FY2021
Horseshoe Lights feasibility and stockpile work
The issuer described feasibility-related site refurbishment and re-established services at Horseshoe Lights, alongside shallow RC drilling of the C20 stockpile.
ASX: HOR · Five-year financial review
(ASX: HOR) Horseshoe Metals Limited Financial Review - FY2021~25
Horseshoe Metals’ FY2021–FY2025 accounts describe an exploration and development-stage Group: capitalised exploration was its principal balance-sheet asset, while recurring losses and cash outflows were met through financing and the accounts repeatedly 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 cash
A$0.028m
Consolidated cash and cash equivalents at year end.
FY2025 exploration asset
A$9.775m
Group exploration and evaluation carrying amount; not a resource valuation.
FY2025 net liabilities
A$1.358m
Consolidated negative equity position.
FY2025 rehabilitation provision
A$6.734m
RLE value set pending further review.
Five years in context
The Group’s FY2025 principal activity was exploration and development of mineral assets. This review uses consolidated statements rather than the materially different parent-entity totals, and does not insert a production or operating-revenue series that the saved extraction does not establish.
Financial years end on 31 December. Amounts in the tables are A$ million and each displayed cell is converted from the source dollar amount; accounting carrying values, profit-or-loss expenses and cash-flow lines remain on their respective bases.
Events behind the numbers
FY2022
Capital raising and a depleted cash balance
The issuer said the Group’s net-liability position improved during the year largely because of capital raisings; closing cash was A$0.007m.
FY2023
Funding continued to shape the balance sheet
The issuer attributed the reduction in the Group’s net-asset deficiency to capital raising during FY2023; closing cash was A$0.002m.
FY2024
Classification-sensitive cash-flow comparison
The FY2024 statement reported A$0.170m exploration payments within operating activities. That presentation is retained in the cash-flow table and contrasted with the following report’s comparative classification.
FY2025
DSO approval within the financial year
In July 2025 the Company received regulatory approval to commence DSO mining activities at Horseshoe Lights. The annual accounts nonetheless recorded a going-concern material uncertainty at 31 December 2025.
FINANCIAL REVIEW / 01
Exploration carrying value sat alongside persistent Group net liabilities
The Group’s exploration and evaluation carrying amount rose from A$6.709m at FY2021 to A$9.775m at FY2025. FY2025 capitalised additions were A$1.060m. This is an accounting carrying value subject to the Group’s policy and impairment assessment, not a measure of mineral resources, project value or liquidity.
The Group remained in a net-liability position throughout the five years shown. Closing cash fell from A$1.374m in FY2021 to A$0.028m in FY2025; total borrowings were A$1.704m at FY2025. At that date, total liabilities were A$11.473m and reported net liabilities were A$1.358m; the stated relationship produces Group total assets of A$10.115m. Only the FY2025 asset cell is calculated; FY2021–FY2024 assets are reported Group totals.
A separate rehabilitation exposure became material in FY2025: the issuer said the DMPE rehabilitation liability estimate for M52/743 increased to A$6.734m and management set the provision at that amount pending further review. It is not netted against the exploration carrying amount.
Group assets, liabilities, cash and borrowings
A$ million
Total assetsTotal liabilitiesCash and cash equivalentsTotal borrowings
AI-generated presentation · values from Group financial position at each 31 December; no missing values plotted as zero.
Group exploration and evaluation carrying amount
A$ million
Exploration and evaluation carrying amount
AI-generated presentation · values from Group financial position at each 31 December; no missing values plotted as zero.
Group financial position at each 31 December
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 8.468 | 8.256 | 8.540 | 8.860 | 10.115 |
| Total liabilities | 10.304 | 9.789 | 9.101 | 10.109 | 11.473 |
| Net assets / (net liabilities) | (1.836) | (1.534) | (0.561) | (1.249) | (1.358) |
| Cash and cash equivalents | 1.373995 | 0.006778 | 0.002474 | 0.000399 | 0.027617 |
| Total borrowings | 1.639 | 1.594 | 1.688 | 1.195 | 1.704 |
| Exploration and evaluation carrying amount | 6.709 | 7.951 | 8.371 | 8.715 | 9.775 |
A$ million; Group consolidated statutory position. Parent-entity balances are excluded.
FY2025 total assets is a calculated presentation: liabilities + reported net assets/(liabilities) = A$10.115m (A$11.473m + negative A$1.358m), because the saved record carries that total in the net-liability qualification rather than a standalone fact row.
