ASX: DTM · Five-year financial review

Dart Mining NL (ASX: DTM) - Five-Year Financial Review FY2021-FY2025

Five annual reports for Dart Mining NL, with consolidated statutory figures in Australian dollars unless a table says shares or cents per share. FY2022 statement balances use dated FY2023-report comparatives because the selected FY2022 extraction is sparse.

Financial years ended 30 June 2021, 2022, 2023, 2024 and 2025; each is a twelve-month period. · 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 statutory loss

A$11.63m

After tax; includes A$10.15m exploration write-off.

FY2025 year-end cash

A$0.53m

30 June 2025 consolidated balance.

FY2025 financing cash

A$5.58m

Net cash from financing activities.

FY2025 deferred exploration

A$13.54m

30 June 2025 carrying amount.

Five years in context

The company was an exploration and development issuer throughout the review period. Cash from operations was negative in every year; equity financing and changing exploration outlays largely explain the cash bridge. The largest comparability break is the FY2025 exploration write-off, while the FY2022 balance sheet is shown from FY2023 comparative statements.

Events behind the numbers

FY2021

In-house drill rig commissioned

The group commissioned an in-house diamond drill rig in May 2021 while continuing gold and lithium exploration. Equity financing supported exploration and equipment outlays.

FY2022

Going-concern uncertainty flagged

For the year ended 30 June 2022 the auditor gave an unmodified opinion with a material-uncertainty paragraph on going concern. The selected FY2022 auditor table discusses deferred exploration carrying value and no further impairment.

FY2023

SQM farm-in agreement

A farm-in joint venture with SQM was signed in July 2022. The FY2023 cash-flow statement records a farm-in cash contribution.

FY2024

Rushworth gold focus

The directors described a shift toward the wholly owned Rushworth Gold project after a lithium-concentrate price fall. The annual report records a deferred exploration write-off.

FY2025

Exploration write-off and equity funding

The year ended with a $10.15 million exploration write-off, a larger statutory loss and $6.08 million of cash share proceeds. Issued ordinary shares reached 1.20 billion at 30 June 2025.

FINANCIAL REVIEW / 01

Statutory performance and per-share results

Dart Mining remained loss-making across the five annual periods. FY2025 includes a $10.15 million exploration write-off, which changes the scale of the loss; the Note 6 tax reconciliation reports nil income tax.

The FY2024 EPS rows in the selected annual extraction differ in precision: Note 9 has (0.8) cents, another FY2024 row rounds to (1) cent, and the FY2025 comparative gives (0.82) cent. The table uses the FY2024 Note 9 figure.

Statutory loss after tax

AUD dollars

Profit/(loss) for the year (after tax)

Consolidated annual loss after tax, AUD dollars; FY2025 includes the disclosed exploration write-off.

AI-generated presentation · values from Statutory consolidated profit or loss (continuing operations); no missing values plotted as zero.

Revenue from continuing operations (statutory, consolidated)

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue (total continuing operations)	29,414	274,238	457,930	301,324	251,195
Interest received	445	140	2,366	3,090	2,308
Vegetation Offset income	Nil	260,235	454,299	297,610	198,773
FY2021 government grant and other rebates / later other sales	28,969	13,863	1,265	624	25,001
Government rebates	Included in combined line	Not separately presented	Not separately presented	Nil	24,863

FY2025 total is labelled “Other revenue only” in Note 4; earlier totals are continuing-operations revenue. The change in label is visible in the trend. FY2021's A$28,969 is a combined government grant and other rebates line; it is not an other-sales amount or a separable rebate. FY2022–FY2024 amounts in the preceding row are other sales, and FY2025 states other sales and government rebates separately.

Basis and presentation notes (5)

Vegetation Offset income / FY2021 — Nil: Source row reports a dash or nil for this amount.
Government rebates / FY2021 — Included in combined line: FY2021 Note 4 combines a government grant and other rebates at A$28,969 in the preceding row; the rebate component is not separately identified and must not be counted twice.
Government rebates / FY2022 — Not separately presented: The FY2023 Note 4 FY2022 comparative lists interest, vegetation offset income and other sales, without a separate government-rebates line. No nil amount is inferred.
Government rebates / FY2023 — Not separately presented: The FY2023 Note 4 lists interest, vegetation offset income and other sales, without a separate government-rebates line. No nil amount is inferred.
Government rebates / FY2024 — Nil: FY2025 Note 4 shows a dash for government rebates in its FY2024 comparative column; the other comparative amounts match FY2024 Note 4.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Statutory consolidated profit or loss (continuing operations)

