FY2021
ASX admission and accounting policy
The company joined the ASX on 18 December 2020. In July 2021 directors resolved to capitalise exploration and evaluation spending, restating FY2020 comparatives.
ASX: DM1 · Five-year financial review
Desert Metals Limited (ASX: DM1) - Five-Year Financial Review FY2021-FY2025
Five June-year annual reports in Australian dollars (A$), mainly using each report's current-year statutory figures. The FY2021 expense subtotal is explicitly drawn from the FY2022 comparative. Desert Metals is an exploration-stage issuer; the report separates annual losses, cash spending, capitalised assets and noncash share-based transactions.
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 cash
A$1.92m
At 30 June 2025
FY2025 loss
A$1.69m
Consolidated net loss
FY2024 impairment
A$8.40m
WA exploration expenditure
FY2025 exploration assets
A$6.47m
Carrying value at 30 June
Five years in context
The annual-report presentation policies identify Australian dollars; the tables retain whole-dollar values, except cents-per-share and drilling activity.
Following ASX admission in December 2020, Desert Metals raised equity to fund exploration. Annual cash use continued through the five years while the project portfolio and capitalised exploration asset base changed. The FY2024 impairment is the clearest break in the earnings trend; FY2025 adds Côte d'Ivoire activity and non-controlling interests.
The issuer's FY2023 and FY2025 auditor reports identify material going-concern uncertainty. These are financial-statement conditions, not a forecast of outcome. The FY2021 expense subtotal uses a later comparative because the original statement has no printed subtotal; other comparative-dependent cells are qualified individually.
Events behind the numbers
FY2022
Placement-funded exploration
Share issue cash receipts of A$2.70 million funded a year with A$2.72 million of exploration and evaluation cash payments.
FY2023
Drilling and going-concern warning
The drilling schedule lists 465 holes and 20,588 metres. The auditor flagged a material uncertainty related to going concern.
FY2024
Exploration impairment
Directors charged A$8.40 million of Western Australian exploration expenditure to comprehensive income; the reported annual loss reached A$9.84 million.
FY2025
Savana asset acquisition and funding pressure
Desert Metals completed the Savana Minerals SARL acquisition on 5 August 2024. The FY2025 auditor again identified a material uncertainty related to going concern while leaving the opinion unmodified.
FINANCIAL REVIEW / 01
Statutory performance
Desert Metals remained an exploration-stage company. The FY2024 loss is dominated by an A$8.40 million impairment of Western Australian exploration expenditure; this non-cash charge makes the loss series a poor proxy for annual cash spending.
FY2025's A$1.69 million consolidated loss includes an A$95,085 non-controlling share, leaving A$1.59 million attributable to owners. Figures use each report's current-year presentation except the explicitly identified FY2021 expense subtotal, which comes from the FY2022 comparative. Some expense captions were grouped differently in FY2025.
Statutory loss before tax
$
Loss before tax
AI-generated presentation · values from Operating expenses and statutory result; no missing values plotted as zero.
Revenue and other income, continuing operations
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Government grants$ | 0 (nil) | 152,147 | 150,645 | 0 (nil) | Not separately presented |
| Other revenue$ | 0 (nil) | 8,182 | 22,628 | 47,683 | 100,417 |
| Revenue and other income (subtotal)$ | 0 (nil) | 160,329 | 173,273 | 47,683 | 100,417 |
Original annual-report current-year columns, with directly identified later comparatives. FY2021 reported nil revenue; the FY2022 revenue note separately confirms nil FY2021 government grants and other revenue. FY2025 presents only other revenue; no separate government-grant amount is established. Dollar amounts are Australian dollars under the issuer's presentation policy.
Basis and presentation notes (5)
- Government grants / FY2021 — 0 (nil): FY2022 revenue note explicitly reports the FY2021 government-grant comparative as a dash.
- Government grants / FY2024 — 0 (nil): Reported nil
- Government grants / FY2025 — Not separately presented: Not resolved from supplied extraction
- Other revenue / FY2021 — 0 (nil): FY2022 revenue note explicitly reports the FY2021 other-revenue comparative as a dash.
