FY2021
Care and maintenance funded
Capital raisings funded underground work while Kanmantoo remained on care and maintenance; the annual extraction records nil revenue.
ASX: HGO · Five-year financial review
(ASX: HGO) Hillgrove Resources Limited Financial Review - FY2021~25
Hillgrove’s FY2021-FY2025 accounts document Kanmantoo’s move from care and maintenance and underground development to sales, positive statutory operating cash flow and a full year of underground mining. The review keeps the FY2025 royalty-accounting restatement, cash-flow boundary and funding sources visible rather than presenting a single undifferentiated growth series.
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$167.616m
Statutory consolidated revenue.
FY2025 operating cash
A$20.402m
Statutory consolidated operating cash inflow.
FY2025 PP&E
A$100.004m
Closing statutory property, plant and equipment.
FY2025 equity
A$96.029m
Closing statutory consolidated equity.
Five years in context
FY2021-FY2023 were development years rather than an operating-sales trend: the saved extracts record nil revenue while Kanmantoo remained on care and maintenance and underground work advanced. Statutory operating cash flow was negative in each of those years, alongside investing outflows and external financing.
FY2024 introduced material sales and positive statutory operating cash flow. In FY2025, the first full year of underground mining, the issuer attributed a rise in net revenue to A$167.6m and higher mining rates; the statutory profit attributable to owners was A$0.092m after costs, depreciation, finance charges, impairment and tax.
For comparability, FY2024 income-statement and financial-position values shown here are the FY2025-restated comparatives. The Group described the policy change as treating the revenue-linked royalty arrangement as a partial disposal of a mineral interest under AASB 116 rather than a financial liability under AASB 9; it said the change had no cash-flow effect.
Events behind the numbers
FY2022
Royalty funding added
A Freepoint royalty funding agreement supplied A$5.87m net proceeds while underground work continued and revenue remained nil.
FY2023
Underground mining began
Underground mining commenced in May 2023, but the financial year still carried nil sales revenue and negative operating cash flow.
FY2024
Sales and operating cash emerged
Commercial production and first sales were reported as Kanmantoo restarted; statutory operating cash flow was positive.
FY2025
Production, investment and equity funding
The issuer reported a full underground-mining year, completion of Nugent development, and two separate equity raisings.
FINANCIAL REVIEW / 01
Restart changed the revenue and cash-flow profile
The sales line stays at issuer-reported nil through FY2023, then moves to the FY2025-restated FY2024 comparative and FY2025 statutory result. This is a genuine operational boundary, not a backfilled revenue history.
The FY2025 management overview reported EBITDA of A$26.0m, compared with A$22.3m on the restated FY2024 comparative, while total costs rose A$50.8m to A$141.7m with expanded activity. EBITDA is shown as a non-IFRS management measure; it is not substituted for statutory profit.
Revenue and statutory profit / (loss)
A$ million, statutory consolidated Group
Revenue from ordinary activitiesStatutory profit / (loss) after tax
AI-generated presentation · values from Statutory revenue and result: restart converted development activity into sales; no missing values plotted as zero.
Statutory revenue and result: restart converted development activity into sales
A$ million, statutory consolidated Group
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from ordinary activities | 0.0 | 0.0 | 0.0 | 112.2 | 167.6 |
| Statutory profit / (loss) after tax | (5.9) | (6.0) | (16.3) | (14.8) | 0.1 |
A$ million. FY2024 is the FY2025-restated comparative: revenue A$112.174m and loss A$14.771m.
FY2021-FY2023 revenue is explicitly nil in the saved annual extractions; nil is not a missing-value substitution.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 selected operating cost and earnings drivers: management P&L overview
A$ million, management P&L overview
| Metric | FY2025 |
|---|---|
| Copper revenue (pre-TCRC) | 153.9 |
| Gold revenue (pre-TCRC) | 12.3 |
| Treatment and refining deductions | (3.2) |
| Mining costs | (85.2) |
| Processing costs | (23.8) |
| Government royalties | (8.3) |
| Corporate costs | (8.3) |
| EBITDA (non-IFRS) | 26.0 |
| Depreciation and amortisation | (20.9) |
| Net profit after tax | 0.1 |
A$ million. This is the issuer’s management P&L overview; EBITDA is non-IFRS and differs from statutory profit after tax.
Costs retain the source’s negative-sign convention, so the table does not portray expense growth as a positive operating contribution.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Statutory cash flow, mine cash and investment have different boundaries
Statutory operating cash switched from an outflow in FY2023 to inflows in FY2024 and FY2025. FY2025 operating cash was A$20.402m, while investing cash use reached A$40.311m, principally for Nugent mine development and sustaining capital; this keeps net investing cash flow distinct from exploration payments.
The issuer separately described A$35.8m of operating mine cash flow. That metric excludes corporate costs, VOX royalties and working-capital movements but includes lease costs, so it is not plotted or described as statutory operating cash flow.
