FY2021
Exploration funding expands
Equity and other net financing lifted cash while exploration cash expenditure was substantial.
ASX: EM2 · Five-year financial review
(ASX: EM2) Eagle Mountain Mining Financial Review - FY2021~25
Eagle Mountain Mining’s FY2021-FY2025 record moves from heavily funded exploration to a smaller cash base and a major Oracle Ridge impairment. This review separates restated accounts, real cash flows and the decision to relinquish core mineral rights.
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$1.113m
Consolidated balance.
Net liabilities
A$6.323m
Negative total equity.
Group loss
A$15.256m
Includes asset impairment.
Impairment
A$12.269m
Expense; not cash paid that year.
Five years in context
Exploration at Oracle Ridge and Silver Mountain was the principal activity. In FY2025 the company chose not to extend the Oracle Ridge mineral-rights option, ending the surface lease while retaining surrounding Wedgetail claims.
This is not simply a spending slowdown: the change removed the mineral-rights basis for the Oracle Ridge resource and led to a substantial asset impairment.
Events behind the numbers
FY2022
Peak operating cash use
Restated comparative accounts show the largest operating outflow in this five-year series, alongside substantial funding.
FY2023
Convertible-note restatement
An updated valuation corrected earlier overstatement of the conversion-right liability; prior balances were restated.
FY2024
Lower spending, renewed funding
Operating use fell and net financing modestly rebuilt cash.
FY2025
Oracle Ridge rights relinquished
The option was not extended; acquisition costs were impaired and the surrounding claims retained as Wedgetail.
FINANCIAL REVIEW / 01
Cash and net assets diverge
The FY2025 balance sheet carries negative equity and material borrowings. The A$3m related-party loan converted through entitlement-offer sub-underwriting; it should not be described as A$3m of additional cash funding.
Year-end cash
A$ million
Cash and equivalents
AI-generated presentation · values from Liquidity and consolidated equity; no missing values plotted as zero.
Equity turns negative
A$ million
Total equity / (net liabilities)
AI-generated presentation · values from Liquidity and consolidated equity; no missing values plotted as zero.
Liquidity and consolidated equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 9.119 | 11.074 | 2.237 | 3.117 | 1.113 |
| Total equity / (net liabilities) | 8.423 | 11.796 | 4.544 | 3.197 | (6.323) |
FY2021 and FY2022 equity use restated opening/comparative figures from FY2023. FY2025 is net liabilities, not positive equity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash spending is smaller; the loss includes impairment
FY2025 operating cash use declined, but the statutory loss rose because it includes impairment. The cash-flow statement remains the basis for financing totals, rather than the face value of new shares.
Loss and operating cash, FY2022-FY2025
A$ million
Group loss after tax, continuing operationsNet operating cash flow
AI-generated presentation · values from Restated-comparative and recent losses; no missing values plotted as zero.
Investing and net financing
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Cash use and funding across five years; no missing values plotted as zero.
Restated-comparative and recent losses
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Group loss after tax, continuing operations | (30.748) | (13.661) | (6.445) | (15.256) |
| Net operating cash flow | (29.229) | (13.075) | (5.090) | (3.720) |
FY2022 is restated for the convertible-note valuation correction. A duplicated changes-in-equity extraction mislabels FY2022/FY2023 losses; the income statement and narrative establish the selected years.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2021 loss - historical reported basis
A$ million
| Metric | FY2021 |
|---|---|
| Group loss after tax | (21.070) |
A$21.070m is the original FY2021 result, before the subsequent conversion-right valuation restatement. It is not plotted as a fully restated five-year earnings series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash use and funding across five years
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (9.908) | (29.229) | (13.075) | (5.090) | (3.720) |
| Net investing cash flow | (0.267) | (0.503) | (3.536) | 0.104 | (0.244) |
| Net financing cash flow | 18.709 | 30.930 | 7.677 | 5.869 | 1.947 |
Ongoing exploration is included in operating cash. FY2024 investing is a net inflow despite legacy row wording. Loan conversion to equity is not counted as fresh cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Funding risk and asset boundaries
The auditor identified material uncertainty relating to going concern. Year-end cash was below current liabilities, while the board maintained the going-concern basis; those are different statements, not an all-clear on funding.
The full impairment in profit and loss includes the Oracle Ridge acquisition-cost write-off. A smaller exploration-asset component in a separate audit narrative is not added to it as another expense.
Reading the figures
- FY2022 annual-ledger detail is recovered from later extracted comparatives, not a fresh source retrieval.
- FY2021 loss remains on its historical reported basis; it is kept separate from the later restated earnings comparison.
- The FY2025 packet does not carry a full consolidated total-assets row; parent-only total assets are not substituted.
- 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
- Eagle Mountain Mining - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Eagle Mountain Mining - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Eagle Mountain Mining - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Eagle Mountain Mining - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Eagle Mountain Mining - 2025 Annual ReportExisting 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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