FY2021
Equity raise and buy-back
A A$7m placement and A$2m share purchase plan supported exploration; Gateway also completed an unmarketable-parcel buy-back. The maiden Gidgee resource had already been announced in October 2019.
ASX: GML · Five-year financial review
Gateway Mining Limited (ASX: GML) - Five-Year Financial Review FY2021-FY2025
A$ statutory statements for five June year ends. Gateway was an exploration company without product sales; FY2025’s Montague gold-rights disposal changes the earnings and asset comparison.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 result
A$2.44m profit
Statutory after-tax result; includes gold-rights gain.
30 June 2025 cash
A$3.77m
Closing cash and cash equivalents.
FY2025 exploration cash
A$1.35m
Investing payment for exploration and evaluation.
30 June 2025 net assets
A$30.31m
Consolidated year-end equity.
Five years in context
Gateway reported statutory losses in FY2021–FY2024, then a FY2025 profit of A$2.44m. FY2025 includes a A$3.98m gain on the Montague gold-rights sale; the cash-flow statement records A$5m of sale proceeds. Those accrual and cash measures describe different parts of the transaction.
Exploration cash payments declined over the period while closing cash recovered in FY2025. The deferred exploration asset fell after the gold-rights costs and rehabilitation assets were derecognised. The Yandal acquisition was announced at year end and completed after 30 June 2025.
Events behind the numbers
FY2022
Montague resource update
The December 2021 Montague estimate reached 449,000oz and a A$6m placement supported exploration.
FY2023
Resource and liquidity
The Montague estimate reached 526,000oz, including 507,000oz attributable to Gateway. Closing cash fell to A$1.41m and directors reported material going-concern uncertainty.
FY2024
Brightstar agreement
The 1 August 2024 agreement to sell Montague East gold rights was disclosed after the 30 June year end. The FY2024 report described A$14m of potential consideration, including A$2m deferred shares.
FY2025
Disposal completed; Yandal follows
The Montague gold-rights sale closed during the year. The Yandal purchase was announced on 30 June 2025 and completed on 19 August, after the balance date.
FINANCIAL REVIEW / 01
Earnings and transaction gains
The FY2025 profit is dominated by the gold-rights gain. One FY2025 directors’ sentence calls A$2.44m a loss, but the statutory statement and a separate directors’ passage call it profit; the table follows the statutory statement.
Statutory annual result
A$
Profit/(Loss) for the year
AI-generated presentation · values from Consolidated profit or loss and per-share result; no missing values plotted as zero.
Consolidated profit or loss and per-share result
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest received | 25,426 | 4,860 | 13,880 | 18,805 | 83,918 |
| Other income | 50,000 | 10,000 | 3,927 | 491 | 5,495 |
| Realised gains (loss) on disposal of tenements | -255,746 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Gain on initial recognition of financial assets | 271,448 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Employee benefits expenses | -284,570 | -221,988 | -172,387 | -143,942 | -307,374 |
| Professional services expenses | -311,053 | -334,581 | -283,275 | -314,722 | -549,774 |
| Directors' remuneration | -118,000 | -120,000 | -151,157 | -149,377 | -151,747 |
| Travel expenses | -212 | -47 | Not separately presented | Not separately presented | Not separately presented |
| Depreciation expenses | -32,001 | -56,906 | -71,499 | -62,378 | -57,545 |
| Share registry fees | -86,216 | -67,965 | -97,188 | -62,667 | -63,181 |
| Share based payment expenses | -77,964 | -243,173 | -130,067 | -81,084 | -58,180 |
| Exploration expenditure written off | -458,264 | -8,599 | -67,423 | -338,853 | -430,307 |
| Public relations expenses | -181,579 | -189,063 | -176,952 | -147,405 | -93,123 |
| Office and administrative expenses | -131,338 | -129,873 | -146,129 | -196,463 | -109,578 |
| Net movement in rehabilitation provision | Not separately presented | 0 (nil) | 38,872 | -188,974 | Included in FY2025 gains table |
| Profit/(Loss) before income tax | -1,590,069 | -1,357,335 | -1,239,398 | -1,666,569 | 2,436,236 |
| Income tax expense | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| Profit/(Loss) for the year | -1,590,069 | -1,357,335 | -1,239,398 | -1,666,569 | 2,436,236 |
| Basic earnings per sharecents per share | -0.09 | -0.64 | -0.51 | -0.52 | 0.61 |
| Diluted earnings per sharecents per share | -0.09 | -0.64 | -0.51 | -0.52 | 0.49 |
Costs retain their statutory negative signs. FY2025 profit includes the gold-rights gain shown separately below.
