FY2022
ASX-listed exploration platform
The Company identified exploration of industrial-mineral interests as its principal activity and recorded its ASX listing in July 2021.
ASX: IND · Five-year financial review
(ASX: IND) Industrial Minerals Ltd Financial Review - FY2022~26
Industrial Minerals remained an exploration-stage group throughout FY2022-FY2026. The accounting record combines recurring losses and operating cash use with capital raises, changing exploration carrying values and project acquisitions; it does not establish operating revenue or production economics.
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.
FY2026 cash
A$2.081m
Closing cash at 30 June 2026.
FY2026 equity
A$4.173m
Reported total equity at 30 June 2026.
FY2026 operating cash use
A$0.401m
Reported net operating cash outflow.
FY2026 reported loss
A$0.679m
Loss for the year in the five-year performance table.
Five years in context
Industrial Minerals’ principal activity was exploration of Western Australian mineral interests; it listed on ASX in July 2021. The report consequently separates issuer-reported interest/other income from mining revenue and keeps resource statements out of financial-performance tables.
The five columns are years ended 30 June. The FY2026 annual report identifies Australian dollars as the Group’s functional and presentation currency and describes consolidated statements covering its subsidiaries. Earlier reported and comparative observations are presented on the same A$ million display scale.
Events behind the numbers
FY2023
Stockyard resource upgrade
The issuer reported an upgraded Stockyard Mineral Resource Estimate of 12.4 Mt at 98.8% SiO₂, including both Indicated and Inferred categories.
FY2024
HPQ project acquisitions
The Group reported acquisitions at Pippingarra and Mukinbudin while progressing High Purity Quartz opportunities.
FY2025
Funding dependence disclosed
The FY2025 report states that continued operation depended on raising sufficient funding, while reporting positive working capital at balance date.
FY2026
Placement and subsequent acquisition
The A$3.0m two-tranche placement comprised 20m shares at A$0.10 completed during FY2026 for A$2.0m and a final A$1.0m after year end; Galleon completed after year end.
FINANCIAL REVIEW / 01
Financial position: cash, exploration assets and obligations
Cash reached its low point in the displayed series at FY2024 before recovering in FY2025-FY2026. The recovery sits alongside financing inflows, not operating cash generation. At FY2026, capitalised exploration comprised a substantial portion of reported total assets, so its recoverability conditions remain important to interpretation.
The FY2026 balance sheet reported A$0.822m of total liabilities and A$4.173m of equity. The FY2025 borrowing balance was repaid in FY2026; lease liabilities and trade/other payables remain distinct balance-sheet categories, rather than being represented as one calculated net-debt figure.
Closing cash at each 30 June
A$ million
Cash and cash equivalents
AI-generated presentation · values from Financial position at each 30 June (A$ million); no missing values plotted as zero.
Exploration carrying value and total equity
A$ million
Capitalised exploration and evaluation expenditureTotal equity
AI-generated presentation · values from Financial position at each 30 June (A$ million); no missing values plotted as zero.
Financial position at each 30 June (A$ million)
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3.412 | 1.204 | 0.359 | 0.882 | 2.081 |
| Total current assets | 3.455 | 1.293 | 0.453 | 0.953 | 2.193 |
| Capitalised exploration and evaluation expenditure | 0.607 | 1.815 | 2.635 | 2.282 | 2.717 |
| Property, plant and equipment | 0.041 | 0.028 | 0.087 | 0.058 | 0.041 |
| Total assets | 4.294 | 3.290 | 3.292 | 3.374 | 4.995 |
| Total current liabilities | 0.277 | 0.245 | 0.421 | 0.414 | 0.822 |
| Total non-current liabilities | 0.139 | 0.105 | 0.069 | 0.031 | nil |
| Total liabilities | 0.417 | 0.350 | 0.490 | 0.445 | 0.822 |
| Total equity | 3.877 | 2.940 | 2.802 | 2.929 | 4.173 |
FY2022 is the Company statement; FY2023 and FY2024 are Group comparative/current observations in the FY2024 extraction; FY2025/FY2026 are Group observations. The FY2026 report says the consolidated statements include all subsidiaries.
Capitalised exploration and evaluation expenditure is an accounting carrying value. It is neither cash expenditure, a Mineral Resource nor a project valuation.
Basis and presentation notes (1)
- Total non-current liabilities / FY2026 — nil: The FY2026 liabilities subtotal explicitly displays a dash; shown as reported nil, not an inferred zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Reported loss and loss drivers
The five-year loss series narrowed in FY2026 after the two preceding years included exploration-asset impairments. This is a comparison of statutory reported results, not an adjusted earnings measure; impairment, share-based payments and recurring corporate/exploration costs are shown separately to make the composition legible.
The saved statements show other income/interest rather than a mining-revenue series. The report therefore does not infer sales, production or a revenue trend from small interest and equipment-rental/other-income amounts.
Reported loss for the year
A$ million
Loss for the year
AI-generated presentation · values from Reported income, loss and selected loss drivers (A$ million); no missing values plotted as zero.
Reported income, loss and selected loss drivers (A$ million)
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Reported revenue / other income | 0.001 | 0.020 | 0.014 | 0.026 | 0.006 |
| Loss for the year | (1.238) | (1.546) | (1.676) | (2.349) | (0.679) |
| Impairment of exploration assets | N/D | N/D | (0.811) | (1.037) | nil |
| Share-based payment in profit or loss (credit/(expense)) | (0.351) | (0.609) | 0.077 | (0.365) | (0.015) |
| Administrative and corporate expenses | (0.096) | (0.157) | (0.197) | (0.178) | (0.118) |
| Consulting fees | (0.249) | (0.237) | (0.214) | (0.206) | (0.214) |
| Exploration expenses charged to profit or loss | (0.420) | (0.134) | (0.111) | (0.155) | (0.039) |
The loss series is the latest FY2026 five-year performance table. FY2026’s detailed Group statement also reports A$0.679m, matching that table. The row labelled share-based payment retains the source sign: FY2024 is a A$0.077m credit/reversal, not a positive expense.