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of sales	(17,599)	(20,352)	(24,145)	(40,608)	(17,754)
Consultancy fees	(15,355)	(15,864)	(114,560)	(59,584)	(98,665)
Professional fees	(137,676)	(157,380)	(201,540)	(160,785)	(336,013)
Employee benefits expense	(150,435)	(156,640)	(239,972)	(344,182)	(276,422)
Share based payments	(180,093)	(43,842)	(358,393)	(245,487)	(176,160)
Exploration costs written off	Nil	Nil	Nil	(754,281)	(10,151,291)
Depreciation expense	(11,025)	(22,779)	(40,895)	(18,428)	(19,728)
Office expenses	(21,941)	(43,369)	(24,818)	(14,234)	(6,342)
Finance expenses	(3,493)	(4,361)	(6,676)	(16,543)	(19,360)
Administrative expenses	(273,066)	(269,866)	(320,728)	(340,428)	(378,153)
Travel related expenses	(3,419)	(18,097)	(38,611)	(30,066)	(60,528)
Profit (loss) on sale of assets	(6,151)	23,373	Nil	(33,731)	(336,430)
Total expenses	(820,253)	(729,179)	(1,370,339)	(2,058,357)	(11,876,846)
Profit/(loss) before income tax	(790,839)	(454,941)	(912,408)	(1,757,033)	(11,625,651)
Income tax expense	Nil	Nil	Nil	Nil	Nil
Profit/(loss) for the year (after tax)	(790,839)	(454,941)	(912,408)	(1,757,033)	(11,625,651)
Total comprehensive income/(loss)	(790,839)	(454,941)	(912,408)	(1,757,033)	(11,625,651)

Consolidated statutory continuing operations. Negative amounts are expenses or losses. FY2022 figures are FY2023-report comparatives; FY2025 income tax is supplied by the selected FY2025 Note 6 tax reconciliation.

Basis and presentation notes (9)

Exploration costs written off / FY2021 — Nil: Source row reports a dash or nil for this amount.
Exploration costs written off / FY2022 — Nil: FY2023 Note 14 comparative displays a dash for FY2022 exploration costs written off.
Exploration costs written off / FY2023 — Nil: Source row reports a dash or nil for this amount.
Profit (loss) on sale of assets / FY2023 — Nil: Source row reports a dash or nil for this amount.
Income tax expense / FY2021 — Nil: Source row reports a dash or nil for this amount.
Income tax expense / FY2022 — Nil: Source row reports a dash or nil for this amount.
Income tax expense / FY2023 — Nil: Source row reports a dash or nil for this amount.
Income tax expense / FY2024 — Nil: Source row reports a dash or nil for this amount.
Income tax expense / FY2025 — Nil: Note 6 tax reconciliation reports a dash; the profit-or-loss row itself is blank.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Earnings per share and share count

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Weighted average ordinary shares – basicshares	92,459,775	117,911,860	154,077,698	213,146,355	593,125,686
Weighted average ordinary shares – dilutedshares	113,748,492	117,911,860	154,077,698	213,146,355	593,125,686
Basic earnings per sharecents per share	(0.90)	(0.40)	(0.60)	(0.80)	(1.96)
Diluted earnings per sharecents per share	(0.70)	(0.40)	(0.60)	(0.80)	(1.96)

EPS is cents per share, while weighted average shares are counts. FY2024 Note 9 extraction has (0.8) cents; another FY2024 row rounds to (1) cent, and the FY2025 comparative is (0.82) cent. The displayed FY2024 series uses the (0.8) source and does not assert a formal restatement.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

FINANCIAL REVIEW / 02

Financial position and liquidity

Cash and total equity are year-end stocks. FY2025 current assets of $745,874 were below current liabilities of $919,390; the group continued to identify going-concern uncertainty.

Year-end cash balance

AUD dollars

Cash and cash equivalents

Cash and cash equivalents at each 30 June balance date, AUD dollars.

AI-generated presentation · values from Consolidated statement of financial position; no missing values plotted as zero.

