Kalamazoo Resources’ FY2022–FY2026 record is that of an Australian mineral explorer: statutory operating and investing cash outflows were funded through equity-related inflows, while the Kali Metals boundary and Ashburton option accounting materially affect comparisons. FY2026 increased cash, exploration carrying value and net assets, but did not establish operating cash generation.
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.
Closing statutory cash balance.
Statutory operating cash outflow.
Net statutory investing outflow.
Funding cash flow, not revenue.
Kalamazoo reports one Australian geographical segment and one mineral-exploration operating category rather than separately identifiable operating segments. This report therefore uses consolidated statutory statements and keeps project and accounting boundaries visible.
Closing cash was A$1.907m at 30 June 2026, compared with A$0.309m at the prior year-end. The issuer also reported a A$1.333m working-capital deficit, improved from a A$2.912m deficit, so cash is not presented as a stand-alone liquidity conclusion.
FY2026 statutory profit after tax was A$0.488m after a A$4.399m loss in FY2025. The latest continuing-operations other-income line was A$3.121m; the issuer said an Ashburton option fee paid in 2024 was recognised as income after the agreement concluded in July 2025. The profit is therefore not treated as recurring operating cash generation.
FY2024 statutory profit of A$4.614m included A$8.287m from discontinued operations, while continuing operations recorded a A$3.673m loss. This is a Kali Metals comparability boundary, not recurring earnings.
Ashburton drilling, a resource-model rebuild and a scoping-study workstream were underway. SQM could earn an interest in DOM’s Hill and Marble Bar by sole funding at least A$12m of exploration and development over four years.
The issuer described a proposed in-specie distribution and ASX IPO for lithium assets through Kali Metals, a transaction that later created a material financial-statement boundary.
FY2024 includes discontinued operations. In February 2024, De Grey obtained an Ashburton option to undertake development studies at its sole cost; the FY2023 comparative was subsequently restated when the Kali spin-off completed.
The financial statements recorded a A$2.440m impairment of the Kali Metals associate. The remaining Lind investment was settled through shares rather than presented as a cash repayment.
In July 2025, after the FY2025 year-end, the Ashburton option concluded and Kalamazoo retained 100%. FY2026 also included the Mt Olympus scoping study, PFS commencement and placements/share purchase plan; an A$8m placement after year-end is separately identified.
Exploration and evaluation carrying value reached A$34.016m and net assets A$35.570m in FY2026. The exploration balance is a capitalised accounting balance, not cash exploration payments, a mineral-resource estimate or project value.
At 30 June 2026 total assets were A$40.173m and total liabilities A$4.603m. Current other liabilities were nil at FY2026, compared with A$3.000m at FY2025. These are reported positions, not a liquidity forecast or asset-recoverability conclusion.
The issuer says continued exploration depends on securing equity funding and development depends on equity and debt markets. It also identifies a going-concern material uncertainty, notwithstanding directors’ 12-month forecast and conclusion that going concern remains appropriate.
A$ million
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 2.818 | 1.569 | 1.384 | 0.309 | 1.907 |
| Total assets | 20.570 | 21.867 | 27.070 | 24.592 | 40.173 |
| Total liabilities | 1.452 | 3.420 | 4.955 | 3.606 | 4.603 |
| Net assets | 19.118 | 18.447 | 22.115 | 20.986 | 35.570 |
| Exploration and evaluation assets | 16.361 | 18.058 | 19.479 | 21.075 | 34.016 |
Consolidated/statutory year-end balances in A$ million; no currency conversion is applied.
Exploration and evaluation assets are accounting carrying values, not a resource estimate, project valuation or annual exploration cash spend.
FY2026 total assets were A$40.173m and total liabilities A$4.603m. Current other liabilities were nil at FY2026, compared with A$3.000m at FY2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Every selected year recorded an operating cash outflow. FY2026 combined A$2.359m operating cash use and A$9.451m net investing cash use with A$13.408m financing inflow. Net investing cash use is not reduced to the A$9.181m exploration-payment line because investing includes other components.
