FY2021
Carr Boyd programme
Diamond drilling and supporting infrastructure expanded the exploration effort.
ASX: ESR · Five-year financial review
(ASX: ESR) Estrella Resources Financial Review - FY2021~25
Estrella Resources’ FY2021-FY2025 review follows substantial Australian nickel exploration spending and a move into Timor-Leste. FY2025 funding rebuilt cash, but advance application money, project write-downs and royalty conditions need to be separated from operating performance.
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$6.558m
After foreign-exchange cash movement.
Net assets
A$24.157m
Group narrative amount.
Annual loss
A$2.080m
Excludes OCI translation movement.
Advance funds
A$5.000m
Included in financing receipts.
Five years in context
Carr Boyd drilling and infrastructure drove the early exploration programme. The portfolio later expanded into Timor-Leste, where the June 2024 joint venture was established with a 70% ESR interest and 30% MRT interest.
The shift in focus coincided with curtailed Spargoville development under weaker nickel-market economics. The report separates that project carrying-value decision from later cash financing.
Events behind the numbers
FY2022
Exploration investment peaks
Investing cash outflow and capitalised exploration increased while closing cash declined.
FY2023
Further exploration funding
Financing supported investment and operating uses; exploration assets increased again.
FY2024
Timor-Leste entry
New permits and a state-partner joint venture accompanied a reduced Spargoville focus and write-down.
FY2025
Funding replenishes cash
Share proceeds and A$5m application funds in advance supported a larger cash balance.
FINANCIAL REVIEW / 01
Liquidity improves while project costs remain on the books
FY2025 cash growth is funding-led, not evidence of commercial manganese production. The extracted Timor-Leste royalty terms start from future ore sales and vary with an additional subscription condition.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Cash and net assets; no missing values plotted as zero.
Total assets and capitalised exploration
A$ million
Total assetsExploration and evaluation assets
AI-generated presentation · values from Available consolidated asset composition; no missing values plotted as zero.
Cash and net assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 3.549 | 0.721 | 1.048 | 0.197 | 6.558 |
| Consolidated equity / net assets | 14.017 | 19.673 | 22.031 | 20.719 | 24.157 |
FY2025 net assets are from the extracted group financial narrative. Cash is not interchangeable with equity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available consolidated asset composition
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 15.420 | 21.137 | 23.328 | 21.109 |
| Exploration and evaluation assets | 11.152 | 19.628 | 21.753 | 20.301 |
Capitalised exploration is a component of total assets, not mineral resource value. FY2025 full group asset and exploration closing totals are not retained in this extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Advance subscriptions matter to the funding picture
Net financing substantially exceeded operating and investing outflows in FY2025. Part of that inflow was received before the associated share issuance; it should not all be described as completed equity capital at 30 June.
Net loss and operating cash
A$ million
Net loss after taxNet operating cash flow
AI-generated presentation · values from Net 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.
Net loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (0.543) | (2.277) | (1.605) | (2.991) | (2.080) |
| Net operating cash flow | (0.824) | (1.262) | (1.134) | (1.150) | (1.268) |
FY2024 includes A$1.763m exploration impairment. Net loss is distinct from comprehensive loss including translation movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (5.401) | (8.119) | (3.036) | (0.287) | (2.326) |
| Net financing cash flow | 9.738 | 6.553 | 4.496 | 0.586 | 10.023 |
FY2025 financing includes A$5m application funds received in advance, not only proceeds of shares already issued.
FX reduced FY2025 cash by A$67,394; the sum of the three net flows is not the entire change in closing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 financing cash detail
A$ million
| Metric | FY2025 |
|---|---|
| Proceeds from shares | 5.361 |
| Application funds received in advance | 5.000 |
| Share issue costs | (0.338) |
| Net financing inflow | 10.023 |
The net total includes the three components; do not add the total to them. Receipt of application money does not by itself establish completed share issuance at year end.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Impairments and conditional rights
FY2024 exploration impairment reflects the Spargoville reduction to A$100,000. FY2025 also records full impairment of a separate A$500,000 Data Laboratories receivable; neither is treated as a matching new cash payment.
Mt Edwards disposal milestones and royalties remain contingent on resource and processing thresholds. They are not included as collected income merely because the contractual amounts exist.
August and September 2025 share and performance-right events are subsequent disclosures, not June operating results. Performance rights and royalty-linked finance terms create different consequences from an ordinary cash sale.
Reading the figures
- FY2025 consolidated total assets and exploration closing balance are not retained; net assets are available in an explicit group narrative.
- The Timor-Leste expansion and 70/30 JV basis are retained; a generic FY2025 activities sentence limited to WA nickel is not used as a complete description of the group.
- Advance application funding and subsequent share issues remain separately labelled; no unsupported year-end capital reclassification is made.
- 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
- Estrella Resources - Annual Report 2021Existing annual extraction, including separately identified historical comparatives.
- Estrella Resources - Annual Report 2022Existing annual extraction, including separately identified historical comparatives.
- Estrella Resources - Annual Report 2023Existing annual extraction, including separately identified historical comparatives.
- Estrella Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Estrella 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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AI-led method
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