FY2021
Butcherbird commissioning
Stage 1 construction and commissioning progressed; the first commercial shipment occurred after year-end in July 2021. Share issues funded the build.
ASX: E25 · Five-year financial review
Element 25 Limited (ASX: E25) - Five-Year Financial Review FY2021-FY2025
Five audited financial years ended 30 June, shown in Australian dollars unless identified otherwise. The FY2022 original and later restated comparative are separately identified.
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 revenue
A$1.88m
Consolidated statutory revenue after Butcherbird suspension.
FY2025 loss
A$5.87m
Loss attributable to equity holders.
30 June 2025 cash
A$2.16m
Consolidated cash and cash equivalents.
FY2025 operating cash flow
A$(4.81)m
Net outflow from operating activities.
Five years in context
Element 25 moved from Butcherbird construction in FY2021 to manganese concentrate shipments in FY2022, then suspended production in early 2024 as manganese prices weakened. FY2025 was primarily a project-development and funding year for the Butcherbird expansion and planned Louisiana HPMSM refinery.
FY2022 statutory comparatives were revised in the FY2023 report for an OM Holdings shipment recognition error and a function-based expense presentation. This report uses each year’s current-year statement in the main tables and shows the later FY2022 comparative explicitly. Project funding approvals and a grant award are commitments or awards, not cash or revenue in the consolidated statements.
Events behind the numbers
FY2022
First full shipment year
Five concentrate shipments totalling 174,425 tonnes followed the July 2021 maiden shipment. The FY2022 original results were subsequently restated as described below.
FY2023
HPMSM partner agreements
Stellantis and GM signed binding offtake and funding agreements. The FY2023 statements also presented restated FY2022 comparatives.
FY2024
Butcherbird suspended
Production was suspended in early 2024 after the January shipment as manganese prices weakened. The company advanced an expansion study and the Louisiana HPMSM pathway.
FY2025
Project awards and approvals
The US Department of Energy formally awarded a US$166m grant on 20 January 2025; NAIF approved up to A$50m of senior debt for Butcherbird expansion. These do not represent the year-end cash balance.
FINANCIAL REVIEW / 01
Earnings and comparability
Revenue followed the operating cycle: initial construction, commercial shipments, then reduced activity after suspension. The FY2022 change in revenue recognition affects comparisons with FY2023; the basis table below isolates it.
The reduction in FY2025 statutory loss coincided with much lower cost of sales and administration expense. It should not be read as a return to operating profit: the consolidated statement still reports a loss and operating cash outflow.
Statutory revenue by reported year
AUD, whole dollars
Revenue
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
AUD, whole dollars
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 34,944 | 26,968,742 | 33,469,168 | 13,296,901 | 1,883,253 |
| Cost of sales | -1,516,261 | -38,320,512 | -47,533,950 | -30,442,802 | -5,358,886 |
| Other income | 1,246,530 | 360,654 | 322,008 | 611,273 | 802,763 |
| Exploration and feasibility expense | -1,654,747 | -1,009,110 | -6,644,123 | -189,674 | 0 (nil) |
| Administration expense | -2,154,769 | -2,705,630 | -4,426,197 | -4,726,449 | -3,156,365 |
| Depreciation separately presented | -165,437 | -1,888,188 | Not separately presented | Not separately presented | Not separately presented |
| Finance expense | -66,609 | -79,030 | -65,708 | -64,012 | -38,541 |
| Loss before income tax | -6,494,415 | -17,546,769 | -24,878,802 | -21,514,763 | -5,867,776 |
| Income tax expense | 0 (nil) | 0 (nil) | 0 (nil) | -188 | -90 |
| Loss attributable to equity holders | -6,494,415 | -17,546,769 | -24,878,802 | -21,514,951 | -5,867,866 |
| Other comprehensive income, net of tax | 2,135 | 3,802 | -15,215 | 1,706 | 3,145 |
| Basic and diluted loss per sharecents per share | -4.96 | -11.61 | -14.26 | -9.86 | -2.60 |
FY2022 shows the original FY2022 annual statement. Its restated FY2023 comparative is shown separately below. Expense rows retain negative signs.
