ASX: DRX · Five-year financial review

Diatreme Resources Limited (ASX: DRX) - Five-Year Financial Review FY2021-FY2025

Five December-year-end annual reports in reported Australian dollars (A$), with shares, cents per share, tonnes and grades explicitly labelled. JV-entity assets and parent-entity amounts are separate from consolidated group figures.

Financial years ended 31 December 2021, 2022, 2023, 2024 and 2025; each is a twelve-month calendar year. · Editorial review: 2026-09-24 · MII Research

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

FY2025 net result

A$0.745m loss

Consolidated statutory loss after tax.

FY2025 operating cash

A$2.392m outflow

Consolidated cash-flow statement.

FY2025 group cash

A$2.339m

31 December 2025, excluding JV-entity cash.

FY2025 group E&E

A$49.130m

Carrying amount at 31 December 2025.

Five years in context

Diatreme remained a pre-production exploration group through the five December year ends. Statutory results moved with JV and acquisition accounting: the FY2022 venture formation and FY2023 dilution gains produced profits, followed by losses in FY2024 and FY2025. Those gains should be read alongside persistent operating cash outflows.

The 2024 Metallica acquisition widened the consolidated project and asset boundary. Group cash, the equity-method JV investment, and Cape Silica Holdings' own cash are different balances; the tables present them separately.

Events behind the numbers

FY2021

Exploration funding and going-concern disclosure

The group reported a A$2.15m loss and A$2.15m operating cash outflow; the audit opinion drew attention to a material uncertainty related to going concern. A private placement raised A$10.13m.

FY2022

Sibelco venture first tranche

The first Sibelco tranche completed on 12 December 2022; JV formation accounting contributed a A$8.21m gain. The group closed December with A$13.64m cash.

FY2023

Second JV tranche and dilution gain

A A$13.82m JV dilution gain was recognised, lifting the statutory result to a A$10.37m profit. The event is a one-off accounting gain.

FY2024

Metallica acquisition resets the asset base

The all-scrip Metallica transaction added A$32.5m to E&E assets and A$30.68m of issued capital; group cash fell while operating cash outflow increased.

FY2025

Subsidiary disposals and lower group cash

Chalcophile Resources and PGE Minerals were disposed to Moonlight Resources on 11 December 2025. The group recognised a A$2.14m disposal gain, received A$250,000 cash, and ended December with A$2.34m group cash.

FINANCIAL REVIEW / 01

Income and earnings per share

Diatreme remained an exploration group. Large JV and acquisition accounting gains dominate the profitable middle years; the later losses are more informative about the recurring cost base than the peak statutory profit alone.

Statutory annual result

Net profit/(loss) for the year

A$ reported net result; FY2022–FY2024 include material one-off gains. Chart values come directly from the table.

AI-generated presentation · values from Consolidated profit or loss and comprehensive income; no missing values plotted as zero.

Consolidated profit or loss and comprehensive income

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue$	23,938	110,137	456,496	385,094	144,429
Material non-operating gain (nature varies by year)$	Not presented	8,212,269	13,818,643	4,260,404	2,136,963
Share of joint venture income$	N/A	Not presented	12,010	501,370	40,905
Other income$	Nil	69,606	17,245	246,349	892,479
Total revenue and income$	23,938	8,392,012	14,304,394	5,393,217	3,214,776
Employee benefit expenses$	-858,249	-1,204,037	-1,163,783	-1,833,048	-1,082,896
Depreciation expenses$	-100,955	-171,278	-214,220	-347,301	-306,602
Exploration expenditure written off$	-17,420	Nil	-20,779	-16,131	Nil
Share based payment expense$	-198,908	-339,331	-458,262	-243,401	-86,254
Other expenses$	-887,127	-1,578,016	-1,951,252	-3,280,822	-2,398,950
Finance costs$	-110,846	-120,972	-129,889	-112,041	-85,029
Total expenses$	-2,173,505	-3,413,634	-3,938,185	-5,832,744	-3,959,731
Profit/(loss) before income tax$	-2,149,567	4,978,378	10,366,209	-439,527	-744,955
Income tax (expense)/benefit$	Nil	Nil	Nil	Nil	Nil
Net profit/(loss) for the year$	-2,149,567	4,978,378	10,366,209	-439,527	-744,955
Other comprehensive income for the year, net of tax$	Nil	Nil	Nil	Nil	Nil
Total comprehensive income/(loss) for the year$	-2,149,567	4,978,378	10,366,209	-439,527	-744,955

Revenue is chiefly interest. The 'other gains' row changes nature by year: FY2022 JV formation, FY2023 JV dilution, FY2024 Metallica acquisition, FY2025 subsidiary disposal. It is shown for reconciliation, not as recurring operating revenue.

