FY2021
Placement funded Colombian exploration
A two-tranche placement raised A$20.190m for the Quinchía and Andes projects; option exercises provided additional cash funding.
ASX: LCL · Five-year financial review
(ASX: LCL) LCL Resources Limited Financial Review - FY2021~25
LCL Resources’ FY2021–FY2025 review shows an exploration group moving from a heavily equity-funded FY2021 through sustained cash outflows, major FY2023 exploration impairment and a FY2025 Colombian disposal-group classification. The review deliberately separates those accounting, cash and portfolio changes.
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$1.441m
Year-end cash disclosed in financial-asset maturity analysis.
FY2025 net assets
A$15.756m
Consolidated total equity / net assets.
FY2023 impairment
(A$27.535m)
Exploration-expenditure impairment charge.
FY2025 total comp. loss
(A$0.666m)
Continuing plus discontinued operations.
Five years in context
LCL’s reports cover years ended 31 December. Closing cash fell from A$19.252m in FY2021 to A$1.441m in FY2025. Group assets, liabilities and equity are shown separately, alongside the material FY2023 exploration impairment; these are reported accounting amounts, not a project valuation.
The final year has a structural reporting boundary: the Colombian disposal group was classified as held for sale and its result/cash flows were shown as discontinued operations. The report retains the FY2025 Group operating-cash total, while keeping disposal-group cash lanes separate and limiting the Group investing/financing trend to the four periods for which matching selected totals are available.
Events behind the numbers
FY2022
Footprint adds the PNG portfolio
The November Footprint acquisition brought PNG exploration assets, with shares and cash consideration. Spending in Colombia was reduced amid political uncertainty.
FY2023
Exploration impairment reset carrying values
The group recorded a A$27.535m exploration-expenditure impairment, reducing exploration and evaluation assets to A$13.000m according to saved disclosures.
FY2024
Colombian divestment agreement
A binding option agreement was announced in December. The approval vote subsequently failed in February 2025; the transaction was therefore not a completed FY2024 sale.
FY2025
Colombian assets became held for sale
A revised Tiger option agreement led to Colombian disposal-group classification as held for sale; FY2025 comprehensive loss includes continuing and discontinued operations.
FINANCIAL REVIEW / 01
Capital and cash: funding did not eliminate operating needs
FY2021 financing inflow was the largest of the displayed four years and lifted closing cash. Thereafter, operating and investing cash flow was negative in each displayed year; financing inflows in FY2022–FY2024 were smaller and cash declined. The chart presents cash-flow subtotals, not a forecast of further capital requirements.
The FY2024 report describes operating and investing cash outflows of A$1.277m and A$1.565m and identifies material uncertainty related to going concern. The FY2025 Group cash-flow reconciliation reports A$1.107m net cash used in operating activities; Colombian disposal-group flows are separately identified and not substituted for the Group total.
Closing cash and total equity
A$ million
Cash and cash equivalentsTotal equity / net assets
AI-generated presentation · values from Balance-sheet resources at 31 December; no missing values plotted as zero.
Group operating cash flow
A$ million
Net cash used in operating activities
AI-generated presentation · values from Group operating cash flow; no missing values plotted as zero.
Net cash from financing activities
A$ million
Net financing cash flow
AI-generated presentation · values from Group investing and financing cash-flow lanes; no missing values plotted as zero.
Balance-sheet resources at 31 December
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 19.252 | 8.400 | 3.717 | 2.779 | 1.441 |
| Total assets | 45.639 | 36.546 | 17.829 | 16.615 | 16.296 |
| Total liabilities | 0.806 | 0.718 | 0.833 | 0.341 | 0.540 |
| Total equity / net assets | 44.832 | 35.828 | 16.996 | 16.274 | 15.756 |
Consolidated balance-date observations in A$ million. The FY2025 cash fact is from the financial-asset maturity disclosure and agrees with the saved year-end narrative.
