FY2021
Greenland acquisition
Ivittuut joined the portfolio; a placement supported acquisition and exploration work.
ASX: EPM · Five-year financial review
(ASX: EPM) Eclipse Metals Financial Review - FY2021~25
Eclipse Metals’ FY2021-FY2025 financial review follows the acquisition and evaluation of its Greenland projects. Cash recovered after FY2025 financing, while resource development, non-cash acquisition consideration and a disputed investment agreement require separate treatment.
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$2.137m
Consolidated closing balance.
Annual loss
A$1.029m
Group, including NCI.
Net financing
A$2.656m
Cash-flow inflow, after relevant outflows.
Operating cash
A$0.714m used
Annual operating outflow.
Five years in context
The January 2021 Ivittuut acquisition established the Greenland exploration platform. Historical cryolite production ended decades before Eclipse acquired the project; it is not current company sales.
The group operates exploration segments in Greenland and Australia. FY2025 reports no operating revenue, so a larger resource estimate does not establish mining income or cash generation.
Events behind the numbers
FY2022
Quartz evaluation
Bulk-sample work supported further quartz evaluation and resource-estimation plans, not a producing operation.
FY2023
Exploration write-off
The larger annual loss included A$1.069m exploration expenditure written off.
FY2024
Milestone shares and funding
Shares settled a A$1m project milestone; Pioneer’s initial financing was distinct from possible later tranches.
FY2025
Resource and financing progress
Grønnedal’s resource estimate expanded and equity funding rebuilt cash; Pioneer litigation remained a contingent matter.
FINANCIAL REVIEW / 01
Funding rebuilt liquidity
The FY2025 cash increase reflects financing rather than operating profitability. Historical project consideration includes options and milestone shares, so exploration asset growth is not a proxy for cash spent.
Year-end cash
A$ million
Cash and equivalents
AI-generated presentation · values from Cash and annual funding; no missing values plotted as zero.
Cash uses and financing
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash and annual funding; no missing values plotted as zero.
Cash and annual funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 1.809 | 0.660 | 0.880 | 0.406 | 2.137 |
| Net operating cash flow | (0.689) | (1.389) | (1.102) | (1.051) | (0.714) |
| Net investing cash flow | (0.320) | (0.124) | (0.563) | (0.252) | (0.210) |
| Net financing cash flow | 1.856 | 0.364 | 1.885 | 0.829 | 2.656 |
Amounts are consolidated A$ million; negative cash flows are outflows. Gross capital raisings are not substituted for net financing.
FY2025 cash uses the cash-flow closing balance of A$2,137,490, corroborated by one financial narrative. Another narrative says A$2.127m; this discrepancy remains logged.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Project book values and earnings
FY2023’s exploration write-off helps explain its larger loss. No tenement impairment was recognised in FY2025, but the stored disclosures still identify uncertainty over exploration recoverability.
Consolidated statutory loss
A$ million
Consolidated loss after tax
AI-generated presentation · values from Statutory loss; no missing values plotted as zero.
Total assets and exploration carrying values
A$ million
Total assetsExploration and evaluation assets
AI-generated presentation · values from Available consolidated asset and equity series; no missing values plotted as zero.
Statutory loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated loss after tax | (0.629) | (1.319) | (2.529) | (1.296) | (1.029) |
Group result includes non-controlling interests. It is not the slightly different attributable-to-owners result.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available consolidated asset and equity series
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 11.065 | 9.920 | 13.367 | 14.105 |
| Total equity | 10.567 | 9.855 | 13.189 | 13.473 |
| Exploration and evaluation assets | 9.173 | 9.197 | 12.421 | 13.673 |
FY2025 complete consolidated balance-sheet totals are not retained in this packet; parent-only equity is not a substitute.
Exploration carrying values are included in assets. They are not cash, reserves or an independent project valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Conditions, litigation and remaining boundaries
The Liverpool arrangement allows Boss Energy to earn an interest by future spending. Its maximum expenditure and possible further-interest price are conditional terms, not FY2025 cash revenue.
Although the A$497,000 Pioneer amount was reported repaid, Pioneer sought additional shares through legal proceedings. The group recognised a contingent liability rather than a provision; repayment should not be read as settlement of the legal dispute.
The FY2024 auditor highlighted a material going-concern uncertainty without modifying the opinion. Improved FY2025 cash does not by itself resolve all future funding or project-recoverability questions.
Reading the figures
- FY2025 group assets, equity and exploration closing balances are not available in the frozen extraction. The parent entity figures are kept out of the consolidated trend.
- FY2025 cash narratives disagree; the cash-flow closing figure is used and the conflict is retained for later review.
- 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
- Eclipse Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Eclipse Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Eclipse Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Eclipse Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Eclipse 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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AI-led method
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