The FY2025 consolidated statement supplies the statutory income and expense lines, pre-tax result, nil income tax and nil other comprehensive income. FY2025 depreciation and share-based payment expenses also agree with the cash-flow reconciliation; other expenses agree with Note 2(d), and exploration written off is explicitly nil.

Basis and presentation notes (16)

Material non-operating gain (nature varies by year) / FY2021 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Share of joint venture income / FY2021 — N/A: Cape Silica JV formed in FY2022; no JV share of income applies to FY2021.
Share of joint venture income / FY2022 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Other income / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Exploration expenditure written off / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.
Exploration expenditure written off / FY2025 — Nil: FY2025 cash-flow reconciliation explicitly reports exploration expenditure written off as a dash/nil; FY2024 comparator is A$16,131.
Income tax (expense)/benefit / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Income tax (expense)/benefit / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.
Income tax (expense)/benefit / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Income tax (expense)/benefit / FY2024 — Nil: Source row reports a dash/nil for this specific line and period.
Income tax (expense)/benefit / FY2025 — Nil: The FY2025 consolidated statement shows a dash for this line; nil is specific to this line and period.
Other comprehensive income for the year, net of tax / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Other comprehensive income for the year, net of tax / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.
Other comprehensive income for the year, net of tax / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Other comprehensive income for the year, net of tax / FY2024 — Nil: Source row reports a dash/nil for this specific line and period.
Other comprehensive income for the year, net of tax / FY2025 — Nil: The FY2025 consolidated statement shows a dash for this line; nil is specific to this line and period.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Attributable result and earnings per share

Mixed: A$, shares, cents per share

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Profit/(loss) after tax attributable to owners of Diatreme Resources LimitedA$	-2,149,567	4,978,378	10,366,209	-439,527	-744,955
Weighted average ordinary shares – basicshares	2,704,811,930	3,367,748,394	3,729,759,126	4,303,460,126	5,008,281,841
Weighted average ordinary shares – dilutedshares	2,704,811,930	3,367,748,394	3,731,981,349	4,303,460,126	5,008,281,841
Basic earnings/(loss) per sharecents/share	-0.1	0.1	0.3	-0.01	-0.01
Diluted earnings/(loss) per sharecents/share	-0.1	0.1	0.3	-0.01	-0.01
Anti-dilutive options excluded from diluted EPSoptions	Not available in checked reports	Not available in checked reports	0 (nil)	70,000,000	70,000,000

Weighted-average shares are counts, EPS is cents per share; the FY2025 loss is attributable to owners per Note 6.

The FY2023 anti-dilutive option count is nil in the FY2024 Note 5 comparative. FY2021–FY2022 excluded counts are not available in the checked parsed reports after the final search. Equal basic and diluted EPS alone does not establish an excluded count.

Basis and presentation notes (3)

Anti-dilutive options excluded from diluted EPS / FY2021 — Not available in checked reports: The checked parsed reports and prior EPS tables do not establish a separate excluded anti-dilutive option count for this period. FY2021 states the options were anti-dilutive but does not provide the target count. Neither equal basic/diluted EPS nor year-end option holdings supplies that count. Final search closed on 28 September 2026; this is a limit of the checked parsed reports, not proof of issuer non-disclosure and not a zero.
Anti-dilutive options excluded from diluted EPS / FY2022 — Not available in checked reports: The checked parsed reports and prior EPS tables do not establish a separate excluded anti-dilutive option count for this period. FY2021 states the options were anti-dilutive but does not provide the target count. Neither equal basic/diluted EPS nor year-end option holdings supplies that count. Final search closed on 28 September 2026; this is a limit of the checked parsed reports, not proof of issuer non-disclosure and not a zero.
Anti-dilutive options excluded from diluted EPS / FY2023 — 0 (nil): FY2024 Note 5 EPS table reports a dash for the FY2023 comparative count of shares under option excluded as antidilutive; its FY2024 column reports 70,000,000. The dash is interpreted as nil for this exact count, not from equal EPS values.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

FINANCIAL REVIEW / 02

Balance sheet and liquidity

The Metallica transaction reset the group asset base in 2024. The FY2025 asset mix contains group E&E assets, an equity-method JV interest and a separately shown listed security investment. The parent entity table has a different reporting boundary.