FY2021 scale is corroborated by the FY2022 statement comparative; EPS alone is cents. From FY2023, depreciation and other items are included within function-based expenses rather than separately presented here.
Basis and presentation notes (7)
- Exploration and feasibility expense / FY2025 — 0 (nil): FY2025 exploration and feasibility expense is a reported dash in the FY2025 profit or loss statement, corroborated by the note total; nil for this exact line.
- Depreciation separately presented / FY2023 — Not separately presented: This annual statement does not separately present this line.
- Depreciation separately presented / FY2024 — Not separately presented: This annual statement does not separately present this line.
- Depreciation separately presented / FY2025 — Not separately presented: This annual statement does not separately present this line.
- Income tax expense / FY2021 — 0 (nil): FY2021 income tax expense is reported as a dash in the profit or loss statement and the income-tax reconciliation.
- Income tax expense / FY2022 — 0 (nil): FY2022 original profit or loss statement and tax note report nil income tax expense.
- Income tax expense / FY2023 — 0 (nil): FY2023 profit or loss statement and later FY2024 comparative tax reconciliation report nil income tax expense.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
FY2022 original and FY2023 restated comparative
AUD, whole dollars
| Metric | FY2022 original | FY2022 restated |
|---|---|---|
| Revenue | 26,968,742 | 21,101,612 |
| Cost of sales | -38,320,512 | -34,360,760 |
| Loss attributable to equity holders | -17,546,769 | -18,103,395 |
| Inventory | 7,030,335 | 11,481,773 |
| Total assets | 54,588,013 | 60,917,452 |
| Deferred revenue | 0 (nil) | 5,831,120 |
| Total equity | 45,835,012 | 45,278,386 |
| Net operating cash flow | -19,462,940 | -19,947,620 |
| Net investing cash flow | -1,514,115 | -1,029,435 |
The FY2023 annual report revises shipment revenue recognition and presents expenses by function. It also reclassifies cash-flow components. These are different source bases, not a single unqualified trend. The restatement bridge identifies original FY2022 deferred revenue as nil before the A$5,831,120 adjustment; the restated amount remains a separate observation.
Basis and presentation notes (1)
- Deferred revenue / FY2022 original — 0 (nil): The FY2023 restatement bridge identifies original FY2022 deferred revenue as nil before a A$5,831,120 adjustment; retain the distinct restated balance in the next column.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
FINANCIAL REVIEW / 02
Assets, liabilities and equity
Cash fell through FY2024 and FY2025 while plant investment and project development continued. FY2024 assets under construction were separately presented in its own statement but included within property, plant and equipment in the FY2025 comparative.
