FY2022
Capital raise and exploration programme
The company completed a A$2.5m capital raise ahead of an RC drilling programme at Yule; the annual report also states that further capital raising remained necessary for operations and exploration.
ASX: GSM · Five-year financial review
(ASX: GSM) Golden State Mining Limited Financial Review - FY2022~26
Golden State Mining Limited’s FY2022-FY2026 accounts show an exploration-stage Group funded principally through equity and cash reserves rather than operating cash generation. Reported losses and operating cash outflows persisted throughout the period; cash fell to A$0.720m in FY2025 before FY2026 financing lifted it to A$1.108m. The company’s own going-concern disclosures continue to make additional capital raising a condition of continuing operations.
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 closing cash
A$1.108m
Cash and cash equivalents at 30 June 2026.
FY2026 operating cash flow
(A$1.098m)
Annual operating cash outflow.
FY2026 financing inflow
A$1.488m
Statement cash-flow subtotal.
FY2026 total equity
A$1.001m
Balance-sheet equity, not market value.
Five years in context
GSM identifies its principal activity as mineral exploration, evaluation and investment. That framing matters: neither the statement of financial position nor the expenditure line is treated here as evidence of production, reserves or mineral value.
The five annual periods all end on 30 June. Cash declined from A$3.737m in FY2022 to A$0.720m in FY2025, then increased to A$1.108m at FY2026 year end after a financing inflow. Each annual report nonetheless describes the going-concern basis as dependent on further capital raising.
All displayed financial rows use explicit conversion of source dollars to A$ millions. The report keeps closing cash, working capital, annual operating cash flow, financing cash flow and income-statement expense separate, and does not use the resulting series to infer a funding runway or project value.
Events behind the numbers
FY2023
Cash and working capital contracted
Year-end cash was A$2.070m and working capital surplus A$1.577m, down from the prior year; the directors again stated that going concern depended on further capital raising.
FY2023
Cue divestment and retained royalty interests
GSM sold Cue Consolidated Mining Pty Ltd, holder of the Cue Project, for A$0.200m cash plus specified gold and non-gold royalty interests. It separately sold two Cue licences for Victory Metals shares, options and a 1.0% net-smelter-return royalty.
FY2024
Equity funding broadly offset annual cash use
Financing cash inflow was A$2.552m against A$2.776m operating outflow, leaving year-end cash at A$1.891m. The report retained the capital-raising dependency.
FY2024
Listed consideration was sold
The Group sold 150,000 Victory Metals shares for approximately A$0.045m, reporting a A$0.008m realised gain; financial assets were nil at 30 June 2024 versus A$0.038m a year earlier.
FY2025
Lower loss but tighter liquidity
The group reported a A$1.198m post-tax loss and A$1.171m operating outflow; cash ended at A$0.720m and the stated working-capital surplus was A$0.342m.
FY2026
Equity funding restored cash balance
The company completed a A$1.5m capital raising. Financing cash inflow of A$1.488m, after A$0.012m issue costs, lifted closing cash to A$1.108m; the report still states that continuity depends on further capital raising.
FY2026
Yule activity and tenure obligation
No field exploration occurred at Yule while pastoral-access negotiations continued. The annual extraction also reports approximately A$0.573m of following-year minimum exploration expenditure requirements; this is a tenure obligation, not a funding forecast.
FINANCIAL REVIEW / 01
FY2026 cash balance increased but funding remains externally dependent
The cash trajectory is clearer than a single-year snapshot: operating cash outflows were recorded in every year, while financing inflows materially supported cash in FY2022, FY2023, FY2024 and FY2026. FY2025 shows no reported financing inflow, coinciding with the lowest five-year closing cash balance.
FY2026 closed with higher cash and working capital than FY2025. This is a liquidity improvement, but the annual report explicitly retains the dependence on future capital raises; it is not evidence that cash flows from operations fund the exploration programme. The FY2025 position values in the table are the FY2026 source edition’s dated 30 June 2025 comparatives, not a reconstructed series.
Closing cash at each 30 June balance date
A$ million
Cash and cash equivalents
AI-generated presentation · values from Balance-sheet funding, working capital and equity; no missing values plotted as zero.
Issuer-reported working-capital surplus
A$ million
Working-capital surplus
AI-generated presentation · values from Balance-sheet funding, working capital and equity; no missing values plotted as zero.
Operating, investing and financing cash flows
A$ million
Net cash from/(used in) operating activitiesNet cash from/(used in) investing activitiesNet cash from/(used in) financing activities
AI-generated presentation · values from Cash movements and financing; no missing values plotted as zero.
Total equity at each year end
A$ million
Total equity
AI-generated presentation · values from Balance-sheet funding, working capital and equity; no missing values plotted as zero.
