FY2021
Capital return after the open-pit period
Shareholders received an A$8.235m return of capital and A$5.265m special dividend; the issuer says FY2021 had no ore sales after mining completed in FY2020.
ASX: HAW · Five-year financial review
(ASX: HAW) Hawthorn Resources Limited Financial Review - FY2021~25
Hawthorn Resources’ record is that of an exploration-led group with episodic TLMJV income and Mt Bevan transactions. The report keeps cash flows, exploration accounting and post-balance-date project events distinct.
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$12.586m
Reported consolidated closing cash.
FY2025 revenue
A$1.111m
Reported ore sales and interest.
FY2025 statutory loss
(A$0.342m)
Loss after tax from continuing operations.
FY2025 exploration asset
A$2.397m
Closing capitalised carrying amount.
Five years in context
FY2021 followed completion of the TLMJV open-pit campaign. The Group reported no ore sales and a statutory loss; TLMJV remains consolidated because Hawthorn is deemed to control it despite GEL Resources’ 30% interest.
All displayed monetary values are reported Australian-dollar amounts expressed as A$ million. Total investing cash is separated from its exploration-payment component, and only FY2025 total assets is calculated from explicitly reported equity and liabilities.
Events behind the numbers
FY2022
Stockpile processing and Mt Bevan farm-out
TLMJV low-grade ore processing generated A$5.647m of ore-sales revenue, while the Mt Bevan farm-out produced a disclosed A$1.239m gain.
FY2023
Non-iron mineral-rights farm-out
The Group recorded a A$1.331m Mt Bevan non-iron-rights farm-out gain; operating cash was a A$0.427m outflow.
FY2024
PFS change occurred after balance date
After 30 June 2024, release of the Mt Bevan PFS reduced Hawthorn’s interest to 19.6%, with Hancock appointed manager.
FY2025
Royalty conversion and stockpile treatment
The Mt Bevan magnetite interest became a 1% FOB royalty in September 2024; TLMJV also treated a 46,000-tonne low-grade oxide stockpile in 2024–25.
FINANCIAL REVIEW / 01
Episodic revenue, not a linear operating trend
The FY2022 outcome includes disclosed low-grade ore processing and a Mt Bevan farm-out gain. The issuer explicitly identifies that FY2022 and FY2021 are not directly comparable on that basis.
FY2025 revenue combined A$0.544m ore sales and A$0.566m interest. The report retains statutory outcomes rather than creating an adjusted earnings measure.
Revenue and statutory profit / (loss)
A$ million
RevenueProfit / (loss) after tax
AI-generated presentation · values from Consolidated statutory revenue and profit / (loss); no missing values plotted as zero.
Consolidated statutory revenue and profit / (loss)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 0.092 | 5.661 | 0.326 | 0.674 | 1.111 |
| Profit / (loss) after tax | (1.660) | 0.927 | 0.085 | (0.537) | (0.342) |
A$ million. Statutory consolidated measures; FY2025 is a continuing-operations loss.
FY2022 includes disclosed TLMJV stockpile processing and a Mt Bevan farm-out gain; it is not a recurring revenue base.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash funding and financial position
Closing cash stayed above A$12m. Net investing cash was positive in FY2022 and FY2023 because the reported subtotals include project receipts beyond exploration payments; FY2025 operating cash was a A$0.451m inflow.
The Group financial-position series now includes the explicit FY2021 consolidated comparative. FY2025 equity and liabilities were A$13.537m and A$1.558m; the corresponding assets cell is a labelled balance-sheet calculation.
Operating, investing and exploration cash; closing cash
A$ million
Net cash from / (used in) operating activitiesNet cash provided by / (used in) investing activitiesPayments for exploration expenditureCash and cash equivalents at year end
AI-generated presentation · values from Consolidated cash-flow measures; no missing values plotted as zero.