Group cash at each December balance date

AUD

Cash and cash equivalents

A$ consolidated cash; excludes Cape Silica Holdings' own cash.

AI-generated presentation · values from Consolidated financial position at 31 December; no missing values plotted as zero.

Consolidated financial position at 31 December

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and cash equivalentsAUD	6,500,017	13,640,939	10,772,458	5,187,296	2,338,919
Trade and other receivablesAUD	161,491	562,984	313,731	191,684	206,004
Total current assetsAUD	6,661,508	14,203,923	11,086,189	5,378,980	2,544,923
Investment in joint ventureAUD	Nil	25,117,484	38,948,137	39,449,507	39,490,412
Property, plant and equipmentAUD	253,586	581,361	693,962	741,053	573,540
Exploration and evaluation assetsAUD	26,094,898	15,363,583	15,540,443	49,594,306	49,130,201
Total non-current assetsAUD	26,474,369	41,129,967	55,445,706	90,073,791	91,962,452
Total assetsAUD	33,135,877	55,333,890	66,531,895	95,452,771	94,507,375
Trade and other payablesAUD	712,703	967,303	1,044,277	1,089,348	939,798
Borrowings — currentAUD	1,518,125	Nil	1,525,313	1,016,876	1,016,875
Borrowings — non-currentAUD	Not presented	1,509,375	Nil	1,016,876	Nil
Lease liabilities — currentAUD	57,877	31,819	95,957	149,709	37,810
Lease liabilities — non-currentAUD	31,820	Nil	125,359	37,810	Nil
Total current liabilitiesAUD	2,296,619	1,008,072	2,768,191	2,447,798	2,215,226
Total non-current liabilitiesAUD	77,906	1,579,511	192,926	64,613	10,490
Total liabilitiesAUD	2,374,525	2,587,583	2,961,117	2,512,411	2,225,716
Net assets / Total equityAUD	30,761,347	52,746,307	63,570,778	92,940,360	92,281,659
Issued capitalAUD	76,964,871	93,637,615	93,637,615	124,320,539	124,320,539
ReservesAUD	225,251	559,089	1,017,351	1,260,752	1,347,006
Accumulated lossesAUD	-46,428,775	-41,450,397	-31,084,188	-32,640,931	-33,385,886

Values are A$ as reported. Joint venture investment is the group's equity-method carrying amount; the JV's own assets and cash are shown separately below.

The FY2021 extracted total-assets and total-liabilities difference exceeds its extracted net-assets line by A$5; original reported rows are retained for review, without a balancing adjustment.

Basis and presentation notes (5)

Investment in joint venture / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Borrowings — current / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.
Borrowings — non-current / FY2021 — Not presented: FY2021 source places the A$1,518,125 loan under current liabilities and has no separate non-current borrowings line; the draft had duplicated the current amount here.
Borrowings — non-current / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Lease liabilities — non-current / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Parent entity financial position and result (separate, not consolidated)

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Current assetsAUD	6,652,118	14,146,937	11,067,531	4,728,672	2,163,197
Non-current assetsAUD	29,067,703	43,723,904	58,055,916	90,422,079	99,822,509
Total assetsAUD	35,719,821	57,870,841	69,123,447	95,150,751	101,985,706
Current liabilitiesAUD	2,278,398	1,000,698	2,748,760	2,194,998	2,113,501
Non-current liabilitiesAUD	77,906	1,570,136	192,926	390,822	772,050
Total liabilitiesAUD	2,356,304	2,570,834	2,941,686	2,585,820	2,885,551
Net assetsAUD	33,363,517	55,300,007	66,181,761	92,564,931	99,100,155
Contributed equityAUD	76,964,871	93,637,615	93,637,615	124,320,539	124,320,539
Accumulated lossesAUD	-43,826,605	-38,896,697	-28,473,205	-33,016,360	-26,567,390
(Loss)/profit for the yearAUD	-2,110,785	4,929,908	10,423,492	-3,425,939	6,448,970

