FY2021
Equity funding builds cash
Strong net financing left a substantial cash balance to support later project expenditure.
ASX: EMN · Five-year financial review
(ASX: EMN) Euro Manganese Financial Review - FY2021~25
Euro Manganese’s FY2021-FY2025 review follows Chvaletice development, the EPCS acquisition and changing funding obligations. Canadian-dollar accounts show why a stable latest cash balance should not be confused with sufficient funding for the next development stage.
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
C$9.491m
30 September balance.
Net loss
C$17.586m
Annual statutory result.
Working-capital deficit
C$22.884m
Current liabilities exceed assets.
Convertible loan
C$30.577m
Classified current.
Five years in context
The business combines Chvaletice manganese development with acquired EPCS specialty-steel operations. EPCS customer revenue is a different activity from commercial manganese production at Chvaletice.
Orion’s headline US$100m package is not cash already drawn. Its two components, first-tranche funding and conversion conditions need to be distinguished from the reported Canadian-dollar balance sheet.
Events behind the numbers
FY2022
Funding offsets part of spending
Operating and investing outflows exceeded the year’s financing inflow.
FY2023
Cash drawn down
Operating and investing spending continued with almost no net financing inflow.
FY2024
Orion funding and EPCS acquisition
The initial Orion tranche and EPCS acquisition changed both financing and the operating perimeter.
FY2025
Permitting and renewed equity funding
Chvaletice gained permit and strategic status milestones, while the May financing strengthened cash but did not remove the disclosed funding uncertainty.
FINANCIAL REVIEW / 01
Cash stability does not remove the funding gap
Equity declined while the loan remained a major liability. Retrospective current classification reflects settlement rights under amended IAS 1; it is not a new cash borrowing in FY2024.
Cash at September year end
C$ million
Cash and equivalents
AI-generated presentation · values from Cash, assets and equity in Canadian dollars; no missing values plotted as zero.
Assets and shareholders’ equity
C$ million
Total assetsTotal shareholders’ equity
AI-generated presentation · values from Cash, assets and equity in Canadian dollars; no missing values plotted as zero.
Cash, assets and equity in Canadian dollars
C$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 31.219 | 21.561 | 7.650 | 9.364 | 9.491 |
| Total assets | 43.336 | 39.896 | 29.953 | 40.468 | 36.778 |
| Total shareholders’ equity | 37.403 | 37.290 | 27.100 | 9.815 | 2.848 |
FY2021-FY2024 dollar values and FY2025 thousand-dollar values are converted to C$ million. No AUD conversion is performed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Current-liability presentation after IAS 1 amendment
C$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Current assets | 10.952 | 11.035 |
| Current liabilities | 30.513 | 33.919 |
| Convertible loan within current liabilities | 27.541 | 30.577 |
FY2024 is the restated classification supplied with FY2025. The loan is included within current liabilities, not additional to them.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Separate operating cash from funding announcements
The FY2025 operating outflow is explicit in the narrative extraction. The net investing and financing totals were not retained, so the table stops at FY2024 rather than treating May’s gross raising as a net cash-flow total.
Net loss and operating cash
C$ million
Net loss after taxNet operating cash flow
AI-generated presentation · values from Annual loss and cash used in operations; no missing values plotted as zero.
Net investing and financing, FY2021-FY2024
C$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Available investment and financing cash; no missing values plotted as zero.
Annual loss and cash used in operations
C$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (9.540) | (13.457) | (12.008) | (18.327) | (17.586) |
| Net operating cash flow | (7.784) | (9.489) | (10.844) | (13.585) | (7.982) |
FY2022 operating cash uses the original C$9.489m outflow. A later extraction carries C$9.660m without a complete matching investing reconciliation; the discrepancy remains logged, not silently resolved.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available investment and financing cash
C$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net investing cash flow | (4.167) | (8.240) | (3.097) | (6.908) |
| Net financing cash flow | 40.431 | 8.129 | (0.003) | 21.985 |
FY2025 full cash-flow categories are absent from this packet; gross equity proceeds are not substituted for net financing.
FY2024 includes acquisition cash flows for EPCS.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Loan terms and project readiness remain conditional
The auditor highlighted material going-concern uncertainty without modifying the opinion. Management states that available capital is insufficient for the following twelve months of corporate and development costs.
The December 2025 milestone extension is after the September reporting date. Loan derivatives are remeasured through profit and loss, so accounting gains or losses need not represent operating cash movements.
The March 2025 five-for-one securities consolidation changes per-share comparability. This report compares total financial amounts and does not splice pre- and post-consolidation EPS.
Reading the figures
- FY2022 operating-cash extraction discrepancy retained for later resolution; original full cash-flow edition selected.
- FY2025 investing/financing category totals not present in the packet.
- Source currency is CAD, even though the shares also trade on ASX.
- 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
- Euro Manganese - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Euro Manganese - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Euro Manganese - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Euro Manganese - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Euro Manganese - 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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AI-led method
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