cash table.
Events behind the numbers
FY2022
Joint-operation interests develop
Exploration spending exceeded A$1m and the reported loss widened. Partner interests across Australian projects and Finland were described in the annual report.
FY2023
Wongan Hills and Finland work
Wongan Hills drilling and the Finland farm-out featured in the year’s exploration activity. The loss narrowed, while operating cash remained negative.
FY2024
Liquidity pressure and rights issue
The 30 June position had net current liabilities; an A$739,372 rights issue settled on 23 August 2024, after that balance date.
FY2025
Low cash; royalty proceeds later
Cash was A$7,380 at 30 June. Directors advanced A$60,000 during the year; A$1.5m from the Wyloo royalty sale was received after year end.
FINANCIAL REVIEW / 01
Statutory performance
Cullen’s reported statutory loss narrowed after FY2022. EPS also reflects a changing weighted-average share base, so its movement should not be read as a like-for-like loss change per fixed share count.
Statutory net loss (AUD)
AUD
Net loss attributable to members after tax
AI-generated presentation · values from Consolidated profit or loss (AUD); no missing values plotted as zero.
Basic loss per share (cents)
cents/share
Basic (loss) per share
AI-generated presentation · values from Earnings per share and weighted shares; no missing values plotted as zero.
Consolidated profit or loss (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 69,504 | 55,655 | 84,598 | 119,876 | 157,763 |
| Rent expense | (35,556) | (36,095) | (35,469) | (36,847) | (35,663) |
| Salaries and consultants' fees | (177,381) | (171,242) | (168,318) | (223,032) | (226,920) |
| Compliance expenses | (132,373) | (91,356) | (85,998) | (90,612) | (96,478) |
| Share based payments | (118,800) | 0 (nil) | 0 (nil) | (51,840) | 0 |
| Impairment of exploration expenditure | (874,706) | (1,054,147) | (828,588) | (754,115) | (600,771) |
| Depreciation | (1,769) | (12,653) | (12,651) | (10,947) | (319) |
| Other expenses | (75,570) | (69,526) | (119,644) | (93,869) | (99,935) |
| Loss before income tax | (1,346,651) | (1,379,364) | (1,166,070) | (1,141,386) | (902,321) |
| Income tax expense/(benefit) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 |
| Net loss attributable to members after tax | (1,346,651) | (1,379,364) | (1,166,070) | (1,141,386) | (902,321) |
| Other comprehensive income | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| Total comprehensive income/(loss) for the period | (1,346,651) | (1,379,364) | (1,166,070) | (1,141,386) | (902,321) |
Expense and loss rows retain their reported negative signs. FY2025 revenue includes interest and disposal-related income; it is not mineral production revenue.
Basis and presentation notes (11)
- Share based payments / FY2022 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Share based payments / FY2023 — 0 (nil): FY2024 comparative explicitly reports FY2023 as nil.
- Income tax expense/(benefit) / FY2021 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Income tax expense/(benefit) / FY2022 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Income tax expense/(benefit) / FY2023 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Income tax expense/(benefit) / FY2024 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Other comprehensive income / FY2021 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Other comprehensive income / FY2022 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Other comprehensive income / FY2023 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Other comprehensive income / FY2024 — 0 (nil): Issuer statement of changes in equity displays a dash for OCI.
- Other comprehensive income / FY2025 — 0 (nil): Issuer statement of changes in equity displays a dash for OCI.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Earnings per share and weighted shares
mixed
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic (loss) per sharecents/share | (0.44) | (0.35) | (0.25) | (0.21) | (0.13) |
| Diluted (loss) per sharecents/share | (0.44) | (0.35) | (0.25) | (0.21) | (0.13) |
| Weighted average ordinary shares (basic and diluted)shares | 308,746,910 | 390,884,630 | 467,899,579 | 543,712,297 | 675,170,766 |
Basic and diluted EPS are reported values. Weighted average shares are an EPS denominator, not the closing share register.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
FINANCIAL REVIEW / 02
Financial position and liquidity
Cash declined through the later years. FY2025 total assets include the unchanged A$4.75m Mt Stuart intangible, whose valuation was subject to the auditor qualification. Director loans were A$60,000 at 30 June 2025.
Cash at 30 June (AUD)
AUD
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June (AUD); no missing values plotted as zero.
