FY2021
Quotation and initial exploration funding
The FY2021 record says quotation commenced after year end on 2 July 2021; its cash-flow statement records A$5.246m net financing inflow in the year.
ASX: LDR · Five-year financial review
(ASX: LDR) Lode Resources Ltd Financial Review - FY2021~25
Lode Resources’ five-year accounts describe an exploration business funded by periodic equity inflows while operating and investing cash outflows remained negative. The FY2025 picture adds a Spero Mining acquisition, Montezuma Antimony-Silver project consideration and a larger reported E&E carrying value; it does not establish mine production or revenue.
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$3.186m
Reported cash and cash equivalents at 30 June 2025.
FY2025 statutory loss
A$(1.606)m
Reported Group loss for the year.
FY2025 E&E carrying value
A$8.731m
Closing exploration and evaluation net book value.
FY2025 project acquisition
100% of Spero Mining
Acquired during FY2025; terms included issued and contingent shares.
Five years in context
The saved records describe ASX quotation commencing on 2 July 2021 and identify FY2022 as the first full year as a listed company. The report therefore reads the five years as an exploration-and-funding period, not as a production or sales history.
Annual losses were reported throughout the period, while financing inflows replenished cash in FY2021, FY2023 and FY2025. The company’s source records distinguish operating, investing and financing cash flow; this review retains those lanes rather than treating capitalised exploration assets, drilling results or resource estimates as operating output.
Events behind the numbers
FY2022
First full listed year and drilling spend
The issuer describes FY2022 as the first full listed year; cash exploration and evaluation expenditure was A$1.562m.
FY2023
Equity funding supported a larger program
The cash-flow statement records A$6.123m proceeds from share issues and A$5.734m net financing inflow, while exploration cash payments were A$1.874m.
FY2024
Group structure and antimony licence
Lode Metals Pty Ltd was incorporated during FY2024 and the Group was granted EL 9662 New England Antimony; Group loss was A$1.167m.
FY2025
Spero acquisition and Montezuma project
The company acquired 100% of Spero Mining and reported Montezuma Antimony-Silver Project consideration; the acquired E&E asset recognition was A$1.488m.
FINANCIAL REVIEW / 01
Cash outflows required recurring financing
Operating cash flow was negative in each displayed year, and investing cash flow was also negative. The calculated pre-financing cash movement is consequently negative throughout; the cash balance rose in FY2021, FY2023 and FY2025 only alongside positive financing flows. This is a cash-flow observation, not a forecast of funding availability.
FY2025 funding supported both the exploration program and acquisitions. Cash share proceeds were separate from the shares issued as acquisition consideration; the latter expanded equity without putting the equivalent cash into the bank.
Closing cash at each 30 June balance date
A$ million
Closing cash and cash equivalents
AI-generated presentation · values from Cash, cash-flow lanes and cash movement before financing; no missing values plotted as zero.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash provided by / (used in) financing activities
AI-generated presentation · values from Cash, cash-flow lanes and cash movement before financing; no missing values plotted as zero.
Cash movement before financing
A$ million
Cash movement before financing (operating + investing)
AI-generated presentation · values from Cash, cash-flow lanes and cash movement before financing; no missing values plotted as zero.
Cash, cash-flow lanes and cash movement before financing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Closing cash and cash equivalents | 4.739 | 2.181 | 4.846 | 2.277 | 3.186 |
| Net cash used in operating activities | (0.425) | (0.799) | (0.966) | (1.059) | (1.418) |
| Net cash used in investing activities | (0.381) | (1.669) | (2.103) | (1.474) | (1.861) |
| Cash movement before financing (operating + investing) | (0.806) | (2.468) | (3.070) | (2.533) | (3.280) |
| Net cash provided by / (used in) financing activities | 5.246 | (0.090) | 5.734 | (0.036) | 4.188 |
A$ million; all source amounts were recorded in whole Australian dollars and are displayed here using a 1e-6 conversion.
“Cash movement before financing” is a disclosed calculation, not an issuer-labelled free-cash-flow measure: operating cash flow plus investing cash flow. Negative values are outflows.
