FY2021
Mawson drilling funded by option exercises
Legend conducted 46 diamond holes at Mawson and described approximately A$13.5 million of exploration expenditure. The cash-flow statement records A$3.140 million of capital-raising proceeds.
ASX: LEG · Five-year financial review
(ASX: LEG) Legend Mining Limited Financial Review - FY2021~25
Legend Mining’s exploration cash spending slowed, while tenure relinquishments brought larger accounting write-downs. This five-year review separates cash funding, R&D refunds and the value of exploration assets carried on the balance sheet.
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.
Exploration-stage scope
No mining revenue
The Group remained in exploration and evaluation.
FY2025 employee headcount
5
Down from eight at FY2024 year end.
FY2025 dividend
None
No dividend was paid or recommended.
FY2025 claim refund timing
20 Feb 2026
A$0.811m R&D refund was received after the FY2025 balance date.
Five years in context
Legend’s principal activity throughout the selected period was exploration for nickel and copper deposits in Australia. It remained in exploration and evaluation and did not receive mining revenue, so this review does not invent production, sales or valuation trends.
The reports are prepared in Australian dollars and reader tables consistently present financial-statement records in A$ million; Group/consolidated scope is used where established by the saved record.
Events behind the numbers
FY2022
Final Jindal receivable received
Legend received the final A$0.500 million Jindal principal payment in March 2022, ending the remaining receivable from the Cameroon Iron Ore project sale.
FY2023
Fresh equity supported exploration
A capital raising supplied funding while investing activities continued to use cash. Most of the year’s exploration impairment related to relinquished tenure.
FY2024
Weather disruption and tenure rationalisation
Exceptional rainfall delayed Rockford access. Legend reduced managed tenure from 1,087 km² to 641 km², lowering stated minimum annual expenditure commitment from A$1.78 million to A$651,000.
FY2025
Tenure-linked impairment reduces carrying value
Relinquished tenure accounted for most exploration impairment. The workforce also contracted, from eight employees to five at year end.
FINANCIAL REVIEW / 01
Cash, losses and funding are separate financial lanes
Cash declined through the five balance dates, but the decline slowed as exploration payments fell. Book losses did not follow cash spending: non-cash exploration write-downs became a larger influence on the result.
The income-tax row is shown separately from the cash-flow series. FY2024’s saved tax-note sign convention has been normalised to a positive stated benefit, with its small saved pre-tax-to-net reconciliation discrepancy disclosed in the table evidence.
The financing pattern was not uniform after FY2021: FY2023 includes A$6.000 million of capital-raising proceeds, whereas FY2022, FY2024 and FY2025 show small financing outflows. Investing cash changed sign in FY2024 and FY2025 because R&D incentive cash receipts are classified in investing activities.
Closing cash across the five balance dates
A$ million
Cash and cash equivalents — closing balance
AI-generated presentation · values from Group liquidity and deferred exploration carrying balance; no missing values plotted as zero.
Operating, investing and financing cash-flow subtotals
A$ million
Net cash from/(used in) operating activitiesNet cash from/(used in) investing activitiesNet cash from/(used in) financing activities
AI-generated presentation · values from Group statutory loss, tax and cash-flow subtotals; no missing values plotted as zero.
Group liquidity and deferred exploration carrying balance
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents — closing balance | 18.258 | 12.711 | 11.526 | 11.101 | 10.432 |
| Deferred exploration costs — closing carrying amount | 34.930 | 40.176 | 39.876 | 36.074 | 25.953 |
All amounts are A$ million. Source financial statements are expressed in whole Australian dollars.
Cash is a Group statutory balance. Deferred exploration costs are an accounting carrying amount, not exploration cash spending, a resource estimate or a project valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group statutory loss, tax and cash-flow subtotals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (0.066) | (1.491) | (5.019) | (5.248) | (11.848) |
| Income tax benefit/(expense) (FY2024 normalised) | 0.070 | (0.512) | 0.392 | 0.266 | 0.000 |
| Net cash from/(used in) operating activities | 0.223 | (0.472) | (0.776) | (0.697) | (0.869) |
| Net cash from/(used in) investing activities | (10.175) | (4.982) | (6.103) | 0.371 | 0.299 |
| Net cash from/(used in) financing activities | 3.019 | (0.094) | 5.694 | (0.099) | (0.099) |
All amounts are A$ million. Brackets are outflows/losses. Net loss and income tax are statutory accounting performance; cash-flow classifications are different measures.