FY2026 reported A$14.089m proceeds from shares/equity securities and A$0.596m issue costs. These actual FY2026 flows are distinct from the A$8m placement raised after year-end.
FY2024 net investing cash use was A$12.436m, including a A$13.496m de-merger outflow. Its financing section separately includes A$12.677m funds received in advance of IPO, while the investing section records A$3.000m sale-of-tenements/option-fee proceeds. These components explain why neither the A$1.401m ordinary equity-proceeds line nor exploration payments alone describes FY2024 cash movements.
A$ million
AI-generated presentation · values from Consolidated statutory cash-flow lanes; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated statutory cash-flow lanes; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (1.106) | (1.352) | (1.500) | (1.285) | (2.359) |
| Net cash used in investing activities | (4.616) | (2.658) | (12.436) | (1.538) | (9.451) |
| Payments for exploration activities | (4.758) | (3.077) | (1.863) | (1.760) | (9.181) |
| Net cash from financing activities | 2.688 | 2.760 | 13.752 | 1.748 | 13.408 |
All values are A$ million and retain source signs: negative values are cash outflows.
Exploration payments are one investing-flow component, not a substitute for net investing cash flow. FY2024 net investing cash use includes a de-merger outflow.
Financing is separate from operating/investing cash use; it is not revenue or operating cash generation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Selected funding inflow: option conversion / Lind / IPO advances / shares | 2.825 | 3.000 | 12.677 | 1.932 | 14.089 |
| Share issue costs | (0.021) | (0.218) | (0.152) | (0.087) | (0.596) |
This deliberately non-uniform row identifies the useful disclosed funding inflow in each year: FY2022 option conversions, FY2023 Lind subscription, FY2024 IPO advances, and FY2025–FY2026 shares/equity securities. It must not be read as one uniform share-proceeds series.
The statutory financing subtotal remains in the cash-flow table. FY2024 also contains large Kali-related cash flows shown separately below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2024 |
|---|---|
| Sale of tenements / option fee proceeds | 3.000 |
| Net cash outflow from de-merger of subsidiary | (13.496) |
| Funds received in advance of IPO | 12.677 |
A$ million statutory cash-flow components. The A$3.000m option/tenement cash receipt occurred in FY2024; recognition of the Ashburton option fee in FY2026 other income is a separate accounting timing matter.
The de-merger outflow is an investing item and IPO advances are a financing item. Neither is collapsed into ordinary share proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The continuing-operations cost table uses the FY2024-restated FY2023 comparative and FY2024–FY2026 rows, preserving other income, employee costs, share-based payment, depreciation/amortisation, exploration expense, finance costs and other expenses. It does not create an adjusted result or turn capitalised exploration expenditure into a period expense.
FY2026 exploration and evaluation impairment was A$0.286m, versus A$0.040m in FY2025; the issuer attributed FY2026 primarily to expiry of two Victorian tenements. The carrying-value note separately reports A$13.228m FY2026 capitalised additions and the A$34.016m closing balance.
The original FY2025 finance-cost line is a reported positive A$0.174m credit, and the FY2026 source repeats that FY2025 comparative while reporting FY2026 finance costs of A$(0.023)m. Both signs are shown in the table; no cause or synthetic sign normalisation is inferred.
The statutory result includes discontinued operations where applicable. The Kali bridge explains the FY2024 profit; FY2022 costs remain separately presented on their original reporting basis.
A$ million
AI-generated presentation · values from Statutory profit / (loss) after tax; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Continuing operations: selected reported income and cost lines; no missing values plotted as zero.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (1.385) | (3.324) | 4.614 | (4.399) | 0.488 |
A$ million. This five-year total statutory series includes discontinued operations where reported; it is not a recurring continuing-operations series.
FY2022 uses the A$1.385m loss in its income statement and the following-year comparative. The later five-year summary instead labels A$2.445m as FY2022 net loss; that conflicts with the selected income statements and is not substituted here.