Total assets, liabilities and equity
A$ million
Total assets (reported FY2021-FY2024; calculated FY2025)Total liabilitiesTotal equity
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Consolidated cash-flow measures
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from / (used in) operating activities | (1.149) | 0.123 | (0.427) | (0.415) | 0.451 |
| Net cash provided by / (used in) investing activities | (1.935) | 1.996 | 0.733 | (0.524) | (0.825) |
| Payments for exploration expenditure | (1.851) | (1.216) | (0.867) | (0.524) | (0.825) |
| Net cash used in financing activities | (13.788) | (0.460) | (0.010) | (0.018) | (0.154) |
| Cash and cash equivalents at year end | 12.115 | 13.775 | 14.071 | 13.114 | 12.586 |
A$ million. Parentheses are cash outflows. Investing cash includes all reported investing receipts and payments; exploration payments are its separately disclosed component, not a duplicate measure.
FY2023 operating cash uses the A$0.427m outflow supported by the Note 2(b) subtotal, reconciliation and issuer explanation rather than the conflicting headline subtotal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets (reported FY2021-FY2024; calculated FY2025) | 15.837 | 16.253 | 16.228 | 15.533 | 15.095 |
| Total liabilities | 2.553 | 2.042 | 1.797 | 1.639 | 1.558 |
| Total equity | 13.284 | 14.211 | 14.431 | 13.894 | 13.537 |
A$ million at 30 June. Assets are reported Group totals through FY2024. FY2025 assets are explicitly calculated from reported equity plus liabilities (A$13.537m + A$1.558m).
FY2021 is the explicit 30 June 2021 consolidated comparative in the FY2022 report; no parent-only amounts are used.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash spending is distinct from the exploration asset
Capitalised exploration movements include additions, non-cash reductions and FY2025 disposal of interests. The closing carrying amount should not be read as annual spending or as a mineral-resource valuation.
The issuer reported FY2025 exploration write-offs and impairment of A$0.476m. The auditor identified carrying-value assessment as a Key Audit Matter; that is judgemental context, not a reserve valuation or cash-equivalent conclusion.
Exploration additions, write-offs, impairment and closing balance
A$ million
Costs incurred during the yearExploration written off during the yearExploration impaired during the yearClosing capitalised exploration and evaluation balance
AI-generated presentation · values from Consolidated exploration and evaluation movement; no missing values plotted as zero.
Consolidated exploration and evaluation movement
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Costs incurred during the year | 1.773 | 1.277 | 0.683 | 0.532 | 0.719 |
| Exploration written off during the year | (0.128) | (0.121) | (0.006) | (0.106) | (0.160) |
| Exploration impaired during the year | (0.464) | (0.255) | (0.283) | (0.298) | (0.316) |
| Closing capitalised exploration and evaluation balance | 3.462 | 2.018 | 2.154 | 2.263 | 2.397 |
A$ million. Costs incurred are accounting additions; write-offs and impairments are reductions. Closing carrying amount is neither annual cash spend nor a mineral-resource valuation.
FY2025 also includes a disclosed A$0.110m disposal-of-interests reduction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Mt Bevan and TLMJV: project events and boundaries
Hancock’s FY2022 earn-in reduced Hawthorn’s Mt Bevan interest from 40% to 28% and contemplated 19.6% on PFS completion. PFS and royalty developments occurred after the FY2024 balance date and are presented as dated events, not retroactive balance-date values.
FY2025 disclosures describe the Edjudina mining-lease disposal and a A$0.567m TLMJV profit, including A$0.170m attributed to GEL as an expense in the consolidated presentation.
Reading the figures
- FY2023 headline operating-cash subtotal conflicts with the Note 2(b), reconciliation and issuer explanation; the latter three support the chosen (A$0.427m) outflow.
- Mt Bevan PFS, dilution and royalty conversion span reporting boundaries and do not establish a balance-date royalty valuation.
- Exploration carrying values do not establish market, reserve or future cash-flow value.
- 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
- Hawthorn Resources Limited - HAW - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hawthorn Resources Limited - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hawthorn Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Hawthorn Resources Limited - HAW 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hawthorn Resources Limited - HAW 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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