Consolidated statement of financial position

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and cash equivalents	1,099,385	375,691	190,624	230,894	525,569
Trade and other receivables	75,407	77,536	1,994,568	3,248	106,826
Other current assets	47,751	65,813	67,686	69,219	113,479
Total current assets	1,222,543	519,040	2,252,878	303,361	745,874
Property, plant and equipment	2,102,811	2,497,866	2,647,056	2,406,471	2,069,794
Other non-current assets	106,270	114,211	126,263	126,519	133,460
Deferred exploration and evaluation costs	12,406,739	15,295,762	17,325,628	18,497,585	13,536,414
Total non-current assets	14,615,820	17,907,840	20,098,947	21,030,575	15,739,668
Total assets	15,838,363	18,426,879	22,351,825	21,333,936	16,485,542
Trade and other payables	707,103	504,226	2,081,223	732,938	638,183
Current provisions	111,503	125,330	167,388	230,911	281,207
Total current liabilities	818,606	629,556	2,248,611	963,849	919,390
Non-current provisions	15,502	27,183	38,233	1,474	3,374
Total non-current liabilities	15,502	27,183	38,233	1,474	3,374
Total liabilities	834,108	656,739	2,286,843	965,323	922,764
Net assets / total equity	15,004,255	17,770,140	20,064,982	20,368,613	15,562,778
Issued capital	30,521,503	33,698,487	36,570,770	38,516,448	44,983,704
Reserves	467,093	318,435	522,302	305,187	614,562
Accumulated losses	(15,984,341)	(16,246,782)	(17,028,090)	(18,453,022)	(30,035,488)

Year-end balances at 30 June. FY2022 is the dated comparative in the FY2023 report. Its deferred exploration balance is $15,295,762 there; the FY2022 auditor key-audit-matter table says $15,295,761, a $1 source difference. The consolidated figures are used here.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Employee benefit provisions (Note 17)

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Current employee benefits provision	111,503	125,330	167,388	230,911	281,207
Long service leave (non-current)	15,503	27,183	38,233	1,474	3,374
Total provisions	127,006	152,513	205,621	232,385	284,581

Employee benefits provision detail. FY2025 values are from the selected Note 17 table; these are liabilities, not cash payments.

The FY2021–FY2024 original extracted current rows use annual-leave wording. Selected FY2025 Note 17 labels both FY2025 A$281,207 and its FY2024 A$230,911 comparative as annual leave and long-service leave. This is a source-wording difference; these records do not establish whether the underlying provision composition changed.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

FINANCIAL REVIEW / 03

Cash flows and funding

Operating and investing cash outflows were financed principally by share issuance. The cash bridge distinguishes net cash movement from accrual movements in issued capital.

The FY2023 cash-flow statement prints an operating subtotal A$10,000 more negative than its components and Note 22a reconciliation. The table preserves the printed subtotal and labels this conflict.

Operating, investing and financing cash flows

AUD dollars

Net cash from operating activitiesNet cash from investing activitiesNet cash from financing activities

Annual consolidated cash-flow subtotals, AUD dollars. The chart uses the table cells directly.

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

Consolidated cash-flow bridge

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Net cash from operating activities	(644,662)	(347,831)	(332,957)	(546,022)	(1,031,165)
Net cash from investing activities	(3,867,618)	(3,486,816)	(2,629,795)	(1,139,437)	(4,256,111)
Net cash from financing activities	4,721,579	3,110,953	2,767,685	1,725,729	5,581,951
Net increase/(decrease) in cash held	209,299	(723,694)	(185,067)	40,270	294,675
Cash at beginning of year	890,086	1,099,385	375,691	190,624	230,894
Cash at end of year	1,099,385	375,691	190,624	230,894	525,569

Amounts are cash flows, not accrual earnings. Net cash change reconciles to opening and closing cash. The FY2023 cash-flow statement prints operating cash flow of (332,957), while its listed operating components and Note 22a reconciliation support (322,957); the printed subtotal is retained and the A$10,000 conflict is disclosed.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Operating cash-flow components

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Receipts from sale of vegetation credits	Nil	260,235	454,299	296,985	198,773
Other income or government rebates	28,969	12,973	2,155	Nil	41,058
Interest received	371	93	1,911	1,294	4,928
Interest paid	(3,493)	(2,761)	(6,676)	(16,543)	(19,360)
Payments to suppliers and employees	(670,509)	(618,371)	(774,646)	(827,758)	(1,256,564)

FY2021 source calls the non-vegetation receipt “Government and other rebates”; FY2022–FY2025 source calls it “Other income”. These are issuer labels, not a claim of identical composition. Cash receipts differ from accrual revenue.

