FY2022
Exploration-led cost base
The Group reported a A$0.599m loss, A$4.625m cash reserves and A$3.214m of exploration and evaluation expenditure before write-offs.
ASX: GTE · Five-year financial review
(ASX: GTE) Great Western Exploration Limited Financial Review - FY2022~26
Great Western Exploration Limited is an Australian early-stage explorer. Across FY2022–FY2026, recurring statutory losses and operating/investing cash outflows were funded principally through equity financing, while the capitalised exploration balance declined materially after FY2022. The review uses the consolidated financial position, cash flow and exploration evidence throughout.
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 Group cash reserves
A$3.403m
Issuer-reported year-end Group cash reserves.
FY2026 statutory loss
A$(4.986)m
Reported consolidated loss after tax.
FY2026 operating cash use
A$0.768m
Consolidated operating cash outflow.
FY2026 exploration carrying amount
A$7.350m
Capitalised expenditure; not a project valuation.
Five years in context
The saved annual extractions describe principal activities as exploration for gold and base metals in Australia. The company’s early-stage tenements and funding dependence are central to interpreting the financial history; this review therefore does not present production, sales or reserve metrics that are not established by the selected financial evidence.
The FY2022–FY2026 loss series remains negative throughout. The decline in capitalised exploration expenditure from A$13.720m in FY2022 to A$7.350m in FY2026 must be read as an accounting carrying-value series, including impairment/write-off effects, rather than a measure of exploration success or mineral value.
Events behind the numbers
FY2023
Equity placement and exploration impairment
A A$2.85m placement was completed in April and May 2023. The Group also disclosed impairment of exploration expenditure for tenements outside the coming-year strategy.
FY2024
Further funding as cash reduced
A A$2.85m placement completed in December 2023 and January 2024. Year-end cash reserves were A$1.512m, with a subsequent two-tranche placement announced after year end.
FY2025
Two placements and portfolio disposal
The company completed placements of A$3.58m and A$2.50m before costs, and sold non-core Yandal West tenements to Albion Resources in an all-scrip transaction.
FY2026
Tenure dispute and exploration judgement
The Group reported A$3.403m cash reserves and a A$4.161m exploration write-off/impairment context. Forfeiture applications covered six tenements with A$0.930m of capitalised exploration attributed; directors reported no related impairment at year end following legal advice.
FINANCIAL REVIEW / 01
Funding, cash use and recurring losses
The cash-flow table shows operating outflows in every displayed year and substantially larger investing outflows. Financing was positive in each year, which is consistent with the sequence of disclosed placements. That pattern describes funding and deployment, not operating profitability.
Losses remained between A$0.599m and A$5.862m across the five years. The table does not allocate the losses to a single operating driver; the FY2026 result in particular should be considered alongside the disclosed exploration write-off/impairment context rather than interpreted as cash expenditure.
Reported statutory losses by year
A$ million
Loss for the year
AI-generated presentation · values from Reported Group loss after tax; no missing values plotted as zero.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash provided by financing activities
AI-generated presentation · values from Consolidated annual cash flows; no missing values plotted as zero.
Reported Group loss after tax
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Loss for the year | (0.599) | (5.862) | (5.605) | (5.728) | (4.986) |
Parentheses denote a reported loss. This is a statutory loss series, not an adjusted earnings measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated annual cash flows
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (0.559) | (0.604) | (0.947) | (0.653) | (0.768) |
| Net cash used in investing activities | (3.281) | (3.621) | (3.384) | (3.753) | (2.015) |
| Net cash provided by financing activities | 3.240 | 2.622 | 2.822 | 5.591 | 3.490 |
Cash-flow subtotals are consolidated disclosures. Negative numbers are outflows.
Financing inflows are not operating revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Consolidated financial position and liquidity
The consolidated financial-position table traces cash, total assets, liabilities and equity on a like-for-like Group basis. Cash fell through FY2024 before recovering in FY2025 and FY2026; assets and equity also reflect the exploration carrying-value movements discussed below.
Directors reported a FY2026 working-capital surplus of A$3.097m and stated sufficient funds to meet obligations for 12 months from signing; these issuer statements are contextual, not a forecast.
Consolidated cash, assets and equity
A$ million
Cash and cash equivalentsTotal assetsTotal equity / net assets
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.625 | 3.021 | 1.512 | 2.696 | 3.403 |
| Total assets | 18.775 | 15.651 | 13.784 | 13.558 | 12.027 |
| Total liabilities | 0.447 | 0.340 | 0.987 | 0.357 | 0.460 |
| Total equity / net assets | 18.328 | 15.311 | 12.797 | 13.200 | 11.567 |
All rows are selected from the consolidated statements of financial position. Amounts are A$ million; fiscal dates are each 30 June.
Total equity equals net assets in each selected annual statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Capitalised exploration: accounting balance and tenure boundary
Capitalised exploration and evaluation expenditure declined after FY2022. The series is retained as disclosed because it is financially material, but it is not evidence of a mineral resource, production capacity or project value. The accounting policy and audit discussion make recoverability dependent on tenure, exploration results and the ability to recoup through development, exploitation or sale.
FY2026 contains a particularly important boundary: the auditor identified mineral exploration expenditure as a Key Audit Matter, citing the A$7.350m carrying amount and A$4.161m impairment expense. Separately, six tenements were subject to forfeiture applications, with A$0.930m of capitalised expenditure attributed; directors reported the applications were being defended and no related impairment was required at 30 June 2026. Those are issuer and auditor disclosures, not a conclusion here about the eventual outcome.
Capitalised exploration and evaluation expenditure
A$ million
Capitalised exploration and evaluation expenditure
AI-generated presentation · values from Capitalised mineral exploration and evaluation expenditure; no missing values plotted as zero.
Capitalised mineral exploration and evaluation expenditure
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Capitalised exploration and evaluation expenditure | 13.720 | 12.156 | 11.819 | 9.460 | 7.350 |
Carrying amounts are accounting balances, not mineral-resource estimates or project valuations.
The FY2026 balance follows a material write-off/impairment context; see Events behind the numbers.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The five-year financial-position, cash-flow and exploration tables use consolidated disclosures; no parent-entity balance-sheet series is substituted for the Group statements.
- FY2026 closing Group cash of A$3.403m is selected directly from the consolidated financial position and agrees with the saved issuer narrative.
- Capitalised exploration is an accounting carrying amount. It is neither a mineral-resource figure nor an estimate of project value, and FY2026 includes a disclosed tenure/impairment boundary.
- All source review was against the supplied frozen annual-extraction packet; this is not an independent audit of original annual reports or a forecast of funding, tenure or project outcomes.
- 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
- Great Western Exploration Limited - 2022 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Western Exploration Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Western Exploration Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Western Exploration Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Great Western Exploration 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.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
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