Historical source components include FY2021 tenement-disposal loss and initial-recognition gain, FY2021–FY2022 travel, and FY2023–FY2024 rehabilitation movements. FY2025 gain and rehabilitation components are in the dated table below.
Income tax expense is source-supported 0 (nil) in each annual statement. FY2021 EPS is originally reported before a share consolidation; the FY2022 report restates the FY2021 comparative to (0.86) cents (R001111). EPS is not a like-for-like five-year series.
Basis and presentation notes (19)
- Realised gains (loss) on disposal of tenements / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Realised gains (loss) on disposal of tenements / FY2023 — Not separately presented: The selected FY2023 gml-income statement does not separately resolve Realised gains (loss) on disposal of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Realised gains (loss) on disposal of tenements / FY2024 — Not separately presented: The selected FY2024 gml-income statement does not separately resolve Realised gains (loss) on disposal of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Realised gains (loss) on disposal of tenements / FY2025 — Not separately presented: The selected FY2025 gml-income statement does not separately resolve Realised gains (loss) on disposal of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Gain on initial recognition of financial assets / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Gain on initial recognition of financial assets / FY2023 — Not separately presented: The selected FY2023 gml-income statement does not separately resolve Gain on initial recognition of financial assets. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Gain on initial recognition of financial assets / FY2024 — Not separately presented: The selected FY2024 gml-income statement does not separately resolve Gain on initial recognition of financial assets. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Gain on initial recognition of financial assets / FY2025 — Not separately presented: The selected FY2025 gml-income statement does not separately resolve Gain on initial recognition of financial assets. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Travel expenses / FY2023 — Not separately presented: The selected FY2023 gml-income statement does not separately resolve Travel expenses. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Travel expenses / FY2024 — Not separately presented: The selected FY2024 gml-income statement does not separately resolve Travel expenses. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Travel expenses / FY2025 — Not separately presented: The selected FY2025 gml-income statement does not separately resolve Travel expenses. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Net movement in rehabilitation provision / FY2021 — Not separately presented: The selected FY2021 gml-income statement does not separately resolve Net movement in rehabilitation provision. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Net movement in rehabilitation provision / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Net movement in rehabilitation provision / FY2025 — Included in FY2025 gains table: The FY2025 A$150,102 rehabilitation-provision movement (R002804) is displayed in the dated FY2025 statutory gains table immediately below. This coordinate is a pointer, not a second amount to add.
- Income tax expense / FY2021 — 0 (nil): Issuer presents a dash or expressly states nil.
- Income tax expense / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Income tax expense / FY2023 — 0 (nil): Issuer presents a dash or expressly states nil.
- Income tax expense / FY2024 — 0 (nil): Issuer presents a dash or expressly states nil.
- Income tax expense / FY2025 — 0 (nil): Issuer presents a dash or expressly states nil.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
FY2025 statutory gains and rehabilitation movement
A$
| Metric | FY2025 |
|---|---|
| Gain on sale of gold rights | 3,981,625 |
| Realised investment gains | 35,905 |
| Net movement in rehabilitation provision | 150,102 |
These are accrual income-statement lines. The A$5m disposal receipt appears in investing cash flow.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
FINANCIAL REVIEW / 02
Assets, liabilities and liquidity
Closing cash rose in FY2025 while the deferred exploration asset declined after the Montague sale. Financial assets at fair value through other comprehensive income were A$8.997m at 30 June 2025 versus A$0.546m in FY2024; these are distinct from cash.