FY2025 source table has mojibake glyphs in its digit and label encoding. The selected row values below are decoded from that saved same-issuer table; exact source text is retained in evidence.json.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Financial liabilities at 31 December 2025

Metric	Carrying amount	Contractual cash flow	Under six months
Trade and other payables	939,798	939,798	939,798
Borrowings	1,016,875	1,016,875	1,016,875
Lease liabilities	37,810	37,810	37,810
Total financial liabilities	1,994,483	1,994,483	1,994,483

The FY2025 liquidity maturity table places all listed contractual amounts within six months. These are financial-liability categories, not the full balance-sheet liability total, which also includes provisions.

Source: Selected same-issuer annual DB table and/or frozen annual extraction; exact row and column locators in evidence.json.

FINANCIAL REVIEW / 03

Operating, investing and financing cash flows

Operating cash outflows continued through FY2025. Cash spending on exploration and equipment is distinct from capitalised asset values. The FY2025 statement classifies subsidiary-sale cash proceeds in financing activities.

Operating cash flow

Net cash from/(used in) operating activities

A$ annual operating cash flow from the consolidated statements.

AI-generated presentation · values from Consolidated operating cash flow; no missing values plotted as zero.

Closing group cash

Cash and cash equivalents at end of year

A$ closing cash after operating, investing and financing movements.

AI-generated presentation · values from Financing cash flow and cash bridge; no missing values plotted as zero.

Consolidated operating cash flow

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Receipts in the course of operations$	15,427	17,018	7,890	Nil	Not presented
Other receipts$	Not presented	Not presented	Nil	240,202	495,243
Payments to suppliers and employees$	-1,978,451	-2,426,947	-2,645,027	-6,555,627	-3,000,676
Interest received$	8,511	26,008	420,466	434,741	188,123
Government grants and incentives$	Nil	Not presented	Not presented	Not presented	Not presented
Finance costs$	-192,743	-124,243	-102,850	-120,478	-74,207
Net cash from/(used in) operating activities$	-2,147,256	-2,508,164	-2,319,521	-6,001,162	-2,391,517

Receipts and expenses are cash movements, distinct from accrual revenue and expenses. FY2025 statement presents supplier payments, interest, finance costs and other receipts; it does not separately present an ordinary customer-receipts line.

Basis and presentation notes (10)

Receipts in the course of operations / FY2024 — Nil: Source row reports a dash/nil for this specific line and period.
Receipts in the course of operations / FY2025 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Other receipts / FY2021 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Other receipts / FY2022 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Other receipts / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Government grants and incentives / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Government grants and incentives / FY2022 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Government grants and incentives / FY2023 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Government grants and incentives / FY2024 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Government grants and incentives / FY2025 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Consolidated investing cash flow

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Payments for property, plant and equipment (capex)$	-202,613	-479,751	-289,682	-185,736	-12,005
Payments for exploration and evaluation assets$	-6,349,234	-6,583,010	-193,706	-1,519,012	-1,161,708
Proceeds from sale of property, plant and equipment$	Not presented	107,954	30,000	8,182	10,909
Cash from acquisition of subsidiary (MLM)$	N/A	N/A	Nil	2,756,360	Nil
Security deposits: payment/(refund)$	-17,500	Nil	-9,100	Nil	51,223
Net cash from/(used in) investing activities$	-6,569,347	-6,954,807	-462,488	1,059,794	-549,081
Proceeds from sale of intellectual property	Not applicable	Not applicable	Not applicable	Not applicable	562,500

PP&E cash payments are not period-end PP&E assets. FY2024 includes cash acquired with Metallica; FY2025 includes proceeds from intellectual property and a security-deposit refund.

The intellectual-property sale receipt is a FY2025 transaction; prior-year cells are not applicable to that sale, while separate investing components remain visible.

