FY2020
Equity and debt turnover supported cash
Equity cash, borrowing proceeds and repayments together produced a net financing inflow.
ASX: KOR · Five-year financial review
(ASX: KOR) Korab Resources Limited Financial Review - FY2020~24
Korab Resources Limited’s FY2020-FY2024 consolidated record is that of an exploration group funded through equity and debt, with recurrent statutory losses, a declining year-end cash balance after FY2022, and exploration assets subject to periodic impairment. This review keeps income categories, cash-flow lanes, debt obligations and resource disclosure on their stated bases.
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.
FY2024 cash
A$0.093m
Closing consolidated cash at 30 June 2024.
FY2024 borrowings
A$4.288m
Current plus non-current loans and borrowings.
FY2024 loss
A$(0.932)m
Statutory consolidated loss for the year.
FY2024 E&E carrying amount
A$3.162m
Accounting carrying amount after accumulated impairment.
Five years in context
Korab’s principal activity remained mineral exploration and evaluation throughout FY2024. The saved annual evidence identifies a single minerals-exploration operating segment; this review therefore does not invent production or mineral-sales metrics.
The funding position is material to interpretation: cash was small beside borrowings and total liabilities at FY2024, and lender confirmations only deferred calls on specified loans to the stated date. The annual report nevertheless identifies a material uncertainty relating to going concern.
Income was not a mineral-sales proxy. The annual narrative identifies FY2021 revenue as Geolsec phosphate-project sub-leasing, while FY2024 reports reimbursements as other income and retains finance income as a separate category.
Events behind the numbers
FY2021
Sub-lease income and a tenement-expiry impairment
The annual narrative identifies Geolsec sub-lease revenue and an exploration impairment after tenement expiry.
FY2022
Equity raise lifted closing cash
The financing statement records a large share-issue receipt and net financing inflow.
FY2023
Gross borrowing churn and Mt Elephant write-down
Borrowing proceeds and repayments resulted in a net financing outflow; Mt Elephant tenement relinquishments drove exploration impairment.
FY2024
Lower loss, funding uncertainty and conditional Geolsec sale
The annual report discloses material funding uncertainty. After year end, a conditional Geolsec sale agreement is not recognised as FY2024 cash, revenue or debt reduction.
FINANCIAL REVIEW / 01
Cash remained low relative to debt and liabilities
The five-year position table shows cash recovering in FY2022 before falling in FY2023 and FY2024, while total liabilities and borrowings increased. The available FY2020-FY2023 face-statement series shows total equity / net assets peaked in FY2022 and then declined in FY2023; no FY2024 total-assets or total-equity face-statement value was selected in this extraction packet, so it is not reconstructed here.
FY2024 third-party loans were described as arm’s-length, carrying 12% interest and not payable before 31 October 2025. That timing is a lender confirmation, not repayment, waiver or assurance of funding beyond the stated date.
Cash, liabilities and borrowings
A$ million
Cash and cash equivalentsTotal liabilitiesLoans and borrowings
AI-generated presentation · values from Consolidated financial position: liquidity, exploration asset and obligations; no missing values plotted as zero.
Exploration and evaluation carrying amount
A$ million
Exploration and evaluation carrying amount
AI-generated presentation · values from Consolidated financial position: liquidity, exploration asset and obligations; no missing values plotted as zero.
Consolidated financial position: liquidity, exploration asset and obligations
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 0.164 | 0.093 | 0.816 | 0.112 | 0.093 |
| Exploration and evaluation carrying amount | 3.144 | 3.033 | 3.392 | 3.095 | 3.162 |
| Total liabilities | 2.723 | 3.108 | 3.002 | 3.504 | 4.530 |
| Loans and borrowings | 2.238 | 2.735 | 2.831 | 3.313 | 4.288 |
Years ended 30 June. All rows are consolidated statutory amounts in A$ million.
Loans and borrowings are a component of total liabilities; the FY2020-FY2023 totals are disclosed calculations from the current and non-current statement lines. FY2024 is the directly reported total.
Exploration and evaluation carrying amount is a balance-sheet amount after accumulated impairment, not a cash-flow measure, resource valuation or production measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated assets and equity: available face-statement series
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|
| Total assets | 4.502 | 4.356 | 5.450 | 4.592 |
| Total equity / net assets | 1.779 | 1.248 | 2.448 | 1.088 |
The FY2024 supplied extraction provides debt, cash-flow and exploration-asset records but no equivalent selected total-assets and total-equity face-statement records. This shorter table preserves the four directly selected consolidated observations rather than synthesising FY2024 totals.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Statutory losses reflect recurring corporate and financing costs as well as episodic impairment
Losses were reported in every year. FY2024’s smaller loss than FY2023 coincided with lower corporate, compliance and management expense and a smaller exploration impairment, although finance expense increased. The expense rows are retained with their reported negative signs; comparisons use their absolute magnitudes rather than recasting the series as positive income.
