FY2021
IPO and first accounts
The June listing raised A$10m gross after incorporation in September 2020.
ASX: FG1 · Five-year financial review
(ASX: FG1) Flynn Gold Financial Review - FY2021~25
Flynn Gold’s FY2021-FY2025 financial review follows a newly listed Tasmanian gold explorer from its IPO cash buffer to continuing funding needs. Exploration is expensed, so modest assets and recurring losses do not mean its project portfolio has disappeared.
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$1.210m
30 June balance.
Operating cash used
A$4.085m
Annual group outflow.
Exploration expense
A$2.819m
Included in reported loss.
Net assets
A$0.847m
Not a mineral valuation.
Five years in context
The first financial period began on incorporation in September 2020 and included the June 2021 IPO. Early project acquisitions included non-cash consideration that was expensed, explaining why profit-and-loss charges and cash spending are not interchangeable.
Golden Ridge exploration and the Firetower/Warrentinna acquisitions supplied the project context. Their geological progress is kept separate from financial results and contingent acquisition payments.
Events behind the numbers
FY2022
Exploration uses the cash buffer
Exploration spending and operating outflows reduced the post-IPO cash balance.
FY2023
Trafalgar and new projects
Golden Ridge discovery work accompanied the Firetower and Warrentinna acquisition.
FY2024
Funding remains essential
Further financing supported exploration, but management disclosed continuing capital needs.
FY2025
Lower cash, further funding plans
Year-end liquidity declined; a later Mount Dove sale and capital plans were disclosed after June.
FINANCIAL REVIEW / 01
A shrinking cash buffer
Cash and equity declined as the exploration programme continued. FY2025 working capital remained positive at A$0.637m, but that is a balance-sheet measure rather than assurance that planned spending was fully financed.
Cash and net assets
A$ million
Cash and equivalentsTotal equity
AI-generated presentation · values from Cash and balance-sheet scale; no missing values plotted as zero.
Cash and balance-sheet scale
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 9.341 | 5.357 | 3.760 | 2.959 | 1.210 |
| Total assets | 9.590 | 5.644 | 4.198 | 3.408 | 1.609 |
| Total equity | 8.773 | 4.905 | 3.437 | 2.503 | 0.847 |
FY2025 total assets are calculated as reported liabilities plus equity; all other asset totals are reported.
This explorer expenses exploration. Asset carrying values should not be mistaken for the scale or value of mineral prospects.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Exploration is a cost, not a capitalised asset series
Operating cash outflows are the clearest recurring funding demand. Exploration expense explains much of the earnings pattern, but share-settled exploration and acquisition costs make a simple expense-to-cash identity inappropriate.
Loss and operating cash use
A$ million
Net loss after taxNet operating cash flow
AI-generated presentation · values from Loss, exploration cost and cash use; no missing values plotted as zero.
Exploration expense
A$ million
Exploration and evaluation expense
AI-generated presentation · values from Loss, exploration cost and cash use; no missing values plotted as zero.
Net financing cash
A$ million
Net financing cash flow
AI-generated presentation · values from Available investing and financing cash detail; no missing values plotted as zero.
Loss, exploration cost and cash use
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (4.677) | (3.869) | (5.558) | (4.914) | (4.039) |
| Exploration and evaluation expense | (3.422) | (3.093) | (4.125) | (3.400) | (2.819) |
| Net operating cash flow | (2.123) | (3.955) | (4.992) | (4.630) | (4.085) |
FY2021 is 7 September 2020-30 June 2021, not a full year.
FY2022 exploration expense uses its original A$3.093m record; the next-year comparative is A$3.278m. The difference is retained as unresolved, not treated as a new operating trend.
Exploration expense includes non-cash elements and is part of the loss, not an additional loss to sum.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Available investing and financing cash detail
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net investing cash flow | (0.010) | (0.006) | (0.064) | (0.022) |
| Net financing cash flow | 11.473 | (0.023) | 3.459 | 3.851 |
FY2025 net category totals are not retained in the supplied extraction; gross fund-raising narrative is not substituted for net financing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Subsequent funding is not June cash
The auditor identified material going-concern uncertainty without modifying the opinion. Management cited funding options, spending flexibility and asset sales; a facility ceiling or planned rights issue is not cash already received.
The A$200,000 Mount Dove disposal was announced in July 2025 and stays outside June cash. Firetower/Warrentinna resource and permitting milestones are contingent consideration, not automatic current-period cash payments.
Reading the figures
- FY2021 covers 7 September 2020-30 June 2021; later columns are full June financial years.
- FY2022 original and subsequent comparative exploration expense differ; the original series is retained with the difference visible.
- FY2025 investing and financing net totals are an extraction gap. FY2025 assets are a disclosed liabilities-plus-equity calculation.
- 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
- Flynn Gold - 30 June 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Flynn Gold - 30 June 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Flynn Gold - 30 June 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Flynn Gold - 30 June 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Flynn Gold - 30 June 2025 Annual ReportExisting 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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