Basis and presentation notes (10)

Proceeds from sale of property, plant and equipment / FY2021 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Cash from acquisition of subsidiary (MLM) / FY2021 — N/A: Metallica subsidiary acquisition occurred in FY2024; its cash-acquired line does not apply to FY2021.
Cash from acquisition of subsidiary (MLM) / FY2022 — N/A: Metallica subsidiary acquisition occurred in FY2024; its cash-acquired line does not apply to FY2022.
Cash from acquisition of subsidiary (MLM) / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Security deposits: payment/(refund) / FY2022 — Nil: Source row reports a dash/nil for this specific line and period.
Security deposits: payment/(refund) / FY2024 — Nil: Source row reports a dash/nil for this specific line and period.
Proceeds from sale of intellectual property / FY2021 — Not applicable: The intellectual-property sale proceeds are a distinct FY2025 transaction; this transaction is not shown in the selected FY2021 investing statement.
Proceeds from sale of intellectual property / FY2022 — Not applicable: The intellectual-property sale proceeds are a distinct FY2025 transaction; this transaction is not shown in the selected FY2022 investing statement.
Proceeds from sale of intellectual property / FY2023 — Not applicable: The intellectual-property sale proceeds are a distinct FY2025 transaction; this transaction is not shown in the selected FY2023 investing statement.
Proceeds from sale of intellectual property / FY2024 — Not applicable: The intellectual-property sale proceeds are a distinct FY2025 transaction; this transaction is not shown in the selected FY2024 investing statement.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Financing cash flow and cash bridge

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Proceeds from issue of shares$	10,130,001	17,756,384	Nil	Not presented	Not presented
Payments for share issue costs$	-638,807	-1,089,134	Nil	Not presented	Not presented
Repayment of borrowings$	Not presented	Not presented	Nil	-500,000	Nil
Repayment of lease liabilities$	-62,115	-63,357	-86,472	-143,794	-157,779
Proceeds from sale of subsidiaries	Not applicable	Not applicable	Not applicable	Not applicable	250,000
Net cash from/(used in) financing activities$	9,429,079	16,603,893	-86,472	-643,794	92,221
Net increase/(decrease) in cash and cash equivalents$	712,476	7,140,922	-2,868,481	-5,585,162	-2,848,377
Cash and cash equivalents at beginning of year$	5,787,541	6,500,017	13,640,939	10,772,458	5,187,296
Cash and cash equivalents at end of year$	6,500,017	13,640,939	10,772,458	5,187,296	2,338,919

FY2025 statement places A$250,000 proceeds from subsidiary disposals in financing cash flow; this follows the original statement classification. FY2024 A$30.7m of shares issued for Metallica was noncash and is excluded from cash share proceeds.

The subsidiary-disposal financing receipt is a FY2025 transaction; prior-year cells are not applicable to that disposal.

Basis and presentation notes (13)

Proceeds from issue of shares / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Proceeds from issue of shares / FY2024 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Proceeds from issue of shares / FY2025 — Not presented: The FY2025 financing statement has no separate share proceeds or share issue cost line; no cash value is inferred.
Payments for share issue costs / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Payments for share issue costs / FY2024 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Payments for share issue costs / FY2025 — Not presented: The FY2025 financing statement has no separate share proceeds or share issue cost line; no cash value is inferred.
Repayment of borrowings / FY2021 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Repayment of borrowings / FY2022 — Not presented: No separate line for this item in the selected annual financial statement; no amount is inferred.
Repayment of borrowings / FY2023 — Nil: Source row reports a dash/nil for this specific line and period.
Proceeds from sale of subsidiaries / FY2021 — Not applicable: The subsidiary-sale financing receipt shown for FY2025 is a distinct transaction; this transaction is not shown in the selected FY2021 financing statement.
Proceeds from sale of subsidiaries / FY2022 — Not applicable: The subsidiary-sale financing receipt shown for FY2025 is a distinct transaction; this transaction is not shown in the selected FY2022 financing statement.
Proceeds from sale of subsidiaries / FY2023 — Not applicable: The subsidiary-sale financing receipt shown for FY2025 is a distinct transaction; this transaction is not shown in the selected FY2023 financing statement.
Proceeds from sale of subsidiaries / FY2024 — Not applicable: The subsidiary-sale financing receipt shown for FY2025 is a distinct transaction; this transaction is not shown in the selected FY2024 financing statement.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

FINANCIAL REVIEW / 04

Capital and shareholder returns

The FY2024 Metallica acquisition added A$30.7m of issued capital through shares issued as consideration; that was noncash. FY2025 issued capital was unchanged while the share-based payment reserve increased.