Year-end cash
A$
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Net assets
A$
Net assets / Total equity
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3,574,249 | 3,729,835 | 1,411,696 | 1,402,795 | 3,768,339 |
| Trade and other receivables | 159,495 | 113,614 | 44,091 | 159,063 | 153,484 |
| Total current assets | 3,733,744 | 3,843,449 | 2,295,787 | 1,561,858 | 3,921,823 |
| Financial assets (statement line; FY2023–FY2025 FVOCI) | 2,127,672 | 2,176,528 | 550,075 | 545,613 | 8,996,682 |
| Deferred exploration and evaluation expenditure | 14,618,298 | 18,676,841 | 24,068,685 | 26,056,573 | 17,584,297 |
| Total non-current assets | 16,925,951 | 21,074,675 | 24,771,830 | 26,818,307 | 26,744,020 |
| Total assets | 20,659,695 | 24,918,124 | 27,067,617 | 28,380,165 | 30,665,843 |
| Trade and other payables | 670,947 | 307,203 | 311,419 | 389,231 | 271,953 |
| Lease liabilities (current) | 33,092 | 43,708 | 46,412 | 37,775 | 40,154 |
| Total current liabilities | 740,016 | 421,149 | 448,466 | 496,658 | 312,107 |
| Total liabilities | 835,741 | 476,855 | 1,811,917 | 2,137,092 | 359,651 |
| Net assets / Total equity | 19,823,954 | 24,441,269 | 25,255,700 | 26,243,073 | 30,306,192 |
FY2025 omitted lines in the editorial starting point were recovered from the original FY2025 balance-sheet table and saved row interpretations.
FY2021–FY2022 balance sheets label a broader non-current “Financial assets” line (A$2,127,672 and A$2,176,528). Their FVOCI note totals are A$2,097,920 and A$2,146,776 respectively; FY2023–FY2025 balance sheets label the displayed line as financial assets at FVOCI. No chart treats this mixed-label row as a uniform trend.
FY2025 non-current rehabilitation provision is presented as nil after the Montague transaction; FY2024 was A$1,538,566.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
FINANCIAL REVIEW / 03
Operating cash, exploration and funding
Operations consumed cash every year. FY2025 investing cash turned positive because A$5m of disposal proceeds exceeded exploration payments. The A$22.5m placement described after FY2025 is a subsequent event and is excluded from FY2025 financing cash.
Gateway declared or paid no dividends during the five years. The FY2021 unmarketable-parcel buy-back was a cash capital return included in financing cash flow; later years without a separately presented buy-back line are marked n/p rather than assumed nil.
Operating cash use
A$
Net cash used in operating activities
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Consolidated cash flows
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | -1,077,655 | -1,091,678 | -1,011,786 | -1,085,555 | -1,443,211 |
| Interest received | 25,426 | 4,860 | 13,880 | 18,805 | 83,918 |
| Other income (operating) | 50,000 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Receipts from customers and others | Not separately presented | 10,000 | 0 (nil) | Not separately presented | Not separately presented |
| Net cash used in operating activities | -1,002,229 | -1,076,818 | -997,906 | -1,066,750 | -1,359,293 |
| Payment for exploration and evaluation (investing) | -5,343,853 | -4,291,986 | -3,977,275 | -2,170,613 | -1,350,697 |
| Purchase of property, plant and equipment | -45,391 | -98,231 | -3,263 | 0 (nil) | Not separately presented |
| Proceeds from sale of investments | 240,000 | 0 (nil) | 290,974 | 840,000 | 0 (nil) |
| Proceeds from sale of tenements | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | 5,000,000 |
| Payment for bank guarantee | Not separately presented | Not separately presented | Not separately presented | 0 (nil) | -4,466 |
| Net cash from/(used in) investing activities | -5,149,244 | -4,390,217 | -3,689,564 | -1,330,613 | 3,644,837 |
| Proceeds from issue of shares | 9,000,000 | 6,000,000 | 2,500,000 | 2,547,878 | 155,000 |
| Payments for capital raising costs | -458,335 | -377,379 | -130,670 | -159,416 | -75,000 |
| Payments for share buy-back | -73,318 | 0 (nil) | Not separately presented | Not separately presented | Not separately presented |
| Net cash from financing activities | 8,468,347 | 5,622,621 | 2,369,330 | 2,388,462 | 80,000 |
| Net increase/(decrease) in cash held | 2,316,874 | 155,586 | -2,318,140 | -8,901 | 2,365,544 |
| Cash and cash equivalents at beginning of year | 1,257,375 | 3,574,249 | 3,729,836 | 1,411,696 | 1,402,795 |
| Cash and cash equivalents at end of year | 3,574,249 | 3,729,835 | 1,411,696 | 1,402,795 | 3,768,339 |
Cash inflows are positive and payments negative. FY2021 “Other income” A$50,000 and FY2022 “Receipts from customers and others” A$10,000 are distinct operating cash receipts that reconcile the respective subtotals. Not separately presented means no amount was resolved for that exact period and line. A matched source-supported nil appears as 0 (nil).