Basis and presentation notes (2)

Receipts from sale of vegetation credits / FY2021 — Nil: Source row reports a dash or nil for this amount.
Other income or government rebates / FY2024 — Nil: Source row reports a dash or nil for this amount.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Investing cash flows and exploration payments

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Payments for exploration costs	(2,372,652)	(2,770,712)	(2,606,513)	(3,293,480)	(2,482,886)
Proceeds from farm-in contribution	Not applicable	Nil	490,909	2,328,928	Nil
Purchase of land and improvements	(19,881)	Nil	(13,036)	(21,173)	Nil
Purchases of property, plant and equipment	(1,541,771)	(831,251)	(493,155)	(388,947)	(437,561)
Disposal of property, plant and equipment	66,627	123,047	4,000	235,235	33,091
Security deposits refunded / (held)	59	(7,900)	(12,000)	Nil	(9,000)

Exploration and project payments are investing cash flows; they are not period-end asset balances. The SQM farm-in was signed after FY2021, so its FY2021 receipt is not applicable. FY2025 Triumph and Coonambula are separately shown.

Basis and presentation notes (6)

Proceeds from farm-in contribution / FY2021 — Not applicable: The SQM farm-in agreement was signed in July 2022, after the year ended 30 June 2021; this SQM-specific cash receipt did not apply to FY2021.
Proceeds from farm-in contribution / FY2022 — Nil: Source row reports a dash or nil for this amount.
Proceeds from farm-in contribution / FY2025 — Nil: Source row reports a dash or nil for this amount.
Purchase of land and improvements / FY2022 — Nil: Source row reports a dash or nil for this amount.
Purchase of land and improvements / FY2025 — Nil: Source row reports a dash or nil for this amount.
Security deposits refunded / (held) / FY2024 — Nil: Source row reports a dash or nil for this amount.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

FY2025 named project payments

AUD dollars

Metric	FY2025
Payments for Triumph exploration assets	(1,095,252)
Payment for Coonambula farm-in and JV agreement	(264,503)

These named lines appear in the FY2025 cash-flow statement. They are shown as a FY2025 snapshot rather than implying equivalent historical line items.

Source: Dart Mining FY2025 consolidated cash-flow statement; exact source rows retained in evidence.

Financing cash flows

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Proceeds from issue of ordinary shares	4,997,274	3,400,000	3,000,005	2,031,224	6,075,973
Payment of share issue costs	(275,695)	(223,016)	(151,148)	(216,047)	(398,772)
Repayment of insurance funding loan	Not separately presented	(66,031)	(81,172)	(89,448)	(95,250)

Proceeds are cash financing, while capital movements in equity may include noncash transactions and different issue-cost timing. FY2021 has no separately presented insurance-funding-loan repayment; no zero is inferred.

Basis and presentation notes (1)

Repayment of insurance funding loan / FY2021 — Not separately presented: The FY2021 financing cash-flow section presents share proceeds and share issue costs without a separate insurance-funding-loan repayment. No nil amount is inferred.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

FINANCIAL REVIEW / 04

Exploration expenditure and fixed assets

Deferred exploration spending rose through FY2024 then fell in FY2025 after the write-off. Property, plant and equipment is shown separately because its carrying amount is not the same as annual purchase payments.

The FY2025 printed PPE total exceeds the sum of the four selected Note 13 category values by A$158,013. The available selected table does not explain the difference, so the report retains the printed figures and does not construct a balancing item.

Deferred exploration carrying amount

AUD dollars

Closing balance

Year-end deferred exploration and evaluation expenditure, AUD dollars; FY2025 includes a material write-off.

AI-generated presentation · values from Deferred exploration and evaluation expenditure movement; no missing values plotted as zero.

Deferred exploration and evaluation expenditure movement

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Opening balance	9,475,144	12,406,739	15,295,762	17,325,628	18,497,585
Current year expenditure capitalised — mining exploration	2,931,595	2,889,023	4,354,387	2,421,566	5,190,120
Exploration costs funded by SQM earn-in contribution (offset)	Not applicable	Nil	(2,324,520)	(495,318)	Nil
Exploration costs written-off	Nil	Nil	Nil	(754,291)	(10,151,291)
Closing balance	12,406,739	15,295,762	17,325,628	18,497,585	13,536,414

Carrying amounts and movements are accrual accounting; they must not be equated with cash exploration payments. SQM-specific FY2021 offset is not applicable because its farm-in was signed in July 2022. FY2022 opening is the FY2023 Note 14 comparative. FY2022 auditor table gives a $1 lower closing value.