Financing changed character across the review: FY2021 equity raises, FY2022 royalty funding, FY2023 development funding and FY2025 equity proceeds all supported the cash profile. The FY2025 cash-flow statement records A$42.950m net share-issue proceeds; the issuer separately described an A$18.0m March placement/SPP and an A$28.0m September placement before costs.
Operating, investing and financing cash flows
A$ million, statutory consolidated Group
Net cash from / (used by) operating activitiesNet cash used in investing activitiesNet cash from financing activities
AI-generated presentation · values from Consolidated statutory cash flows: all three lanes; no missing values plotted as zero.
Closing cash at each 31 December
A$ million, statutory consolidated Group
Cash and cash equivalents at year end
AI-generated presentation · values from Consolidated statutory cash flows: all three lanes; no missing values plotted as zero.
Consolidated statutory cash flows: all three lanes
A$ million, statutory consolidated Group
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from / (used by) operating activities | (4.9) | (5.8) | (9.5) | 21.0 | 20.4 |
| Net cash used in investing activities | (9.4) | (5.6) | (22.5) | (32.0) | (40.3) |
| Net cash from financing activities | 19.4 | 5.9 | 36.9 | 4.0 | 37.6 |
| Cash and cash equivalents at year end | 10.7 | 5.3 | 10.2 | 3.3 | 21.0 |
A$ million. Negative values are reported cash outflows.
The FY2025 restatement did not affect the FY2024 consolidated cash-flow statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Development spending became a larger production-asset base
The closing PP&E balance rose from A$33.284m in FY2021 to A$100.004m in FY2025. The table separates that closing balance from annual PP&E cash payments, avoiding an interpretation of a balance increase as a same-period cash outflow.
FY2025 PP&E increased A$23.1m to A$100.0m, which the issuer attributed to Nugent underground mine development and other capital works. Nugent was described as completed on schedule and within its A$21m budget; these are project statements, not a forecast of future output.
Closing PP&E and annual PP&E cash payments
A$ million, statutory consolidated Group
Property, plant and equipment at year endCash payments for property, plant and equipment
AI-generated presentation · values from Capital deployed and production-asset build; no missing values plotted as zero.
Capital deployed and production-asset build
A$ million, statutory consolidated Group
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Property, plant and equipment at year end | 33.3 | 40.0 | 69.1 | 76.9 | 100.0 |
| Cash payments for property, plant and equipment | (8.4) | (7.3) | (21.8) | (29.9) | (39.8) |
| Cash payments for exploration and evaluation | (1.0) | (0.6) | (0.7) | (2.3) | (0.5) |
| Net proceeds from issue of shares | 19.421 | (0.023) | 36.834 | 9.697 | 42.950 |
A$ million. PP&E balance is a closing asset balance; PP&E cash payments are annual investing outflows and are deliberately shown as different measures.
Share-issue proceeds are net of transaction costs. The 2022 financing total also included royalty funding, so it is not represented as equity proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Restated FY2024 comparison and FY2025 balance-sheet change
The FY2025 consolidated position reports A$150.244m in assets, A$54.215m in liabilities and A$96.029m in equity. The FY2024 comparator uses the restated A$107.4m, A$56.9m and A$50.5m values exactly as expressed in the FY2025 extraction.
The issuer reported no drawn debt facilities at FY2025 reporting date, while qualifying that operations were funded through Kanmantoo production cash and existing cash reserves. This factual status is not presented as a liquidity forecast.
Assets, liabilities and equity
A$ million, statutory consolidated Group
Total assetsTotal liabilitiesNet assets / total equity
AI-generated presentation · values from Consolidated financial position: asset build and equity; no missing values plotted as zero.
Consolidated financial position: asset build and equity
A$ million, statutory consolidated Group
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 51.3 | 52.9 | 101.1 | 107.4 | 150.2 |
| Total liabilities | 13.4 | 20.3 | 46.2 | 56.9 | 54.2 |
| Net assets / total equity | 37.9 | 32.6 | 54.9 | 50.5 | 96.0 |
A$ million. FY2024 values are carried as FY2025-restated comparatives and are already expressed in A$ million in that extraction; they are not rescaled.
All figures are consolidated Group statement-of-financial-position values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021-FY2023 are care-and-maintenance/development years with issuer-reported nil revenue; they are not like-for-like production years.
- FY2024 profit-or-loss and financial-position values use FY2025-restated comparatives. Cash-flow figures are retained as disclosed because the issuer said the restatement had no cash-flow effect.
- The packet supports a management EBITDA and mine-cash discussion for FY2025, but both are explicitly non-statutory or differently defined from statutory operating cash flow.
- No production forecast, reserve conclusion, valuation or investment conclusion is inferred from the saved annual-extraction evidence.
- 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
- Hillgrove Resources Limited - Appendix 4E and Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hillgrove Resources Limited - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hillgrove Resources Limited - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Hillgrove Resources Limited - 2024 Preliminary Final Report and Annual Financial ReportExisting annual extraction, including separately identified historical comparatives.
- Hillgrove Resources Limited - 2025 Preliminary Final Report and Annual Financial 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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