FY2022
Rehabilitation and impairment
A larger rehabilitation provision and Big Rush impairment weighed on the balance sheet.
ASX: GNM · Five-year financial review
(ASX: GNM) Great Northern Minerals Financial Review - FY2022~26
Great Northern Minerals changed its project portfolio repeatedly across FY2022-FY2026. The financial pattern is better understood through disposals, rehabilitation obligations and new exploration interests than through a continuous mining-profit trend. All monetary tables use Australian dollars.
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.
FY2026 cash
A$3.750m
Closing consolidated cash.
Exploration assets
A$6.199m
Carrying value, not project valuation.
FY2023 profit
A$1.372m
Primarily disposal-related.
Final GAM sale
A$2.0m
Remaining 37% sold in April 2026.
Five years in context
The starting portfolio centred on Queensland gold-antimony projects. Finland entered in FY2023, Golden Ant Mining ownership reduced in stages, and US projects entered the FY2026 portfolio. These are changes in what the accounts contain, not simply changes in spending on the same mines.
FY2023 accounting profit did not mean positive operating cash generation. Big Rush’s sale removed a substantial rehabilitation liability, while operating cash flow remained negative.
Events behind the numbers
FY2023
Big Rush sale; Finland entry
Big Rush was sold and its rehabilitation liability removed. Finland lithium interests were acquired.
FY2024
GAM earn-in begins
The first completed earn-in reduced GNM’s Golden Ant Mining interest to 86.25% at June year-end.
FY2025
Control lost and permits withdrawn
GAM was deconsolidated after ownership fell to 37%; Finnish permit renewals were withdrawn.
FY2026
US portfolio and final GAM exit
Catalyst Ridge was acquired; Iron Butte is a lease with a purchase option. The remaining GAM stake was sold.
FINANCIAL REVIEW / 01
Cash recovered as the portfolio changed
Cash fell through FY2024, then recovered. Investing inflows and renewed financing contributed to the later improvement; operating cash flow remained negative throughout the five-year period.
Year-end cash
A$ million
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Operating use and other cash flows
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.
Equity and exploration carrying values
A$ million
Total equity including non-controlling interestsExploration and evaluation carrying value
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Consolidated financial position
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 2.749 | 1.229 | 0.230 | 1.293 | 3.750 |
| Total assets | 6.200 | 4.731 | 3.749 | 1.409 | 10.135 |
| Total equity including non-controlling interests | (0.588) | 2.367 | 1.418 | 1.351 | 9.992 |
| Exploration and evaluation carrying value | 3.231691 | 3.318767 | 3.327467 | 0.002500 | 6.199456 |
FY2025 exploration assets of A$2,500 are shown as 0.002500 million, not nil.
Parent-only statements are excluded. Disposals, loss of subsidiary control and acquisitions change the consolidated perimeter.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash flow by activity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.957) | (2.829) | (1.558) | (0.744) | (1.364) |
| Net investing cash flow | 0.000 | 0.180 | 0.568 | 1.807 | 1.203 |
| Net financing cash flow | 2.809 | 1.130 | (0.010) | 0.000 | 2.626 |
FY2022 investing and FY2025 financing are explicitly reported nil in the extraction.
Positive investing cash can reflect disposals; it is not operating profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A disposal gain is not a recurring earnings base
The FY2022 negative consolidated equity position includes rehabilitation obligations. On the Big Rush sale in FY2023, the A$4.346m provision was removed. That accounting change helps explain the profit rebound without implying an equivalent operating cash receipt.
In February 2025 the GAM earn-in caused loss of control. The extracted narrative reports removal of its A$2.218m rehabilitation provision and impairment of the related exploration asset. These are consolidation and accounting events, not a claim that this amount was paid in cash for rehabilitation.
Reported profit and losses
A$ million
Net profit / (loss) after tax
AI-generated presentation · values from Consolidated profit or loss; no missing values plotted as zero.
Consolidated profit or loss
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net profit / (loss) after tax | (6.927) | 1.372 | (1.460) | (0.616) | (3.809) |
Includes non-controlling interests; do not substitute the parent-attributable result.
FY2023 profit is primarily a one-off disposal result, including derecognition of rehabilitation liabilities.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Read ownership and options before reading project values
The FY2024 year-end GAM holding was 86.25%. The next earn-in completed on 1 July 2024, after that balance date. The retained holding then fell to 37% during FY2025 and was disposed of in April 2026. Combining these as an unchanged five-year project interest would be misleading.
Catalyst Ridge was acquired through Spire as an asset acquisition in October 2025. Iron Butte’s April 2026 arrangement is a ten-year exploration lease with an option to acquire 100%, not proof that the option had already been exercised.
The company’s FY2026 narrative describes exploration planning and permitting. Neither a mineral resource estimate nor a drilling plan is converted here into revenue, saleable reserves or a funded production forecast.
Reading the figures
- FY2022-FY2026 is the frozen five-year scope, rather than FY2021-FY2025.
- Later extraction records misassign some comparative cash and loss values to FY2026; dated statement values are selected instead.
- Consolidated totals include non-controlling interests where present; parent-only equity is not substituted.
- Project changes and deconsolidation prevent a constant-perimeter five-year interpretation.
- 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
- Great Northern Minerals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Northern Minerals - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Northern Minerals - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Northern Minerals - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Northern Minerals - 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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