The positive FY2024 and FY2025 investing subtotals do not represent mining revenue. They include R&D incentive cash receipts alongside exploration and other investment movements.
FY2023 financing cash includes a capital raising; FY2021 financing cash also includes option-exercise-era capital proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Exploration cash and R&D receipts explain investing movements
Lower exploration payments and the timing of R&D refunds explain the switch to positive investing cash in the final two years. This was not a transition to mining sales. Earlier Jindal collections also helped operating cash and the accounting result.
FY2025’s A$1.775 million cash receipt relates to the preceding year’s R&D claim. It is distinct from the A$0.811 million FY2025 accrual and the FY2025 claim refund received after balance date.
Exploration cash payments and R&D incentive receipts
A$ million
Payments for deferred exploration costsReceipt of R&D tax incentive grant
AI-generated presentation · values from Exploration cash, R&D incentive receipts and financing context; no missing values plotted as zero.
Exploration cash, R&D incentive receipts and financing context
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for deferred exploration costs | (13.113) | (7.912) | (6.070) | (2.709) | (1.476) |
| Receipt of R&D tax incentive grant | 3.380 | 2.935 | 0.000 | 3.082 | 1.775 |
| Lease principal cash payments | (0.091) | (0.094) | (0.095) | (0.099) | (0.099) |
All amounts are A$ million. Exploration payments are cash-flow amounts and differ from the accruals-basis exploration carrying-value movement.
The FY2023 R&D receipt is an explicit nil. FY2024 and FY2025 R&D receipts are investing cash inflows, not revenue.
Lease principal is financing cash flow. Capital-raising cash appears separately below; zero-exercise-price options are not cash raisings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Jindal receivable recovery and receipt — FY2021 to FY2023
A$ million
| Metric | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Impairment loss recovery on Jindal receivable | 1.500 | 0.500 | 0.000 |
| Proceeds from Jindal receivable | 1.500 | 0.500 | 0.000 |
A$ million. The final A$0.500 million principal receipt was received in March 2022. These recovery/receipt measures are distinct from exploration impairment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Capital-raising cash movements — FY2021 to FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Gross proceeds from capital raising | 3.140 | 0.000 | 6.000 | 0.000 |
| Cash transaction costs of capital raising | (0.030) | 0.000 | (0.211) | 0.000 |
A$ million. These are cash-flow components, retained separately from the net financing subtotal. FY2025 financing cash is retained in the five-year statutory cash-flow table; no FY2025 capital-raising zero is inferred from an absent cash-proceeds row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
FY2025 loss was dominated by exploration impairment
FY2025 statutory net loss was shaped by a material non-cash exploration impairment, while finance revenue and recurring employee, corporate, other, financial and share-based-payment lines remained separately reported. The multi-year driver table retains available comparable components rather than blending the Jindal recovery into exploration impairment.
The impairment is not cash burn. The statutory cash-flow and exploration-payment rows are retained separately, while the bridge explains the accounting carrying-value movement.
Selected statutory income and cost drivers
A$ million
Finance revenueEmployee benefit expensesOther expensesCorporate and administration expensesShare-based payments expense
AI-generated presentation · values from Selected statutory income and cost drivers — FY2021, FY2022, FY2023 and FY2025; no missing values plotted as zero.
FY2025 deferred exploration carrying-value bridge
A$ million
Opening carrying amountExploration expenditure incurred (accruals basis)R&D rebate reimbursement (accrual)Impairment of exploration expenditureClosing carrying amount
AI-generated presentation · values from FY2025 deferred exploration costs: accounting carrying-value bridge; no missing values plotted as zero.