The net-investing line is broader than exploration payments; it must not be read as exploration spending alone.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration cash deployment and equity funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation cash payments | (0.302) | (1.562) | (1.874) | (1.404) | (1.630) |
| Share-issue cash proceeds | 5.888 | 0.000 | 6.123 | 0.000 | 4.500 |
| Cash transaction costs on share issues | (0.642) | (0.059) | (0.354) | 0.000 | (0.275) |
A$ million. FY2021 components use the following annual statement’s explicitly dated comparatives. Cash issue costs differ from equity-accounting costs when non-cash elements are included.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 investing, equity cash funding and Spero acquisition consideration
A$ million
| Metric | FY2025 |
|---|---|
| Cash payment for acquisition of subsidiary | (0.250) |
| Cash payment for acquisition of tenements | (0.075) |
| Spero acquisition consideration — cash | 0.250 |
| Spero acquisition consideration — issued shares | 1.000 |
| Spero acquisition consideration — contingent shares | 0.600 |
| Spero acquisition — total consideration | 1.850 |
A$ million. Cash-flow amounts and acquisition-accounting consideration are shown on their own stated bases; share consideration is non-cash and must not be added to share-issue cash proceeds.
The acquisition table separately records A$0.250m cash, A$1.000m issued shares and A$0.600m contingent shares. The FY2025 cash-flow statement also labels A$0.250m as payment for acquisition of subsidiary.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Losses reflected exploration-stage overheads and FY2025 transaction costs
The statutory loss increased over the review horizon, with operating loss before finance income and expense also widening. Employee/director/consultant costs, administration, other expenses and depreciation are displayed because they give the available cost composition behind the loss; the report does not infer revenue or production from the company’s exploration activity.
In FY2025, the statutory continuing-operations statement separately reports A$0.111m acquisition costs and a A$0.034m loss on disposal of plant and equipment. Interest income of A$0.131m exceeded A$0.007m interest expense, partly reducing the operating loss before the reported loss for the year.
Reported statutory loss for the period / year
A$ million
Loss for the period / year
AI-generated presentation · values from Statutory result; no missing values plotted as zero.
Operating loss before finance income and expense
A$ million
Operating loss before finance income and expense
AI-generated presentation · values from Statutory result; no missing values plotted as zero.
Statutory result
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss for the period / year | (0.575) | (0.971) | (1.116) | (1.167) | (1.606) |
| Operating loss before finance income and expense | (0.575) | (0.968) | (1.192) | (1.308) | (1.731) |
A$ million; statutory statement-of-profit-or-loss amounts. Brackets denote expenses or losses.
The loss and operating-loss rows are separate reported measures; finance income and expense account for their difference.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected expense drivers and interest income
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Administration and consultants’ expenses | (0.362) | (0.182) | (0.223) | (0.195) | (0.221) |
| Employee benefits / employee, directors and consultants costs | (0.085) | (0.552) | (0.616) | (0.707) | (0.840) |
| Amortisation and depreciation | (0.004) | (0.036) | (0.031) | (0.033) | (0.081) |
| Legal and professional expenses | (0.003) | (0.005) | (0.018) | (0.002) | (0.016) |
| Travel expenses | (0.029) | (0.008) | (0.040) | (0.078) | (0.073) |
| Other expenses | (0.092) | (0.185) | (0.263) | (0.271) | (0.357) |
A$ million; statutory statement-of-profit-or-loss amounts. Brackets denote expenses or losses.
FY2021 administration, legal, travel and other-expense values are taken from FY2022’s stated FY2021 comparative rows because the FY2021 original presentation uses broader classifications. FY2021 labels the employee line “employee benefits expense”; later statements use the broader employee, directors and consultants description.
FY2023 original and FY2024 comparative classifications are not identical for some costs. This table uses each original year where available and does not force a synthetic restatement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Interest income and financing expense
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.000000 | 0.000425 | 0.077345 | 0.145823 | 0.131035 |
| Interest expense | 0.000000 | (0.003354) | (0.001077) | (0.005576) | (0.006500) |
A$ million. Extra decimals retain small disclosed amounts, including FY2022 interest income of A$425. Supported nil is shown as zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 transaction-related operating costs
A$ million
| Metric | FY2025 |
|---|---|
| Loss on disposal of plant and equipment | (0.034) |
| Acquisition costs | (0.111) |
A$ million; FY2025 statutory continuing-operations statement. These transaction-related costs are kept separate from the recurring cost-driver series.
The FY2025 E&E impairment line is a supported nil; FY2024’s comparative impairment was A$0.022m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Financial position and exploration asset carrying values
Reported total assets and equity fell in FY2022, recovered in FY2023 and declined in FY2024; exploration and evaluation carrying values increased in every year shown. The FY2025 E&E note records an A$8.731m closing net book value, including A$2.075m expenditure incurred and A$1.488m assets acquired. These are useful E&E disclosures but do not supply a complete FY2025 Group asset-and-equity statement.