Consolidated financial position at 30 June (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1,413,662 | 594,563 | 588,109 | 91,931 | 7,380 |
| Receivables | 41,274 | 7,121 | 15,080 | 12,751 | 38,624 |
| Total Current Assets | 1,454,936 | 601,684 | 603,189 | 104,682 | 46,004 |
| Plant & equipment | 4,665 | 23,917 | 11,266 | 319 | 0 (nil) |
| Exploration & evaluation | 14,162 | 8,760 | 34,615 | 12,397 | 29,575 |
| Intangible assets | 4,747,995 | 4,747,995 | 4,747,995 | 4,747,995 | 4,747,995 |
| Total Non-Current Assets | 4,766,822 | 4,780,672 | 4,793,876 | 4,760,711 | 4,777,570 |
| Total Assets | 6,221,758 | 5,382,356 | 5,397,065 | 4,865,393 | 4,823,574 |
| Trade and other payables | 62,826 | 31,873 | 36,013 | 21,902 | 73,916 |
| Borrowings (current) | not separately presented | not separately presented | not separately presented | 0 | 60,000 |
| Provisions (current) | 101,498 | 112,413 | 130,367 | 142,352 | 151,468 |
| Total Current Liabilities | 164,324 | 144,286 | 166,380 | 164,254 | 285,384 |
| Total Liabilities | 164,324 | 144,286 | 166,380 | 164,254 | 285,384 |
| Net Assets | 6,057,434 | 5,238,070 | 5,230,685 | 4,701,139 | 4,538,190 |
FY2025 component and total rows recovered from the selected original consolidated statement of financial position. A dash for FY2025 plant and equipment means nil carrying amount.
Basis and presentation notes (4)
- Plant & equipment / FY2025 — 0 (nil): FY2025 statement displays a dash: nil carrying amount.
- Borrowings (current) / FY2021 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Borrowings (current) / FY2022 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Borrowings (current) / FY2023 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
FINANCIAL REVIEW / 03
Cash flow and funding
Exploration payments dominate investing outflows. The FY2022 original statement and its FY2023 comparative place a A$50,000 reimbursement in different cash-flow categories; the table retains the contemporaneous FY2022 statement and flags that boundary.
Exploration cash payments (AUD)
AUD
Payments for exploration and evaluation
AI-generated presentation · values from Consolidated cash flows (AUD); no missing values plotted as zero.
Consolidated cash flows (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash outflows | (351,088) | (303,904) | (387,513) | (438,649) | (383,531) |
| Payments for exploration and evaluation | (865,793) | (1,048,745) | (854,443) | (731,897) | (617,949) |
| Payment for plant and equipment | (6,434) | (31,905) | 0 (nil) | not separately presented | not separately presented |
| Proceeds from sale of plant and equipment | 0 (nil) | 5,455 | 0 (nil) | not separately presented | not separately presented |
| Exploration proceeds/reimbursement (FY2022 operating; FY2023–FY2025 investing) | not separately presented | 50,000 | 76,817 | 114,368 | 117,557 |
| Net investing cash outflows | (872,227) | (1,075,195) | (777,626) | (617,529) | (500,392) |
| Proceeds from issue of shares | 2,454,742 | 560,000 | 1,169,185 | 560,000 | 739,372 |
| Proceeds from borrowings | not separately presented | not separately presented | not separately presented | 0 (nil) | 60,000 |
| Net financing cash inflows | 2,365,942 | 560,000 | 1,158,685 | 560,000 | 799,372 |
| Net (decrease)/increase in cash | 1,142,627 | (819,099) | (6,454) | (496,178) | (84,551) |
| Cash and cash equivalents at start of year | 271,035 | 1,413,662 | 594,563 | 588,109 | 91,931 |
| Cash and cash equivalents at end of year | 1,413,662 | 594,563 | 588,109 | 91,931 | 7,380 |
FY2022 uses its original cash-flow-statement classification: A$50,000 exploration reimbursement appears in operating activities. FY2023 comparative reclassified that amount to investing, producing a A$50,000 lower operating subtotal. Do not compare those FY2022 classifications as if identical.
Exploration and plant payments are cash movements, not year-end asset carrying values.
Basis and presentation notes (12)
- Payment for plant and equipment / FY2023 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Payment for plant and equipment / FY2024 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Payment for plant and equipment / FY2025 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from sale of plant and equipment / FY2021 — 0 (nil): FY2022 comparative displays a dash for FY2021 plant sale proceeds.
- Proceeds from sale of plant and equipment / FY2023 — 0 (nil): FY2023 cash-flow statement displays a dash for plant sale proceeds.
