FY2021
Name change, placement and San Jorge entry
Greenwing changed its name, consolidated shares, acquired Andes Litio after year end and raised A$6.15m.
ASX: GW1 · Five-year financial review
(ASX: GW1) Greenwing Resources Ltd Financial Review - FY2021~25
Greenwing’s five-year record is an explorer’s funding-and-asset story, not a production trend: Graphmada stayed under care and maintenance, while San Jorge moved through acquisition, joint control and reconsolidation. The FY2025 statutory profit was accompanied by operating cash use, discontinued-operation loss and a disclosed going-concern material uncertainty.
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 closing cash
A$0.787m
Consolidated cash and cash equivalents.
FY2025 operating cash use
A$1.270m
Reported consolidated operating cash outflow.
FY2025 total equity
A$21.689m
Consolidated closing equity.
FY2025 total profit
A$1.603m
Continuing profit less discontinued-operation loss.
Five years in context
The Group combines the Graphmada graphite mine in Madagascar, which remained under care and maintenance, and lithium exploration interests including San Jorge in Argentina. Resource or carrying-value movements are therefore not treated as production or revenue recovery.
Andes Litio was acquired in FY2022, became an equity-accounted jointly controlled investment under the NIO arrangement from September 2022, and returned to consolidated control when NIO’s call option lapsed on 27 May 2025.
Events behind the numbers
FY2022
Andes Litio acquired
Andes Litio, holder of an option over San Jorge, was acquired as an asset acquisition; exploration commenced.
FY2023
NIO funding and joint control
NIO’s subscription became unconditional; Andes Litio was deconsolidated and equity-accounted.
FY2024
Maiden San Jorge resource
The Group reported San Jorge’s maiden resource and retained a 45% project interest.
FY2025
Call option lapse and reconsolidation
NIO did not exercise its option; Greenwing regained control and recognised Andes Litio as an asset acquisition in exploration assets.
FINANCIAL REVIEW / 01
Funding, liquidity and all three cash-flow lanes
Operating cash was negative in every year. Financing inflows were especially material in FY2022–FY2023, while FY2024 investing outflow of A$7.477m exceeded its A$1.235m financing inflow and left A$0.709m of cash. FY2025 financing inflow exceeded combined operating and investing outflows, but closing cash was still A$0.787m.
FY2024 cash included A$0.623m restricted under the NIO funding terms. FY2025 said no restricted cash remained because San Jorge funding was fully expended; that did not remove the disclosed going-concern uncertainty.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash from financing activities
AI-generated presentation · values from Consolidated cash-flow subtotals; no missing values plotted as zero.
Closing cash
A$ million
Cash and cash equivalents
AI-generated presentation · values from Closing cash, exploration assets and total equity; no missing values plotted as zero.
Consolidated cash-flow subtotals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (1.040) | (1.882) | (1.894) | (0.888) | (1.270) |
| Net cash used in investing activities | (0.832) | (2.265) | (3.588) | (7.477) | (1.493) |
| Net cash from financing activities | 0.771 | 5.470 | 11.443 | 1.235 | 2.770 |
All values are statutory Group cash-flow subtotals. Parentheses denote reported outflows.
Investing cash flow is not the exploration-asset carrying balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Consolidated financial position and exploration-asset boundary
Available Group closing rows show assets rising through FY2023 before easing in FY2024; liabilities rose sharply in FY2023 then fell in FY2024. FY2025 retains Group equity but no Group total-assets or total-liabilities closing rows in the packet, so parent-only alternatives are excluded.
FY2025 exploration assets of A$19.933m are not cash spend: the roll-forward includes the A$12.531m Andes Litio transfer on consolidation, alongside current expenditure and capitalised indirect costs.
Cash, exploration assets and equity
A$ million
Cash and cash equivalentsExploration and evaluation assetsTotal equity
AI-generated presentation · values from Closing cash, exploration assets and total equity; no missing values plotted as zero.
Closing cash, exploration assets and total equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 0.599 | 1.896 | 8.051 | 0.709 | 0.787 |
| Exploration and evaluation assets | 1.466 | 5.885 | 5.189 | 6.262 | 19.933 |
| Total equity | 4.144 | 9.528 | 12.839 | 16.482 | 21.689 |
Closing balances at 30 June; exploration assets are accounting carrying amounts, not resource values or annual spending.
FY2025 exploration includes the A$12.531m Andes Litio reconsolidation transfer.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated financial position — available closing rows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 9.896 | 15.186 | 25.168 | 24.893 |
| Total liabilities | 5.753 | 5.657 | 12.330 | 8.411 |
| Total equity | 4.144 | 9.528 | 12.839 | 16.482 |
FY2021–FY2024 only. Frozen FY2025 records retain Group cash, exploration assets and equity but no Group total-assets / total-liabilities closing rows. Parent-only values are not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Continuing performance, discontinued operations and accounting drivers
The continuing-operations loss narrowed from A$6.184m in FY2021 to A$1.845m in FY2024, then became a A$4.130m profit in FY2025. Group total profit was A$1.603m after the A$2.527m discontinued-operation loss, so the continuing result is not described as cash generation.
The FY2025 profit included expiration of the NIO derivative liability. Directors and auditor separately identified material going-concern uncertainty including operating-cash outflow, net-current-asset deficiency, Que River obligation and US$1.750m Andes Litio commitment.
Profit / (loss) after tax — continuing operations
A$ million
Profit / (loss) after tax — continuing operations
AI-generated presentation · values from Continuing operations and discontinued-operation boundary; no missing values plotted as zero.
Continuing operations and discontinued-operation boundary
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit / (loss) after tax — continuing operations | (6.184) | (4.023) | (4.347) | (1.845) | 4.130 |
The charted series is continuing operations only. FY2025 group total profit was A$1.603m: A$4.130m continuing profit less A$2.527m discontinued loss, discussed separately rather than used in a non-comparable five-year series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Asset register, status and resource context
Graphmada’s production suspension began in 2019 and it stayed under care and maintenance. The FY2025 resource snapshot was unchanged from the 2022 update, so 61.9Mt at 4.5% FC is presented as a technical resource snapshot, not a current operating result.
San Jorge shifted from option-backed project to joint control and back into the Group. Its retained 45% project-interest disclosure and LCE figure are not conflated with the exploration carrying balance.
FY2025 disclosed mineral-resource snapshot — physical units
As labelled
| Metric | FY2025 |
|---|---|
| Graphmada total resource (Mt) | 61.9 |
| Graphmada total fixed carbon (% FC) | 4.5 |
| Graphmada contained graphite (kt) | 2,781 |
| San Jorge total lithium carbonate equivalent (Mt LCE) | 1.070 |
Physical units are deliberately separate from A$ tables. Graphmada’s resource was last updated in July 2022; San Jorge’s maiden estimate was last updated in May 2024. Neither is production, revenue or carrying value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The FY2025 packet lacks Group total-assets and total-liabilities closing rows; parent-only values were excluded.
- Andes Litio control/accounting changed across the period, so exploration balances are not a uniform project-spend series.
- Graphmada stayed under care and maintenance; resources are not production, sales, cash-flow or valuation measures.
- FY2025 includes a material going-concern uncertainty; no solvency, valuation or investment conclusion is expressed.
- 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
- Greenwing Resources Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Greenwing Resources Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Greenwing Resources Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Greenwing Resources Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Greenwing Resources Ltd - 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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