Cash and cash equivalents at 30 June
AUD, whole dollars
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
AUD, whole dollars
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 34,822,585 | 14,927,576 | 28,885,874 | 11,326,929 | 2,162,007 |
| Trade and other receivables | 787,533 | 6,887,914 | 975,551 | 854,035 | 486,840 |
| Inventory | 5,438,698 | 7,030,335 | 12,135,790 | 7,945,620 | 6,877,734 |
| Total current assets | 44,378,719 | 30,900,079 | 42,648,655 | 20,369,742 | 9,865,321 |
| Restricted cash | 783,215 | 628,535 | 528,560 | 528,560 | 528,560 |
| Property, plant and equipment | 22,416,095 | 21,651,705 | 22,464,399 | 21,432,262 | 49,237,837 |
| Assets under construction (separate balance-sheet line through FY2024; within PPE in FY2025) | 176,774 | 76,109 | 1,026,401 | 20,955,253 | 27,980,215 |
| Total assets | 68,971,029 | 54,588,013 | 68,062,904 | 65,189,013 | 62,233,809 |
| Trade and other payables | 4,899,441 | 7,324,502 | 9,401,012 | 5,566,671 | 1,578,679 |
| Deferred revenue | 0 (nil) | 0 (nil) | 0 (nil) | Not separately presented | Not separately presented |
| Current provisions | 438,818 | 538,248 | 630,633 | 627,857 | 3,610,799 |
| Total current liabilities | 5,714,635 | 8,205,717 | 10,398,908 | 6,374,551 | 5,365,448 |
| Total liabilities | 6,496,072 | 8,753,001 | 12,636,248 | 8,057,551 | 7,162,433 |
| Issued capital | 76,788,557 | 77,691,579 | 111,448,309 | 134,533,276 | 138,008,278 |
| Accumulated losses | -20,147,902 | -37,694,671 | -63,178,467 | -84,693,418 | -90,561,284 |
| Total equity | 62,474,957 | 45,835,012 | 55,426,656 | 57,131,462 | 55,071,376 |
Each column uses its own annual statement. FY2022 was subsequently restated; the comparative basis is shown below.
The FY2025 statement combines FY2024 assets under construction into property, plant and equipment in its comparative. FY2024 here retains the original separate presentation. FY2025 note 15 reports A$27,980,215 assets under construction within the A$49,237,837 PPE total, so the component is not additional to PPE. FY2021 and original FY2022 deferred-revenue nil balances use later disclosed roll-forward/restatement context; the FY2022 restated A$5,831,120 remains separate.
Basis and presentation notes (5)
- Deferred revenue / FY2021 — 0 (nil): The later deferred-revenue roll-forward shows a nil opening balance for FY2022, corresponding to 30 June 2021; this is a later disclosed comparative, not an original face-statement line.
- Deferred revenue / FY2022 — 0 (nil): FY2023 restatement bridge identifies the FY2022 original deferred-revenue balance as nil; A$5,831,120 is the separate restated comparative.
- Deferred revenue / FY2023 — 0 (nil): FY2023 balance-sheet deferred revenue is an explicit dash, corroborated by the deferred-revenue closing-balance roll-forward.
- Deferred revenue / FY2024 — Not separately presented: This annual statement does not separately present this line.
- Deferred revenue / FY2025 — Not separately presented: This annual statement does not separately present this line.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
FINANCIAL REVIEW / 03
Cash flow and shareholder funding
Cash from share issues financed the FY2021 build and later project work. FY2024 plant-and-equipment payments were particularly large, while FY2025 operating and investing outflows exceeded cash inflows from share issues. Project grants and loan approvals are not equated with issued equity or year-end cash.
Net operating cash flow
AUD, whole dollars
Net operating cash flow
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Consolidated cash flows
AUD, whole dollars
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts from customers | Not separately presented | 21,149,000 | 33,573,516 | 13,002,630 | 1,962,763 |
| Payments to suppliers and employees | -6,179,148 | -41,220,442 | -48,679,813 | -33,510,265 | -7,457,481 |
| Interest received | 35,248 | 36,010 | 22,414 | 529,018 | 80,184 |
| Mining interests / HPMSM expenditure in operating cash flow | -24,023,275 | Not separately presented | -5,707,858 | 0 (nil) | Not separately presented |
| Net operating cash flow | -27,600,902 | -19,462,940 | -20,629,163 | -20,005,408 | -4,813,500 |
| Payments for plant and equipment | -282,118 | -1,514,115 | -1,236,837 | -20,484,355 | -7,629,783 |
| Net investing cash flow | -282,118 | -1,514,115 | 1,309,204 | -20,372,825 | -7,629,783 |
| Proceeds from ordinary share issues | 62,744,000 | 907,679 | 35,523,499 | 23,091,967 | 3,493,145 |
| Share issue transaction costs | -2,374,180 | -4,581 | -1,766,769 | -7,000 | -18,143 |
| Principal elements of lease payments | -325,911 | -368,541 | -266,883 | -389,221 | -358,423 |
| Net financing cash flow | 60,043,909 | 534,558 | 33,489,847 | 22,695,746 | 3,116,579 |
| Exchange effect on cash | -35,479 | 547,489 | -211,590 | 123,542 | 161,782 |
| Closing cash and cash equivalents | 34,822,585 | 14,927,576 | 28,885,874 | 11,326,929 | 2,162,007 |
FY2022 uses the originally reported FY2022 statement. The FY2023 comparative reclassifies some FY2022 operating and investing cash flows without changing closing cash.