- Proceeds from sale of plant and equipment / FY2024 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from sale of plant and equipment / FY2025 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Exploration proceeds/reimbursement (FY2022 operating; FY2023–FY2025 investing) / FY2021 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from borrowings / FY2021 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from borrowings / FY2022 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from borrowings / FY2023 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Proceeds from borrowings / FY2024 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Loss to operating cash reconciliation (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating (loss) after income tax | (1,346,651) | (1,379,364) | (1,166,070) | (1,141,386) | (902,321) |
| Impairment of exploration | 874,706 | 1,054,147 | 828,588 | 754,115 | 600,771 |
| Share based payments | 118,800 | 0 (nil) | not separately presented | 51,840 | 0 (nil) |
| Depreciation | 1,769 | 12,653 | 12,651 | 10,947 | 319 |
| Change in provisions for employee benefits | 18,352 | 10,915 | 17,954 | 11,985 | 9,116 |
| Change in trade and other payables | (16,866) | (30,953) | 4,140 | (14,111) | 52,014 |
| Change in receivables | (1,198) | 34,153 | (7,959) | 2,329 | (25,873) |
| Less: profit on sale of plant and equipment | 0 (nil) | (5,455) | 0 (nil) | not separately presented | not separately presented |
| Less: profit on sale of exploration interest | not separately presented | not separately presented | (76,817) | (114,368) | (117,557) |
| Net operating cashflows (subtotal) | (351,088) | (303,904) | (387,513) | (438,649) | (383,531) |
The FY2022 subtotal follows the contemporaneous FY2022 reconciliation. Its A$50,000 exploration reimbursement was operating cash and no exploration-interest sale-profit deduction was shown there; the FY2023 comparative moved that amount to investing and added a A$50,000 deduction. The FY2022 column retains the original basis.
Profit deductions remove disposal gains from operating cash reconciliation. They are distinct from the cash proceeds shown in the consolidated cash-flow table.
Basis and presentation notes (9)
- Share based payments / FY2022 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Share based payments / FY2023 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Share based payments / FY2025 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Less: profit on sale of plant and equipment / FY2021 — 0 (nil): FY2022 comparative reconciliation reports a dash for FY2021.
- Less: profit on sale of plant and equipment / FY2023 — 0 (nil): FY2023 original reconciliation reports a dash (nil).
- Less: profit on sale of plant and equipment / FY2024 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Less: profit on sale of plant and equipment / FY2025 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Less: profit on sale of exploration interest / FY2021 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
- Less: profit on sale of exploration interest / FY2022 — not separately presented: This line is not separately presented in the selected original statement; no zero is inferred.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
FINANCIAL REVIEW / 04
Shareholder capital and returns
Funding came primarily from ordinary-share issues. FY2025 closing issued capital and equity are directly supported by the original statement; the contributed-equity movement confirms 693,401,849 ordinary shares at 30 June 2025. The report-date register is a later snapshot and is not the basis of this balance-date count.
Closing total equity (AUD)
AUD
Total equity (A$, closing)
AI-generated presentation · values from Closing total equity and accumulated losses (AUD); no missing values plotted as zero.
Capital and equity at 30 June
mixed
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued capital (A$, closing balance)AUD | 48,299,395 | 48,859,395 | 50,018,080 | 50,578,080 | 51,317,452 |
| Ordinary shares on issue (number)shares | 373,917,657 | 406,858,855 | 504,290,902 | 570,173,234 | 693,401,849 |
FY2025 issued capital comes from the original position statement. FY2025 693,401,849 closing ordinary shares come from the same annual report's Note 12 contributed-equity movement; the 26 September 2025 shareholder-register date is not used as the balance-date basis.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Closing total equity and accumulated losses (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total equity (A$, closing) | 6,057,434 | 5,238,070 | 5,230,685 | 4,701,139 | 4,538,190 |
| Accumulated losses (A$, closing, negative) | (42,369,852) | (43,740,125) | (44,906,195) | (45,928,781) | (46,831,102) |
Balance-sheet stocks at each 30 June, not cash flows.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Options outstanding at 30 June (shares)
shares
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Unissued shares under option (year-end) | 18,454,545 | 18,000,000 | 18,000,000 | 18,000,000 | 18,000,000 |
FY2023 source claim is at report date rather than explicitly 30 June; its FY2024 comparative confirms 18,000,000 at FY2023 year end.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Dividends recommended for each financial year
AUD/share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Dividend recommended | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | None recommended |
The FY2025 Directors' Report explicitly recommends no dividend for the current financial year and states that none has been declared or paid since the previous year end. This is a direct statement, not an inference from earlier years.
