FY2021
Yuinmery drilling
Higher drilling-related exploration and legal expenditure affected cash usage and results.
ASX: ERL · Five-year financial review
(ASX: ERL) Empire Resources Financial Review - FY2021~25
Empire Resources’ FY2021-FY2025 financial review follows Yuinmery exploration, the use of investment-sale proceeds and a shift to director-related loan funding. Cash and working capital—not undeveloped resource size—frame the immediate funding position.
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$0.467m
Consolidated cash-flow closing balance.
Annual loss
A$1.112m
After tax.
Working capital
A$0.498m deficit
Current liabilities exceed current assets.
Borrowing balance
A$0.617m
Includes A$0.017m accrued interest.
Five years in context
Exploration spending is expensed, so the exploration programme feeds into the annual result rather than building an equivalent capitalised asset. The lower spending in FY2023-FY2024 reflected fewer Yuinmery drilling programmes.
Penny’s Find royalty and milestone rights are distinct from ownership of its mine output. Potential mining-start and first-gold payments are not assumed to be collected sales revenue.
Events behind the numbers
FY2022
Investment sales fund activity
Sales of DCN shares were the main source of investing inflows while exploration spending was high.
FY2023
Less drilling, new equity
Exploration slowed and a December placement supported financing cash.
FY2024
Lower exploration programme
Resource assessment and data compilation accompanied reduced Yuinmery drilling spend.
FY2025
Drilling and loan funding
Yuinmery RC and AC drilling continued; A$600,000 in related-party loan proceeds supported cash needs.
FINANCIAL REVIEW / 01
Exploration expense and cash are not interchangeable
FY2025 exploration expense increased, yet operating cash outflow was slightly lower. Different payment timing and non-exploration cash items mean the two measures need not move together.
Loss and its exploration component
A$ million
Net loss after taxExploration expense
AI-generated presentation · values from Loss and exploration expense; no missing values plotted as zero.
Loss and exploration expense
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (1.076) | (2.653) | (1.424) | (0.985) | (1.112) |
| Exploration expense | (1.221) | (1.712) | (0.959) | (0.446) | (0.708) |
Exploration expense is included in net loss and is not additional to it. It differs from the cash paid during a year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The funding mix moved from asset sales to loans
Earlier investing inflows drew on financial-asset sales. By FY2025 there were no share issues and funding came through unsecured director-related loans, changing the obligations attached to new cash.
Year-end cash
A$ million
Closing cash and equivalents
AI-generated presentation · values from Cash and sources of funding; no missing values plotted as zero.
Operating, investing and financing flows
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash and sources of funding; no missing values plotted as zero.
Assets and equity, FY2021-FY2024
A$ million
Total assetsTotal equity
AI-generated presentation · values from Available consolidated assets and equity; no missing values plotted as zero.
Cash and sources of funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Closing cash and equivalents | 1.324 | 1.847 | 1.014 | 0.763 | 0.467 |
| Net operating cash flow | (1.966) | (2.654) | (1.327) | (0.945) | (0.896) |
| Net investing cash flow | 1.456 | 3.213 | 0.020 | 0.000 | 0.000 |
| Net financing cash flow | 1.236 | (0.036) | 0.474 | 0.695 | 0.600 |
FY2021-FY2022 investing inflows include financial-asset disposals, not recurring mine sales.
FY2025 financing is borrowing, not an equity raise. Nil investing cash is supported in the extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available consolidated assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 5.145 | 2.036 | 1.042 | 0.804 |
| Total equity | 3.044 | 1.855 | 0.905 | 0.614 |
FY2025 complete consolidated asset/equity totals are not retained as such in this packet; a parent-only table is not silently substituted. Current-asset and working-capital disclosures are shown separately.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 current liquidity and director-related borrowing
A$ million
| Metric | FY2025 |
|---|---|
| Current assets | 0.511 |
| Current liabilities | 1.009 |
| Net working capital (deficit) | (0.498) |
| Director-related loan principal | 0.600 |
| Accrued loan interest | 0.017 |
| Total borrowing carrying amount | 0.617 |
Borrowings are a component of current liabilities; principal plus interest equals their carrying amount.
An extracted narrative calls A$616,551 interest. The detailed borrowing note instead identifies A$600,000 principal plus A$16,551 accrued interest; that detailed split is used.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Loan timing and conditional royalty income
The loans carry 7.5% annual interest and related parties agreed not to demand repayment for at least twelve months from signing. The extra A$250,000 advanced in August 2025 is subsequent to the June balance and is not backdated.
The auditor highlighted a material going-concern uncertainty without modifying the opinion. Negative working capital and future exploration commitments remain relevant despite the availability of related-party funding.
Penny’s Find payments depend on specified milestones, and royalties depend on future production and sales by the mine owner. Retained royalty percentages are contractual interests, not achieved cash receipts.
Reading the figures
- FY2025 group cash is taken from the consolidated cash-flow statement. Parent-only total assets are not used to complete the consolidated asset/equity table.
- The loan-interest narrative error is resolved against the explicit principal and accrued-interest records, not by inventing an additional liability.
- 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
- Empire Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Empire Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Empire Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Empire Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Empire 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.
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