FY2021
Abenab mining study
A study examined underground mining scenarios, while processing studies continued; the production rate was a target, not achieved output.
ASX: GED · Five-year financial review
(ASX: GED) Golden Deeps Financial Review - FY2021~25
Golden Deeps’ FY2021-FY2025 review follows an explorer with projects in Namibia and Australia. Exploration assets expanded while cash fell from its FY2022 peak; a new Namibian asset acquisition and fresh equity funding reshaped the final year.
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$2.839m
Consolidated cash balance.
Exploration assets
A$9.912m
Carrying value, not metal value.
Net financing inflow
A$1.628m
FY2025 cash flow, not total share consideration.
Total group loss
A$1.137m
Includes non-controlling interests.
Five years in context
The portfolio combines Namibian base-metal interests with New South Wales projects. Drilling results and mining studies establish exploration progress, not current commercial production or sales.
The Namex transaction expanded the Namibian portfolio in FY2025. Its 80% ownership interest must remain separate from 100%-held Australian projects and prospective earn-in rights.
Events behind the numbers
FY2022
Liquidity replenished
Financing inflows lifted closing cash despite operating and exploration-related outflows.
FY2023
Exploration base grows
Exploration carrying value increased while cash declined.
FY2024
Cash deployed without new net financing
Operating and investing activities used cash; net financing cash flow was nil.
FY2025
Namex asset acquisition
An 80% interest in Namex was acquired; the transaction was accounted for as an asset acquisition.
FINANCIAL REVIEW / 01
Funding and exploration move in different directions
The cash peak followed substantial FY2022 financing. Later exploration activity and operating costs reduced liquidity, even though FY2025 funding partly replenished the balance.
Closing cash
A$ million
Cash and equivalents
AI-generated presentation · values from Cash and exploration assets; no missing values plotted as zero.
Exploration assets and equity
A$ million
Exploration and evaluation carrying amountTotal equity including non-controlling interests
AI-generated presentation · values from Cash and exploration assets; no missing values plotted as zero.
Cash uses and funding
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flow by activity; no missing values plotted as zero.
Cash and exploration assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 3.003 | 7.972 | 5.965 | 3.996 | 2.839 |
| Consolidated total assets | 7.317 | 13.123 | 12.136 | 11.559 | 13.014 |
| Total equity including non-controlling interests | 7.078 | 12.989 | 12.019 | 11.250 | 12.877 |
| Exploration and evaluation carrying amount | 4.259 | 5.046 | 6.034 | 7.405 | 9.912 |
Consolidated balances, not the separate parent-entity disclosures.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash flow by activity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (2.616) | (0.787) | (0.618) | (0.615) | (0.974) |
| Net investing cash flow | (0.295) | (1.079) | (1.390) | (1.354) | (1.811) |
| Net financing cash flow | 5.245 | 6.835 | 0.000475 | 0.000 | 1.628 |
FY2024 uses FY2025 comparative classification: A$25,566 moved from investing to operating outflow, with no change in combined cash flow.
FY2024 financing is reported nil, not missing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A loss is not the exploration cash budget
The group loss includes non-controlling interests and should not be confused with the parent-only result. Capitalised exploration expenditure also means the profit-and-loss statement is not a complete picture of cash committed to projects.
Consolidated loss after tax
A$ million
Total group loss after tax
AI-generated presentation · values from Consolidated loss after tax; no missing values plotted as zero.
Consolidated loss after tax
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total group loss after tax | (0.677) | (1.291) | (0.694) | (0.983) | (1.137) |
Includes non-controlling interests. The FY2025 loss of A$1.137m is distinct from A$1.083m attributable to parent shareholders and A$0.934m total comprehensive loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Namibia remains the larger carrying-value exposure
The newly acquired Namex interest brings indirect ownership of Metalex’s Namibian assets. Additional milestone shares are conditional consideration, not cash already raised or proof that the exploration milestones have been achieved.
Havilah and Tuckers Hill are reported as wholly held projects. The separate Acros and Crown arrangement is an earn-in to 80%; it is not presented as an already completed 80% acquisition.
Where the exploration carrying amount sits
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Namibia | 6.487 | 8.109 |
| Other regions | 0.918 | 1.803 |
These are book values, not resource valuations or expenditure paid during the year.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2024 cash-flow classification differs between its original extraction and the FY2025 comparative. The latter is used and the discrepancy retained.
- No production or revenue is invented from mining-study targets, historical neighbouring mines or conditional milestones.
- 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 Deeps - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Deeps - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Deeps - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Deeps - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden Deeps - 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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