- Revenue and other income (subtotal) / FY2021 — 0 (nil): FY2021 reported a single nil revenue line, not a separate subtotal.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Operating expenses and statutory result
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Compliance costs$ | (110,608) | (79,670) | (96,198) | (61,324) | Not separately presented |
| Depreciation$ | (8,996) | (31,284) | (24,748) | (21,460) | (14,218) |
| Directors' fees$ | (142,770) | (186,083) | (187,850) | (244,642) | (428,013) |
| Exploration and evaluation - impaired$ | Not separately presented | Not separately presented | 0 (nil) | (8,401,614) | 0 (nil) |
| Impairment of intangibles | (13,850) | Not separately presented | Not separately presented | Not separately presented | Not separately presented |
| Exploration and evaluation written off as incurred$ | Not separately presented | 0 (nil) | (36,161) | (245,541) | (148,818) |
| Overseas exploration office expenses$ | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (245,403) |
| Foreign exchange costs$ | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (2,108) |
| Loss on sale of fixed assets$ | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (45,000) |
| Information technology costs$ | (5,620) | (15,021) | (35,446) | (31,262) | Not separately presented |
| Occupancy costs$ | (17,416) | (42,979) | (68,736) | (67,407) | Not separately presented |
| Professional fees$ | (255,534) | (172,523) | (203,317) | (355,693) | (211,331) |
| Public relations and marketing$ | 0 (nil) | (12,865) | (31,662) | (87,786) | (125,000) |
| Share based payments$ | (554,865) | (82,800) | (29,437) | (115,473) | (249,648) |
| Travel costs$ | (11,281) | (18,988) | (18,673) | (58,016) | Not separately presented |
| Administrative expenses / administrative and other expenses$ | (79,780) | (85,378) | (147,419) | (201,246) | (319,494) |
| Total expenses (reported subtotal)$ | (1,200,451) | (727,591) | (879,647) | (9,891,464) | (1,789,033) |
| Loss before tax$ | (1,200,451) | (567,262) | (706,374) | (9,843,781) | (1,688,616) |
| Income tax benefit$ | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
FY2021 expense components are from its original current-year statement and add to A$1,200,720. That original statement prints no expense subtotal, but reports a A$1,200,451 loss before tax. The displayed FY2021 total-expenses subtotal of A$1,200,451 is the FY2022 report's FY2021 comparative; that comparative reduces FY2021 administrative expenses from A$79,780 to A$79,511, a A$269 difference. The reason for the changed comparative is not established, and no balancing item is invented. The FY2024 statement's FY2023 comparative explicitly establishes nil income tax benefit despite a blank FY2023 extraction. FY2025 groups several costs in administrative and other expenses, so older separately named categories are not presented as nil.
Basis and presentation notes (32)
- Compliance costs / FY2025 — Not separately presented: Not resolved from supplied extraction
- Exploration and evaluation - impaired / FY2021 — Not separately presented: Not resolved from supplied extraction
- Exploration and evaluation - impaired / FY2022 — Not separately presented: Not resolved from supplied extraction
- Exploration and evaluation - impaired / FY2023 — 0 (nil): Reported nil
- Exploration and evaluation - impaired / FY2025 — 0 (nil): Reported nil
- Impairment of intangibles / FY2022 — Not separately presented: No separate intangible-impairment charge presented in the current-year statement.
- Impairment of intangibles / FY2023 — Not separately presented: No separate intangible-impairment charge presented in the current-year statement.
- Impairment of intangibles / FY2024 — Not separately presented: No separate intangible-impairment charge presented in the current-year statement.
- Impairment of intangibles / FY2025 — Not separately presented: No separate intangible-impairment charge presented in the current-year statement.
