FY2022
First listed financial year
The September 2021 listing established the public-company funding base.
ASX: FRS · Five-year financial review
(ASX: FRS) Forrestania Resources Financial Review - FY2022~26
Forrestania’s FY2022-FY2026 record changes sharply in the final year: a large acquisition programme and Lake Johnston refurbishment expanded the asset base, supported by substantial financing. Reported losses rose too, but non-cash equity awards account for a large part of that increase.
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.
FY2026 cash
A$7.763m
30 June balance.
Net investing outflow
A$82.760m
Acquisition and development year.
Exploration carrying value
A$195.818m
Accounting amount, not valuation.
Net financing inflow
A$95.094m
Not sales revenue.
Five years in context
The company listed in September 2021. Its early years were exploration-led; by FY2026 the principal activities included refurbishing the Lake Johnston Processing Facility.
The asset expansion is not evidence of an equivalent increase in operating cash generation. Acquisition consideration included shares, and much of the plant remained work in progress at June 2026.
Events behind the numbers
FY2023
Exploration carrying value rises
Investment continued alongside a further financing inflow.
FY2024
Impairment resets carrying values
A$4.531m exploration impairment drove much of the annual loss.
FY2025
Netley option not extended
The company withdrew from the iron-ore acquisition opportunity after due diligence.
FY2026
Acquisitions and refurbishment
Lake Johnston and multiple tenement acquisitions transformed the balance sheet.
FINANCIAL REVIEW / 01
A funded acquisition step-change
Financing funded a much larger investing programme. Cash remained a small portion of total assets; capitalised exploration and plant cannot be treated as available liquidity.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Cash-flow categories
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Funding and investment cash flows; no missing values plotted as zero.
Consolidated financial position
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and equivalents | 1.586 | 2.117 | 0.459 | 0.920 | 7.763 |
| Total assets | 6.994 | 10.156 | 6.289 | 7.481 | 330.665 |
| Total equity | 6.798 | 9.350 | 6.111 | 7.020 | 263.075 |
| Exploration and evaluation carrying amount | 5.177 | 7.796 | 5.670 | 6.374 | 195.818 |
June balance dates; consolidated totals, not parent-only or acquisition-date subsidiary balances.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Funding and investment cash flows
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.073) | (1.305) | (1.154) | (0.584) | (5.491) |
| Net investing cash flow | (2.387) | (2.565) | (1.950) | (1.238) | (82.760) |
| Net financing cash flow | 5.024 | 4.401 | 1.446 | 2.284 | 95.094 |
FY2024 uses the cash-flow statement; its reconciliation note differs by A$2, an immaterial retained extraction discrepancy.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Losses, non-cash awards and first sales
FY2026 share-based payment expense was A$22.648m, alongside A$4.450m exploration impairment. These help explain why the accounting loss was much greater than operating cash outflow.
The retained statement separately shows gold sales and their cost, resulting in a small gross loss. This does not imply the Lake Johnston processing plant was already available for use.
Annual loss after tax
A$ million
Consolidated loss after tax
AI-generated presentation · values from Loss after tax; no missing values plotted as zero.
FY2026 selected charges
A$ million
Share-based payment expenseExploration impairment
AI-generated presentation · values from FY2026 selected non-cash charges; no missing values plotted as zero.
Loss after tax
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Consolidated loss after tax | (2.119) | (1.652) | (5.932) | (1.420) | (31.278) |
FY2024 exploration impairment and FY2026 share-based payments materially affect comparability.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2026 selected non-cash charges
A$ million
| Metric | FY2026 |
|---|---|
| Share-based payment expense | (22.648) |
| Exploration impairment | (4.450) |
Selected charges, not a reconciliation of the entire loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2026 gold-sales gross result
A$ million
| Metric | FY2026 |
|---|---|
| Gold sales | 0.614 |
| Cost of sales | (0.701) |
| Gross loss | (0.087) |
Gross loss is sales less cost; it is not another expense to add to the two rows above.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Keep subsequent transactions outside the balance date
The A$310m placement completed in September 2026 and Edna May acquisition are subsequent events, not part of June cash or June assets.
Lake Johnston plant and camp work in progress was not depreciated because it was not ready for use. Future commissioning and cash returns are different from acquisition carrying value.
FY2025 included a going-concern uncertainty tied to further funding. FY2026 directors subsequently supported the going-concern basis with forecasts; that is not a guarantee against future capital needs.
Reading the figures
- Five financial years end in June 2022-2026, matching the frozen packet; this is not a FY2021-FY2025 series.
- FY2024 operating reconciliation differs by A$2; statement values retained.
- A FY2025 acquisition narrative contains a December 2025 date inconsistent with that reporting year and is not used as an in-year event.
- 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
- Forrestania Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Forrestania Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Forrestania Resources - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Forrestania Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Forrestania Resources - 2026 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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