FY2021
Project assessment progresses
The Plavica mining project passed a committee assessment, while environmental-study reporting remained part of the approval process.
ASX: GES · Five-year financial review
(ASX: GES) Genesis Resources Financial Review - FY2021~25
Genesis Resources’ FY2021-FY2025 finances reflect the cost of sustaining Plavica and Australian exploration interests while relying on borrowings. Project carrying values remained substantial, but low cash, accrued interest and funding uncertainty dominated the liquidity picture.
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$0.106m
A$105,704 reported cash.
Borrowings
A$14.438m
Excludes separately accrued interest.
Accrued related-party interest
A$6.168m
Not additional cash available.
Plavica carrying value
A$20.777m
Not a market valuation.
Five years in context
Plavica moved from a 62% joint-venture interest to full ownership after the remaining 38% was exchanged for a royalty on future mineral products. The royalty is a future obligation, not current production or revenue.
The financial challenge is the difference between holding exploration assets and funding their development. The retained FY2025 audit narrative identifies material going-concern uncertainty and a large net current-liability position.
Events behind the numbers
FY2022
Borrowing dependence continues
Debt rose while cash and equity declined.
FY2023
Exploration assets expand
Carrying value rose; additional financing supported operating and investing outflows.
FY2024
Full Plavica ownership
The remaining 38% interest was exchanged for a 4% royalty on future products.
FY2025
Further related-party support
Borrowing inflows funded the year; additional loans after June are subsequent events, not June cash.
FINANCIAL REVIEW / 01
Asset backing is not cash availability
Cash is small relative to borrowing obligations. Exploration assets cannot be treated as readily spendable liquidity, and undrawn facilities are not included in the cash balance.
Cash at year-end
A$ million
Cash and equivalents
AI-generated presentation · values from Cash, assets and borrowings; no missing values plotted as zero.
Exploration assets and borrowings
A$ million
Exploration and evaluation assetsBorrowings excluding separately accrued interest
AI-generated presentation · values from Cash, assets and borrowings; no missing values plotted as zero.
Cash uses and financing
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash uses and debt funding; no missing values plotted as zero.
Cash, assets and borrowings
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 0.703 | 0.193 | 0.377 | 0.060 | 0.106 |
| Consolidated total assets | 22.106 | 21.824 | 22.662 | 23.305 | 23.531 |
| Exploration and evaluation assets | 21.185 | 21.470 | 22.026 | 22.938 | 23.121 |
| Borrowings excluding separately accrued interest | 8.753 | 9.780 | 11.378 | 13.058 | 14.438 |
FY2025 total assets taken from the retained narrative. Borrowings do not include all accrued interest, which is separately disclosed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Equity series retained in the extraction
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total equity including NCI | 10.591 | 8.645 | 6.896 | 4.752 |
FY2025 total equity is not selected from the frozen packet; this is an extraction coverage gap, not issuer non-disclosure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash uses and debt funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.958) | (1.132) | (1.069) | (1.064) | (1.011) |
| Net investing cash flow | (0.203) | (0.296) | (0.362) | (0.952) | (0.312) |
| Net financing cash flow | 1.741 | 0.815 | 1.570 | 1.674 | 1.379 |
FY2025 extracted cash-movement subtotal and exchange adjustment do not reconcile with the three categories and closing cash. Categories and closing balance are shown as extracted; no balancing item has been invented.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Interest accrual widens the gap between loss and cash spending
FY2025 operating cash outflow was below the accounting loss. The reconciliation adds back A$1.203m of interest expense; accrued related-party interest therefore matters alongside the principal borrowing figure.
Group loss after tax
A$ 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 | (2.201) | (2.061) | (1.972) | (2.144) | (2.276) |
Net loss is distinct from other comprehensive currency movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Ownership secured, funding still required
Plavica’s carrying value depends on sufficient finance and successful development or disposal. Full ownership does not establish that development funding, approvals or future output are assured.
The retained FY2025 audit passage reports A$20.799m net current liabilities. Subsequent related-party facilities of A$0.400m and A$0.620m undrawn availability at report date are disclosed separately from the June cash balance.
Reading the figures
- FY2025 cash categories, movement subtotal and foreign-exchange line do not fully reconcile within the extraction. No correction is inferred without additional evidence.
- FY2025 consolidated equity is an extraction gap; the equity table intentionally ends in FY2024.
- A stale October 2018 feasibility assumption appears in a FY2024 extraction and is not presented as a current target.
- 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
- Genesis Resources - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Genesis Resources - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Genesis Resources - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Genesis Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Genesis 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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AI-led method
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