- Exploration and evaluation written off as incurred / FY2021 — Not separately presented: Not resolved from supplied extraction
- Exploration and evaluation written off as incurred / FY2022 — 0 (nil): Reported nil
- Overseas exploration office expenses / FY2021 — Not separately presented: Not resolved from supplied extraction
- Overseas exploration office expenses / FY2022 — Not separately presented: Not resolved from supplied extraction
- Overseas exploration office expenses / FY2023 — Not separately presented: Not resolved from supplied extraction
- Overseas exploration office expenses / FY2024 — Not separately presented: Reported '-'
- Foreign exchange costs / FY2021 — Not separately presented: Not resolved from supplied extraction
- Foreign exchange costs / FY2022 — Not separately presented: Not resolved from supplied extraction
- Foreign exchange costs / FY2023 — Not separately presented: Not resolved from supplied extraction
- Foreign exchange costs / FY2024 — Not separately presented: Reported '-'
- Loss on sale of fixed assets / FY2021 — Not separately presented: Not resolved from supplied extraction
- Loss on sale of fixed assets / FY2022 — Not separately presented: Not resolved from supplied extraction
- Loss on sale of fixed assets / FY2023 — Not separately presented: Not resolved from supplied extraction
- Loss on sale of fixed assets / FY2024 — Not separately presented: Reported '-'
- Information technology costs / FY2025 — Not separately presented: Not resolved from supplied extraction
- Occupancy costs / FY2025 — Not separately presented: Not resolved from supplied extraction
- Public relations and marketing / FY2021 — 0 (nil): Reported nil
- Travel costs / FY2025 — Not separately presented: Not resolved from supplied extraction
- Income tax benefit / FY2021 — 0 (nil): Reported nil
- Income tax benefit / FY2022 — 0 (nil): Reported nil
- Income tax benefit / FY2023 — 0 (nil): The FY2024 income-statement comparative directly reports FY2023 income tax benefit as a dash; the earlier FY2023 extraction was blank.
- Income tax benefit / FY2024 — 0 (nil): Reported nil
- Income tax benefit / FY2025 — 0 (nil): Reported nil
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Loss attribution, comprehensive result and earnings per share
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss attributable to owners of the parent$ | (1,200,451) | (567,262) | (706,374) | (9,843,781) | (1,593,531) |
| Loss attributable to non-controlling interest$ | Not separately presented | Not separately presented | 0 (nil) | 0 (nil) | (95,085) |
| Net loss for the year (total)$ | (1,200,451) | (567,262) | (706,374) | (9,843,781) | (1,688,616) |
| Other comprehensive income, net of tax$ | 0 (nil) | 0 (nil) | 0 (nil) | (10,411) | 38,687 |
| Total comprehensive loss$ | (1,200,451) | (567,262) | (706,374) | (9,854,192) | (1,649,929) |
| Basic and diluted loss per sharecents per share | (2.86) | (0.99) | (1.03) | (6.21) | (0.544) |
The first four years have no separately attributable non-controlling interest; FY2025 shows A$95,085 of loss attributable to it. Per-share figures are cents per share. FY2022's Note 8/per-share row resolves the otherwise ambiguous main-table heading.
Basis and presentation notes (7)
- Loss attributable to non-controlling interest / FY2021 — Not separately presented: No separate non-controlling attribution line is established in the selected current-year statement.
- Loss attributable to non-controlling interest / FY2022 — Not separately presented: No separate non-controlling attribution line is established in the selected current-year statement.
- Loss attributable to non-controlling interest / FY2023 — 0 (nil): The attribution row reports a dash.
- Loss attributable to non-controlling interest / FY2024 — 0 (nil): The attribution row reports a dash.
- Other comprehensive income, net of tax / FY2021 — 0 (nil): Reported nil
- Other comprehensive income, net of tax / FY2022 — 0 (nil): Reported nil
- Other comprehensive income, net of tax / FY2023 — 0 (nil): Reported nil
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
FINANCIAL REVIEW / 02
Assets, funding and commitments
Cash declined from A$3.71 million at June 2021 to A$1.92 million at June 2025 while capitalised exploration assets grew, despite the FY2024 impairment. The 2025 current asset less current liability position was A$1.69 million.
The balance sheet's reported liabilities are current trade and other payables. It does not present a separate interest-bearing borrowing or lease liability line; absence of a line is not a claim that all possible obligations are zero.
Cash at each June balance date
$
Cash and cash equivalents
AI-generated presentation · values from Consolidated statement of financial position; no missing values plotted as zero.
Capitalised exploration assets
$
Exploration and evaluation expenditure
AI-generated presentation · values from Consolidated statement of financial position; no missing values plotted as zero.