The revenue, finance-income and other-income table deliberately keeps categories separate. It shows the earlier sub-lease revenue, the FY2023 issuer-reported nil revenue and other income, and the FY2024 reimbursement category without labelling it mineral revenue.
Reported statutory loss
A$ million
Loss for the year
AI-generated presentation · values from Consolidated statutory result and principal cost lines; no missing values plotted as zero.
Corporate and finance expense
A$ million
Corporate, compliance and management expenseFinance expense
AI-generated presentation · values from Consolidated statutory result and principal cost lines; no missing values plotted as zero.
Exploration impairment expense
A$ million
Exploration impairment expense
AI-generated presentation · values from Exploration impairment expense; no missing values plotted as zero.
Consolidated statutory result and principal cost lines
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Loss for the year | (0.261) | (0.531) | (0.612) | (1.360) | (0.932) |
| Corporate, compliance and management expense | (0.637) | (0.494) | (0.620) | (0.650) | (0.619) |
| Finance expense | (0.225) | (0.330) | (0.318) | (0.354) | (0.437) |
Expense rows and loss are reported as negative amounts. Their absolute magnitudes are used only in the accompanying interpretation; no positive/negative convention is mixed in this table.
The lines are statutory consolidated profit-or-loss measures. They are not an adjusted earnings measure. The FY2021 current-year statement shows corporate compliance and management expense of A$0.494m; its FY2022 comparative is A$0.506m because the earlier statement separately presents A$0.013m conference, travel and public-relations expense. The report retains the contemporaneous FY2021 label and does not restate it.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reported revenue: FY2020-FY2023 available series
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|
| Revenue (including Geolsec sub-lease in FY2020-FY2021) | 0.230 | 0.365 | 0.036 | 0.000 |
The FY2024 packet reports reimbursement income separately as other income and does not supply an equivalent revenue line; it is therefore not inferred as nil revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reported income categories — distinct bases
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Finance income | 0.090 | 0.112 | 0.100 | 0.106 | 0.109 |
Finance income is kept separate from revenue and other income. The FY2020-FY2022 revenue line should not be read as mineral sales: FY2021’s annual narrative identifies revenue as sub-leasing of the Geolsec phosphate project.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Other income / reimbursements: selected reported observations
A$ million
| Metric | FY2020 | FY2021 | FY2023 | FY2024 |
|---|---|---|---|---|
| Other income / reimbursements | 0.011 | 0.000 | 0.000 | 0.059 |
No FY2022 other-income line is selected in the supplied FY2022 profit-or-loss extraction. It is not presented as zero. FY2024 other income comprises reimbursements and is not labelled revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration impairment expense
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Exploration impairment expense | 0.000 | (0.395) | 0.000 | (0.653) | (0.242) |
A dash is displayed as zero only where the saved record explicitly identifies it as nil. FY2021 relates to tenement expiry; FY2023 and FY2024 relate to Mt Elephant tenement relinquishments described in the annual narratives.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Operating, investing and financing lanes must not be conflated
Operating cash flow was positive only in FY2021. The FY2022 cash increase was instead accompanied by large financing inflows, while FY2023’s gross borrowing movements resulted in a financing outflow. The investing lane changed presentation from gross expenditure and reimbursements in FY2020-FY2021 to a single net exploration line from FY2022, which is disclosed in the table note.
The gross-borrowing table excludes FY2022 because that cash-flow statement presents only net cash repayments of borrowings. The equity table retains explicitly nil FY2021 and FY2023 share-issue receipts, preserving the source distinction between nil and unavailable.
Operating, investing and financing cash flow
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Consolidated cash-flow lanes; no missing values plotted as zero.
Borrowing proceeds and repayments
A$ million
Proceeds from borrowingsCash repayments of borrowings
AI-generated presentation · values from Gross borrowing cash movements: selected years; no missing values plotted as zero.
Consolidated cash-flow lanes
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.085) | 0.208 | (0.172) | (0.093) | (0.086) |
| Net investing cash flow | 0.045 | (0.071) | (0.344) | (0.355) | (0.070) |
| Net financing cash flow | 0.121 | (0.208) | 1.238 | (0.256) | 0.137 |
All rows are net cash-flow subtotals and retain their reported signs. FY2020-FY2021 investing includes separately presented exploration expenditure and reimbursements; FY2022-FY2024 investing is the single reported net exploration-and-evaluation line.