FY2024 includes the Kali discontinued-operations result. The separate bridge shows the restated FY2023 continuing/discontinued split.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Profit / (loss) after tax — continuing operations | (2.256) | (3.673) |
| Profit / (loss) after tax — discontinued operations | (1.068) | 8.287 |
| Profit / (loss) after tax — total statutory | (3.324) | 4.614 |
A$ million; FY2023 is restated in the FY2024 annual record following the Kali Metals spin-off. The bridge explains why the total statutory FY2024 result cannot be used as an operating-performance trend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 |
|---|---|
| Other income | 0.167 |
| Employee benefits expense | (0.405) |
| Depreciation expense | (0.223) |
| Exploration expenditure write-off | (0.028) |
| Finance costs | (0.025) |
| Other expenses | (0.870) |
A$ million; the then-reported income statement is shown separately from the later restated continuing-operations comparison. Costs retain their negative signs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Other income | 2.097 | 0.210 | 0.199 | 3.121 |
| Employee benefits expense | (0.563) | (0.531) | (0.404) | (0.489) |
| Share-based payment expense | (1.594) | (0.074) | (0.208) | (0.463) |
| Depreciation and amortisation expense | (0.207) | (0.218) | (0.199) | (0.164) |
| Exploration expenditure expense | (0.211) | (0.384) | (0.040) | (0.286) |
| Finance costs (reported sign) | (0.580) | (0.715) | 0.174 | (0.023) |
| Other expenses | (1.115) | (1.253) | (0.826) | (1.149) |
A$ million; FY2023 is the FY2024-restated continuing-operations comparative, followed by FY2024–FY2026 continuing operations. Negative values are expenses.
The reported FY2025 finance-cost credit of A$0.174m is retained with its positive sign. The FY2026 source repeats that comparative and reports FY2026 finance costs of A$(0.023)m; no cause or normalised trend is inferred.
FY2026 other income of A$3.121m includes recognition of an Ashburton option fee paid in 2024 after the option concluded in July 2025; it is not operating cash generation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Opening capitalised cost | 19.479 | 21.075 |
| Exploration expenditure incurred | 1.636 | 13.228 |
| Exploration expenditure impairment | (0.040) | (0.286) |
| Closing capitalised cost | 21.075 | 34.016 |
A$ million; this is an accounting roll-forward of capitalised exploration and evaluation assets.
FY2026: opening A$21.075m plus A$13.228m incurred less A$0.286m impairment equals the A$34.016m closing balance. It is distinct from A$9.181m annual exploration cash payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024 contained a discontinued-operations profit, while FY2025–FY2026 show Kali Metals as an equity-accounted associate. The associate table keeps share of loss, impairment/gain and closing carrying amount together without confusing them with Group cash flow or the investee’s gross balance sheet.
At 30 June 2026 the issuer held 29,147,250 Kali Metals shares (14.6%), reported a A$0.255m share of associate loss and a A$0.197m gain on the investment. These are accounting-result components, not sale proceeds.
During FY2025 the remaining A$1.059m Lind investment was repaid through issue of 15,370,437 shares, and the issuer said the subscription agreement concluded with no further amounts due. This settlement is not presented as a cash repayment or operating cash flow.
The Ashburton option concluded in July 2025, after the FY2025 year-end, with Kalamazoo retaining 100%. FY2026 included the Mt Olympus scoping study and commencement of the PFS; forward-looking PFS and exploration-target material is not treated as production, valuation or realised cash flow.
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Opening carrying value | 5.291 | 2.332 |
| Share of associate loss | (0.519) | (0.255) |
| Gain / (impairment) on investment | (2.440) | 0.197 |
| Closing carrying value | 2.332 | 2.273 |
A$ million. This is the Group’s equity-accounted investment, not Kali Metals’ gross assets or a cash-flow series.
The FY2025 impairment and FY2026 gain are retained as reported alongside the share of associate loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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