FY2025 A$5m tenement-sale proceeds are investing cash; the A$3.98m gain is accrual income. FY2022 closing cash is A$3,729,835 in its report and FY2023 opening cash is A$3,729,836, a A$1 source difference.
Basis and presentation notes (24)
- Other income (operating) / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Other income (operating) / FY2023 — Not separately presented: The selected FY2023 gml-cashflow statement does not separately resolve Other income (operating). This is neither a supported zero nor a claim that the issuer never disclosed it.
- Other income (operating) / FY2024 — Not separately presented: The selected FY2024 gml-cashflow statement does not separately resolve Other income (operating). This is neither a supported zero nor a claim that the issuer never disclosed it.
- Other income (operating) / FY2025 — Not separately presented: The selected FY2025 gml-cashflow statement does not separately resolve Other income (operating). This is neither a supported zero nor a claim that the issuer never disclosed it.
- Receipts from customers and others / FY2021 — Not separately presented: The selected FY2021 gml-cashflow statement does not separately resolve Receipts from customers and others. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Receipts from customers and others / FY2023 — 0 (nil): The original FY2023 cash-flow row presents a dash; supplier payments plus interest reconcile exactly to reported operating cash flow.
- Receipts from customers and others / FY2024 — Not separately presented: The selected FY2024 gml-cashflow statement does not separately resolve Receipts from customers and others. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Receipts from customers and others / FY2025 — Not separately presented: The selected FY2025 gml-cashflow statement does not separately resolve Receipts from customers and others. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Purchase of property, plant and equipment / FY2024 — 0 (nil): Issuer presents a dash or expressly states nil.
- Purchase of property, plant and equipment / FY2025 — Not separately presented: The selected FY2025 gml-cashflow statement does not separately resolve Purchase of property, plant and equipment. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Proceeds from sale of investments / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Proceeds from sale of investments / FY2025 — 0 (nil): Issuer presents a dash or expressly states nil.
- Proceeds from sale of tenements / FY2021 — Not separately presented: The selected FY2021 gml-cashflow statement does not separately resolve Proceeds from sale of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Proceeds from sale of tenements / FY2022 — Not separately presented: The selected FY2022 gml-cashflow statement does not separately resolve Proceeds from sale of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Proceeds from sale of tenements / FY2023 — Not separately presented: The selected FY2023 gml-cashflow statement does not separately resolve Proceeds from sale of tenements. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Proceeds from sale of tenements / FY2024 — 0 (nil): Issuer presents a dash or expressly states nil.
- Payment for bank guarantee / FY2021 — Not separately presented: The selected FY2021 gml-cashflow statement does not separately resolve Payment for bank guarantee. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Payment for bank guarantee / FY2022 — Not separately presented: The selected FY2022 gml-cashflow statement does not separately resolve Payment for bank guarantee. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Payment for bank guarantee / FY2023 — Not separately presented: The selected FY2023 gml-cashflow statement does not separately resolve Payment for bank guarantee. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Payment for bank guarantee / FY2024 — 0 (nil): Issuer presents a dash or expressly states nil.