Consolidated statement of financial position
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents$ | 3,710,144 | 3,013,946 | 1,968,981 | 2,668,186 | 1,920,138 |
| Receivables$ | 107,947 | 140,414 | 112,747 | 59,263 | 96,672 |
| Total current assets$ | 3,818,091 | 3,154,360 | 2,081,728 | 2,727,449 | 2,016,810 |
| Exploration and evaluation expenditure$ | 1,770,569 | 4,427,247 | 7,284,565 | 3,963,879 | 6,468,052 |
| Property, plant and equipment$ | 134,179 | 104,863 | 118,317 | 85,482 | 16,083 |
| Total non-current assets$ | 1,904,748 | 4,532,110 | 7,402,882 | 4,049,361 | 6,484,135 |
| Total assets$ | 5,722,839 | 7,686,470 | 9,484,610 | 6,776,810 | 8,500,945 |
| Trade and other payables$ | 274,331 | 184,424 | 282,501 | 376,998 | 331,004 |
| Total current liabilities$ | 274,331 | 184,424 | 282,501 | 376,998 | 331,004 |
| Total liabilities$ | 274,331 | 184,424 | 282,501 | 376,998 | 331,004 |
| Net assets$ | 5,448,508 | 7,502,046 | 9,202,109 | 6,399,812 | 8,169,941 |
Balances as at 30 June of each year. FY2021's FY2020 comparative was restated for the exploration accounting policy change; the displayed FY2021 value is its current-year amount.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Equity composition
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued capital$ | 6,102,035 | 8,640,035 | 10,838,241 | 17,519,987 | 20,429,209 |
| Reserves$ | 640,995 | 723,795 | 932,026 | 650,934 | 1,117,657 |
| Accumulated losses$ | (1,294,522) | (1,861,784) | (2,568,158) | (11,771,109) | (13,281,840) |
| Equity attributable to owners of the parent$ | 5,448,508 | 7,502,046 | 9,202,109 | 6,399,812 | 8,265,026 |
| Non-controlling interest$ | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (95,085) |
| Total equity$ | 5,448,508 | 7,502,046 | 9,202,109 | 6,399,812 | 8,169,941 |
FY2025 non-controlling interest is negative A$95,085, so equity attributable to owners exceeds total consolidated equity.
Basis and presentation notes (4)
- Non-controlling interest / FY2021 — Not separately presented: Not resolved from supplied extraction.
- Non-controlling interest / FY2022 — Not separately presented: Not resolved from supplied extraction.
- Non-controlling interest / FY2023 — Not separately presented: Not resolved from supplied extraction.
- Non-controlling interest / FY2024 — Not separately presented: Not resolved from supplied extraction.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Contractual exploration commitments on granted tenements
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Not longer than one year$ | 639,958 | 588,500 | 738,537 | 1,144,378 | 0 (nil) |
| Two to five years$ | 2,036,870 | 864,924 | 377,414 | 1,164,908 | 977,597 |
| Total exploration expenditure commitments$ | 2,676,828 | 1,453,424 | 1,115,951 | 2,309,286 | 977,597 |
Undiscounted future expenditure commitments, not statement-of-financial-position liabilities. FY2025's within-one-year amount is reported as a dash with a nil interpretation; A$977,597 falls in years two to five.
Basis and presentation notes (1)
- Not longer than one year / FY2025 — 0 (nil): Reported as '-' (nil).
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
FINANCIAL REVIEW / 03
Cash use and financing
Exploration and evaluation payments were the largest recurring investing outflow. Cash from share issues funded these payments and operating costs; the cash-flow table keeps the subsidiary payment and cash acquired as separate acquisition components.
FY2025 reported an A$745,940 net decrease in cash and an additional A$2,108 exchange-rate effect on foreign-currency cash. Both are needed to reconcile opening cash to A$1,920,138 closing cash.
Operating and investing cash use
A$
Net cash used in operating activitiesNet cash used in investing activities
AI-generated presentation · values from Consolidated cash flow and cash bridge; no missing values plotted as zero.
Cash paid for exploration and evaluation
A$
Payments for exploration and evaluation activities
AI-generated presentation · values from Investing cash flows and project expenditure; no missing values plotted as zero.
Consolidated cash flow and cash bridge
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (478,566) | (486,406) | (604,762) | (1,396,445) | (1,234,280) |
| Net cash used in investing activities | (1,695,447) | (2,747,792) | (2,817,203) | (1,388,694) | (2,522,282) |
| Net cash provided from financing activities | 5,587,200 | 2,538,000 | 2,377,000 | 3,484,344 | 3,010,622 |
| Net increase / (decrease) in cash held | 3,413,187 | (696,198) | (1,044,965) | 699,205 | (745,940) |
| Cash at beginning of year | 296,957 | 3,710,144 | 3,013,946 | 1,968,981 | 2,668,186 |
| Exchange-rate effect on cash held in foreign currencies | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (2,108) |
| Cash at end of year | 3,710,144 | 3,013,946 | 1,968,981 | 2,668,186 | 1,920,138 |
Cash-flow current-year amounts. FY2025 closing cash also reflects A$2,108 of adverse foreign exchange movement beyond the net cash decrease; the effect is shown as a separate row below.