FY2025 Group liabilities were A$1.900m, including A$0.600m current contingent consideration and a A$0.628m non-current rehabilitation provision. The accompanying issuer explanation relates that provision to the Granville Project. No parent-only FY2025 totals are used to fill the missing Group totals.
Reported total assets, liabilities and equity through FY2024
A$ million
Total assetsTotal liabilitiesTotal equity / net assets
AI-generated presentation · values from Reported financial position through FY2024; no missing values plotted as zero.
Exploration and evaluation assets at each year end
A$ million
Exploration and evaluation net book value
AI-generated presentation · values from Exploration and evaluation assets at each year end; no missing values plotted as zero.
Reported financial position through FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 5.242 | 4.624 | 9.513 | 7.964 |
| Total liabilities | 0.143 | 0.445 | 0.616 | 0.180 |
| Total equity / net assets | 5.099 | 4.179 | 8.897 | 7.784 |
A$ million. FY2021 is the company financial statement; the later reported position is presented in the available annual-extraction records, including consolidated Group records for FY2024.
The frozen FY2025 packet supplies selected Group liabilities and the exploration-and-evaluation note, but not a corresponding Group total-assets or total-equity line. Parent-only FY2025 totals are deliberately not substituted into this trend.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration and evaluation assets at each year end
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation net book value | 0.333 | 2.159 | 4.172 | 5.167 | 8.731 |
A$ million; closing reported carrying amounts. FY2025 is the E&E note closing balance, not expenditure incurred or acquired assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 Group liabilities and exploration-and-evaluation accounting
A$ million
| Metric | FY2025 |
|---|---|
| Total liabilities | 1.900 |
| Total current liabilities | 1.271 |
| Rehabilitation provision (non-current) | 0.628 |
| Exploration and evaluation expenditure incurred | 2.075 |
| Exploration and evaluation assets acquired | 1.488 |
A$ million; these are selected FY2025 Group statement and note disclosures, not a reconstructed balance sheet.
FY2025 E&E expenditure incurred and acquired E&E assets are movements/components, not interchangeable closing balances. The five-year closing E&E series is shown separately.
The rehabilitation provision is tied in the saved issuer explanation to the Granville Project; the packet also records A$0.600m contingent consideration within current liabilities.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
FY2025 acquisition accounting and later Webbs agreement are distinct events
Spero brought the Montezuma project into the portfolio, while Webbs Consol reached a maiden resource milestone during FY2025. The reported 1.6Mt resource is a geological estimate, not a reserve, produced metal or the accounting value of the project.
On 1 September 2025, after year end, Lode announced a binding agreement to divest Webbs Consol and Webbs Consol Expanded to Rapid Critical Metals: A$3m cash on completion, A$0.75m after 12 months, 115m Rapid shares and a 2% NSR royalty. The agreement is not presented as FY2025 cash, earnings or a completed sale.
Reading the figures
- All displayed monetary amounts are A$ million and originate as whole Australian-dollar values converted by 1e-6; brackets denote negative amounts.
- FY2021 is an individual-company financial statement. FY2024 and FY2025 sources expressly refer to Group/consolidated reporting. The review does not substitute parent-only FY2025 assets or equity for unavailable Group totals.
- The source packet contains conflicting wording on the IPO date in one FY2021 claim versus multiple saved listing/quotation claims. The reader report uses the repeatedly stated 2021 ASX quotation timing and records this source conflict in the coverage review.
- The FY2025 Webbs divestment item is subsequent to the reporting date and is not treated as FY2025 performance, cash or completion.
- Exploration, drill and resource disclosures provide project context only; no production, sales, reserve, valuation or investment conclusion 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
- Lode Resources Ltd - Annual Report, AGM Notice of Meeting & Proxy FormExisting annual extraction, including separately identified historical comparatives.
- Lode Resources Ltd - Annual Report, AGM Notice and ProxyExisting annual extraction, including separately identified historical comparatives.
- Lode Resources Ltd - Annual Report, AGM Notice and ProxyExisting annual extraction, including separately identified historical comparatives.
- Lode Resources Ltd - Annual Report/Notice of AGM/Proxy FormExisting annual extraction, including separately identified historical comparatives.
- Lode Resources Ltd - Annual Report, AGM Notice and ProxyExisting 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
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