FY2021
Equity funding and study work
KGL reported A$25.21m of share-issue proceeds during the calendar year to fund feasibility-study and drilling programs at Jervois.
ASX: KGL · Five-year financial review
(ASX: KGL) KGL Resources Limited Financial Review - FY2021~25
KGL Resources Limited’s five reported periods show an exploration-stage Jervois project funded principally through equity. The reporting calendar changed after FY2021: FY2022 covers six months to 30 June, then FY2023-FY2025 return to annual June reporting. The review preserves that boundary while showing the fall in cash, the continued exploration investment, and the FY2025 financing inflow.
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 closing cash
A$5.116m
Excludes A$0.567m term deposits classified as a financial asset.
FY2025 total assets
A$131.676m
Consolidated statutory balance.
FY2025 operating cash use
A$2.130m
Annual statutory cash outflow.
FY2025 financing cash
A$11.865m
Annual net cash inflow from financing activities.
Five years in context
KGL described its principal activity as exploration and evaluation of the Jervois Project in the Northern Territory, with no products or services generating revenue in the FY2025 extraction. The financial history should therefore be read as project development and funding rather than operating mine performance.
The FY2021 calendar year was followed by a six-month FY2022 period to 30 June. The remaining three years are twelve-month June years. That transition is retained in each cash-flow and result table, so FY2022 is not annualised or used to imply a comparable run rate.
At 30 June 2025, the saved extraction says cash of A$5.116m excluded A$0.567m of term deposits classified as a financial asset. It also records a material going-concern uncertainty dependent on capital raising and/or successful exploration and exploitation.
Events behind the numbers
FY2022
Reporting-date transition
The six months to 30 June 2022 closed with A$23.271m cash after A$22.749m of financing cash inflow; the shorter period is not comparable with a full year.
FY2023
Feasibility study context
The issuer said the November 2022 Feasibility Study projected an 11.5-year initial mine life and A$241m post-tax NPV at US$4.23/lb copper; these are issuer study outputs, not a carrying value or realised financial result.
FY2024
Cash reduced before post-balance-date raise
Cash was A$6.330m at 30 June 2024; the extraction separately records a post-balance-date entitlement offer that raised A$8.082m before costs.
FY2025
Two entitlement offers, study context and going-concern uncertainty
The July 2024 and March 2025 entitlement offers raised A$8.082m and A$4.199m before costs respectively; the issuer also described its FSU25 project study as economically robust, while the financial report still disclosed material uncertainty relating to going concern.
FINANCIAL REVIEW / 01
Liquidity: a high point in FY2022, then lower closing cash
Closing cash reached its high point in the six-month FY2022 reporting period and then fell across the three following June year-ends. The dates—not merely the labels—matter: the FY2022 movement is not a twelve-month comparator.
The FY2025 liquidity disclosure separates cash from term deposits held as a financial asset. The chart and card use the reported cash-and-cash-equivalents line only, avoiding an unverified aggregation.
Closing cash and cash equivalents
A$ million
Cash and cash equivalents
AI-generated presentation · values from Closing liquidity at each reported balance date; no missing values plotted as zero.
Closing liquidity at each reported balance date
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 12.743 | 23.271 | 22.514 | 6.330 | 5.116 |
FY2021 is the 12 months ended 31 December 2021; FY2022 is the six months ended 30 June 2022; FY2023-FY2025 are years ended 30 June.
FY2025 cash excludes A$0.567m of term deposits classified as a financial asset, as disclosed in the saved FY2025 extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Asset base and balance-sheet structure
Total assets increased from A$95.242m at 31 December 2021 to A$131.676m at 30 June 2025, while total equity or net assets increased from A$91.841m to A$130.209m. This is a book-value balance-sheet trend, not a project valuation.
Exploration and evaluation assets are shown only through FY2024 because a matched FY2025 balance was not selected from the frozen packet. The review preserves that extraction gap instead of extending the series with an unrelated cash-expenditure or tax balance.
Total assets, liabilities and equity
A$ million
Total assetsTotal liabilitiesTotal equity / net assets
AI-generated presentation · values from Financial position: exploration asset base and equity; no missing values plotted as zero.
Financial position: exploration asset base and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 95.242 | 115.847 | 125.774 | 124.212 | 131.676 |
| Total liabilities | 3.401 | 2.870 | 1.825 | 2.999 | 1.467 |
| Total equity / net assets | 91.841 | 112.978 | 123.949 | 121.212 | 130.209 |
All position measures are consolidated statutory balances. The FY2021 balance date differs from subsequent periods.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration and evaluation assets: available matched balances
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation assets | 80.599 | 90.751 | 100.948 | 115.774 |
A like-for-like FY2025 balance was not selected from the frozen extraction. This deliberately ends at FY2024 rather than substituting expenditure, a tax balance, or an inferred amount.
