FY2021
Yarrambee acquired
The acquisition combined cash, shares, options and a royalty.
ASX: G88 · Five-year financial review
(ASX: G88) Golden Mile Resources Financial Review - FY2021~25
Golden Mile’s five-year financial record shows an explorer building assets through FY2023, then reducing carrying values and liquidity as priorities changed. FY2025 shifted funding toward Pearl in Arizona, Quicksilver and Yuinmery, while a Yarrambee impairment increased the accounting loss.
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$0.588m
30 June balance.
Exploration assets
A$3.269m
Net carrying amount.
FY2025 impairment
A$1.844m
Non-cash expense.
FY2025 loss
A$4.007m
After income tax.
Five years in context
Early activity focused on Western Australian exploration and Quicksilver metallurgy. In FY2025 the Pearl Copper Project added an Arizona earn-in, not an immediately owned 51% project stake.
Cash and exploration assets answer different questions: the first funds near-term work, while the second depends on future project recovery. Both declined in FY2025.
Events behind the numbers
FY2022
Financing builds liquidity
Net financing exceeded operating and investing outflows.
FY2023
Exploration base grows
The capitalised exploration balance rose alongside continued investment.
FY2024
Grant offsets capitalised expenditure
The exploration roll-forward includes a government-grant offset and impairment.
FY2025
Pearl prioritised; Yarrambee impaired
The Arizona earn-in began, while management redirected funding from Yarrambee.
FINANCIAL REVIEW / 01
Funding did not fully offset FY2025 cash use
Equity financing repeatedly supported exploration. The latest year ended with less cash despite a positive investing-cash category, because operating outflows exceeded total funding and investing inflows.
Cash and exploration assets
A$ million
Cash and equivalentsExploration carrying amount
AI-generated presentation · values from Cash, assets and equity; 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 cash use; no missing values plotted as zero.
Cash, assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 0.967 | 1.962 | 2.357 | 1.059 | 0.588 |
| Total assets | 2.947 | 5.136 | 6.983 | 6.398 | 3.980 |
| Total equity | 2.732 | 4.815 | 6.584 | 6.234 | 3.558 |
| Exploration carrying amount | 1.891 | 3.107 | 4.562 | 5.301 | 3.269 |
Exploration carrying amounts are not mineral-resource valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Funding and cash use
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.782) | (0.844) | (0.976) | (1.201) | (1.803) |
| Net investing cash flow | (1.263) | (1.122) | (1.535) | (1.120) | 0.123 |
| Net financing cash flow | 2.387 | 2.961 | 2.906 | 1.022 | 1.221 |
Positive FY2025 investing cash is a net category; it does not mean no exploration expenditure occurred.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Why the loss and asset balance changed
Management’s project review prioritised Pearl, Quicksilver and Yuinmery. Yarrambee impairment and expensed exploration increased the loss without being equivalent to current-year cash investment.
Loss after tax
A$ million
Loss after tax
AI-generated presentation · values from Annual loss after tax; no missing values plotted as zero.
FY2025 exploration movements
A$ million
Expenditure addedImpairmentGovernment grant offset
AI-generated presentation · values from FY2025 exploration carrying-value movement; no missing values plotted as zero.
Annual loss after tax
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (1.230) | (1.028) | (1.387) | (1.550) | (4.007) |
FY2025 includes exploration expenditure expensed and a non-cash impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 exploration carrying-value movement
A$ million
| Metric | FY2025 |
|---|---|
| Opening balance | 5.301 |
| Expenditure added | 0.163 |
| Impairment | (1.844) |
| Government grant offset | (0.350) |
| Closing balance | 3.269 |
Opening balance plus the three movements equals closing balance; balances are not additional movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Earn-in ownership and funding risk
Pearl’s initial earn-in requires US$2m expenditure for 51% within three years. At June 2025 the retained disclosure says the interest had not yet been earned; reported costs are not proof of full ownership.
Termination and resource-contingent payments are conditional commitments, not automatically current liabilities or costs already paid.
The auditor identified material uncertainty regarding going concern. The financial review therefore does not turn mineral resources, future placements or intended development into available cash.
Reading the figures
- Pearl earn-in commitments have their disclosed currency and conditions; they are not converted or added to AUD cash retrospectively.
- Carrying-value movements and impairment are distinguished from expenditure and mineral-resource quantities.
- 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
- Golden Mile Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Mile Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Mile Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Mile Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Mile 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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