FY2022
Mount Bevan joint-venture agreement
Legacy signed the Mount Bevan JV agreement with Hancock Magnetite Holdings after balance date while reporting a statutory loss for the year.
ASX: LCY · Five-year financial review
(ASX: LCY) Legacy Iron Ore Limited Financial Review - FY2022~26
Legacy Iron Ore’s FY2022–FY2026 record spans exploration and the Mount Bevan transaction, then a move into Mount Celia ore sales. Revenue expanded sharply in the last three years, but reported profitability and cash movement were also shaped by mining, selling, development and funding flows.
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.
FY2026 ore-sale revenue
A$88.606m
Statutory continuing-operations revenue from sale of ore.
FY2026 statutory loss
(A$0.556m)
Loss for the year; income tax was reported nil.
FY2026 cash equivalents
A$3.539m
Cash-flow statement closing balance.
FY2026 RTM profit
A$3.000m
Other-income component, separate from ore-sale revenue.
Five years in context
Legacy Iron has a 31 March year end. In FY2022 it remained in an exploration and project-development setting; the FY2023 accounting profit was partly driven by the A$3.496m gain on disposal of an 18% Mount Bevan joint-venture interest.
Mining commenced at Mount Celia in November 2023 and the saved FY2024 records identify the first sale of ore in March 2024. The later revenue line is therefore a distinct operating phase, not a reconstructed revenue history for FY2022–FY2023.
Events behind the numbers
FY2023
Disposal gain shaped statutory profit
The annual report attributes part of FY2023’s profit to the A$3.496m gain on disposal of an 18% Mount Bevan JV interest, separate from other income.
FY2024
First Mount Celia ore sale
Mining began in November 2023 and the company recorded its first ore-sale revenue in March 2024; the FY2024 annual record also identifies a separate A$2.395m partial other-minerals disposal gain.
FY2025
Rights issue, RTM and Mount Bevan milestones
The cash-flow statement records A$22.533m of rights-issue proceeds. The RTM agreement was entered on 10 March 2025, while the report also records the Mount Bevan PFS/equity position and subsequent Hancock increase.
FY2026
Phase I mining completed
Mount Celia mining under the RTM Agreement ceased after Phase I. FY2026 still recorded A$88.606m ore-sale revenue and a small statutory loss.
FINANCIAL REVIEW / 01
Revenue growth did not translate mechanically into statutory profit
FY2023’s profit should be read with the Mount Bevan disposal gain, not as an operating baseline. In FY2024 the first ore sales were accompanied by a statutory loss; in FY2025 the loss widened as mining, selling and development-related charges were substantial. The FY2024 mining and selling expenses use the following annual report’s comparative income-statement classification so they are not mixed with a differently presented original-year expense row.
FY2026 ore-sale revenue rose again, while the statement separately records A$55.608m of mining expenses, A$33.747m of selling expenses and A$4.345m of other income. The result remained a A$0.556m statutory loss; the compact composition table separates the RTM, technical-service, deposit-interest and leave-provision items from ore revenue.
Statutory profit / (loss)
A$ million
Profit / (loss) after tax
AI-generated presentation · values from Statutory profit / (loss) after tax; no missing values plotted as zero.
Ore-sale revenue
A$ million
Revenue from sale of ore
AI-generated presentation · values from Mount Celia revenue and operating costs; no missing values plotted as zero.
Statutory profit / (loss) after tax
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Profit / (loss) after tax | (1.009) | 2.007 | (9.592) | (27.948) | (0.556) |
Whole Australian dollars converted to A$ million. All periods end 31 March.
FY2023 includes a disclosed A$3.496m gain on disposal of an 18% Mount Bevan joint-venture interest; it is not presented as recurring mine earnings.
