FY2021
Investment and disputed rights
SO4 shares were purchased; Badondo exploration assets were written off following the licence dispute.
ASX: EQX · Five-year financial review
(ASX: EQX) Equatorial Resources Financial Review - FY2021~25
Equatorial Resources’ FY2021-FY2025 financial review centres on capital preservation, investment write-downs and contested project rights. A shrinking cash balance and arbitration spending sit alongside non-cash losses on SO4 and, later, the Nimba Alliance project.
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$9.601m
Consolidated June balance.
Group loss
A$4.690m
Includes NCI, not parent-only.
Arbitration expense
A$2.000m
FY2025 expense, not an award.
Nimba impairment
A$1.994m
Non-cash project write-down.
Five years in context
The company’s financial trajectory is not a mine-production story. In FY2021 it bought shares in Salt Lake Potash while writing off Badondo exploration assets following the Congo licence dispute.
Nimba Alliance was acquired on 31 July 2023, inside FY2024. Its two permit interests were not identical: Nimba West was wholly held and Nimba North was 56% held.
Events behind the numbers
FY2022
SO4 value reduced to nil
Administration of SO4 led to a A$15.257m fair-value decrease. International arbitration commenced against Congo.
FY2023
Nimba agreement
An acquisition agreement was signed; completion on 31 July fell after this financial year.
FY2024
Nimba enters the group
The acquisition completed with share-based consideration and a further contingent share component.
FY2025
Nimba fully impaired
Reported permit-cancellation information and renewal uncertainty led to full impairment of the capitalised project cost.
FINANCIAL REVIEW / 01
Liquidity is now most of the asset base
The SO4 investment’s nil valuation and Nimba impairment remove book assets without representing matching cash payments in those impairment years. Cash remains the principal balance-sheet resource, but its decline is separately visible.
Cash at financial year end
A$ million
Cash and equivalents
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Assets and equity
A$ million
Total consolidated assetsTotal consolidated equity
AI-generated presentation · values from Cash, assets and equity; no missing values plotted as zero.
Cash, assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 19.965 | 18.452 | 16.662 | 13.817 | 9.601 |
| Total consolidated assets | 35.252 | 18.497 | 16.695 | 15.895 | 9.660 |
| Total consolidated equity | 35.088 | 18.200 | 14.207 | 14.050 | 9.470 |
Cash is a component of total assets, not additional to them. Group equity includes non-controlling interests.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash usage and accounting losses tell different stories
The FY2022 loss spike was dominated by the SO4 fair-value adjustment, whereas FY2025 includes the Nimba impairment. These are distinct from the operating cash outflows and should not be read as same-year cash purchases.
Net loss versus operating cash flow
A$ million
Consolidated net lossNet operating cash flow
AI-generated presentation · values from Loss and operating cash; no missing values plotted as zero.
Investing and financing cash
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Investing and financing cash; no missing values plotted as zero.
Loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated net loss | (8.016) | (17.263) | (4.189) | (1.765) | (4.690) |
| Net operating cash flow | (0.961) | (1.513) | (1.790) | (2.830) | (4.216) |
FY2022 uses the statement loss of A$17,263,135, not the narrative A$17,262,978 that incorporates the A$157 other-comprehensive-income movement.
Group results are not the different parent-only or attributable-to-owners results.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (19.820) | 0.000 | 0.000 | (0.008) | 0.000 |
| Net financing cash flow | 0.446 | 0.000 | 0.000 | (0.006) | 0.000 |
FY2021 investing cash relates to financial-asset purchases, not mine construction.
Zeros reflect supported nil cash flows. Share consideration for the Nimba acquisition is non-cash, not missing cash financing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Claims are not cash assets
Congo arbitration seeks compensation for alleged expropriation. Neither a royalty on future production nor a compensation claim is treated here as an awarded or collected amount.
Nimba’s impairment followed a news-broadcast notification and uncertainty around renewal, not formal notice received by the group at that point. The report preserves this distinction rather than declaring a final legal outcome.
Separately disclosed arbitration expense
A$ million
Arbitration expense
AI-generated presentation · values from Separately reported arbitration expense; no missing values plotted as zero.
Separately reported arbitration expense
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Arbitration expense | (2.960) | (1.518) | (2.000) |
Earlier years combined business development and arbitration in a different line, so they are not inserted into this narrower expense series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2022 narrative loss incorporates a small OCI movement; the consolidated net-loss series is taken from the statement records.
- FY2024 ownership narrative contains a 4% NCI entry inconsistent with the 56% held interest and FY2025 44% NCI disclosure; the supported 56% interest is used, and the inconsistency remains logged.
- Project-rights and arbitration outcomes are not independently adjudicated in this financial 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
- Equatorial Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Equatorial Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Equatorial Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Equatorial Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Equatorial Resources - 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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.