FY2021
Panton and relisting
Reverse-acquisition accounting and a short initial period accompany the Panton transaction and ASX return.
ASX: FME · Five-year financial review
(ASX: FME) Future Metals Financial Review - FY2021~25
Future Metals’ FY2021-FY2025 record begins with a Panton reverse acquisition and later changes exploration accounting. This review separates capitalised acquisition costs from expensed exploration, so an apparent investing slowdown is not mistaken for the end of project work.
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$3.925m
30 June cash balance.
Operating cash used
A$2.014m
Includes exploration cash payments.
Net loss
A$2.438m
Exploration is expensed.
Exploration expense
A$1.319m
Not additional to net loss.
Five years in context
The first accounts continue Great Northern Palladium from its November 2020 incorporation, combining Future Metals only from June 2021. The relisting and Panton acquisition therefore make FY2021 a structurally different opening period.
In FY2023, exploration and evaluation expenditure became an expense as incurred, while acquisition costs remained capitalised. Historical statements were restated; the accounting change is central to reading losses and cash-flow classifications.
Events behind the numbers
FY2022
Exploration spending
The restated accounts put more exploration spending into operating costs and reduce retained project carrying values.
FY2023
Policy changes and funding
The exploration-expense policy was applied retrospectively; placement and SPP funding supported the programme.
FY2024
Scoping study and Osprey
Panton study work and the Osprey acquisition broadened the development and exploration programme.
FY2025
Eileen Bore focus
Diamond drilling and survey work advanced the Alice Downs Corridor and Eileen Bore exploration effort.
FINANCIAL REVIEW / 01
Acquisition assets and the cash buffer
Capitalised project costs largely reflect the acquisition-cost basis after restatement. They should not be read as a marked-to-market valuation of Panton’s reported mineral resource.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Cash retained across the review; no missing values plotted as zero.
Available restated assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Restated asset and equity series available; no missing values plotted as zero.
Cash retained across the review
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 9.556 | 3.332 | 2.706 | 2.291 | 3.925 |
FY2021 is the first GNP-continuation period after reverse acquisition, not a full comparative year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Restated asset and equity series available
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 26.468 | 19.881 | 19.497 | 20.208 |
| Total equity | 24.354 | 18.814 | 18.891 | 19.826 |
| Capitalised exploration / acquisition costs | 16.654 | 16.435 | 16.610 | 17.858 |
FY2021 and FY2022 values use retrospectively restated FY2023 comparatives. Subsequent policy expenses exploration but capitalises acquisition costs.
FY2025 full group asset/equity totals are not retained in the supplied extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The policy change moves the cash categories
Recent operating outflows include exploration spending, while investing cash is nil in FY2024 and FY2025. Financing improved FY2025 closing cash, but the company still anticipated additional capital needs over the following twelve months.
Net loss on selected restated basis
A$ million
Net loss after tax (restated where available)
AI-generated presentation · values from Loss after exploration-policy restatement; no missing values plotted as zero.
Later-basis cash flows
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flows on the later exploration-expense basis; no missing values plotted as zero.
Loss after exploration-policy restatement
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax (restated where available) | (6.674) | (7.278) | (7.309) | (3.940) | (2.438) |
FY2021 restated loss is calculated from original loss plus the disclosed A$366,563 policy expense adjustment and agrees with first-period restated accumulated losses.
FY2021 is a short reverse-acquisition continuation period; it is not annualised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash flows on the later exploration-expense basis
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Net operating cash flow | (5.669) | (6.574) | (3.392) | (2.014) |
| Net investing cash flow | (0.605) | (0.489) | 0.000 | 0.000 |
| Net financing cash flow | 0.050 | 6.435 | 2.989 | 3.654 |
FY2022 uses the restated face cash-flow statement. A separate extracted restatement-note amount conflicts, and is logged rather than silently reconciled.
Exploration cash use is within operating activities under the revised policy. Reported nil investing in FY2024/FY2025 does not mean no exploration work.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2021 initial-period cash flows — original classification
A$ million
| Metric | FY2021 |
|---|---|
| Original operating cash flow | (0.517) |
| Original investing cash flow | (11.811) |
| Original financing cash flow | 21.884 |
Shown separately because this first-period extraction precedes exploration-expense restatement. It is not plotted as a directly comparable point in the later cash-category trend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Conditional payments are not automatically cash spent
The Osprey agreement includes a drilling-linked contingent payment with a probability assessment. The extraction contains differing descriptions of deferred share consideration, so no unsupported cash payment is reconstructed from those passages.
Panton North and Copernicus are farm-in interests up to 70%, not an assumed 100% project ownership. The FY2025 narrative explicitly says there were no short- or long-term borrowings, despite a generic debt field being marked not disclosed.
Reading the figures
- FY2021 is a reverse-acquisition continuation from 12 November 2020; original cash categories are kept separate from later-basis series.
- FY2022 face cash-flow restatement and a separate restatement-note extraction conflict; face statement selected and the discrepancy retained.
- FY2025 full balance sheet is not retained. Osprey deferred consideration wording differs across extracted passages and is not resolved by guesswork.
- 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
- Future Metals - FME Annual Report 2021Existing annual extraction, including separately identified historical comparatives.
- Future Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Future Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Future Metals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Future Metals - 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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.