FY2021 mining-interest expenditure was included in operating cash flow; FY2023 separately identifies HPMSM expenditure there. Blank cash-flow lines are not assumed to be zero.
Basis and presentation notes (4)
- Receipts from customers / FY2021 — Not separately presented: This annual statement does not separately present this line.
- Mining interests / HPMSM expenditure in operating cash flow / FY2022 — Not separately presented: This annual statement does not separately present this line.
- Mining interests / HPMSM expenditure in operating cash flow / FY2024 — 0 (nil): FY2024 operating cash-flow statement explicitly shows a dash for HPMSM expenditure, with FY2023 comparative A$5,707,858 outflow.
- Mining interests / HPMSM expenditure in operating cash flow / FY2025 — Not separately presented: This annual statement does not separately present this line.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
FINANCIAL REVIEW / 04
Project milestones and funding status
The company’s reported funding pathway combined offtake-linked partner agreements, an awarded US federal grant, and an Australian infrastructure debt approval. The agreements and approvals have different conditions and currencies; they are not added to the financial-statement cash line.
The January 2025 Butcherbird expansion study and reserve update describe a development plan, not FY2025 production. Historical shipments and current project resources therefore belong to different measures.
Butcherbird mineral inventory at 30 June 2024 and 2025
As stated per row
| Metric | 30 Jun 2024 | 30 Jun 2025 |
|---|---|---|
| Mineral Resource, totalMt | 259.6 | 274.4 |
| Mineral Resource average Mn grade% Mn | 9.9 | 10.0 |
| Ore Reserve, proved plus probableMt | 49.0 | 101.4 |
| Ore Reserve average Mn grade% Mn | 10.2 | 10.4 |
Two dated issuer mineral inventory snapshots; these are not annual production or shipments.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
Disclosed project funding agreements, award and approval
Currency and scale per row
| Metric | Disclosed amount |
|---|---|
| Stellantis offtake-linked project funding (Jan 2023)US$m | 30 |
| GM project loan agreement (Jun 2023)US$m | 85 |
| US Department of Energy grant award (20 Jan 2025)US$m | 166 |
| NAIF senior debt approval, up to (Jan 2025)A$m | 50 |
Amounts are disclosed agreement, award or approval sizes. They differ in currency, terms and funding status and are not summed or treated as cash received.
Source: Element 25 annual reports; selected original statement rows and saved interpretations.
Reading the figures
- The FY2022 original statement and FY2023 restated comparative differ. Main five-year tables show each original current-year column and a separate reconciliation identifies the later presentation.
- The selected annual statement records do not support a uniform five-year production, sales-tonnage or unit-cost series; no such series is inferred for the construction and suspended periods.
- The report has not undergone independent semantic review and is an unpublished local draft.
Annual-report source registry
- Element 25 Limited Annual ReportYear ended 2021-06-30; report dated 2021-09-30.
- Element 25 Limited Annual ReportYear ended 2022-06-30; report dated 2022-09-30.
- Element 25 Limited Annual Report to shareholdersYear ended 2023-06-30; report dated 2023-09-29.
- Element 25 Limited Annual Report to ShareholdersYear ended 2024-06-30; report dated 2024-09-27.
- Element 25 Limited Annual Report to shareholdersYear ended 2025-06-30; report dated 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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