FY2021
Deposits dominate liquidity
Most bank funds sat in term deposits, separate from cash equivalents.
ASX: EME · Five-year financial review
(ASX: EME) Energy Metals Financial Review - FY2021~25
Energy Metals’ FY2021-FY2025 financial record is a calendar-year exploration review. Bank deposits fund continuing project work, while Bigrlyi resource growth and joint-venture budget constraints need to be read separately from cash and accounting earnings.
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 bank pool
~A$8m
Cash plus bank deposits; approximate.
Term deposits
A$7.523m
Included within bank pool.
Net loss
A$0.523m
Year ended 31 December.
Exploration asset
A$40.078m
Book value, not project valuation.
Five years in context
The company reports one Australian mineral-exploration segment. Its balance sheet contains both bank term deposits and capitalised exploration, so cash equivalents alone understate the available bank pool and net assets are not all liquid.
The Bigrlyi resource update did not translate directly into an approved work programme: planned FY2025 follow-up drilling and mining studies were not carried out because the joint venture could not agree a path forward or approve a budget.
Events behind the numbers
FY2022
Exploration funded from existing liquidity
Operating outflows and exploration investment continued while the deposit balance declined.
FY2023
Lower operating cash use
Operating outflow eased, but combined bank liquidity continued to decline.
FY2024
Exploration spending steps up
Capitalised exploration payments increased and the Bigrlyi resource was updated to JORC 2012.
FY2025
Resource growth, budget constraint
Bigrlyi’s resource increased, while planned JV drilling and studies did not proceed without an agreed budget.
FINANCIAL REVIEW / 01
Separate bank liquidity from exploration assets
Term-deposit maturity can raise cash equivalents without creating new wealth. The combined pool is the appropriate treasury comparison; resource quantities and project carrying amounts are not substituted for cash.
Bank term deposits
A$ million
Term deposits
AI-generated presentation · values from Bank liquidity includes term deposits; no missing values plotted as zero.
Net assets and capitalised exploration
A$ million
Net assets / total equityExploration and evaluation assets
AI-generated presentation · values from Net assets and exploration carrying value; no missing values plotted as zero.
Bank liquidity includes term deposits
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash plus term deposits | 15.269 | 14.080 | 13.188 | 9.973 | ~8.0 |
| Term deposits | 14.787 | 13.375 | 12.777 | 8.825 | 7.523 |
FY2025 combined liquidity is the issuer’s approximate A$8m, not an exact reconstructed balance. The term-deposit row is included within combined liquidity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Net assets and exploration carrying value
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net assets / total equity | 50.675 | 50.002 | 49.617 | 49.111 | 48.588 |
| Exploration and evaluation assets | 35.303 | 35.626 | 35.995 | 38.761 | 40.078 |
Exploration is an asset component; do not add it to net assets. FY2025 amounts are explicit values in the existing narrative extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Project investment is larger than the annual loss
Exploration expenditure is partly capitalised and partly expensed. The FY2024 investment step-up is visible in cash payments, while deposit movements explain why net investing cash can still be positive.
Loss and operating cash
A$ million
Loss after taxNet operating cash flow
AI-generated presentation · values from Loss and operating cash; no missing values plotted as zero.
Capitalised exploration payments, FY2021-FY2024
A$ million
Capitalised exploration payments
AI-generated presentation · values from Available investment and financing detail; no missing values plotted as zero.
Loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (0.821) | (0.672) | (0.386) | (0.506) | (0.523) |
| Net operating cash flow | (0.769) | (0.789) | (0.453) | (0.327) | (0.328) |
Calendar-year accounts: each FY ends 31 December.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available investment and financing detail
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net investing cash flow | 0.742 | 1.065 | 0.212 | 1.122 |
| Net financing cash flow | (0.033) | (0.052) | (0.053) | (0.058) |
| Capitalised exploration payments | (0.251) | (0.346) | (0.373) | (2.753) |
Positive investing totals include deposit withdrawals net of new deposits; they are not operating profits or negative project spending.
FY2025 investing/financing totals were not retained in this packet. Earlier rows are not carried forward or zero-filled.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Resource growth is not saleable output
The updated Bigrlyi resource includes different confidence categories and is not a production or sales total. JV ownership changed slightly through partner dilution; project resource totals should not be treated as wholly attributable metal.
Recovery of capitalised expenditure depends on successful development, commercial exploitation or sale. No dividends were paid, recommended or declared in FY2025 or the preceding year.
Reading the figures
- FY2025 combined bank liquidity is approximate; no exact cash-equivalent balance is inferred by subtracting deposits from a rounded total.
- FY2025 full investing/financing detail and total-assets row remain an extraction gap, not issuer non-disclosure.
- 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
- Energy Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Energy Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Energy Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Energy Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Energy Metals - 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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