FY2021
Reverse acquisition and ASX admission
Mozmin Resources Pty Ltd became the accounting acquirer in the 1 June reverse acquisition; a A$5.5m IPO and ASX admission followed after balance date.
ASX: HVY · Five-year financial review
(ASX: HVY) Heavy Minerals Limited Financial Review - FY2021~25
Heavy Minerals Limited is an industrial-minerals explorer with a five-year history shaped by a 2021 reverse acquisition and ASX admission, a FY2022 equity-funded exploration build-out, then falling cash and continued statutory losses. The figures below distinguish capitalised exploration, cash movements and non-cash remuneration; they are not a valuation or a forecast.
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$0.033m
Selected year-end cash balance; metadata-unit conflict disclosed.
FY2025 loss
A$(1.482)m
Statutory net loss from operations.
FY2025 borrowings
A$2.364m
Current plus non-current borrowings in the saved balance extract.
FY2024 exploration assets
A$3.852m
Carrying amount, not a valuation.
Five years in context
The group explores industrial-mineral projects in Western Australia and Mozambique. The 2021 accounts include a reverse acquisition in which Mozmin Resources Pty Ltd was the accounting acquirer, creating an important comparability boundary for the five-year view.
The FY2021 reporting period was followed by a A$5.5m IPO and ASX listing on 14 September 2021. The subsequent FY2022 cash and equity step-up should therefore be read as financing capacity, rather than operating revenue.
The company remained in exploration and development rather than reporting mine production. Capitalised exploration is therefore shown separately from cash outflows and from the resource and target disclosures.
Events behind the numbers
FY2022
Equity funding and Port Gregory work
The company reported A$5.650m of equity-issue cash proceeds while advancing Port Gregory drilling, a maiden resource and scoping-study work.
FY2023
Cash balance contracted
Closing cash was A$0.320m and statutory operating cash outflow was A$0.866m; the FY2023 investing inflow was attributed to term-deposit release.
FY2024
Funding and resource update
Funding arrangements included royalty-related financing and a placement, while the Port Gregory resource model was updated after drilling.
FY2025
Material uncertainty disclosed
The saved FY2025 claim records a A$1.482m loss, A$0.722m operating cash outflow and a A$0.363m net working-capital deficit in the auditor’s going-concern material-uncertainty disclosure.
FINANCIAL REVIEW / 01
Liquidity shifted from IPO cash to a constrained FY2025 position
IPO-era funding lifted cash in FY2022, but the subsequent closing-cash series declined sharply. Assets did not move in parallel because exploration carrying values and other balances are not cash.
The FY2025 auditor disclosure is a material boundary for interpreting liquidity: it identifies a material uncertainty related to going concern alongside the year’s loss, operating cash outflow and net working-capital deficit. This review reports that disclosure and does not make a solvency conclusion.
The FY2025 balance extract reports A$2.364m of current and non-current borrowings, while a separate interest-rate-risk statement says there were no borrowings. The saved extraction does not resolve whether the two records use different risk or financing classifications, so the report retains both observations and makes no net-debt calculation.
The selected FY2025 borrowing and equity components provide funding context, but they do not establish a complete net financing subtotal.
Closing cash at each June balance date
A$ million
Cash and cash equivalents
AI-generated presentation · values from Balance-sheet progression at each 30 June; no missing values plotted as zero.
Assets, liabilities and equity
A$ million
Total assetsTotal liabilitiesTotal equity / (deficiency)
AI-generated presentation · values from Balance-sheet progression at each 30 June; no missing values plotted as zero.
Balance-sheet progression at each 30 June
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 0.035 | 2.412 | 0.320 | 0.047 | 0.033 |
| Total assets | 0.315 | 4.475 | 3.540 | 4.402 | 5.305 |
| Total liabilities | 0.554 | 0.129 | 0.076 | 1.189 | 2.975 |
| Total equity / (deficiency) | (0.239) | 4.346 | 3.464 | 3.213 | 2.331 |
Amounts are shown as A$ million after applying the same dollar-to-million scale to each selected statutory balance. FY2025 records carry a contradictory "$ thousands" metadata label; the numeric values are retained on a dollar basis because they align with the separately extracted FY2025 loss and cash-flow claims.
A negative FY2021 equity balance is an equity deficiency, not a zero or missing value. Balance dates are all 30 June.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 selected financing cash-flow components
A$ million
| Metric | FY2025 |
|---|---|
| Proceeds from borrowings | 1.590 |
| Repayments of borrowings | (0.079) |
| Proceeds from equity issues | 0.216 |
| Costs of equity issues | (0.028) |
Amounts are A$ million. These are selected components, not a substitute for a reported FY2025 net financing-cash-flow subtotal.
The packet’s FY2025 source metadata says "$ thousands" while the reported numeric values are consistent with the dollar-scale FY2024 comparatives in the same saved table. The report retains the numbers at dollar-derived A$ million scale and discloses the metadata conflict.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Losses continued; share-based charges are separated from cash use
The FY2021 statutory loss includes a A$1.224m reverse-acquisition charge recognised in profit or loss. That exceptional accounting event is a key comparability boundary for the FY2021 loss rather than an operating-cost trend.