Basis and presentation notes (6)

Exploration costs funded by SQM earn-in contribution (offset) / FY2021 — Not applicable: The SQM farm-in agreement was signed in July 2022, after the year ended 30 June 2021; this SQM-specific exploration offset did not apply to FY2021.
Exploration costs funded by SQM earn-in contribution (offset) / FY2022 — Nil: Source row reports a dash or nil for this amount.
Exploration costs funded by SQM earn-in contribution (offset) / FY2025 — Nil: Source row reports a dash or nil for this amount.
Exploration costs written-off / FY2021 — Nil: Source row reports a dash or nil for this amount.
Exploration costs written-off / FY2022 — Nil: Source row reports a dash or nil for this amount.
Exploration costs written-off / FY2023 — Nil: Source row reports a dash or nil for this amount.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Property, plant and equipment: printed total and selected net carrying categories

AUD dollars

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Total PPE (net)	2,102,811	2,497,867	2,647,056	2,406,471	2,069,794
Plant and equipment (net)	1,087,339	1,273,239	1,351,896	1,266,279	998,045
Computer equipment & software (net)	30,627	67,341	42,740	70,304	6,928
Motor vehicles (net)	651,944	824,800	907,471	705,038	476,668
Freehold land and improvements (net)	332,901	332,487	344,949	364,850	430,140

These are year-end net carrying amounts, not investing cash payments. FY2022 is presented from the FY2023 comparative where available.

The four FY2025 net carrying categories printed in selected Note 13 sum to A$1,911,781, whereas its printed PPE total and the consolidated statement of financial position both report A$2,069,794. The A$158,013 difference is unexplained by the selected source context. Both printed total and category values are preserved; no balancing category is inferred.

Source: Dart Mining annual reports FY2021–FY2025; exact row, period and document provenance retained in the author evidence file.

Reading the figures

FY2022 original annual extraction is sparse. The dated FY2022 comparative in the FY2023 annual report supplies many financial cells; the selected FY2022 audit table independently supports deferred exploration carrying value but differs by A$1 from the comparative.
FY2025 profit-and-loss tax cell is blank in the extracted row, while the selected FY2025 Note 6 tax reconciliation reports a dash. Nil tax in this report is linked to that separate note.
FY2025 directors’ working-capital-deficit claim differs from the statement-derived difference between current assets and current liabilities; this report presents the original statement amounts without a derived deficit.
FY2023 printed operating cash-flow subtotal differs by A$10,000 from listed components and Note 22a. The printed subtotal is retained; it does not arithmetically bridge to the reported net cash change.
FY2025 Note 17 labels both FY2025 and its FY2024 comparative current employee-benefits amounts as annual leave and long-service leave, while earlier original extracted rows use annual-leave wording. The records do not establish a change in underlying composition.
FY2025 selected Note 13 PPE categories sum to A$1,911,781 versus the printed A$2,069,794 total, a A$158,013 unresolved source reconciliation difference.
The FY2021 government-rebate component cannot be split from the combined government grant and other rebates line in selected evidence. FY2022–FY2023 government rebates are not separately presented in Note 4; no nil is inferred for those years. FY2024 is nil in the FY2025 Note 4 comparative.
The FY2021–FY2024 EPS uses each original annual source precision; the FY2025 report gives a more precise FY2024 comparative. No adjusted earnings or production metrics are inferred.

Annual-report source registry

DTM Annual Financial Report 2021Consolidated annual report; balance date 2021-06-30; document date 2021-09-30.
DTM Annual Financial Report 2022Consolidated annual report; balance date 2022-06-30; document date 2022-09-28.
DTM Annual Financial Report 2023Consolidated annual report; balance date 2023-06-30; document date 2023-09-28.
DTM Annual Financial Report June 2024Consolidated annual report; balance date 2024-06-30; document date 2024-08-29.
Full Year Statutory AccountsConsolidated annual report; balance date 2025-06-30; document date 2025-09-25.

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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