The investing subtotal is not substituted with exploration carrying amount, impairment expense, or resource estimates.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Gross borrowing cash movements: selected years
A$ million
| Metric | FY2020 | FY2021 | FY2023 | FY2024 |
|---|---|---|---|---|
| Proceeds from borrowings | 0.226 | 0.595 | 3.344 | 0.449 |
| Cash repayments of borrowings | (0.507) | (0.839) | (3.612) | (0.312) |
FY2020, FY2021, FY2023 and FY2024 provide gross borrowing proceeds and repayments. FY2022 instead provides a net cash-repayment-of-borrowings line, so it is deliberately excluded from this gross-movement table.
Gross borrowing cash movements are not the period-end debt balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash received from issue of ordinary shares: FY2020-FY2023
A$ million
| Metric | FY2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|
| Cash received from issue of ordinary shares | 0.337 | 0.000 | 1.901 | 0.000 |
The FY2024 supplied cash-flow extraction has no equivalent share-issue receipt row, so this table does not present an assumed zero for FY2024.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Accounting carrying values, commitments and resource estimates have distinct meanings
The E&E roll-forward distinguishes capitalised cost, accumulated impairment and carrying amount. The FY2024 impairment was linked to relinquishment of remaining granted Mt Elephant tenements; the annual minimum-expenditure commitment is a tenure obligation, not a cash-flow estimate.
The annual extraction says Bobrikovo capitalised exploration expenditure was written down to nil at consolidation level in FY2014, while separately reporting resource estimates. The resource table therefore supplies technical context only, retaining each commodity’s own cut-off and without aggregating tonnes or asserting a valuation.
Exploration accounting and FY2024 tenure commitment
A$ million
| Metric | FY2024 |
|---|---|
| E&E cost at year end | 4.607 |
| Accumulated E&E impairment provision | (1.446) |
| E&E carrying amount at year end | 3.162 |
| Annual minimum-expenditure commitment | 0.082 |
This FY2024 roll-forward basis is intentionally separate from the five-year carrying-amount line above. The commitment is a tenement obligation, not annual exploration cash expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024 resource context — separate commodities and cut-offs
Thousand tonnes
| Metric | FY2024 |
|---|---|
| Winchester MgO resource — total mass | 16,600 |
| Bobrikovo gold resource — total mass | 105,916 |
| Bobrikovo silver resource — total mass | 54,152 |
All three rows are thousand tonnes. Winchester is reported at a 40% MgO cut-off and 43.2% weighted-average MgO grade; Bobrikovo gold at a 0.5 g/t Au cut-off and 1.0 g/t weighted-average Au grade; and Bobrikovo silver at a 5 g/t Ag cut-off and 9.4 g/t weighted-average Ag grade. They are technical context only and are neither aggregated nor translated into an asset value or production forecast.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
A secured loan receivable was a separate financial asset
The Polymetallica Minerals Limited loan receivable carried 8.5% interest, was secured over Polymetallica assets and was not payable before 31 October 2025. It is shown separately from cash and from Korab’s own borrowings.
The directors’ recorded impairment assessment concluded no impairment expense was required, based on an independent valuation of Polymetallica mineral assets in excess of the loan balance and registered security. That assessment does not convert the receivable into cash or eliminate the separate going-concern disclosure.
FY2024 Polymetallica secured loan receivable
A$ million
| Metric | FY2024 |
|---|---|
| Total loan receivable | 1.306 |
| Current portion | 0.011 |
| Non-current portion | 1.294 |
This is a financial-asset receivable, not cash or cash equivalent. The disclosed component amounts differ from the disclosed total by A$1; no netting against the Group’s borrowings is presented.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Financial years end 30 June; monetary values are A$ million unless a table says otherwise. Resource rows are thousand tonnes.
- The FY2024 packet supplies consolidated debt, cash-flow and E&E records, but no selected total-assets or total-equity face-statement record. The report does not calculate those missing face-statement values.
- The report uses only supplied annual-extraction records. It is not an independent audit of original reports, post-FY2024 events, resource estimates, lending arrangements, transaction completion or tenement status.
- The FY2024 Geolsec Heads of Agreement was post-balance-date and conditional. No proceeds, royalty, debt retirement or operating outcome is assumed.
- The FY2024 annual report describes material uncertainty related to going concern; this report retains the disclosure without providing a funding forecast.
- 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
- Korab Resources Limited - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Korab Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Korab Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Korab Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Korab 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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