FY2025 includes Colombian disposal-group assets and liabilities held for sale; readers should not treat the balance sheet as the same operating perimeter as earlier years.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration and evaluation carrying value at 31 December
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation assets | 25.143 | 26.993 | 13.000 | 13.061 |
Group carrying value in A$ million; FY2025 Colombian balances were reclassified to assets held for sale, so the retained FY2025 reference is an opening FY2024 comparator rather than a closing five-year point.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group operating cash flow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (3.572) | (2.690) | (2.009) | (1.277) | (1.107) |
Group consolidated operating cash flow. FY2025 is retained as a Group cash-flow-reconciliation total, not labelled continuing operations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group investing and financing cash-flow lanes
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Net investing cash flow | (8.036) | (9.325) | (7.483) | (1.565) |
| Net financing cash flow | 23.056 | 1.058 | 4.862 | 1.922 |
Positive amounts are inflows; parentheses are outflows. No matching Group investing and financing totals were selected from the FY2025 frozen packet, so this is honestly a FY2021–FY2024 panel rather than a mixed-basis five-year line.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration cash deployment — FY2021–FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Payments for exploration and evaluation | (7.790) | (9.444) | (7.535) | (1.562) |
Exploration payments are investing cash outflows and are not the same measure as exploration carrying value or impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2021 financing components
A$ million
| Metric | FY2021 |
|---|---|
| Proceeds from issue of shares | 20.220 |
| Proceeds from exercise of options | 4.218 |
| Share issue transaction costs | (1.333) |
Component cash flows are not a forecast or valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2022 financing components
A$ million
| Metric | FY2022 |
|---|---|
| Proceeds from exercise of options | 1.044 |
| Share issue costs / GST refund presentation | 0.014 |
The positive A$0.014m reported share-issue-cost amount is retained as the issuer’s GST-refund presentation, not normalized into a negative cost.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2023–FY2024 financing components
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Proceeds from issue of shares | 5.182 | 1.970 |
| Share issue costs | (0.320) | (0.048) |
FY2023 option-exercise proceeds were reported nil; no zero is inserted in this component panel.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Reported result, cost drivers and impairment are distinct
The statutory loss after tax attributable to owners is the principal reported result series. The unusually large FY2023 loss includes the A$27.535m exploration impairment; the saved impairment explanation identifies sovereign-risk, regulatory and exploration-result indicators, with recoverable amounts assessed on a fair-value-less-costs-of-disposal basis. FY2024’s A$1.166m share-based-payment credit arose from cancelled unvested service-conditioned rights on resignations, while FY2025 reports a A$0.109m charge. Those signs and causes are retained rather than flattened into a generic cost line.
Foreign-currency translation movements also affected comprehensive income. In FY2023 and FY2025 they partly offset the statutory losses; they were not cash receipts or exploration earnings.
In FY2025 the consolidated A$1.571m loss after tax comprises A$1.134m from continuing operations and A$0.437m from discontinued Colombian operations. Other comprehensive income of A$0.905m means total comprehensive loss was A$0.666m; neither total should be read as the continuing-only result.
Loss after tax attributable to owners
A$ million
Loss after income tax attributable to owners
AI-generated presentation · values from Reported income-statement drivers; no missing values plotted as zero.
Exploration-expenditure impairment charges
A$ million
Exploration expenditure impairment
AI-generated presentation · values from Exploration-expenditure impairment charges; no missing values plotted as zero.
Reported income-statement drivers
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.005 | 0.183 | 0.136 | 0.059 | 0.019 |
| Loss after income tax attributable to owners | (5.306) | (10.888) | (31.259) | (1.369) | (1.571) |
Consolidated statutory amounts in A$ million. Parent-only observations are not used.
The loss series includes all operations. Interest income uses the then-reported FY2021–FY2024 Group figures and FY2025 continuing operations; the latter is not a like-for-like comparison after Colombian disposal classification.
The FY2024 A$1.166m share-based-payment amount is a reported credit, not an expense sign error; it is retained as reported rather than charted as a comparable cost.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reported cost composition — FY2021–FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Employee benefits expense | (0.553) | (0.901) | (1.488) | (0.545) |
| Depreciation and amortisation expense | (0.008) | (0.009) | (0.015) | (0.024) |
| Finance costs | (0.001) | (0.010) | (0.002) | (0.003) |
| Impairment of non-current receivables | (0.960) | (0.550) | (0.444) | (0.025) |
| Share-based payment expense / (credit) | (1.160) | (1.480) | (0.650) | 1.166 |
| Other expenses | (1.872) | (0.942) | (1.073) | (0.787) |
| Total expenses | (5.311) | (11.088) | (31.409) | (1.430) |
All rows use the reported statutory sign. The FY2024 share-based-payment credit is preserved; it is not normalized into an expense.
