FY2021
Listing, initial funding and Norwegian exploration
The group listed in August 2021; share issues and a loan drove the six-month financing inflow rather than operating generation.
ASX: KNI · Five-year financial review
(ASX: KNI) Kuniko Limited Financial Review - FY2021~25
Kuniko’s five reported periods remain an exploration-stage financial history: equity and exploration carrying value expanded through FY2023, cash fell sharply in FY2024 without a financing inflow, and FY2025 funding restored cash while current borrowings, negative working capital and a going-concern material uncertainty became central to the balance-sheet reading.
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$1.437m
Consolidated closing cash at 31 December 2025.
FY2025 current borrowings
A$1.150m
A$0.650m unsecured loan plus A$0.500m overdraft facility.
FY2025 net working capital
A$(0.345)m
Issuer-reported negative net working capital and going-concern material uncertainty.
FY2025 statutory loss
A$(3.220)m
Loss after income tax, not an adjusted measure.
Five years in context
This review covers FY2021–FY2025 annual extraction records. FY2021 is a six-month period ended 31 December 2021; later income and cash-flow columns cover 12 months. The principal view is consolidated Group financial statements, not the parent-only historical comparatives also present in the packet.
Kuniko remained an exploration business. FY2025 describes one exploration industry assessed at company level across Norway, Canada and Australia, so none of the financial measures here is presented as production revenue, resource economics or a valuation.
Events behind the numbers
FY2022
Portfolio build-out
The Skuterud programme expanded to 11 holes and 3,240 metres after visible cobalt minerals were identified; exploration payments were A$4.723m.
FY2023
Cash-funded expansion
Closing cash was A$6.742m and financing cash inflow A$7.781m while the statutory loss was A$5.136m.
FY2024
James Bay exit, Ertelien resource and impairments
On 8 February 2024 the company terminated James Bay lithium options with no further cash or share payments expected. Ertelien’s maiden resource was defined in April and updated in December; Gulvag was fully impaired and Undal Nyberget partially impaired.
FY2025
Funding, debt and project-perimeter change
The September–October entitlement offer and placements raised about A$2.72m before costs; year-end current borrowings were A$1.150m. Undal Nyberget capitalised expenditure was fully impaired after licence expiration and a one-year reapplication ineligibility.
FINANCIAL REVIEW / 01
Consolidated balance sheet: liquidity, exploration and equity
FY2025 cash recovery was accompanied by financing inflow, but the issuer also identified negative net working capital and a material going-concern uncertainty. The balance-sheet table provides the period-by-period amounts.
The exploration carrying amount reached A$12.360m at FY2025 and represented most total assets. It differs from investing cash use and from mineral-resource information.
Closing cash by balance date
A$ million
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position — closing balances (A$ million); no missing values plotted as zero.
Total assets and total equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Consolidated financial position — closing balances (A$ million); no missing values plotted as zero.
Consolidated financial position — closing balances (A$ million)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 5.768 | 6.646 | 6.742 | 0.929 | 1.437 |
| Exploration and evaluation carrying amount | 1.429 | 4.714 | 8.955 | 11.217 | 12.360 |
| Total assets | 7.739 | 12.516 | 16.851 | 12.649 | 13.967 |
| Total liabilities | 1.052 | 0.450 | 0.624 | 1.005 | 1.951 |
| Total equity | 6.687 | 12.066 | 16.226 | 11.644 | 12.016 |
Consolidated closing balances at 31 December. FY2021 is a six-month income/cash-flow period but a 31 December balance date.
All amounts are A$ million, calculated as reported dollar values ÷ 1,000,000. Saved annual-extraction claims identify AUD across FY2021–FY2025.
Exploration and evaluation is a carrying amount, not exploration cash spend, resource value or mine valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Statutory result and selected expense drivers
Kuniko reported a statutory loss after tax in every displayed period. FY2025 was smaller than FY2024, but this remains a statutory-loss series, distinct from cash use and any adjusted earnings measure.
The comparable cost extracts show elevated share-based payments in FY2021 and FY2023 and the largest impairment magnitude in FY2024. Expense magnitudes are explicitly calculated from signed expense records.
Statutory loss after tax
A$ million
Loss after income tax
AI-generated presentation · values from Statutory loss after tax (A$ million); no missing values plotted as zero.
Selected expense magnitudes, FY2021–FY2024
A$ million
Administrative expensesConsulting and legal feesEmployee benefit expenseShare-based payments expenseImpairment expense
AI-generated presentation · values from Selected statutory cost drivers — expense magnitudes (A$ million); no missing values plotted as zero.