The statutory loss narrowed in FY2022, then remained in the A$1.1m–A$1.5m range through FY2025. The data do not support describing this as sales performance because the company is presented as an explorer and the selected income measures do not establish mining revenue.
FY2025 loss composition included directors’ and employee remuneration, marketing, compliance fees and share-based payments. The selected two-year table shows that remuneration increased while marketing decreased; it is a cost-line comparison, not a complete loss bridge. Share-based expense remains an accounting expense rather than cash spending.
Reported annual net losses
A$ million
Net loss after tax / from operations
AI-generated presentation · values from Reported losses and non-cash share-based payment expense; no missing values plotted as zero.
Share-based payment expense
A$ million
Share-based payments expense
AI-generated presentation · values from Reported losses and non-cash share-based payment expense; no missing values plotted as zero.
Reported losses and non-cash share-based payment expense
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax / from operations | (2.437) | (1.048) | (1.172) | (1.147) | (1.482) |
| Share-based payments expense | (0.788) | 0.000 | (0.281) | (0.055) | (0.414) |
Losses are statutory reported amounts. FY2022 share-based payments were explicitly recorded as zero in the saved extraction; it is not inferred from a dash.
Share-based payment expense is an accounting expense and should not be read as cash spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected operating-cost lines in FY2024 and FY2025
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Compliance fees | (0.137) | (0.136) |
| Directors’ and employee remuneration | (0.260) | (0.345) |
| Marketing | (0.247) | (0.186) |
| Share-based payments expense | (0.055) | (0.414) |
Amounts are statutory profit-or-loss expenses, shown as negative values. This selected composition is not a complete operating-expense bridge and is not used to calculate an adjusted loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash-flow pattern shows episodic funding and exploration-stage spending
Operating cash flow was negative in every displayed year, including the FY2025 A$0.722m outflow disclosed in the going-concern discussion. The FY2022 financing inflow was A$5.140m, while FY2023 financing was slightly negative and FY2024 returned to a A$1.110m inflow.
FY2022 investing cash outflow was A$2.899m, FY2023 investing showed a A$0.279m inflow due to term-deposit release, and FY2024 investing cash outflow was A$0.766m. These subtotals should not be relabelled as exploration expenditure without a reconciliation.
Net operating cash flow
A$ million
Net operating cash flow
AI-generated presentation · values from Net operating cash flow; no missing values plotted as zero.
Investing and financing cash flows
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Investing and financing cash flows (FY2021–FY2024); no missing values plotted as zero.
Net operating cash flow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.210) | (1.365) | (0.866) | (0.617) | (0.722) |
The FY2025 operating-cash cell is an explicit auditor going-concern disclosure, not a reconstructed subtotal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing cash flows (FY2021–FY2024)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net investing cash flow | (0.002) | (2.899) | 0.279 | (0.766) |
| Net financing cash flow | 0.245 | 5.140 | (0.005) | 1.110 |
The saved FY2025 packet does not select matching investing and financing subtotal rows, so these two lanes end at FY2024 rather than being calculated from partial components.
A positive FY2023 investing subtotal reflects a term-deposit release; it is not operating revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Capitalised exploration grew through FY2024
Capitalised exploration and evaluation assets increased through FY2024. The accounting policy requires current tenure and either expected recoupment or continuing activity before capitalisation; it does not make the balance a reserve or valuation measure.
For FY2025, the saved extraction identifies A$4.968m of exploration and evaluation expenditure as a key audit matter because of significance and judgement under AASB 6. The saved claim does not establish whether that disclosure is a year-end carrying amount, annual additions or another basis, so it is retained as a qualified disclosure rather than appended to the carrying-value series.
Capitalised exploration and evaluation assets
A$ million
Exploration and evaluation assets
AI-generated presentation · values from Capitalised exploration and evaluation assets (FY2021–FY2024); no missing values plotted as zero.
Capitalised exploration and evaluation assets (FY2021–FY2024)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation assets | 0.090 | 1.911 | 3.048 | 3.852 |
These are carrying amounts, not a project valuation, mineral-resource estimate, production volume or forecast sales figure.
FY2025 is discussed separately: the saved claim identifies A$4.968m of exploration and evaluation expenditure as a key audit matter, but does not provide a matching table-cell asset balance suitable for this series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2025 balance-extract metadata labels several dollar values as "$ thousands" even though their numeric magnitude is consistent with contemporaneous dollar-denominated loss, cash-flow and going-concern records. The report retains the numbers at A$ million after dollar scaling and flags this source-label conflict; it does not silently multiply them by 1,000.
- The frozen FY2025 extraction explicitly discloses operating cash outflow, which is shown as a separately sourced FY2025 operating-cash cell. Matching FY2025 net investing and net financing subtotals are not selected, so neither is reconstructed from partial components.
- The FY2025 packet has an unresolved conflict between a balance extract reporting A$2.364m total borrowings and a separate narrative risk statement saying there were no borrowings. Both are retained; no net-debt calculation is made.
- No raw annual reports, web research, database queries, new extraction, MiniMax call, publishing step or independent original-document audit was performed.
- 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
- Heavy Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Heavy Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Heavy Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Heavy Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Heavy Minerals 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.
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AI-led method
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