FY2021
Funding rebuilds cash
Net financing supported exploration investment and restored liquidity.
ASX: ELT · Five-year financial review
(ASX: ELT) Elementos Financial Review - FY2021~25
Elementos’s FY2021-FY2025 financial record follows the funding of tin-project development. Oropesa reached definitive-feasibility-study stage, while the accounts show capitalised exploration growth, recurring operating outflows and a FY2025 liquidity recovery.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$4.431m
Balance-date liquidity.
Attributable loss
A$2.287m
Annual result.
Exploration assets
A$25.657m
Capitalised book value.
Net financing
A$8.635m
Cash-flow statement amount.
Five years in context
The financial story is a development programme, not a producing mine. Oropesa’s April 2025 DFS and permit submissions advanced the project, but approval, finance, construction and commissioning remained material steps.
Capitalised exploration is the largest selected asset category. Net financing replenished cash after the FY2024 low, but the audited going-concern disclosure still identifies material uncertainty.
Events behind the numbers
FY2022
More exploration investment
Exploration payments rose while financing kept the year-end cash balance above the previous year.
FY2023
Investment outpaces funding
Investing and operating outflows exceeded net financing, reducing cash.
FY2024
Liquidity narrows
Cash fell below A$1m as development continued; borrowings were A$1m at year end.
FY2025
DFS and strategic investment
Oropesa completed its DFS in April. Metals X’s strategic placement was completed in stages, including a small July 2025 tranche after year end.
FINANCIAL REVIEW / 01
Funding becomes capitalised project work
The increase in exploration assets is an accounting carrying-value movement. It is not the DFS valuation, a reserve valuation or a new cash balance.
Cash through the development cycle
A$ million
Cash and equivalents
AI-generated presentation · values from Cash and capital supporting development; no missing values plotted as zero.
Total assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Cash and capital supporting development; no missing values plotted as zero.
Cash and capital supporting development
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 5.542 | 6.270 | 3.450 | 0.503 | 4.431 |
| Total assets | 17.249 | 20.887 | 22.963 | 21.942 | 30.690 |
| Total equity | 14.576 | 20.020 | 21.914 | 19.965 | 28.146 |
| Exploration and evaluation assets | 11.391 | 13.901 | 19.007 | 20.959 | 25.657 |
Exploration carrying values are included within assets; they are not market values or cash available.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Loss does not capture all development spending
Read operating outflows alongside investing cash: exploration and evaluation payments are capitalised. FY2025 financing also includes borrowings; a debt settlement using shares is not a fresh cash receipt.
Loss and operating cash
A$ million
Loss attributable to parent membersNet operating cash flow
AI-generated presentation · values from Attributable loss and operating cash; no missing values plotted as zero.
Investment and net financing
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Investment and funding; no missing values plotted as zero.
Attributable loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss attributable to parent members | (1.612) | (2.231) | (2.225) | (1.277) | (2.287) |
| Net operating cash flow | (1.484) | (1.808) | (1.064) | (1.461) | (1.339) |
FY2021 loss uses the later comparative with a stated dollar unit. Capitalised exploration spending is outside operating cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investment and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (1.678) | (3.632) | (4.802) | (2.437) | (3.368) |
| Net financing cash flow | 8.546 | 6.169 | 3.046 | 0.953 | 8.635 |
| Payments for exploration and evaluation | (1.673) | (3.630) | (4.745) | (2.373) | (3.368) |
Exploration payments are part of investing cash: rows must not be added together. Financing is the reported net cash amount, not the gross value of placement announcements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A financed study is not yet a financed mine
The strategic placement supports progress toward a final investment decision; its final July share issue is subsequent to the June balance date. The project still requires additional finance before becoming cash-flow positive.
The auditor highlighted material uncertainty about going concern without modifying the opinion. Study production, cost and valuation assumptions are therefore kept separate from reported financial results.
Reading the figures
- FY2025 current borrowings are A$1m; the earlier FY2024 amount was classified non-current. No assumption of debt elimination is made.
- DFS production and cost forecasts are not realised operating results.
- The July 2025 placement tranche is not backdated into June liquidity.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Elementos - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Elementos - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Elementos - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Elementos - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Elementos - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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