Statutory loss after tax (A$ million)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (2.039) | (2.727) | (5.136) | (4.693) | (3.220) |
Signed statutory consolidated losses after tax. FY2021 covers six months. A separate FY2023 extraction record differs slightly; the primary-statement value is used.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected statutory cost drivers — expense magnitudes (A$ million)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Administrative expenses | 0.249 | 0.530 | 0.933 | 0.874 |
| Consulting and legal fees | 0.186 | 0.346 | 0.681 | 0.435 |
| Employee benefit expense | 0.267 | 0.507 | 0.747 | 0.879 |
| Share-based payments expense | 0.904 | 0.258 | 1.331 | 0.295 |
| Impairment expense | 0.303 | 0.643 | 0.049 | 2.048 |
Expenses are presented as positive magnitudes. FY2021 covers six months; the other columns cover twelve months.
FY2025 does not have a complete comparable cost breakdown in the saved extractions.
FY2023 administrative expense uses the original A$932,973. The following report presents A$946,250 as its comparative; that difference is not reconciled by the saved records.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Three cash-flow lanes and the FY2024 funding gap
Operating cash was used throughout the period. Exploration payments are a major investing component, but the report preserves the full investing subtotal where other investing lines were reported.
Financing supported the earlier expansion, was explicitly nil in FY2024, and resumed in FY2025. Gross share-issue cash proceeds and the separate entitlement/placement claim use different stated bases and are not forcibly reconciled.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash from financing activities
AI-generated presentation · values from Consolidated cash-flow lanes (A$ million); no missing values plotted as zero.
Exploration and evaluation payments
A$ million
Payments for exploration and evaluation
AI-generated presentation · values from Consolidated cash-flow lanes (A$ million); no missing values plotted as zero.
Consolidated cash-flow lanes (A$ million)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (0.827) | (1.806) | (3.000) | (2.081) | (1.993) |
| Net cash used in investing activities | (1.453) | (4.759) | (4.622) | (3.701) | (0.516) |
| Payments for exploration and evaluation | (1.448) | (4.723) | (4.597) | (3.696) | (0.516) |
| Net cash from financing activities | 8.032 | 7.532 | 7.781 | 0.000 | 3.015 |
Negative values are cash used. FY2024 financing is an issuer-reported dash/nil source value, displayed as 0.000 only because nil is explicit.
Investing cash flow is not replaced by exploration payments: other investing lines occur in FY2021–FY2024. FY2021 is not annualised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
FY2025 facilities, capital raising and disclosed boundary
The February 2025 unsecured facility had A$0.556m principal and A$0.490m net proceeds. It was closed before the 30 July replacement facility, so the A$0.650m replacement at 20% should not be grossed up with the earlier facility as concurrent debt. The A$1.150m year-end total also includes the A$0.500m overdraft.
After balance date, the issuer secured firm commitments for a A$3.75m placement in two tranches, the second subject to shareholder approval. Given internally inconsistent source wording around completion and share count, this review treats it as a qualified commitment structure and does not say the full A$3.75m completed.
FINANCIAL REVIEW / 05
Exploration asset accounting and project boundaries
The exploration carrying amount increased despite impairment. The roll-forward distinguishes additions from impairment and retains an unlabelled movement without assigning it to acquisition, foreign exchange or another unsupported cause.
The issuer says Undal Nyberget was fully impaired due to licence expiration and a one-year reapplication ineligibility. This is an accounting/project event, not a forecast or resource valuation.
FY2025 exploration and evaluation asset roll-forward (A$ million)
A$ million
| Metric | FY2025 |
|---|---|
| Opening carrying amount | 11.217 |
| Additions through expenditure | 0.765 |
| Impairment expense | (0.306) |
| Unlabelled movement | 0.684 |
| Closing carrying amount | 12.360 |
The source does not label the A$0.684m movement further; it is retained without assigning an invented meaning. FY2024’s A$0.062m FX movement does not establish the FY2025 movement’s meaning.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Scope: existing annual extraction packet only; no original-report, database, web or new-extraction review.
- FY2021 is six months and is not annualised.
- FY2025 lacks a complete comparable P&L cost-driver table; the selected cost table therefore ends FY2024.
- FY2023 loss has a small conflicting alternative record; the primary-statement value is selected.
- Post-balance-date A$3.75m placement wording is internally inconsistent and tranche 2 required approval.
- 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
- Kuniko Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Kuniko Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Kuniko Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Kuniko Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Kuniko 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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