Selected statutory income and cost drivers — FY2021, FY2022, FY2023 and FY2025
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2025 |
|---|---|---|---|---|
| Other income | 0.027 | 0.013 | 0.051 | 0.000 |
| Finance revenue | 0.133 | 0.218 | 0.592 | 0.525 |
| Employee benefit expenses | (0.232) | (0.285) | (0.327) | (0.563) |
| Financial expenses | (0.004) | (0.002) | (0.004) | (0.006) |
| Other expenses | (0.068) | (0.079) | (0.076) | (0.072) |
| Corporate and administration expenses | (0.945) | (1.116) | (1.074) | (0.656) |
| Share-based payments expense | (0.547) | (0.226) | (1.075) | (0.069) |
A$ million. FY2022 other expenses use the FY2023 annual statement’s same-scope FY2022 comparative of A$0.079 million, after separately identifying the A$0.002 million exploration impairment.
FY2024 is intentionally not inserted in this panel because a comparably complete saved driver set was not selected; its statutory loss, tax and cash-flow totals remain in the five-year table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration impairment expense — selected comparable statutory records
A$ million
| Metric | FY2022 | FY2023 | FY2025 |
|---|---|---|---|
| Impairment of exploration expenditure | (0.002) | (3.498) | (11.007) |
A$ million. This is exploration-expenditure impairment only; it is not the Jindal receivable recovery.
FY2024 is not inserted: its saved audit-matter disclosure gives A$4.726m, while the following annual report’s exploration note comparative gives A$4.718m. These differing records are not silently reconciled.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 deferred exploration costs: accounting carrying-value bridge
A$ million
| Metric | FY2025 |
|---|---|
| Opening carrying amount | 36.074 |
| Exploration expenditure incurred (accruals basis) | 1.697 |
| R&D rebate reimbursement (accrual) | (0.811) |
| Impairment of exploration expenditure | (11.007) |
| Net reduction in carrying amount (calculated: closing − opening) | (10.121) |
| Closing carrying amount | 25.953 |
A$ million. This is an accruals-basis carrying-value bridge, not an exploration cash-flow bridge.
The A$0.811 million R&D rebate is an FY2025 accrual reducing the carrying balance. The separate A$1.775 million cash receipt in FY2025 relates to the prior-year claim; the FY2025 claim refund was received after year end on 20 February 2026.
The A$11.007 million impairment is a non-cash charge; saved disclosure says most related to relinquished tenure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Group assets, liabilities and equity / net assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets (FY2025 calculated: net assets + liabilities) | 54.195 | 53.788 | 55.224 | 49.553 | 37.737 |
| Total liabilities | 0.773 | 1.631 | 1.282 | 0.748 | 0.712 |
| Total equity / net assets | 53.422 | 52.157 | 53.942 | 48.804 | 37.025 |
A$ million. FY2021–FY2024 are direct Group statutory statement lines. FY2025 total assets is a disclosed-basis calculation from Group net assets and total liabilities.
FY2021 equity uses the original consolidated statutory value, not the inconsistent later comparative. No parent-only position series is used.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Tenure decisions changed commitments and accounting balances
Legend’s FY2024 tenure rationalisation was presented as capital conservation in a weak nickel setting. The FY2025 disclosure says most exploration impairment related to tenure relinquishment; the report links the events without treating impairment as a production outcome.
FY2025 disclosed approximately A$0.681 million of exploration-tenement commitments for the following 12 months. This is future expenditure, not a booked liability or a cash-flow amount in these tables.
Reading the figures
- Legend is an exploration-stage group. The selected records establish no mining revenue, so the report does not infer production, sales, reserve value or valuation trends.
- All financial series are A$ million after explicit whole-dollar conversion. Accounting loss, capitalised exploration carrying value, exploration cash payments and R&D accruals are not treated as the same measure.
- FY2025 total assets is calculated from reported Group net assets plus total liabilities. FY2024 tax-note and net-loss records differ by A$0.003m in their reconciliation; the reported loss and stated tax benefit are preserved.
- This review is against saved annual extraction records only, not a new original-document audit or 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
- Legend Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legend Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legend Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legend Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Legend Mining 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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