Basis and presentation notes (4)
- Exchange-rate effect on cash held in foreign currencies / FY2021 — Not separately presented: Not separately presented in the cash bridge for this year.
- Exchange-rate effect on cash held in foreign currencies / FY2022 — Not separately presented: Not separately presented in the cash bridge for this year.
- Exchange-rate effect on cash held in foreign currencies / FY2023 — Not separately presented: Not separately presented in the cash bridge for this year.
- Exchange-rate effect on cash held in foreign currencies / FY2024 — Not separately presented: Not separately presented in the cash bridge for this year.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Operating cash receipts and payments
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from government grants | 0 (nil) | 152,147 | 150,645 | 0 (nil) | Not separately presented |
| Option fee receivedAUD | Not separately presented | Not separately presented | Not separately presented | Not separately presented | 25,000 |
| Interest receivedAUD | Not separately presented | Not separately presented | Not separately presented | Not separately presented | 68,518 |
| Other receipts | 0 (nil) | 8,182 | 22,628 | 48,858 | Not separately presented |
| Payments to suppliers and employees | (478,566) | (646,735) | (778,035) | (1,445,303) | (1,327,798) |
Cash receipts are not accrual revenue. FY2022's cash-flow comparative explicitly reports nil FY2021 government grants and other receipts. FY2024's current-year statement labels A$48,858 as other receipts, while the FY2025 statement presents that comparative as interest received; these captions are not a consistent series. FY2025 separately presents an option fee and interest; government grants are not a separate FY2025 line.
Basis and presentation notes (13)
- Receipts from government grants / FY2021 — 0 (nil): FY2022 cash-flow statement FY2021 comparative directly reports no government-grant receipts.
- Receipts from government grants / FY2024 — 0 (nil): Reported nil
- Receipts from government grants / FY2025 — Not separately presented: Not resolved from supplied extraction (FY2025 detail rows disclose option fee and interest received rather than government grants)
- Option fee received / FY2021 — Not separately presented: Not resolved from supplied extraction
- Option fee received / FY2022 — Not separately presented: Not resolved from supplied extraction
- Option fee received / FY2023 — Not separately presented: Not resolved from supplied extraction
- Option fee received / FY2024 — Not separately presented: Not resolved from supplied extraction
- Interest received / FY2021 — Not separately presented: Not resolved from supplied extraction
- Interest received / FY2022 — Not separately presented: Not resolved from supplied extraction
- Interest received / FY2023 — Not separately presented: Not resolved from supplied extraction
- Interest received / FY2024 — Not separately presented: Not resolved from supplied extraction
- Other receipts / FY2021 — 0 (nil): FY2022 cash-flow statement FY2021 comparative directly reports nil other receipts.
- Other receipts / FY2025 — Not separately presented: Not resolved from supplied extraction
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Investing cash flows and project expenditure
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for exploration and evaluation activities | (1,571,001) | (2,718,324) | (2,779,001) | (1,677,797) | (2,531,134) |
| Payments for exploration activities – acquisition costs | Not separately presented | Not separately presented | 0 (nil) | (55,913) | 0 (nil) |
| Payments for property, plant and equipment | (124,446) | (29,468) | (38,202) | (4,819) | (12,386) |
| Payments for subsidiary companyAUD | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (74,425) |
| Cash acquired on acquisition of subsidiary | Not separately presented | Not separately presented | 0 (nil) | 334,835 | 73,806 |
| Payment of security depositAUD | Not separately presented | Not separately presented | Not separately presented | Not separately presented | (14,203) |
| Refund of security depositAUD | Not separately presented | Not separately presented | Not separately presented | Not separately presented | 12,760 |
| Proceeds from sale of property, plant and equipment | Not separately presented | Not separately presented | 0 (nil) | 15,000 | 23,300 |
The exploration and property/equipment rows are cash payments, not closing asset balances. The FY2024 cash-flow comparative directly reports nil FY2023 exploration acquisition-cost payments. Acquisition cash and cash acquired are distinct; share-based purchase consideration is noncash and appears separately below.
