FY2021
Placement-funded San José work
A$15.1m before costs was raised for feasibility, licence and environmental applications.
ASX: INF · Five-year financial review
(ASX: INF) Infinity Metals Limited Financial Review - FY2021~25
Infinity Metals’ five-year record moves from a capital-funded FY2021 through recurring operating and investing outflows, a PERTE-grant-expanded FY2024 balance sheet, and a sharply smaller FY2025 Group position after the San José impairment and grant return.
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.
FY2021 cash
A$19.135m
Closing cash after the capital-funded year.
FY2024 grant-linked liabilities
A$31.593m
Includes A$30.228m deferred income.
FY2025 cash
A$5.130m
Issuer-reported consolidated cash.
FY2025 impairment
A$20.284m
San José carrying-value reduction.
Five years in context
FY2021 was capital-funded for San José feasibility, licence and environmental work. Its reported profit was materially shaped by a A$4.888m impairment reversal of an equity-accounted investment, while share-based payments were a A$1.420m expense; it should not be read as recurring operating profitability.
Over FY2022-FY2023, recurring operating and investing outflows accompanied continued San José expenditure. The issuer attributed the FY2023 working-capital reduction to that project activity, not to a revenue transition.
The FY2024 expanded balance sheet incorporated PERTE grant-related security, restricted deposits and deferred income. Those arrangements make the headline financial position different from ordinary unrestricted operating liquidity.
Events behind the numbers
FY2023
Permit progression amid cash use
An exploration permit covering the San José resource area was granted while cash funded project expenditure.
FY2024
Grant-related balance-sheet expansion
PERTE security and restricted deposits mean the enlarged asset base was not unrestricted operating liquidity.
FY2025
Grant withdrawal, impairment and Highland acquisition
The issuer withdrew from PERTE VEC IIa, impaired San José, and acquired Highland’s eastern Victorian licences through a cash-and-equity asset acquisition.
FINANCIAL REVIEW / 01
Group liquidity and financial position
Cash moved from A$19.135m to A$5.130m. The FY2024 increase coincided with PERTE balances. FY2025 reported net assets of A$3.001m and liabilities of A$2.978m; tabled assets of A$5.978m is transparently calculated from those reported amounts.
The packet does not select FY2025 cash-flow subtotals. It does identify returned PERTE funds as driving working-capital decline and separately records the San José impairment.
Closing cash
A$ million
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Net assets and liabilities
A$ million
Net assetsTotal liabilities
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Consolidated financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 19.135 | 16.288 | 12.306 | 13.118 | 5.130 |
| Total assets (FY2025 calculated: net assets + liabilities) | 28.431 | 26.589 | 27.981 | 56.138 | 5.978 |
| Total liabilities | 1.210 | 1.307 | 0.499 | 31.593 | 2.978 |
| Net assets | 27.220 | 25.282 | 27.482 | 24.545 | 3.001 |
A$ million. FY2025 cash and net assets are issuer-reported consolidated narrative figures; its total assets is a labelled editorial calculation, not a separately reported line.
FY2024 includes PERTE grant-related balances; FY2025 reflects grant return and San José impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash deployment and funding
Operating cash flow was negative in every selected FY2021-FY2024 year. Investing was negative through FY2023 before a positive FY2024 subtotal, which is not operating performance.
Financing supplied A$20.236m in FY2021, A$0.964m in FY2022 and A$3.341m in FY2023; FY2024 is explicitly nil.
Operating, investing and financing cash flows
A$ million
Net cash from/(used in) operating activitiesNet cash from/(used in) investing activitiesNet cash from financing activities
AI-generated presentation · values from Cash-flow lanes through FY2024; no missing values plotted as zero.
Cash-flow lanes through FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net cash from/(used in) operating activities | (0.940) | (2.554) | (3.091) | (2.399) |
| Net cash from/(used in) investing activities | (0.789) | (1.255) | (4.218) | 3.223 |
| Net cash from financing activities | 20.236 | 0.964 | 3.341 | 0.000 |
A$ million; statutory consolidated cash-flow subtotals. The FY2024 investing inflow is not operating revenue.
No equivalent FY2025 three-lane subtotal is selected in the frozen packet.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Result profile and accounting-basis change
FY2021’s A$2.457m profit includes a A$4.888m impairment reversal of the equity-accounted investment, partially offset by A$1.420m share-based payments. It is an accounting-driven result, not evidence of recurring operating profit.
In October 2022, following €600,000 deferred consideration, the Group assumed control of TEL in an asset acquisition. Its interest remained 75% with a 25% non-controlling interest intact; the separate tables preserve the resulting shift from equity-accounted investment to consolidated deferred exploration accounting.
FY2025’s A$23.889m statutory loss was primarily associated with a A$20.284m San José impairment. The accounting reduction is not described as FY2025 cash expenditure.
The deferred exploration balance fell from A$17.731m to A$0.277m. The issuer identified permitting delays, depressed lithium pricing and market-capitalisation-to-net-assets disparity as impairment indicators; this is its disclosed basis, not an independent valuation.
Reported annual profit/(loss)
A$ million
Profit/(loss) for the year
AI-generated presentation · values from Reported result and project carrying balance; no missing values plotted as zero.
Exploration additions, impairment and closing balance
A$ million
Deferred exploration and evaluation additionsDeferred exploration impairmentDeferred exploration closing balance
AI-generated presentation · values from San José carrying-value reset; no missing values plotted as zero.
Reported result and project carrying balance
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Profit/(loss) for the year | 2.457 | (6.322) | (3.914) | (3.675) | (23.889) |
| Corporate and compliance expenses | (0.627) | (1.040) | (1.226) | (1.366) | (0.829) |
A$ million. FY2021 is a profit; FY2022-FY2025 are losses. Expenses retain reported negative signs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
TEL equity-accounted investment before control
A$ million
| Metric | FY2021 | FY2022 |
|---|---|---|
| Equity-accounted investment | 9.147 | 9.817 |
A$ million. Closing investment balance, not annual project expenditure. This is retained separately because the Group moved to control TEL in October 2022.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Deferred exploration and evaluation after control
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Deferred exploration and evaluation carrying balance | 14.489 | 17.730 | 0.277 |
A$ million. Closing carrying balance, not annual cash expenditure. The Group had assumed control of TEL before this series begins.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
San José carrying-value reset
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Deferred exploration and evaluation additions | 2.928 | 0.504 |
| Deferred exploration impairment | 0.000 | (20.284) |
| Deferred exploration closing balance | 17.731 | 0.277 |
A$ million. Additions and impairment are annual movements; closing balance is a year-end stock.
FY2024 comparative impairment is explicitly nil in the FY2025 note.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Project and funding events
San José permit and ECA milestones demonstrate administrative progression, not production, revenue or a development decision.
Highland was acquired as an asset acquisition with A$50,000 cash, shares and performance rights; it is not operating revenue.
Reading the figures
- FY2021/FY2025 dollar cells and FY2022-FY2024 $’000 cells are individually scaled; no blanket multiplier is used.
- FY2025 has Group position, loss and exploration facts but no selected three-lane cash-flow subtotal in this packet; this is a packet boundary, not an issuer non-disclosure finding.
- FY2025 total assets is calculated as reported net assets plus reported liabilities and labelled calculated.
- The ~€19.8m PERTE return is a May 2025 withdrawal event; the €1.049598m interest was paid in early July 2025 and is not labelled FY2025 cash flow.
- 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
- Infinity Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Infinity Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Infinity Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Infinity Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Infinity 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.
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