- Payments for share buy-back / FY2022 — 0 (nil): Issuer presents a dash or expressly states nil.
- Payments for share buy-back / FY2023 — Not separately presented: The selected FY2023 gml-cashflow statement does not separately resolve Payments for share buy-back. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Payments for share buy-back / FY2024 — Not separately presented: The selected FY2024 gml-cashflow statement does not separately resolve Payments for share buy-back. This is neither a supported zero nor a claim that the issuer never disclosed it.
- Payments for share buy-back / FY2025 — Not separately presented: The selected FY2025 gml-cashflow statement does not separately resolve Payments for share buy-back. This is neither a supported zero nor a claim that the issuer never disclosed it.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
FINANCIAL REVIEW / 04
Exploration asset and project transition
The FY2025 asset movement separates new capitalised exploration from impairment and disposal-related reductions. Brightstar acquired Montague gold rights while Gateway retained other mineral rights. The Yandal Inferred estimate cited at the FY2025 report date is 400,400oz; acquisition completed after the balance date and this is not a production measure.
FY2025 transaction passages differ on total Brightstar consideration: A$12m of cash plus issued shares, or A$14m including A$2m of conditional deferred shares. The selected evidence does not establish the deferred component’s eventual outcome.
Closing deferred exploration asset
A$
Capitalised exploration closing balance
AI-generated presentation · values from Exploration spending and capitalised asset; no missing values plotted as zero.
Exploration spending and capitalised asset
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation cash payment | -5,343,853 | -4,291,986 | -3,977,275 | -2,170,613 | -1,350,697 |
| Capitalised exploration additions | 5,580,125 | 4,067,142 | 4,070,803 | 2,326,742 | 1,364,870 |
| Asset impairment / write-off | -458,264 | -8,599 | -67,423 | -338,854 | -430,307 |
| Capitalised exploration closing balance | 14,618,298 | 18,676,841 | 24,068,685 | 26,056,572 | 17,584,297 |
Cash exploration payments and capitalised additions have different accounting bases and should not be added together.
FY2023 includes a restated FY2022 comparative for a rehabilitation asset; this table uses each annual report’s current-year balance. FY2024 Note 8 closes at A$26,056,572 while its balance sheet shows A$26,056,573.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
FY2025 deferred exploration asset movement
A$
| Metric | FY2025 |
|---|---|
| Opening carrying amount | 26,056,572 |
| Amount capitalised | 1,364,870 |
| Impairment | -430,307 |
| Derecognised rehabilitation assets | -1,388,463 |
| Costs of sale of gold rights | -8,018,375 |
| Closing carrying amount | 17,584,297 |
This is the FY2025 note’s original bridge. Its opening is A$1 below the FY2024 balance-sheet carrying amount.
Source: Gateway Mining annual reports FY2021–FY2025; frozen extraction and selected original statement rows.
Reading the figures
- FY2025 directors’ narrative uses both “loss” and “profit” for A$2,436,236; the statutory statement reports profit. The non-IFRS Performance Indicators “Loss after Income Tax” row shows A$2.608m and is excluded from the statutory series pending clarification.
- Brightstar consideration is described as A$12m in one disposal passage and A$14m including conditional A$2m deferred shares in another; the condition’s outcome is not established.
- FY2023 exploration comparatives were restated for a rehabilitation asset. Current-year balances are displayed as reported. FY2024 Note 8 and balance sheet differ by A$1 on closing deferred exploration.
- No mine production, product sales, unit cost or AISC series is presented; Gateway described itself as an exploration company without product sales.
Annual-report source registry
- Gateway Mining Limited annual reportYear ended 2021-06-30; document dated 2021-09-30.
- Gateway Mining Limited annual reportYear ended 2022-06-30; document dated 2022-09-30.
- Gateway Mining Limited annual reportYear ended 2023-06-30; document dated 2023-09-29.
- Gateway Mining Limited annual reportYear ended 2024-06-30; document dated 2024-09-30.
- Gateway Mining Limited annual reportYear ended 2025-06-30; document dated 2025-09-30.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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