Exploration expense and impairment are shown separately below; selected expense components are not a complete reconciliation to total expenses.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration expenditure expensed in profit or loss — FY2021–FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation expenditure | (0.749) | (0.271) | (0.081) | 0.000 |
FY2024 is explicitly reported nil. This P&L expense is distinct from investing cash payments and the exploration carrying value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 continuing-operations income and cost panel
A$ million
| Metric | FY2025 |
|---|---|
| Other income | 0.000084 |
| Employee benefits expense | (0.236) |
| Finance costs | (0.000258) |
| Impairment of non-current receivables | (0.001) |
| Occupancy | (0.017) |
| Share-based payment expense | (0.109) |
| Business development cost | (0.011) |
| Foreign exchange loss | (0.058) |
| Administration expenses | (0.486) |
| Consulting fees | (0.210) |
| Loss on disposal of plant and equipment | (0.025) |
| Total expenses | (1.153) |
Continuing-operations panel in A$ million. The statement reports nil depreciation/amortisation and nil exploration impairment in FY2025; those explicit nil lines are discussed rather than conflated with cash-flow reconciliation add-backs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 statutory result: continuing and discontinued operations
A$ million
| Metric | FY2025 |
|---|---|
| Loss after tax — total | (1.571) |
| Loss after tax — continuing operations | (1.134) |
| Loss after tax — discontinued operations | (0.437) |
| Other comprehensive income | 0.905 |
| Total comprehensive loss | (0.666) |
Amounts are consolidated A$ million. The total statutory loss is not substituted with total comprehensive loss: FY2025 other comprehensive income changes the latter measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Total comprehensive loss attributable to owners
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total comprehensive loss | (7.205) | (13.849) | (24.564) | (1.784) | (0.666) |
This is total comprehensive loss, not simply loss after tax. It includes other comprehensive income/loss where reported and remains separate from cash flow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration-expenditure impairment charges
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration expenditure impairment | 0.000 | (6.704) | (27.535) | (1.204) | 0.000 |
FY2021 is explicitly nil in the following-year comparative. FY2025 is explicitly nil for continuing operations after the Colombian classification change.
An impairment charge is an accounting charge and should not be read as cash exploration expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
FY2025 Group operating outflow and Colombian disposal cash flows
The Colombian disposal-group financing disclosure includes funds supplied by LCL or Tiger. Its standalone cash flows below therefore cannot simply be added to the consolidated Group totals.
FY2025 Colombian disposal-group cash flows (standalone disclosure)
A$ million
| Metric | FY2025 |
|---|---|
| Net cash used in operating activities | (0.085) |
| Net cash used in investing activities | (1.871) |
| Net cash from financing activities | 2.053 |
All three cells are sourced from one issuer claim at the stated precision. This standalone disposal-group disclosure is shown separately and is not added to the Group cash-flow trend; its financing includes funding by LCL or Tiger under the option agreement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
PNG exploration and Colombian disposal group
The FY2025 annual extraction records a maiden Kusi inferred resource in PNG and an amended Tiger option agreement for Colombian assets. Colombian assets were classified as held for sale, while capitalised exploration and evaluation thereafter comprises PNG only and was assessed separately for impairment. This is a reporting-perimeter change, not evidence that the decline in the pre-existing exploration-asset series is a new impairment.
The first Tiger option payment of A$1.0m was received in June 2025 and included in the held-for-sale reclassification line. The second A$2.0m payment was received on 12 February 2026; the Rio Tinto PNG earn-in agreement followed in March 2026. Both are subsequent events, not FY2025 cash receipts or results.
Reading the figures
- FY2025 Colombian assets and liabilities are classified as held for sale, with discontinued-operation results and separately disclosed disposal-group cash flows. The Group FY2025 operating cash outflow is retained; disposal-group lanes are not added into it.
- The total comprehensive-loss chart includes other comprehensive income/loss and is not a net-loss-after-tax or cash-flow measure.
- FY2022 and FY2024 saved reports identify material uncertainty related to going concern. This report records that disclosure but makes no funding forecast 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
- LCL Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- LCL Resources Limited - 2022 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- LCL Resources Limited - 2023 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- LCL Resources Limited - 2024 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- LCL Resources Limited - 2025 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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