Basis and presentation notes (5)
- Dividend recommended / FY2021 — 0 (nil): Directors explicitly did not recommend a dividend for that year.
- Dividend recommended / FY2022 — 0 (nil): Directors explicitly did not recommend a dividend for that year.
- Dividend recommended / FY2023 — 0 (nil): Directors explicitly did not recommend a dividend for that year.
- Dividend recommended / FY2024 — 0 (nil): Directors explicitly did not recommend a dividend for that year.
- Dividend recommended / FY2025 — None recommended: The FY2025 Directors' Report explicitly recommends no dividend for this financial year and states none has been declared or paid since the previous year end.
Source: Cullen directors’ annual statements in FY2021–FY2024 packets.
FINANCIAL REVIEW / 05
Exploration assets and commitments
Cullen capitalised exploration activity and separately recognised write-offs. These are not production costs. The FY2025 exploration asset closed at A$29,575 after A$617,949 incurred and A$600,771 impaired.
Exploration expenditure incurred (AUD)
AUD
Expenditure incurred during the year
AI-generated presentation · values from Exploration and evaluation asset movement (AUD); no missing values plotted as zero.
Exploration and evaluation asset movement (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening balance | 23,075 | 14,162 | 8,760 | 34,615 | 12,397 |
| Expenditure incurred during the year | 865,793 | 1,048,745 | 854,443 | 731,897 | 617,949 |
| Write-off / impairment (negative) | (874,706) | (1,054,147) | (828,588) | (754,115) | (600,771) |
| Closing balance net of write-off | 14,162 | 8,760 | 34,615 | 12,397 | 29,575 |
Expenditure incurred/capitalised is a flow. Closing exploration and evaluation is an asset balance after write-offs. FY2024–FY2025 flows are issuer narrative or statutory impairment lines; closing balances are position-statement rows.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Plant and equipment carrying amount movement (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Carrying amount at beginning | 0 (nil) | 4,665 | 23,917 | 11,266 | 319 |
| Additions | 6,434 | 31,905 | 0 (nil) | 0 (nil) | 0 (nil) |
| Depreciation expense (negative) | (1,769) | (12,653) | (12,651) | (10,947) | (319) |
| Closing carrying amount | 4,665 | 23,917 | 11,266 | 319 | 0 (nil) |
The table reports carrying amounts and depreciation. Investing cash payments for plant are not used as opening or closing asset values.
Basis and presentation notes (5)
- Carrying amount at beginning / FY2021 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Additions / FY2023 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Additions / FY2024 — 0 (nil): Issuer source explicitly reports nil or a dash for this row.
- Additions / FY2025 — 0 (nil): Plant and equipment cost schedule reports a dash for FY2025 additions.
- Closing carrying amount / FY2025 — 0 (nil): Reconciliation closing row shows a dash after A$319 depreciation.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Minimum exploration commitments for following year (AUD)
AUD
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Minimum exploration expenditure commitment (next year) | 450,500 | 673,500 | 600,500 | 590,000 | 310,000 |
Each figure is the obligation over the next year from the relevant reporting date; it is not current-year exploration spend.
Source: Cullen annual reports FY2021–FY2025; exact records and selected table rows are in author/evidence.json.
Reading the figures
- FY2025 dividend recommendation is confirmed as none by the parsed Directors' Report; it is no longer an unresolved table-only lookup.
- FY2022 operating/investing classification differs between its original statement and the FY2023 comparative by A$50,000.
- The Mt Stuart intangible amount is reported, while its valuation is subject to the auditor’s qualified opinion.
- Final targeted check: existing parsed annual-report DB evidence was read on 28 September 2026. Not available in checked reports is a closed data-availability limit, never a numeric zero. Only the previously held cells and their directly related notes were changed; this is not a new full-report audit or publication approval.
Annual-report source registry
- Cullen Resources Limited Annual Report to shareholders 2021Year ended 2021-06-30; annual document dated 2021-09-24.
- Cullen Resources Limited Annual Report to shareholders 2022Year ended 2022-06-30; annual document dated 2022-09-23.
- Cullen Resources Limited Annual Report to shareholders 2023Year ended 2023-06-30; annual document dated 2023-09-21.
- Cullen Resources Limited Annual Report to shareholders 2024Year ended 2024-06-30; annual document dated 2024-09-26.
- Cullen Resources Limited Annual Report to shareholders 2025Year ended 2025-06-30; annual document dated 2025-09-29.
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
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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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