Consolidated closing equity

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Issued capitalnot stated	76,964,871	93,637,615	93,637,615	124,320,539	124,320,539
Share-based payment reservenot stated	225,251	559,089	1,017,351	1,260,752	1,347,006
Accumulated lossesnot stated	-46,428,775	-41,450,397	-31,084,188	-32,640,931	-33,385,886
Total equitynot stated	30,761,347	52,746,307	63,570,778	92,940,360	92,281,659

FY2024 Metallica shares are a noncash acquisition consideration; FY2025 issued capital is unchanged from FY2024. This table is a stock balance, not annual cash proceeds.

Source: Diatreme annual reports, original extracted financial rows and selected same-issuer annual tables; exact locators retained in evidence.json.

Disclosed dividends and on-market buy-back status

Issuer statements

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Dividend paid / recommendedissuer statement	None paid / recommended	None paid or recommended	None paid or recommended	None paid or recommended	None paid / recommended
On-market buy-back in operationissuer statement	None in operation	None in operation	None current at report date	None in operation	None in operation

The FY2021 and FY2025 Directors' Reports state that no dividends were paid since the preceding year end and none were recommended for the respective year. The FY2023 report states that no on-market buy-back was current at its disclosure date; this is not a statement about every transaction during that financial year. Its unmarketable parcel sale facility was a shareholder sale, not evidence of an issuer buy-back.

Explicit no-dividend and no-current-buy-back statements are qualitative status disclosures; no cash amount is inferred from them.

Basis and presentation notes (5)

Dividend paid / recommended / FY2021 — None paid / recommended: The FY2021 Directors' Report states no dividend has been paid since the previous year end and directors do not recommend any dividend for the year ended 31 December 2021.
Dividend paid / recommended / FY2022 — None paid or recommended: Directors' FY2022 statement; no cash dividend amount is inferred beyond the explicit no-dividend statement.
Dividend paid / recommended / FY2025 — None paid / recommended: The FY2025 Directors' Report states no dividend has been paid since the previous year end and directors do not recommend any dividend for the year ended 31 December 2025.
On-market buy-back in operation / FY2021 — None in operation: FY2021 shareholder information states no current on-market buy-back; this is a status statement, not a cash amount.
On-market buy-back in operation / FY2023 — None current at report date: The FY2023 annual report's On-market Buy-back section states there is no current on-market buy-back. This is the status at the report disclosure date; it is not a claim that no repurchase occurred at any time during the whole year.

Source: Selected same-issuer annual DB table and/or frozen annual extraction; exact row and column locators in evidence.json.

FINANCIAL REVIEW / 05

Exploration assets and project resource snapshots

The group carries E&E assets for its project portfolio, while Cape Silica Holdings reports its own cash and E&E balances. The table keeps those reporting boundaries separate. Resource and Reserve figures are estimates at their stated dates, not production or sales.

Group exploration and evaluation assets

AUD

Exploration and evaluation assets

A$ year-end group carrying values; the 2024 Metallica acquisition changes the asset boundary.

AI-generated presentation · values from Consolidated financial position at 31 December; no missing values plotted as zero.

Aggregate silica sand Mineral Resources

Total Silica Sand Mineral Resources (all projects)

Mt portfolio resource estimate at each reported December date; not annual output.

AI-generated presentation · values from Silica Mineral Resources and project Ore Reserves; no missing values plotted as zero.

Exploration and evaluation asset bridge

Metric	FY2024	FY2025
Opening carrying amount	15,540,443	49,594,306
Metallica acquisition including mineral-asset uplift	32,500,000	Nil
Disposed subsidiaries' E&E assets	Nil	-1,363,037
Costs capitalised during year	1,569,994	898,932
Exploration expenditure written off	-16,131	Nil
Closing carrying amount	49,594,306	49,130,201

This is an accrual carrying-value bridge; exploration cash payments appear in the investing cash-flow table and need not equal costs capitalised. The saved FY2025 note has merged OCR rows; selected values reconcile: opening + capitalised − disposal = closing. The original row strings are retained.