FY2021 ends 31 December; FY2022 is the six-month period to 30 June; FY2023-FY2024 are years ended 30 June.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Statutory result: interest income alongside recurring losses
Each displayed period reports a statutory loss after income tax. Other income is identified in the extracted notes as interest revenue, not customer revenue; FY2025 explicitly records no products or services generating revenue.
The FY2025 issuer explanation says staff, administration and corporate costs fell A$1.2m year on year, while exploration and evaluation costs fell A$2.7m. This is a grouped management explanation, not a substitute for a uniform statutory expense row; for context, FY2024 employee-benefits expense was A$1.531m versus A$1.394m in FY2023.
FY2025 also recorded exploration-and-evaluation impairments of A$0.094m for EL28271 and A$0.025m for the reduced EL28340. The issuer said Jervois remained in exploration and evaluation pending the Board’s financial investment decision; these impairments are neither operating cash flow nor the closing asset balance.
Reported loss after income tax
A$ million
Loss after income tax
AI-generated presentation · values from Statutory loss and other income; no missing values plotted as zero.
Statutory loss and other income
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (2.325) | (1.676) | (2.404) | (2.671) | (3.015) |
| Other income (interest revenue) | 0.023 | 0.016 | 0.417 | 0.631 | 0.253 |
Other income is the reported subtotal and is described in the saved extraction as interest revenue; it is not sales revenue. FY2022 is a six-month period.
The FY2025 extraction states that the Group did not derive revenue from products or services. This table therefore does not create a revenue series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Administration and employee costs: matched statutory subtotals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Administrative expenses | 1.083 | 0.877 | 1.181 | 1.245 |
| Employee benefits expense (magnitude) | 1.026 | 0.663 | 1.394 | 1.531 |
This is the available matched consolidated administrative-expense subtotal. FY2022 is six months, and a compatible FY2025 detailed subtotal was not selected from the frozen packet.
Employee-benefits expense is normalised as a positive expense magnitude: FY2021 and FY2022 source rows present parenthesised expenses, while FY2023 and FY2024 note subtotals are positive magnitudes. No FY2025 matched detailed subtotal was selected.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Investing deployment and dependence on financing
Investing cash use was dominated by the separately presented exploration-and-evaluation payment line. Neither cash-flow measure is equated with the movement in the exploration asset.
Financing cash inflows offset project cash use in FY2021, FY2022, FY2023 and FY2025; FY2024 financing was a small outflow. The FY2025 report still disclosed material uncertainty over going concern, so the financing history is context—not a conclusion on future funding.
At 30 June 2025, contracted but unprovided exploration-and-evaluation commitments totalled A$0.616m, all due within one year. That commitment is a future contractual amount, not FY2025 cash capex or an available facility.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash provided by / (used in) financing activities
AI-generated presentation · values from Cash flows: operations, investing and financing; no missing values plotted as zero.
Cash flows: operations, investing and financing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (2.246) | (1.231) | (2.220) | (2.201) | (2.130) |
| Net cash used in investing activities | (14.178) | (10.990) | (11.552) | (13.749) | (10.949) |
| Net cash provided by / (used in) financing activities | 24.010 | 22.749 | 13.015 | (0.233) | 11.865 |
Negative figures are cash outflows. FY2022 is a six-month stub created by the change from a 31 December to a 30 June reporting date.
Financing is shown as a cash-flow subtotal, not as a valuation or an assertion that further funding is available.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration cash payments and capitalised asset balances
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for exploration and evaluation assets | (13.938) | (10.840) | (11.339) | (13.499) | (10.792) |
This is the investing-cash-flow line for exploration and evaluation assets, not the movement in the capitalised exploration asset. Negative figures are cash outflows.
FY2022 covers six months. The closing exploration-asset balance is deliberately shown in the separate matched-balance table only through FY2024.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 is a calendar year ended 31 December; FY2022 is a six-month period to 30 June; FY2023-FY2025 are years ended 30 June. FY2022 is not annualised.
- The FY2025 cash balance excludes disclosed term deposits classified as a financial asset; no combined liquidity metric is calculated here.
- The selected frozen records did not provide a matched FY2025 exploration-and-evaluation asset balance for this report. The earlier balance row is intentionally stopped rather than imputed.
- FY2025 E&E commitments of A$0.616m are contracted-but-not-provided amounts due within one year, not reported capital expenditure or a debt facility.
- The FY2025 financial report identifies material uncertainty related to going concern. This review does not make a solvency, funding, valuation or investment conclusion.
- 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
- KGL Resources Limited - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- KGL Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- KGL Resources Limited - FY2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- KGL Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- KGL Resources 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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