FY2021
IPO and initial portfolio
The company was spun out through a A$9m IPO and admitted to ASX in May 2021; its first accounts cover a short post-incorporation period.
ASX: LEL · Five-year financial review
(ASX: LEL) LE Minerals Limited Financial Review - FY2021~25
LE Minerals moved from IPO-funded exploration to a large Solaroz cash receipt. At June 2025, however, the sale was only partly completed: higher cash came with a substantial consideration liability, not a recognised sale profit.
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$43.153m
Cash and cash equivalents at 30 June 2025.
FY2025 investing cash
A$43.271m
Net cash inflow, dominated by Solaroz Tranche 1 receipts.
FY2025 assets
A$78.417m
Consolidated total assets.
FY2025 equity
A$23.372m
Consolidated total equity.
Five years in context
The review starts with a short first reporting period following incorporation in January 2021 and the May IPO. Early financial movements consequently include establishment funding and exploration expenditure rather than operating mine revenue.
The FY2025 numbers need a transaction boundary. Solaroz was still controlled at 30 June 2025, while the first tranche of its sale had completed and the remaining tranche was pending; the consideration was recorded as a liability pending completion. This explains why the balance sheet and investing cash flow cannot be read as ordinary operating performance.
Events behind the numbers
FY2022
Exploration programme and subsequent survey milestone
The FY2022 report describes Solaroz geophysics and a planned drilling programme; it also records that TEM survey data collection was completed in September 2022, after the 30 June 2022 balance date. Operating cash use for FY2022 was A$1.416m.
FY2023
Two placements and early Solaroz option exercise
September and June placements supported exploration. Early exercise of the Solaroz concession option secured a disclosed discount to the remaining option price.
FY2024
Solaroz sale agreement and held-for-sale presentation
The 90% Solaroz sale agreement was conditional. The group reported A$24.960m assets held for sale and A$0.126m associated liabilities, rather than completed-sale income.
FY2025
First sale tranche completed, second pending
A 39.9% Solaroz interest was disposed of in April 2025; A$50.370m cash receipts were reported while 50.1% remained controlled pending Tranche 2.
FINANCIAL REVIEW / 01
Income is not mineral sales; cost composition matters
The selected income rows are interest, foreign-exchange and other income rather than mineral sales. The FY2025 income figure is the all-segment total, while the statutory loss is separately split between continuing and discontinued operations.
Non-cash share-based payments dominated the FY2023 loss. Their subsequent fall explains much of the change in the reported result; personnel costs and foreign-exchange losses still mattered in FY2024.
The latest continuing-business cost table has a different perimeter from the earlier Group tables. The separate result bridge retains Solaroz’s discontinued loss and distinguishes translation OCI from profit or loss.
Statutory loss after income tax
A$ million
Loss after income tax / total loss for year
AI-generated presentation · values from Exploration-stage income and statutory loss; no missing values plotted as zero.
FY2021–FY2024 Group cost drivers
A$ million
Personnel expensesShare-based paymentsCorporate expensesAdministration expenses
AI-generated presentation · values from FY2021–FY2024 Group cost composition; no missing values plotted as zero.
Exploration-stage income and statutory loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total revenue and income / all-segment income | 0.038 | 0.103 | 0.515 | 0.175 | 0.739 |
| Loss after income tax / total loss for year | (1.128) | (2.305) | (12.067) | (4.824) | (6.122) |
Amounts are A$ million, consolidated statutory statements. Income is principally interest, foreign-exchange and other income; it is not mineral sales revenue.
FY2025 income is the explicitly labelled all-segment total, rather than the continuing-operations row; it is not mineral sales and it remains distinct from the FY2025 continuing/discontinued loss split below.
FY2025 OCI and comprehensive result are presented only in the separate FY2025 statutory bridge, avoiding duplicate display.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2021–FY2024 Group cost composition
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Personnel expenses | (0.174) | (0.445) | (1.183) | (2.572) |
| Share-based payments | (0.762) | (1.368) | (10.052) | (0.134) |
| Corporate expenses | (0.193) | (0.231) | (0.836) | (0.645) |
| Occupancy expenses | (0.003) | (0.043) | (0.038) | (0.086) |
| Net finance income / (expense) | (0.000225) | 0.005322 | (0.002910) | (0.079349) |
| Foreign-exchange gain / (loss) | 0.037 | 0.082 | 0.191 | (0.803) |
| Exploration and evaluation expense | 0.000 | (0.013) | (0.009) | (0.045) |
| Administration expenses | (0.036) | (0.314) | (0.461) | (0.564) |
A$ million, Group statutory scope. FY2022 finance is explicitly a net-income credit; its positive sign is retained. Finance is shown with additional decimals to preserve the small FY2021 expense.
