FY2021
Royalty and investment base
The Group reported exploration, mining, equity investments and property activities, while Deflector royalty payments were a stated contributor to the year’s income.
ASX: GUL · Five-year financial review
(ASX: GUL) Gullewa Limited Financial Review - FY2021~25
Gullewa Limited’s FY2021–FY2025 consolidated accounts show a profitable, multi-activity group rather than a single-mine operating history. Royalty and consulting income, investments, property interests and exploration assets all matter to the financial picture. FY2025 combined a CIO control acquisition with material cash deployment, while operating cash remained positive.
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 revenue
A$3.941m
Royalties were A$3.866m and consultant fees A$0.075m.
FY2025 group profit
A$1.633m
Group profit after tax in the disclosed EPS bridge to owner profit.
FY2025 cash
A$3.111m
Closing cash after investing and financing outflows.
FY2025 total equity
A$21.077m
Consolidated total equity at 30 June 2025.
Five years in context
Gullewa’s saved annual-report records describe exploration and evaluation, property holding and investments as operating segments, with the broader group also receiving royalty and consulting income. The income and cash-flow tables should therefore be read as a diversified group financial history, not as a production, ore-grade or mine-cost series.
All five fiscal periods end on 30 June and the financial statements are presented in Australian dollars. The main tables use consolidated statutory values; parent-only financial statements available in the packet were not substituted for the Group view.
Events behind the numbers
FY2022
Associate result turned negative
The equity-accounted associate contribution moved to a loss, while the Group still reported positive profit and operating cash.
FY2023
Cash and equity increased
Closing cash and total equity rose, while the equity-accounted associate contribution remained negative.
FY2024
Property and CIO interest
CIO remained an associate at a 36.93% holding and Gullewa reported Stage 3 property lots progressing at Aberglasslyn.
FY2025
CIO became controlled
CIO became a subsidiary on 30 September 2024 after the rights issue. The EPS disclosure bridges Group profit after tax plus a positive NCI adjustment to owner profit; the accounts also record a fully franked dividend.
FINANCIAL REVIEW / 01
Income: royalty-led revenue, investment exposures and positive group profit
Revenue increased across the five-year endpoints, while other income, investment results and operating expenses also influenced pre-tax profit. The equity-accounted associate contribution was positive in FY2021 but a loss in the subsequent years shown; it is presented separately so that its contribution is not mistaken for royalty revenue.
In FY2025, royalties accounted for most Note 4 revenue, with consultant fees the smaller component. Group profit after tax was lower than FY2024. The disclosed EPS bridge adds a positive A$0.309m NCI adjustment to A$1.633m Group profit after tax to reach A$1.942m profit attributable to owners; this reports the stated bridge, not a minority-profit distribution.
Revenue and group profit after tax
A$ million
RevenueGroup profit after tax
AI-generated presentation · values from Consolidated income statement; no missing values plotted as zero.
Consolidated income statement
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 2.813 | 2.469 | 2.892 | 3.617 | 3.941 |
| Other income | 1.059 | 1.554 | 0.911 | 1.321 | 1.296 |
| Administration expenses | (0.987) | (0.520) | (0.433) | (0.629) | (0.863) |
| Employee benefits expense | (0.358) | (0.519) | (0.810) | (0.921) | (1.283) |
| Share of associate profit/(loss) (equity method) | 0.161 | (0.858) | (0.288) | (0.401) | (0.463) |
| Profit before tax | 2.101 | 1.798 | 2.004 | 2.825 | 2.626 |
| Income tax expense | (0.666) | (0.369) | (0.471) | (0.631) | (0.994) |
| Group profit after tax | 1.436 | 1.430 | 1.533 | 2.194 | 1.633 |
A$ million; consolidated statutory results. Expenses and equity-accounted losses retain their source sign.
The report does not equate revenue with mine production: the saved accounts describe royalty and consulting income, alongside property and investment activities.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Revenue composition and owner-profit bridge, FY2024–FY2025
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Royalties received | 3.540 | 3.866 |
| Consultant fees | 0.078 | 0.075 |
| Profit attributable to owners of Gullewa | 2.194 | 1.942 |
A$ million. Royalties and consultant fees are the Note 4 components of revenue; the owner-profit source is explicitly reported in A$ thousands and is converted to A$ million.
FY2024 had no reported non-controlling-interest allocation. The FY2025 EPS disclosure bridges A$1.633m Group profit after tax plus a positive A$0.309m NCI adjustment to A$1.942m owner profit; it is not presented as a minority-profit distribution.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Financial position: investment assets remained material; CIO changed the FY2025 perimeter
The Group held both current financial assets and equity-accounted investments throughout the period. These categories have different accounting treatment and are retained as separate rows. Total assets and equity rose in FY2025 despite lower year-end cash, in the context of the CIO becoming controlled.
