FY2021
Processing ends
Uranium production ceased in January; restoration obligations became central to the financial statements.
ASX: ERA · Five-year financial review
(ASX: ERA) Energy Resources of Australia Financial Review - FY2021~25
Energy Resources of Australia’s FY2021-FY2025 calendar-year review tracks the end of Ranger uranium processing and the transition to rehabilitation. The central questions are restoration costs, funding and access to designated security—not mining output growth.
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$58.374m
Excludes term deposits and trust security.
Term deposits
A$540.000m
Separately classified assets.
Rehabilitation paid
A$221.025m
FY2025 cash expenditure.
Net deficit
A$1,165.270m
Negative equity, not bank debt.
Five years in context
Ranger processing ceased in January 2021 and the final uranium sales were completed in 2022. Subsequent revenue therefore has a different economic meaning: FY2025 revenue is overwhelmingly interest income.
Reported losses are heavily affected by revised rehabilitation estimates and discount unwinding. A smaller statutory loss can coincide with substantial cash rehabilitation spending.
Events behind the numbers
FY2022
Final sales completed
Ranger sales ended while rehabilitation cash payments continued.
FY2023
Estimate revision and funding
The rehabilitation estimate rose sharply; a May entitlement offer raised approximately A$369m before costs.
FY2024
New capital and Jabiluka impairment
The entitlement offer secured approximately A$766m before costs, while the Jabiluka property was fully impaired.
FY2025
Capping delay
Slower tailings dry-out constrained Pit 3 capping, which was suspended in December for the rest of the wet season.
FINANCIAL REVIEW / 01
Accounting costs are not annual cash spending
The FY2023 estimate revision drives the largest loss in this period. FY2025 instead includes a A$32.240m estimate credit, but A$131.291m discount unwinding remains an expense. These adjustments should not be confused with the annual rehabilitation payment.
Annual net loss
A$ million
Net loss after tax
AI-generated presentation · values from Results during the transition to rehabilitation; no missing values plotted as zero.
Rehabilitation estimate changes in earnings
A$ million
Rehabilitation estimate change: income / (expense)
AI-generated presentation · values from Results during the transition to rehabilitation; no missing values plotted as zero.
Results during the transition to rehabilitation
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from continuing operations | 201.007 | 55.309 | 34.182 | 37.196 | 58.871 |
| Net loss after tax | (650.212) | (160.553) | (1,388.094) | (245.975) | (50.320) |
| Rehabilitation estimate change: income / (expense) | (668.149) | (62.157) | (1,349.272) | (69.096) | 32.240 |
Calendar years ended 31 December; extracted A$ thousands converted to A$ million.
All Ranger uranium sales were completed in 2022. Later revenue is principally interest and other income, not a resumption of uranium sales.
Positive FY2025 estimate change is a credit to income; it is not a cash receipt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Rehabilitation provision, current plus non-current
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Total rehabilitation provision | 2,422.792 | 2,300.818 |
Calculated from rehabilitation-specific note balances. Broader balance-sheet provisions also contain other obligations and are not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash, deposits and rehabilitation security are different pools
The cash balance fell in FY2025 while term deposits increased. The broader A$1,158.981m financial-asset figure also includes government security receivable, so presenting it all as freely available cash would be misleading.
Rehabilitation payments within operating cash flow
A$ million
Rehabilitation cash paymentsNet operating cash flow
AI-generated presentation · values from Cash spending and funding; no missing values plotted as zero.
Investing and financing cash flows
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Cash spending and funding; no missing values plotted as zero.
Cash, term deposits and government security
A$ million
Cash and equivalentsTerm depositsGovernment security receivable / Trust Fund
AI-generated presentation · values from Cash versus designated rehabilitation security; no missing values plotted as zero.
Cash spending and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Rehabilitation cash payments | (153.149) | (194.190) | (210.615) | (176.229) | (221.025) |
| Net operating cash flow | (37.934) | (146.963) | (223.246) | (183.948) | (192.215) |
| Net investing cash flow | (0.043) | 59.276 | 1.268 | (459.686) | (79.868) |
| Net financing cash flow | (2.512) | 10.944 | 351.811 | 758.000 | (0.863) |
Rehabilitation payments are included in operating cash flow, not additional to it.
FY2024-FY2025 investing outflows principally include placement of funds into term deposits; this is not the same as mine construction or money consumed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Balance-sheet totals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents only | 163.872 | 87.116 | 216.951 | 331.332 | 58.374 |
| Total assets | 855.930 | 679.771 | 828.800 | 1,345.081 | 1,173.901 |
| Equity / (net deficit) | (442.422) | (603.657) | (1,627.300) | (1,114.619) | (1,165.270) |
Cash alone excludes term deposits and government security receivables shown below. Negative equity is not the same as outstanding bank borrowings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash versus designated rehabilitation security
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash and equivalents | 331.332 | 58.374 |
| Term deposits | 460.000 | 540.000 |
| Government security receivable / Trust Fund | 535.107 | 560.607 |
| Sum of these three asset categories | 1,326.439 | 1,158.981 |
The combined figure is not all unrestricted cash. The government security receivable relates to the rehabilitation trust, and bank guarantees are not cash assets.
Do not add these amounts to total assets: they are already included there.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A funded work programme is not a fully funded closure
Management expected the 2024 raising to support work to around Q3 2027 and identified a need for further funding beyond it. The December 2025 rehabilitation authority, effective January 2026, supports continued restoration and monitoring rather than renewed uranium processing.
The report retains the directors’ conclusion that no material going-concern uncertainty arose from their assessed range of outcomes, alongside the substantial future funding requirement. Going concern was a key audit matter; that is not a modified audit opinion.
The compulsory-acquisition process and Jabiluka court matters described in the annual extraction are not treated as finally resolved here. Subsequent hearing dates remain separate from the December balance sheet.
Reading the figures
- Revenue changes basis after final uranium sales in 2022; it is not a comparable five-year uranium-sales series.
- Provision estimates, funding expectations and legal proceedings are presented as of the respective report disclosures, not independently updated.
- No unrestricted-cash total is inferred by adding the Trust Fund or bank guarantees.
- 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 Resources of Australia - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Energy Resources of Australia - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Energy Resources of Australia - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Energy Resources of Australia - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Energy Resources of Australia - Annual Report 2025Existing 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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