Basis and presentation notes (22)
- Payments for exploration activities – acquisition costs / FY2021 — Not separately presented: Not resolved from supplied extraction
- Payments for exploration activities – acquisition costs / FY2022 — Not separately presented: Not resolved from supplied extraction
- Payments for exploration activities – acquisition costs / FY2023 — 0 (nil): FY2024 cash-flow statement FY2023 comparative directly reports a dash for exploration acquisition-cost payments.
- Payments for exploration activities – acquisition costs / FY2025 — 0 (nil): Reported nil
- Payments for subsidiary company / FY2021 — Not separately presented: Not resolved from supplied extraction
- Payments for subsidiary company / FY2022 — Not separately presented: Not resolved from supplied extraction
- Payments for subsidiary company / FY2023 — Not separately presented: Not resolved from supplied extraction
- Payments for subsidiary company / FY2024 — Not separately presented: Not resolved from supplied extraction
- Cash acquired on acquisition of subsidiary / FY2021 — Not separately presented: Not resolved from supplied extraction
- Cash acquired on acquisition of subsidiary / FY2022 — Not separately presented: Not resolved from supplied extraction
- Cash acquired on acquisition of subsidiary / FY2023 — 0 (nil): Reported nil
- Payment of security deposit / FY2021 — Not separately presented: Not resolved from supplied extraction
- Payment of security deposit / FY2022 — Not separately presented: Not resolved from supplied extraction
- Payment of security deposit / FY2023 — Not separately presented: Not resolved from supplied extraction
- Payment of security deposit / FY2024 — Not separately presented: Not resolved from supplied extraction
- Refund of security deposit / FY2021 — Not separately presented: Not resolved from supplied extraction
- Refund of security deposit / FY2022 — Not separately presented: Not resolved from supplied extraction
- Refund of security deposit / FY2023 — Not separately presented: Not resolved from supplied extraction
- Refund of security deposit / FY2024 — Not separately presented: Not resolved from supplied extraction
- Proceeds from sale of property, plant and equipment / FY2021 — Not separately presented: Not resolved from supplied extraction
- Proceeds from sale of property, plant and equipment / FY2022 — Not separately presented: Not resolved from supplied extraction
- Proceeds from sale of property, plant and equipment / FY2023 — 0 (nil): Reported nil
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Financing cash flows
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Proceeds from issue of shares | 6,000,165 | 2,700,000 | 2,527,000 | 3,750,000 | 3,250,000 |
| Proceeds from issue of options | Not separately presented | Not separately presented | 0 (nil) | 750 | 305 |
| Payments for share issue costs | (412,965) | (162,000) | (150,000) | (266,406) | (239,683) |
Share-issue proceeds here are cash receipts. Equity movement values include noncash shares and different transaction cost recognition and should not be equated to this cash-flow line.
Basis and presentation notes (3)
- Proceeds from issue of options / FY2021 — Not separately presented: Issuer reports '-' (nil) for FY2021; no option-proceeds line disclosed.
- Proceeds from issue of options / FY2022 — Not separately presented: Issuer reports '-' (nil) for FY2022; no option-proceeds line disclosed.
- Proceeds from issue of options / FY2023 — 0 (nil): Issuer-reported nil in FY2024 source comparative column.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
FINANCIAL REVIEW / 04
Capital structure and returns
Funding was raised mainly through ordinary shares. The FY2024 asset acquisition included A$3.30 million of share-based consideration, which is distinct from share cash proceeds. No dividend payment line is established in the selected cash-flow statements; this report makes no inferred dividend-yield claim.
Equity-accounting movements
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss for the year (charged to accumulated losses)$ | (1,200,451) | (567,262) | (706,374) | (9,843,781) | Not separately presented |
| Other comprehensive income for the year$ | 0 (nil) | 0 (nil) | 0 (nil) | (10,411) | Not separately presented |
| Share application funds / shares and options issued$ | 6,000,000 | 2,700,000 | 2,527,000 | 7,178,250 | 3,456,788 |
| Share issue costs$ | (412,965) | (162,000) | (328,794) | (495,754) | (547,566) |
| Share-based payment options recognised$ | 640,830 | 82,800 | 208,231 | 369,399 | Not separately presented |
Equity movements are accrual/noncash-inclusive and differ from financing cash flows. FY2025 statement detail is incomplete in the selected extraction; its closing components appear in the equity table above. FY2024 share consideration includes noncash asset acquisition consideration.