FY2022 corporate and administration expenses use the original-year classification. The following report reallocates amounts between those two categories without changing their combined total. FY2024 also reports A$0.069m spin-out expense, separate from the recurring lines here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 continuing-operations income and cost composition
A$ million
| Metric | FY2025 |
|---|---|
| Interest revenue | 0.346 |
| Personnel expenses | (1.464) |
| Share-based payments | (0.026) |
| Corporate expenses | (0.735) |
| Foreign-exchange loss | (0.956) |
| Occupancy expenses | (0.123) |
| Exploration and evaluation expenses | (0.104) |
| Finance expense | (0.004) |
| Spin-out expenses | (0.365) |
| Administration expenses | (0.371) |
A$ million, continuing operations only. This table is deliberately separate from the FY2021–FY2024 Group table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 Group result: continuing, discontinued and OCI
A$ million
| Metric | FY2025 |
|---|---|
| Loss after tax — continuing operations | (3.801) |
| Loss after tax — discontinued operations | (2.320) |
| Loss for the year — total operations | (6.122) |
| Foreign-currency translation OCI | 0.148 |
| Total comprehensive income / (loss) | (5.974) |
A$ million, consolidated statutory scope. Total loss is the reported continuing-plus-discontinued result; owner-attributable loss is a different allocation and is not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The FY2025 cash step is a transaction effect
Operating cash remained negative throughout. The first Solaroz tranche reversed the investing-cash direction in FY2025, whereas earlier investing had funded concession acquisition and exploration. A deposit of A$2.713m had already been received in FY2024.
Earlier financing inflows reflect the capital-raising phase, including the IPO and A$21.400m FY2023 share issues. The FY2022 dash is an explicit nil disclosure, not an unavailable value. FY2025 financing included borrowing proceeds, while a separate year-end disclosure says no borrowings; the packet does not establish a same-definition reconciliation.
The sharp FY2024 fall in the standalone exploration-asset line primarily reflects a move into held-for-sale assets, not an impairment. The bridge below keeps that reclassification separate from new expenditure. Total held-for-sale assets include more than exploration and cannot substitute for a standalone FY2025 exploration balance.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash from / (used in) investing activitiesNet cash provided by financing activities
AI-generated presentation · values from Cash flows moved from IPO funding to Solaroz transaction proceeds; no missing values plotted as zero.
Closing cash at each June balance date
A$ million
Cash and cash equivalents at year end
AI-generated presentation · values from Cash flows moved from IPO funding to Solaroz transaction proceeds; no missing values plotted as zero.
Cash flows moved from IPO funding to Solaroz transaction proceeds
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (0.385) | (1.416) | (3.894) | (4.614) | (5.195) |
| Net cash from / (used in) investing activities | (1.260) | (0.007) | (13.585) | (2.394) | 43.271 |
| Net cash provided by financing activities | 9.541 | 0.000 | 19.918 | 1.191 | 0.701 |
| Cash and cash equivalents at year end | 7.994 | 6.673 | 9.436 | 3.515 | 43.153 |
Negative figures are cash outflows. FY2022 financing is an explicit issuer-reported dash and is selected as a documented nil claim cell rather than inferred from a blank.