Source: Selected same-issuer annual DB table and/or frozen annual extraction; exact row and column locators in evidence.json.

Cape Silica Holdings: group carrying value versus JV entity amounts

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
DRX group investment in JV	Nil	25,117,484	38,948,137	39,449,507	39,490,412
Cape Silica Holdings own cash	N/A	10,857,544	26,685,193	16,336,728	5,434,810
Cape Silica Holdings own E&E assets	N/A	17,637,315	25,439,926	36,590,859	47,292,524

The JV's own cash and E&E assets are not consolidated line by line into DRX group cash or DRX group E&E. Group investment is an equity-method carrying amount.

FY2022 JV cash uses the FY2023 annual comparative of A$10,857,544 (R001802); the FY2022 narrative record R000803 states A$10,857,445. The A$99 source discrepancy is retained for review rather than silently reconciled.

Basis and presentation notes (3)

DRX group investment in JV / FY2021 — Nil: Source row reports a dash/nil for this specific line and period.
Cape Silica Holdings own cash / FY2021 — N/A: JV formed later.
Cape Silica Holdings own E&E assets / FY2021 — N/A: JV formed later.

Source: Selected same-issuer annual DB table and/or frozen annual extraction; exact row and column locators in evidence.json.

Silica Mineral Resources and project Ore Reserves

Mixed: Mt and %

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Galalar — Probable Ore Reserve tonnageMt	32.53	32.53	32.5	32.5	32.5
Galalar — Ore Reserve SiO2 grade%	99.2	99.2	99.2	99.2	99.2
Cape Flattery Silica — Probable Ore Reserve tonnageMt	N/A	N/A	N/A	47	47
Cape Flattery Silica — Ore Reserve SiO2 grade%	N/A	N/A	N/A	99.1	99.1
Total Silica Sand Mineral Resources (all projects)Mt	128.46	199.56	402.16	463.66	501.16
Total Silica Sand — weighted SiO2 grade%	99.24	99.26	99.28	99.26	99.22

Ore Reserves and Mineral Resources are distinct categories and should not be added together. The aggregate silica Mineral Resource is a portfolio figure, not annual production. Dates are 31 December resource snapshots where supported by source records.

Basis and presentation notes (6)

Cape Flattery Silica — Probable Ore Reserve tonnage / FY2021 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.
Cape Flattery Silica — Probable Ore Reserve tonnage / FY2022 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.
Cape Flattery Silica — Probable Ore Reserve tonnage / FY2023 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.
Cape Flattery Silica — Ore Reserve SiO2 grade / FY2021 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.
Cape Flattery Silica — Ore Reserve SiO2 grade / FY2022 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.
Cape Flattery Silica — Ore Reserve SiO2 grade / FY2023 — N/A: Cape Flattery Silica project entered the group with the 2024 Metallica transaction.

Source: Selected same-issuer annual DB table and/or frozen annual extraction; exact row and column locators in evidence.json.

Reading the figures

FY2021/FY2025 dividends paid or recommended are explicitly none. The FY2023 annual report states no current on-market buy-back at its disclosure date. FY2021/FY2022 excluded-option counts remain unavailable in the checked evidence and are not zero. Previously verified FY2023/FY2024 counts are unchanged.
FY2021 extracted balance sheet has a A$5 difference between assets less liabilities and the separately extracted net-assets line; no balancing item was invented.
The FY2025 aggregate silica weighted SiO2 grade is taken from the original selected annual table row and column after correcting the draft's tonnage-as-grade mapping.
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

Diatreme Resources Limited annual report 2021Year ended 2021-12-31; report dated 2022-04-27.
Diatreme Resources Limited annual report 2022Year ended 2022-12-31; report dated 2023-04-24.
Diatreme Resources Limited annual report 2023Year ended 2023-12-31; report dated 2024-04-22.
Diatreme Resources Limited annual report 2024Year ended 2024-12-31; report dated 2025-04-17.
Diatreme Resources Limited annual report 2025Year ended 2025-12-31; report dated 2026-04-29.

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

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

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

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