FY2021
NSW drilling program
Lewis Ponds, Copper Hill East, Turrawonga and Mt Aubrey were among the drilling targets.
ASX: GRL · Five-year financial review
(ASX: GRL) Godolphin Resources Financial Review - FY2021~25
Godolphin Resources’ FY2021-FY2025 financial review follows cash funding, exploration activity and the shift towards Narraburra rare earths. A retrospective exploration-expense policy change materially alters earlier losses and asset values, so the comparison uses the revised basis where available.
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$1.298m
At 30 June, before subsequent raising.
Operating cash use
A$2.900m
FY2025 net operating outflow.
Exploration assets
A$6.519m
Capitalised carrying value.
Exploration expense
A$1.698m
FY2025 profit-and-loss expense.
Five years in context
The portfolio began this review with drilling across NSW gold and base-metal projects. Narraburra entered through an earn-in in FY2022, received a JORC 2012 resource estimate in FY2023, and the company acquired the remaining 49% in FY2024.
The central financial distinction is accounting policy. Exploration is now expensed as incurred, while acquisition costs and qualifying post-development-decision expenditure can remain capitalised. Lower book assets after restatement do not, by themselves, demonstrate loss of physical mineral resources.
Events behind the numbers
FY2022
Narraburra earn-in
The agreement offered a route to 51%, and then 75%, through staged exploration spending—not immediate full ownership.
FY2023
Resource and accounting milestones
Narraburra received a JORC 2012 MRE; exploration-expense accounting was applied retrospectively.
FY2024
Remaining Narraburra interest acquired
The 49% acquisition accompanied metallurgical work and a Scoping Study appointment.
FY2025
Exploration funding remains essential
Cash funding continued, with material going-concern uncertainty recorded by the auditor.
FINANCIAL REVIEW / 01
Cash funding, not accounting profit, sustains exploration
The cash balance is lower at the end of the review than at the beginning. Repeated financing inflows support continuing exploration, while operating cash use under the revised policy includes expenditure previously classified differently.
FY2025 financing did not fully offset operating and investing outflows. Subsequent placement proceeds are not added to the June balance, and an announced entitlement offer is not treated as completed funding.
Year-end cash
A$ million
Cash and cash equivalents
AI-generated presentation · values from Financial position on the revised exploration-policy basis; no missing values plotted as zero.
Restated-basis cash uses and funding
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flows after exploration-expense reclassification; no missing values plotted as zero.
Equity and capitalised exploration
A$ million
Consolidated total equityCapitalised exploration / acquisition carrying value
AI-generated presentation · values from Financial position on the revised exploration-policy basis; no missing values plotted as zero.
Financial position on the revised exploration-policy basis
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.729 | 1.621 | 1.242 | 1.577 | 1.298 |
| Consolidated total assets | 12.602 | 9.440 | 8.886 | 8.957 | 8.592 |
| Consolidated total equity | 11.918 | 8.841 | 8.326 | 8.607 | 8.383 |
| Capitalised exploration / acquisition carrying value | 6.691 | 6.419 | 6.419 | 6.519 | 6.519 |
FY2021 uses the restated opening position at 1 July 2021 (the prior year-end equivalent) and FY2022 uses restated comparatives in FY2023.
Acquisition costs remain capitalised under the revised policy; ordinary exploration expenditure is expensed. These asset values are not mineral valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash flows after exploration-expense reclassification
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Net operating cash flow | (3.314) | (3.153) | (2.661) | (2.900) |
| Net investing cash flow | 0.211 | (0.035) | (0.159) | (0.010) |
| Net financing cash flow | (0.006) | 2.810 | 3.155 | 2.631 |
FY2022 is the restated comparative. Exploration cash moved between operating and investing classifications after the policy change.
FY2021 original classifications are shown separately below, not connected to the restated operating-cash trend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2021 cash flows as originally classified
A$ million
| Metric | FY2021 |
|---|---|
| Net operating cash flow | (1.234) |
| Net investing cash flow | (2.492) |
| Net financing cash flow | 3.593 |
Original FY2021 cash-flow classification. No restated category split has been manufactured from accrual-based exploration expense.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Restatement changes the comparison, not the past cash payments
The retrospective change increases previously reported losses. The reconciliation makes that adjustment explicit, rather than interpreting the step-up as a sudden deterioration in exploration operations.
Parent-company statements are not substituted for the consolidated group. In particular, the FY2025 parent-only loss is substantially larger than the consolidated loss and represents a different reporting scope.
Consolidated losses on the revised basis
A$ million
Net loss attributable to members of the parent
AI-generated presentation · values from Losses after applying the revised exploration policy; no missing values plotted as zero.
Losses after applying the revised exploration policy
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss attributable to members of the parent | (3.802) | (3.076) | (3.338) | (3.213) | (2.884) |
FY2021 and FY2022 use the retrospective restatement note; later years use the consolidated income statement.
A metadata label of non-IFRS on the restatement extract is not treated as a new adjusted earnings measure: the records describe an accounting-policy restatement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Why the earlier losses changed
A$ million
| Metric | FY2021 | FY2022 |
|---|---|---|
| Loss magnitude under previous policy | 1.413 | 1.281 |
| Net increase in loss from policy change | 2.389 | 1.795 |
| Restated loss magnitude | 3.802 | 3.076 |
Positive amounts here are loss magnitudes for the reconciliation, unlike the signed earnings table. The change is accounting treatment, not additional cash spent later.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Project milestones are not production or cash commitments received
Narraburra’s resource estimate and metallurgical testing support evaluation, but neither is a production record or a reserve valuation. The Scoping Study appointment is a study milestone, not a completed investment decision.
The proposed Lewis Ponds sale did not complete within the agreed period in FY2024; the company retained a non-refundable deposit and continued considering alternatives. It is not counted as a completed project disposal.
The FY2025 auditor highlighted material going-concern uncertainty. A contingent finder’s fee on part of EL5583 is triggered by specified production or sale outcomes; its A$2m cap is not recorded here as a current cash payment.
Reading the figures
- FY2021 financial-position values use the restated 1 July 2021 opening balance, corresponding to the prior year-end.
- The FY2021 original operating/investing split is isolated; no restated split is inferred from accrual expense.
- The extraction gives differing descriptions of the policy adoption/effective date and rounded adjustment; this review uses the documented retrospective basis and detailed amounts without choosing an unsupported exact adoption date.
- The extract-only review does not independently verify original annual-report contents.
- 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
- Godolphin Resources - Annual Report June 2021Existing annual extraction, including separately identified historical comparatives.
- Godolphin Resources - Annual Report June 2022Existing annual extraction, including separately identified historical comparatives.
- Godolphin Resources - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Godolphin Resources - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Godolphin Resources - 2025 Annual ReportExisting 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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