Balance-sheet funding, working capital and equity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3.737 | 2.070 | 1.891 | 0.720 | 1.108 |
| Working-capital surplus | 3.441 | 1.577 | 1.493 | 0.342 | 0.996 |
| Total assets | 4.135 | 2.204 | 1.937 | 0.727 | 1.120 |
| Total liabilities | 0.597 | 0.546 | 0.428 | 0.416 | 0.120 |
| Total equity | 3.538 | 1.658 | 1.509 | 0.311 | 1.001 |
| Issued capital | 13.151 | 13.837 | 16.366 | 16.366 | 18.058 |
All balance dates are 30 June. FY2025 values are the dated comparative carried in the FY2026 annual extraction; this selection avoids an unsupported substitution.
All amounts are A$ million, explicitly converted from source dollars (÷1,000,000). Amounts are consolidated/group financial-statement figures where so labelled in the annual extraction. Cash and working capital are balance-sheet measures, not annual operating cash flow.
The working-capital row is the issuer’s stated current-assets-less-current-liabilities measure. The FY2022 source excludes the environmental rehabilitation provision from that particular view.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash movements and financing
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash from/(used in) operating activities | (3.347) | (2.671) | (2.776) | (1.171) | (1.098) |
| Net cash from/(used in) investing activities | 0.370 | 0.318 | 0.045 | 0.000 | (0.003) |
| Net cash from/(used in) financing activities | 2.337 | 0.685 | 2.552 | 0.000 | 1.488 |
| Net increase/(decrease) in cash | (0.639) | (1.667) | (0.179) | (1.171) | 0.388 |
All amounts are A$ million, explicitly converted from source dollars (÷1,000,000). Positive values are inflows and negative values are outflows. The FY2025 investing and financing rows are reported as numeric zero in the frozen extraction, not inferred from a dash.
Cash-flow line labels change slightly across reports; the selected lines are the annual statement subtotals, not a reconstruction from individual transactions.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Statutory annual losses, not operating revenue economics
The annual-loss row selects statutory loss after tax / attributable-loss lines rather than total comprehensive loss. FY2022-FY2024 are loss attributable to members; FY2025-FY2026 are loss after income tax from the cash-flow reconciliation. Interest revenue remained small across the period; the table makes the line-selection boundary explicit.
Exploration and tenement expense was material in FY2022-FY2024 and lower in FY2025-FY2026. These are reported expenses; the figures do not establish drilling success, mineral resources, output or future economic viability.
Statutory annual loss after tax / attributable loss
A$ million
Statutory annual loss after tax / attributable loss
AI-generated presentation · values from Statutory loss, interest and exploration/tenement expense; no missing values plotted as zero.
Exploration and tenement expense
A$ million
Exploration and tenement expense (issuer label varies)
AI-generated presentation · values from Statutory loss, interest and exploration/tenement expense; no missing values plotted as zero.
Statutory loss, interest and exploration/tenement expense
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Statutory annual loss after tax / attributable loss | (3.163) | (2.808) | (2.702) | (1.198) | (1.031) |
| Interest revenue | 0.010 | 0.063 | 0.100 | 0.057 | 0.035 |
| Exploration and tenement expense (issuer label varies) | (2.263) | (1.680) | (1.703) | (0.296) | (0.288) |
All amounts are A$ million, explicitly converted from source dollars (÷1,000,000). FY2022-FY2024 use the statutory “loss for the year attributable to members” line. FY2025-FY2026 use the “(loss) after income tax” line in the statutory cash-flow reconciliation. Total comprehensive loss is not used as a substitute in this row.
Exploration/tenement amounts retain their reported negative expense sign. They are not a reserve estimate, production cost or cash-spend proxy.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Equity issuance and no dividend distribution
Issued capital increased across the period, while accumulated losses continued to deepen. The association between capital and liquidity is visible in the financing cash-flow table, but this review does not infer the price, dilution effect or investor return from those accounts.
No dividends were declared or paid in FY2022, FY2023, FY2024, FY2025 or FY2026. Capital therefore remained directed to the exploration-stage business rather than shareholder cash distributions.
FINANCIAL REVIEW / 04
Portfolio transactions, royalties and exploration commitments
The financial record includes portfolio transactions that are distinct from recurring operating revenue. In FY2022 GSM received cash, Caprice shares and options as consideration for Cuddingwarra and Big Bell South while retaining a 20% interest free-carried to a pre-feasibility-study completion. In FY2023, it sold Cue Consolidated Mining and separately sold two Cue licences, with specified royalty interests retained.
In FY2024 the company sold the Victory Metals share consideration for approximately A$0.045m and recognised a A$0.008m realised gain. FY2026 had no field exploration at Yule while access negotiations continued; the reported following-year minimum expenditure requirement is therefore shown as a tenure commitment, not a forecast of available funding, project value or output.
Reading the figures
- FY2025 balance-sheet amounts are displayed from the FY2026 extraction’s dated comparative because that is the retained extraction reference available for the selected statement lines; their value period remains 30 June 2025.
- Statement labels and source currencies are preserved as A$ / AUD equivalents in the selected financial statement records; all displayed values are A$ millions after explicit ÷1,000,000 conversion from source dollars.
- No production, sales, mineral resource, reserve, valuation, price target or trading conclusion is included.
- Going-concern wording is issuer disclosure and not an insolvency conclusion.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Golden State Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden State Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden State Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden State Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Golden State Mining Limited - 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
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
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