The FY2025 profit-or-loss share-based-payment expense is A$0.365m. A separate A$0.390m disclosure includes the A$0.025m broker option fair value; this report does not substitute that broader disclosure for the P&L row.
FY2022’s exploration expense is used once in this selected-driver row; it is not equivalent to the annual capitalised-exploration cash-payment line in the cash-flow statement.
Basis and presentation notes (3)
- Impairment of exploration assets / FY2022 — N/D: The saved FY2022 statement does not establish a separately labelled impairment line.
- Impairment of exploration assets / FY2023 — N/D: The saved FY2023 statement does not establish a separately labelled impairment line.
- Impairment of exploration assets / FY2026 — nil: The FY2026 detailed profit-or-loss statement explicitly displays a dash for exploration-asset impairment; shown as reported nil, not an inferred zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash use and financing are separate lanes
Operating cash flow was negative in each displayed period. Investing cash outflow was particularly large in FY2023-FY2024, while FY2026’s investing line includes acquisition payments as well as exploration cash payments. These distinctions matter because a capitalised-exploration payment cannot stand in for net investing cash flow.
Financing was positive in FY2022, FY2024, FY2025 and FY2026 and negative in FY2023. The A$2.015m FY2026 share-issue proceeds and A$1.826m net financing inflow are reported cash-flow amounts; the later second placement tranche and Galleon acquisition are subsequent events, not FY2026 balance-date cash flows.
Operating, investing and financing cash flows
A$ million
Net cash (outflow) from operating activitiesNet cash (outflow) from investing activitiesNet cash inflow/(outflow) from financing activities
AI-generated presentation · values from Cash-flow lanes (A$ million); no missing values plotted as zero.
Cash-flow lanes (A$ million)
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash (outflow) from operating activities | (0.913) | (0.892) | (0.815) | (0.839) | (0.401) |
| Payments for capitalised exploration and evaluation | (0.497) | (1.269) | (1.518) | (0.756) | (0.194) |
| Net cash (outflow) from investing activities | (0.563) | (1.271) | (1.603) | (0.756) | (0.226) |
| Net cash inflow/(outflow) from financing activities | 4.613 | (0.045) | 1.573 | 2.118 | 1.826 |
| Net increase/(decrease) in cash | 3.137 | (2.208) | (0.845) | 0.523 | 1.199 |
Negative amounts are reported outflows. Net investing cash flow is retained as its own lane: it includes more than capitalised-exploration payments in FY2022-FY2024 and includes acquisition payments in FY2026.
Financing inflow is not revenue. FY2023’s reported financing outflow remains visible rather than being folded into a generic equity-funding narrative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Exploration spend, impairment and carrying value
The exploration bridge shows that expenditure incurred was not uniformly retained as an asset: non-capitalised expenditure and impairment charges are separately reported. The A$0.811m FY2024 and A$1.037m FY2025 impairments reduced the carrying-value path; the FY2026 reconciliation reports no impairment.
Recoverability of the capitalised balance depends on successful development and exploitation or sale, and the Group identifies a range of technical, legal, cost and commodity-price uncertainties. That accounting qualification is not a valuation conclusion and does not make the exploration asset equivalent to a resource estimate.
Closing capitalised exploration balance
A$ million
Closing capitalised exploration balance
AI-generated presentation · values from Exploration accounting bridge and cash spend (A$ million); no missing values plotted as zero.
Exploration accounting bridge and cash spend (A$ million)
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Opening capitalised exploration balance | 0.018 | 0.607 | 1.815 | 2.635 | 2.282 |
| Exploration expenditure incurred | 1.010 | 1.342 | 1.742 | 0.839 | 0.474 |
| Expenditure not capitalised | (0.420) | (0.134) | (0.111) | (0.155) | (0.039) |
| Impairment recognised | N/D | N/D | (0.811) | (1.037) | nil |
| Closing capitalised exploration balance | 0.607 | 1.815 | 2.635 | 2.282 | 2.717 |
Rows have deliberately different coverage where the saved reconciliation begins later. The FY2026 source reconciliation shows a dash for impairment; the reader-facing bridge leaves that non-numeric cell outside the plotted two-year impairment row while the text identifies the reported nil.
This accounting bridge uses reported expenditure incurred, non-capitalised expenditure and impairments. It is not a cash-flow reconciliation; compare cash payments only with the separately labelled cash-flow row.
Basis and presentation notes (3)
- Impairment recognised / FY2022 — N/D: The saved FY2022 reconciliation does not provide a separate impairment line.
- Impairment recognised / FY2023 — N/D: The saved FY2023 reconciliation does not provide a separate impairment line.
- Impairment recognised / FY2026 — nil: The FY2026 exploration reconciliation explicitly displays a dash for impairment; shown as reported nil, not an inferred zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2022 uses Company financial statements; the later principal view is Group. This source boundary is stated above rather than silently treating the FY2022 Company figure as a separate economic business.
- FY2023 is sourced from explicit comparative columns preserved in the FY2024 annual extraction, not from a newly retrieved FY2023 original document.
- The source packet does not support a like-for-like five-year mining revenue, production, dividend, debt/net-debt or Resource/Reserve trend table. The report does not fill those gaps from outside sources.
- The Galleon acquisition and the final A$1.0m tranche occurred after 30 June 2026 and are described only as subsequent events.
- 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
- Industrial Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Industrial Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Industrial Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Industrial Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Industrial Minerals 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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