FY2026 is presented as continuing operations in the saved statutory table; no discontinued-operations series is inferred.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Mount Celia revenue and operating costs
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from sale of ore | 2.083 | 43.345 | 88.606 |
| Mining expenses | 8.439 | 25.873 | 55.608 |
| Selling expenses | 1.654 | 32.067 | 33.747 |
Expenses are positive magnitudes. FY2024 uses the FY2025 comparative income-statement presentation, keeping mining and selling on the same classification basis.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected operating-income and expense drivers
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Other income | 2.604 | 0.562 | 4.345 |
| Depreciation and amortisation | 2.003 | 8.611 | 2.223 |
| Employee benefit expense | 0.752 | 2.098 | 0.719 |
| Key management personnel remuneration | 0.303 | 0.335 | 0.693 |
| Loss from Mount Bevan disposal | 0.000 | 1.215 | 0.000 |
| Total expenses | 14.279 | 71.855 | 93.507 |
Expenses are positive magnitudes. FY2024 uses the FY2025 comparative presentation. Total expenses also include the mining and selling costs above and other disclosed corporate expenses; selected rows are not an exhaustive reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2026 other-income composition
A$ million
| Metric | FY2026 |
|---|---|
| Profit from RTM Agreement | 3.000 |
| Technical services | 0.880 |
| Interest on deposits and surplus funds | 0.302 |
| Employee leave provision credit | 0.164 |
These are components of other income, not ore-sale revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Pre-production result reflected corporate costs and a disposal gain
Before Mount Celia ore sales, recurring other income was modest relative to corporate, employee and key-management costs. FY2023 statutory profit was instead shaped by the separately reported Mount Bevan partial-disposal gain, so it is not combined with other income or treated as a sales result.
Pre-production income and selected corporate costs
A$ million
| Metric | FY2022 | FY2023 |
|---|---|---|
| Other income excluding disposal gain | 0.035 | 0.209 |
| Mount Bevan disposal gain | 0.000 | 3.496 |
| Employee benefit expense | 0.348 | 0.313 |
| Key management personnel remuneration | 0.236 | 0.375 |
| Corporate services | 0.083 | 0.366 |
| Depreciation and amortisation | 0.083 | 0.061 |
FY2023 disposal gain is separate from other income in this panel. The later FY2024 other-income total includes its disposal gain. Expenses are positive magnitudes and selected, not an exhaustive reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash flows show development spending and equity funding
Operating cash turned positive in FY2026 on the face cash-flow statement, whose components and closing cash movement support that direction. The separate operating reconciliation has a conflicting sign. Rights issues supported the preceding development years; term-deposit maturities are liquidity transfers, not operating earnings.
The FY2022 investing presentation includes a A$7m reclassification of deposits out of cash equivalents, so its large reported outflow is not all fresh project spending. FY2024 financing also includes a A$2.5m camp-facilities payment. Later JV cash calls and development spending explain why positive deposit maturities alone do not indicate surplus cash generation.
Closing cash and cash equivalents
A$ million
Cash and cash equivalents at year end
AI-generated presentation · values from Cash-flow lanes and closing cash; no missing values plotted as zero.
Net cash flow by lane
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash-flow lanes and closing cash; no missing values plotted as zero.
Cash-flow lanes and closing cash
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.876) | (1.516) | (9.955) | (16.601) | 3.892 |
| Net investing cash flow | (8.295) | 3.792 | 1.828 | (15.468) | (1.807) |
| Net financing cash flow | (0.046) | (0.041) | 16.777 | 22.184 | (0.037) |
| Cash and cash equivalents at year end | 0.491 | 2.726 | 11.375 | 1.491 | 3.539 |
Negative figures are outflows. FY2026 uses the positive operating subtotal shown in the cash-flow statement because it ties to the reported cash movement; a conflicting sign is retained in a separate reconciliation record.
Cash and cash equivalents are not the same measure as term deposits or the maturity-analysis net financial assets figure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Term-deposit cash movements
A$ million
| Metric | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Investment in term deposits | (4.000) | (12.650) | (15.000) | (14.000) |
| Proceeds from term deposits | 4.000 | 15.650 | 9.000 | 18.000 |
These are investing cash-flow components, not closing cash and cash equivalents. Negative figures are subscriptions; positive figures are proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Mount Bevan disposal cash receipts
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Proceeds from JV disposal | 4.800 | 2.400 |
Investing cash-flow receipts; they are not revenue from ore sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Joint-venture cash contributions
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Cash calls paid to JV participant | (1.045) | (3.123) |
Investing cash outflows, distinct from disposal proceeds and capitalised asset balances.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Rights-issue funding components
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Rights-issue proceeds | 19.601 | 22.533 | 0.000 |
| Capital-raising costs | (0.291) | (0.318) | 0.000 |
Reported FY2026 zeroes are retained as zeroes. These are financing cash-flow components, not operating revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Exploration carrying value and development changed with the operating transition
Exploration and evaluation carrying value declined through FY2024 as Mount Celia moved into development and mining assets, then rose to A$21.002m by FY2026. The FY2024 notes separately identify a A$5.997m transfer to development and mining assets, confirming that the accounting movement is not equivalent to cash expenditure.