Basis and presentation notes (6)
- Loss for the year (charged to accumulated losses) / FY2025 — Not separately presented: Not resolved from supplied extraction
- Other comprehensive income for the year / FY2021 — 0 (nil): reported nil
- Other comprehensive income for the year / FY2022 — 0 (nil): reported nil
- Other comprehensive income for the year / FY2023 — 0 (nil): reported nil
- Other comprehensive income for the year / FY2025 — Not separately presented: Not resolved from supplied extraction
- Share-based payment options recognised / FY2025 — Not separately presented: Not resolved from supplied extraction
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
FINANCIAL REVIEW / 05
Exploration activity and acquisition accounting
The FY2023 drilling schedule records 465 holes and 20,588 metres across the listed project-target combinations. These are activity measures for an explorer, not evidence of commercial production.
The FY2024 acquisition allocation shows share-based consideration and exploration assets; the FY2025 Savana acquisition occurred on 5 August 2024 and was accounted for as an asset acquisition under AASB 2. The two transactions should not be conflated.
FY2023 drilling by project and target
holes or metres, as labelled
| Metric | FY2023 |
|---|---|
| Innouendy — REE — # Holes Drilledholes | 278 |
| Innouendy — REE — Metres Drilledmetres | 12,739 |
| Innouendy — Ni-Cu-PGE — # Holes Drilledholes | 12 |
| Innouendy — Ni-Cu-PGE — Metres Drilledmetres | 1,536 |
| Dingo Pass — REE — # Holes Drilledholes | 100 |
| Dingo Pass — REE — Metres Drilledmetres | 2,973 |
| Dingo Pass — Ni-Cu-PGE — # Holes Drilledholes | 3 |
| Dingo Pass — Ni-Cu-PGE — Metres Drilledmetres | 731 |
| Belele — Au — # Holes Drilledholes | 72 |
| Belele — Au — Metres Drilledmetres | 2,609 |
| Total — all project areas — # Holes Drilledholes | 465 |
| Total — all project areas — Metres Drilledmetres | 20,588 |
Exploration activity, not production or mineral sales. Individual project counts are project/target slices; totals follow the source table.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
FY2024 asset acquisition consideration and asset allocation
A$
| Metric | FY2024 |
|---|---|
| Purchase consideration — share-based (75,000,000 shares × $0.044)AUD | 3,300,000 |
| Total purchase considerationAUD | 3,300,000 |
| Cash and cash equivalents acquiredAUD | 334,835 |
| Other assets acquiredAUD | 88,308 |
| Exploration and evaluation expenditure acquiredAUD | 86,307 |
| Liabilities acquiredAUD | (322,561) |
| Fair value of identifiable net assets acquiredAUD | 188,889 |
| Excess consideration allocated to E&EAUD | 3,113,111 |
| Net assets acquiredAUD | 3,300,000 |
The 2024 note reports A$3.30 million of share-based consideration, not cash proceeds. The selected record does not establish an acquisition date or target name for this FY2024 table; the Savana transaction dated 5 August 2024 belongs to FY2025 and is separate.
Source: Desert Metals annual reports, selected consolidated financial statements and notes.
Reading the figures
- FY2021 original operating-expense components, including A$13,850 intangible impairment, differ by A$269 from its reported expense subtotal; the FY2022 comparative changes the FY2021 administrative-expense line by A$269. The source-level discrepancy remains unresolved.
- FY2024 acquisition allocation table in the selected annual record does not identify the target or exact transaction date; it is shown by fiscal reporting period only.
- Selected FY2025 equity-movement detail and option schedules do not support a complete five-year like-for-like movement table; closing equity components and cash financing are shown separately.
Annual-report source registry
- Desert Metals Limited — Annual Report to shareholdersYear ended 2021-06-30; document dated 2021-09-29. Original current-year values selected where available; FY2021 expense subtotal is explicitly sourced from FY2022 comparative.
- Desert Metals Limited — Annual Report to shareholdersYear ended 2022-06-30; document dated 2022-09-29. Original current-year values selected where available.
- Desert Metals Limited — Annual Report to shareholdersYear ended 2023-06-30; document dated 2023-09-28. Original current-year values selected where available.
- Desert Metals Limited — Full Year Statutory AccountsYear ended 2024-06-30; document dated 2024-09-30. Original current-year values selected where available.
- Desert Metals Limited — Full Year Statutory AccountsYear ended 2025-06-30; document dated 2025-09-30. Original current-year values selected where available.
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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