FY2025 investing cash inflow is specifically described in the saved extraction as driven by Solaroz S.A. Tranche 1 sale proceeds; it is not operating revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Share-issue funding before the Solaroz cash inflow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Gross share-issue cash proceeds | 10.232 | 0.000 | 21.400 | 1.200 |
| Share-issue cash costs | (0.691) | 0.000 | (1.482) | (0.013) |
A$ million. FY2021 includes the IPO and other share-subscription cash; gross share proceeds are not identical to the A$9m IPO alone. FY2024 broker option exercises provided cash, unlike the separately disclosed cashless executive exercises.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Borrowing receipts and Axon IPO cash costs
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Proceeds from borrowings | 0.051 | 1.066 |
| Axon Graphite IPO cash costs | (0.047) | (0.365) |
A$ million, financing cash flow. Borrowing proceeds are flows during the year, not an assertion of debt outstanding at year end.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Operating-activity exploration cash classification
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for exploration and evaluation in operating activities | (0.012) | (0.308) | (0.009) | (0.045) | (0.104) |
A$ million, annual cash flows. This classification is distinct from the investing-activity exploration cash table and is not aggregated with it.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration and evaluation carrying value before FY2025 disposal-group presentation
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Exploration and evaluation carrying value | 7.012 | 7.307 | 21.252 | 3.806 |
A$ million, 30 June asset stocks. The packet does not provide a standalone FY2025 exploration-and-evaluation balance; A$24.787m total held-for-sale assets is not substituted for it.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing cash deployment: exploration and tenement acquisition
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Investing cash payments for exploration and evaluation | (7.721) | (5.303) | (2.591) |
| Cash payment for acquisition of tenements | (5.994) | (0.010) | (0.100) |
A$ million, annual cash flows. FY2021–FY2022 exploration payments are classified in operating activities, so they are not forced into this investing-basis table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024 exploration asset reclassification to held for sale
A$ million
| Metric | FY2024 |
|---|---|
| Opening exploration and evaluation carrying value | 21.252 |
| Exploration expenditure incurred | 6.042 |
| Tenement acquisition | 0.010 |
| Reclassification to held for sale | (23.497) |
| Closing exploration and evaluation carrying value | 3.806 |
A$ million. The reclassification is presentation associated with held-for-sale accounting, not an impairment write-off.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A larger FY2025 balance sheet has a pending-completion boundary
Cash and assets rose alongside the consideration liability because Solaroz remained controlled. Tax paid on the first tranche was carried as a deferred tax asset pending the next tranche. Neither the cash receipt nor the liability is presented as a realised sale profit.
LEL securities were suspended during FY2025 after ASX determined that the company did not have a sufficient level of operations for continued quotation. This is included as an issuer-reported corporate-status fact, not a view on future reinstatement or value.
MDCo was acquired on 24 September 2025 for A$2m cash. This is a subsequent event, not FY2025 cash flow or a 30 June balance-sheet component.
Assets, liabilities and equity
A$ million
Total assetsTotal liabilitiesTotal equity
AI-generated presentation · values from Financial position: exploration assets then disposal-related balances; no missing values plotted as zero.
FY2025 Solaroz transaction: cash and accounting measures
A$ million
| Metric | FY2025 |
|---|---|
| Tranche 1 sale cash receipts | 50.370 |
| Tax paid relating to Tranche 1 | (4.722) |
| Related deferred tax asset pending Tranche 2 — balance | 4.722 |
| Investing exploration cash payments | (2.591) |
| Net cash provided by investing activities | 43.271 |
| Tranche 1 consideration liability pending Tranche 2 | 53.171 |
| Assets classified as held for sale | 24.787 |
A$ million. Cash-flow rows are FY2025 flows; liability and held-for-sale rows are 30 June stocks.
A$50.370m cash receipts and A$53.171m consideration liability are different disclosed cash and accounting measures; neither is a recognised sale-profit measure and no reconciliation is inferred.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Financial position: exploration assets then disposal-related balances
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 15.192 | 14.253 | 33.320 | 32.548 | 78.417 |
| Total liabilities | 0.188 | 0.167 | 1.196 | 3.228 | 55.045 |
| Total equity | 15.005 | 14.086 | 32.124 | 29.320 | 23.372 |
Amounts are consolidated totals in A$ million from the selected financial-statement records.
The FY2025 asset and liability step-up follows the partly completed Solaroz transaction: the extraction records consideration as a liability pending the second tranche and continues to consolidate Solaroz at 30 June 2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 covers 14 January to 30 June 2021, not a full twelve-month operating period.
- The report treats the FY2025 Solaroz transaction as partly completed/pending where the saved extraction says so; it does not turn proceeds into operating revenue or completed-sale profit.
- This is an extraction-only review. No original-document audit, valuation, production forecast or investment conclusion is made.
- 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
- LE Minerals Limited - Annual Report - 2021Existing annual extraction, including separately identified historical comparatives.
- LE Minerals Limited - Annual Report - 2022Existing annual extraction, including separately identified historical comparatives.
- LE Minerals Limited - Annual Report - 2023Existing annual extraction, including separately identified historical comparatives.
- LE Minerals Limited - Annual Report - 2024Existing annual extraction, including separately identified historical comparatives.
- LE Minerals Limited - Annual Report - 2025Existing 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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