FY2021
Preparing for production
Management expected production to begin in early 2022; this was a forecast, not FY2021 commercial output.
ASX: FHS · Five-year financial review
(ASX: FHS) Freehill Mining Financial Review - FY2021~25
Freehill Mining’s FY2021-FY2025 financial record covers exploration, the move into production and a broader Chilean construction-materials business. Sales grew in the later period, but cash generation remained negative and a major FY2023 impairment dominates the loss comparison.
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 revenue
A$2.129m
Reported company revenue.
Cash
A$0.563m
30 June balance.
Operating cash used
A$0.748m
Not yet positive group cash flow.
Net loss
A$0.805m
Excludes translation OCI.
Five years in context
The operating transition was staged: mining and processing commenced in February 2022; first shipments followed after that June year end; the accounting transfer to mining assets occurred in FY2023; the later plant was ready in April 2024. These disclosures describe different milestones, not a single interchangeable start date.
The FY2024 strategy extended waste-material sales to cement and construction customers. Accordingly, the revenue trend below is company revenue, not an inferred iron-ore tonnage or realised-price series.
Events behind the numbers
FY2022
Mining and offtake
Processing began in February and a June offtake agreement preceded September shipments.
FY2023
Reclassification and impairment
Yerbas Buenas moved to mining assets while El Dorado and mining-asset impairments reduced earnings.
FY2024
Materials-market expansion
Construction and cement customers became a strategic focus; plant availability increased in April.
FY2025
Higher sales, unresolved risk
Revenue grew, but operating cash remained negative and the auditor retained a going-concern uncertainty.
FINANCIAL REVIEW / 01
More sales do not yet mean group profitability
Recent revenue growth outpaced the increase in the mine-production-cost line. Other expenses still left an overall loss, so the production-cost spread is not presented as net margin.
Reported revenue
A$ million
Reported revenue
AI-generated presentation · values from Revenue as the sales business develops; no missing values plotted as zero.
Revenue as the sales business develops
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Reported revenue | 0.113 | 0.691 | 2.129 |
Revenue includes the evolving Chilean materials business; it is not labelled wholly as iron-ore concentrate sales. Earlier pre-production sales accounting is not made comparable by inserting zero sales volumes.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent production-cost comparison
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Reported revenue | 0.691 | 2.129 |
| Mine production costs | (0.769) | (1.498) |
Mine production costs do not include every corporate, employee, depreciation or finance expense. Revenue less this cost line is not labelled statutory operating profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The business still uses external funding
The FY2025 cash balance improved because financing more than covered operating and investing outflows. Management’s expectations for project cash generation should not be substituted for the negative group operating cash actually reported.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Closing cash; no missing values plotted as zero.
Net loss and operating cash
A$ million
Net loss attributable to ownersNet 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.
Closing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 1.536 | 0.581 | 0.047 | 0.063 | 0.563 |
FY2025 balance-sheet totals are not present in the selected extraction; cash is supported by the cash-flow statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Net loss and operating cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss attributable to owners | (2.244) | (1.617) | (14.708) | (1.506) | (0.805) |
| Net operating cash flow | (1.906) | (1.450) | (1.227) | (1.547) | (0.748) |
FY2023 loss includes A$13.012m non-cash impairment. Net loss excludes translation movements in other comprehensive income.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net investing cash flow | (0.787) | (2.490) | (1.191) | (0.505) | (0.272) |
| Net financing cash flow | 3.335 | 3.012 | 1.884 | 2.072 | 1.518 |
FY2024 debt-to-equity conversion is non-cash and is not new financing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Carrying values and safety uncertainty
The A$16.102m transfer to mining assets was not fresh cash spending. The detailed El Dorado impairment of A$7.415m and mining impairment of A$5.597m match the A$13.012m total; an extracted summary of the exploration movement conflicts and is not used to overwrite that detail.
A fatal accident occurred at Yerbas Buenas on 8 July 2024, within FY2025. The extracted report says the financial effect of any settlement was still being determined; no settlement amount is invented.
The auditor’s going-concern emphasis did not modify the opinion. A FY2025 debtor-finance amount is also inconsistent by A$10 between extracted records; that minor conflict is logged, not silently resolved.
Available balance-sheet and project carrying values
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 21.938 | 22.854 | 12.413 | 12.849 |
| Total equity | 21.197 | 22.689 | 10.078 | 12.410 |
FY2023 includes reclassification of Yerbas Buenas from exploration into mining assets, plus impairment. The disappearance of the exploration line does not mean the mine disappeared.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2025 full consolidated assets/equity are an extraction gap; the report does not manufacture them.
- FY2023 exploration-movement summary conflicts with detailed transfer and impairment records. The detailed components are retained with the conflict disclosed.
- FY2025 debtor finance is A$24,455 in the balance-sheet/cash-flow records versus A$24,445 in the debt roll-forward. No false precision is claimed.
- 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
- Freehill Mining - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Freehill Mining - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Freehill Mining - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Freehill Mining - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Freehill Mining - 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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