Exploration, evaluation and development assets were modest through FY2024 and increased materially in FY2025. The acquisition disclosure identifies A$4.870m of exploration and evaluation assets acquired at fair value; neither this fair value nor the carrying-value row is a resource, reserve or market valuation.
Cash, total assets and total equity
A$ million at 30 June
Cash and cash equivalentsTotal assetsTotal equity
AI-generated presentation · values from Consolidated year-end financial position; no missing values plotted as zero.
Financial assets, equity-accounted investments and exploration assets
A$ million at 30 June
Current other financial assetsInvestments accounted for using the equity methodExploration, evaluation and development assets
AI-generated presentation · values from Consolidated year-end financial position; no missing values plotted as zero.
Consolidated year-end financial position
A$ million at 30 June
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.143 | 5.079 | 6.060 | 8.551 | 3.111 |
| Current other financial assets | 4.216 | 3.527 | 2.130 | 1.679 | 1.941 |
| Investments accounted for using the equity method | 4.406 | 6.396 | 7.387 | 8.104 | 4.441 |
| Exploration, evaluation and development assets | 0.033 | 0.033 | 0.033 | 0.033 | 6.195 |
| Total assets | 13.806 | 16.150 | 17.159 | 19.937 | 22.123 |
| Total liabilities | 0.921 | 1.289 | 0.377 | 0.555 | 1.046 |
| Total equity | 12.885 | 14.861 | 16.782 | 19.382 | 21.077 |
All balance dates are 30 June. Amounts are consolidated statutory balances, not parent-entity amounts.
Financial assets and equity-accounted investments are distinct categories. Exploration assets are accounting carrying values, not resources, reserves or project valuations.
FY2025 includes Central Iron Ore Limited (CIO) as a controlled subsidiary; the comparison is therefore a perimeter boundary.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash flows: positive operating cash alongside FY2025 deployment
Operating cash was positive in every year shown. Investing was a net outflow in FY2021–FY2022, a net inflow in FY2023–FY2024, and a substantially larger outflow in FY2025. Financing moved from inflows in FY2021–FY2022 to outflows in FY2023–FY2025.
The FY2025 investment outflow included term deposits and tenement exploration, partly offset by property-joint-venture proceeds. The financing lines include a securities issue, unmarketable-parcel buyback and the fully franked dividend. These disclosed components explain why cash fell even though operating cash was positive; they are not aggregated into a separately defined free-cash-flow measure.
Operating, investing and financing cash flow
A$ million
Net cash from operating activitiesNet cash from/(used in) investing activitiesNet cash from/(used in) financing activities
AI-generated presentation · values from Consolidated cash flow by activity; no missing values plotted as zero.
Consolidated cash flow by activity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | 2.925 | 1.929 | 1.276 | 2.162 | 1.737 |
| Net cash from/(used in) investing activities | (2.883) | (1.116) | 0.671 | 1.000 | (6.100) |
| Net cash from/(used in) financing activities | 0.437 | 0.124 | (1.167) | (0.672) | (1.078) |
A$ million. Positive figures are cash inflows; bracketed figures are cash outflows.
Investing is a net category, not a proxy for exploration expenditure or a free-cash-flow definition.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 selected cash deployment and funding
A$ million
| Metric | FY2025 |
|---|---|
| Payments for term deposits | (5.000) |
| Payments for tenement exploration | (1.345) |
| Proceeds from property joint venture | 0.538 |
| Proceeds from issue of securities | 0.562 |
| Unmarketable-parcel buyback | (0.114) |
| Fully franked dividend payment | (1.526) |
A$ million; positive figures are proceeds and bracketed figures are payments.
These are selected disclosed cash-flow lines, not a subtotal and not a free-cash-flow calculation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2025 is not fully like-for-like with earlier years: CIO became controlled on 30 September 2024, creating a non-controlling-interest allocation and new consolidated balances.
- The packet supports net cash-flow activities and selected component lines, but does not establish a single issuer-defined free-cash-flow series; none is presented.
- Exploration accounting amounts are subject to their disclosed recoverability conditions and do not establish mineral resources, ore reserves, production capacity or project value.
- The report is limited to the five saved annual-extraction packets and is not an independent review of the original annual reports.
- 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
- Gullewa Limited - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Gullewa Limited - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Gullewa Limited - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Gullewa Limited - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Gullewa Limited - Full Year Statutory AccountsExisting 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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