Exploration and evaluation is an accounting carrying amount, not a mineral-resource valuation or cash balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Loss-making profile and external funding were central
Statutory losses were recorded in each year. The income table keeps total revenue and other income separate from project exploration and evaluation expense, rather than treating either as operating cash flow. The FY2024 full income total is A$0.055m, including the A$0.043m accrued-interest reversal omitted from that year’s narrower A$0.012m rental-and-other-income subtotal. FY2025 total revenue and other income of A$0.250m included A$0.250m sales of mineral rights.
FY2025 also included a A$0.921m environmental-rehabilitation provision expense. The cash-flow reconciliation identifies the rehabilitation provision as non-cash, so that profit-or-loss charge is not treated as a cash outflow in this review.
Financing cash inflows were reported in all five years. The FY2021–FY2023 statements show share-issue proceeds, while FY2024 and FY2025 include borrowing proceeds and repayments; the financing subtotal is the suitable comparable cash-flow measure rather than any one component.
Reported statutory loss for the period
A$ million
Net loss for the period
AI-generated presentation · values from Reported income profile and statutory loss; no missing values plotted as zero.
Net cash from financing activities
A$ million
Net cash from financing activities
AI-generated presentation · values from Consolidated cash-flow subtotals; no missing values plotted as zero.
Reported income profile and statutory loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total revenue and other income | 0.093 | 0.021 | 0.009 | 0.055 | 0.250 |
| Project exploration and evaluation expense | (1.482) | (0.816) | (0.256) | (0.170) | (0.103) |
| Net loss for the period | (2.309) | (2.367) | (1.292) | (0.846) | (1.676) |
A$ million; income and loss are statutory profit-or-loss measures, not cash-flow measures. Negative values are source-presented expenses/losses.
FY2024 income is the A$0.055m full profit-or-loss comparative carried in the FY2025 statement. The FY2024 report’s A$0.012m “rental income + other income” subtotal excludes the A$0.043m reversal of accrued interest.
FY2025 total revenue and other income includes A$0.250m sales of mineral rights; it is not described here as mining revenue or production.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash-flow classification changed, but liquidity remained constrained
Operating cash flow was negative in FY2021–FY2023 and FY2025 under the original annual-statement presentations. FY2024 needs a source-aware reading: the original report placed exploration payments in operating activities, while the FY2025 comparative moved the same cash payment into investing activities. The review does not treat this as a change in aggregate FY2024 cash movement or invent a management explanation for the presentation difference.
The FY2025 annual accounts disclose A$0.028m cash, a A$4.414m net current asset deficiency, a A$1.676m loss and A$0.546m operating cash outflow, and state that these conditions give rise to material uncertainty related to going concern. The review reports that qualification without predicting funding availability or project economics.
The July 2025 DSO regulatory approval is an in-year operating milestone. It is not presented as realised production, revenue, reserves, cash generation or a resolution of the year-end going-concern qualification.
Consolidated operating, investing and financing cash-flow subtotals
A$ million
Net cash from operating activitiesNet cash from investing activitiesNet cash from financing activities
AI-generated presentation · values from Consolidated cash-flow subtotals; no missing values plotted as zero.
Consolidated cash-flow subtotals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from operating activities | (0.956) | (3.191) | (1.855) | (0.167) | (0.546) |
| Net cash from investing activities | 0.000 | (0.048) | (0.001) | 0.000 | (0.583) |
| Net cash from financing activities | 2.231 | 1.871 | 1.851 | 0.165 | 1.157 |
A$ million; negative values are cash outflows. FY2021 and FY2024 investing dashes are disclosed nils.
The FY2024 original statement classifies A$0.170m exploration cash payments in operating activities (operating subtotal negative A$0.167m; investing nil). The FY2025 comparative presents that same A$0.170m in investing activities and reports positive A$0.003m operating cash flow; aggregate annual cash movement remains negative A$0.002m. The displayed FY2024 row retains the FY2024 original-statement classification.
Exploration cash payments are not substituted for total investing cash flow: their classification changes in the saved FY2024/FY2025 comparative presentation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- All financial data comes from existing annual-extraction records only; no raw annual report, PDF, database or web financial research was accessed.
- Currency is AUD where the saved statement or linked facts identify AUD. Earlier statement rows sometimes omit a currency label, but their annual cash-flow records and following-year comparatives establish the A$ statement context used for these Group series.
- FY2024 operating/investing comparability is limited by the saved FY2025 comparative’s re-presentation of exploration payments. Both presentations and the unchanged aggregate cash movement are disclosed; no unrecorded restatement is assumed.
- The report does not assess solvency, financing availability, project economics, resources/reserves or investment suitability.
- 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
- Horseshoe Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Horseshoe Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Horseshoe Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Horseshoe Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Horseshoe Metals 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.
Sources, copyright and independence
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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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