Total assets rose to A$47.215m in FY2024 before falling to A$37.958m in FY2025; liabilities increased with the development phase and then eased. The saved FY2026 extraction provides total liabilities of A$9.029m and net financial assets of A$8.540m, but lacks a matched total-assets/equity pair, so no synthetic FY2026 balance sheet is shown.
Exploration and evaluation carrying amount
A$ million
Exploration and evaluation carrying amount
AI-generated presentation · values from Exploration, evaluation and development deployment; no missing values plotted as zero.
Assets, liabilities and equity
A$ million
Total assetsTotal liabilitiesTotal equity
AI-generated presentation · values from Statement of financial position: assets, liabilities and equity; no missing values plotted as zero.
Exploration, evaluation and development deployment
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Exploration and evaluation carrying amount | 15.844 | 15.510 | 11.708 | 16.236 | 21.002 |
| Payments for exploration, evaluation and development | (2.368) | (1.420) | (3.492) | (8.396) | (2.700) |
The capital-expenditure row changes label in FY2024 as development was included; it remains a cash-flow measure and is not an annual movement in the carrying amount.
FY2024 included an A$5.997m transfer from exploration and evaluation into development and mining assets. This accounting transfer is distinct from the cash-flow row.
The carrying amount is a non-current asset, not cash or a mineral-resource valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Statement of financial position: assets, liabilities and equity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Total assets | 23.607 | 25.612 | 47.215 | 37.958 |
| Total liabilities | 0.291 | 0.289 | 12.313 | 9.015 |
| Total equity | 23.316 | 25.323 | 34.903 | 28.944 |
Direct statutory totals available across FY2022–FY2025. The FY2026 packet retains total liabilities (A$9.029m) but no matching total-assets and total-equity rows, so it is disclosed in narrative rather than completed with calculations.
These are group totals as retained by the financial-position statements; they are not replaced with parent or segment values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Operating volumes expanded after the initial half-year
The operational table keeps FY2024’s October–March production interval visibly separate from the full FY2025 and FY2026 periods. Production and sales tonnes, contained and recovered ounces, realised price, C1 cost and AISC are reported operating indicators; they are not converted into accounting revenue or used to create an implied unit margin.
The RTM structure matters to financial interpretation: the FY2026 report says BGR bore mining expenditure that was not recovered from ore sales and that Legacy did not recognise BGR’s unrecovered expenditure. It also identifies a changed selling-cost classification under the RTM arrangement. Phase I mining had ceased, so these figures are historic operational disclosure rather than a forecast.
Production and sales tonnes
As labelled in each row
Production (tonnes)Sales (tonnes)
AI-generated presentation · values from Production and sales indicators; no missing values plotted as zero.
Production and sales indicators
As labelled in each row
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Production (tonnes) | 118,199 | 219,560 | 369,228 |
| Sales (tonnes) | 21,689 | 301,566 | 383,732 |
| Production (contained ounces) | 5,597 | 8,245 | 15,951 |
| Ore sales (recovered ounces) | 861 | 10,812 | 14,998 |
| Average sales realisation (A$/oz) | 3,464 | 4,009 | 5,908 |
| Cash (C1) costs (A$/oz) | 2,734 | 4,745 | 5,845 |
| AISC (A$/oz) | 3,140 | 5,636 | 5,990 |
Production and sales are tonnes; contained and recovered gold are ounces; realised price, C1 cost and AISC are A$/oz. These source-native measures are not scaled into A$ million.
C1 cost and AISC are disclosed non-IFRS operating measures. FY2024 covers October 2023–March 2024, whereas FY2025 and FY2026 each cover 12 months; the shorter first production interval is not a full-year run rate.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The report uses only the frozen annual-extraction packet. It does not retrieve PDFs, query databases, re-parse reports, conduct web research or validate against original source documents.
- FY2026 full total-assets and total-equity rows are not retained in the packet, although total liabilities and net financial assets are. The financial-position table therefore ends at FY2025.
- FY2024 operating metrics cover October 2023–March 2024, so they should not be interpreted as a twelve-month comparative to FY2025 or FY2026.
- Reported C1 costs are non-IFRS operating indicators. They are retained with their source unit and no company-level margin is inferred.
- 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
- Legacy Iron Ore Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legacy Iron Ore Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legacy Iron Ore Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legacy Iron Ore Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legacy Iron Ore 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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