FY2021
Exploration asset base
Cash funded exploration and operating costs without net financing inflow.
ASX: GBE · Five-year financial review
(ASX: GBE) Globe Metals & Mining Financial Review - FY2021~25
Globe’s FY2021-FY2025 financial record is dominated by the Kanyika niobium project in Malawi. Capitalised exploration grew, but closing cash remained limited and FY2025 development was funded through borrowings rather than new cash share issuance. Licensing milestones and near-term refinancing are therefore central to interpreting the balance sheet.
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$0.496m
30 June balance.
Exploration assets
A$34.281m
Accounting carrying value.
Current liabilities
A$5.419m
Includes loans and convertible note.
Borrowing proceeds
A$4.490m
FY2025 cash funding.
Five years in context
The Kanyika project underpins the exploration asset base. The March 2023 Mining Development Agreement and later milestone-extension disclosures concern development rights and obligations, not revenue already earned.
The final year shows a large contrast between carrying assets and available cash. Recoverability depends on development or sale; it is not established by the accounting balance alone.
Events behind the numbers
FY2022
Mining licence period
The Kanyika mining licence was granted in August 2021 for a stated 25-year term.
FY2023
Development agreement
The MDA was signed in March 2023 and development milestones were subsequently clarified.
FY2024
Financing restores cash
A positive financing year replenished liquidity while project expenditure continued.
FY2025
Borrowing-led funding
Loan proceeds funded cash use and created material near-term obligations.
FINANCIAL REVIEW / 01
Long-lived project assets, short-term funding
FY2025 financing cash was borrowing proceeds; extracted share-issue cash was nil. These are not interchangeable forms of funding because interest and maturity obligations accompany the loans.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Project assets and available cash; no missing values plotted as zero.
Cash flow by activity
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash funding of the development programme; no missing values plotted as zero.
Exploration assets and equity
A$ million
Exploration carrying amountConsolidated equity
AI-generated presentation · values from Project assets and available cash; no missing values plotted as zero.
Project assets and available cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 2.816 | 0.431 | 0.244 | 1.147 | 0.496 |
| Consolidated total assets | 32.680 | 30.855 | 30.886 | 33.015 | 35.011 |
| Consolidated equity | 32.276 | 29.496 | 29.919 | 32.740 | 29.592 |
| Exploration carrying amount | 29.357 | 29.950 | 30.370 | 31.635 | 34.281 |
FY2025 total assets calculated from extracted total liabilities plus equity. All values converted from A$ thousands.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash funding of the development programme
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.231) | (2.323) | (2.021) | (2.829) | (2.387) |
| Net investing cash flow | (1.058) | (1.025) | (0.428) | (1.265) | (2.754) |
| Net financing cash flow | 0.000 | 1.023 | 2.262 | 4.997 | 4.490 |
FY2021 financing is explicitly reported nil. Positive FY2022/FY2023 values are inflows despite an ambiguous extracted “used in” label.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 short-term funding obligations
A$ million
| Metric | FY2025 |
|---|---|
| Current loans including interest | 4.596 |
| Convertible-note current liability | 0.318 |
| Total current liabilities | 5.419 |
Loan and convertible-note rows are components of total current liabilities; do not sum all three.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Losses and the financing burden
Director facilities carried stated annual interest rates of 25% for the AUD facility and 20% for the USD facility. Currency-specific principal and facility limits are not added without conversion.
The convertible-note accounting split includes a derivative liability because the conversion terms failed fixed-for-fixed classification. Its carrying value is not simply the original face amount.
Loss after tax
A$ million
Loss after tax
AI-generated presentation · values from Loss after tax; no missing values plotted as zero.
Loss after tax
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (1.378) | (2.752) | (2.663) | (3.433) | (3.347) |
Accounting losses differ from investment cash because qualifying exploration spending is capitalised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Milestones are not confirmed production
The FY2025 disclosure described verbal confirmation of a further commencement extension, with written confirmation delayed. This review does not treat that statement as a completed mine-development or production milestone.
Subsequent loan extensions and a further convertible note are shown as later financing events, not June cash. The auditor identified material uncertainty regarding going concern without modifying the opinion.
The Malawi Government’s free equity entitlement and possible additional contributory interest require their own ownership treatment; the project is not represented as unconditionally 100% economically attributable.
Reading the figures
- FY2025 total assets derived from liabilities plus equity, explicitly labelled; no independently retrieved balance-sheet value.
- A FY2025 narrative gives a FY2024 loan comparative inconsistent with the FY2024 face statement; the face statement shows nil.
- Development deadlines and verbal extensions are retained as dated disclosures, not current legal assurances.
- 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
- Globe Metals & Mining - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Globe Metals & Mining - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Globe Metals & Mining - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Globe Metals & Mining - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Globe Metals & 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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