Lefroy Exploration remained an exploration-led Group through FY2021–FY2025. Recurrent operating and investing cash outflows were supported by share funding, while the exploration asset base expanded; the FY2025 Lucky Strike arrangement was a conditional development pathway rather than reported 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.
Consolidated closing cash.
Carrying amount, not a mineral valuation.
Statutory operating cash outflow.
Non-cash exploration/evaluation expense.
The five-year story moves from Burns drilling and the Location 45 mineral-rights acquisition to a proposed profit-sharing route at Lucky Strike. Equity funding supported that exploration strategy, while the income statement continued to record losses.
These are consolidated Group accounts for 30 June year ends. Exploration carrying values measure capitalised expenditure, while the Lucky Strike arrangement remained a conditional route toward future mining.
The year included drilling across the portfolio and the Burns Au/Cu result. Gold Fields settled a Western Lefroy shortfall with cash and the Coogee South excision; the reimbursement is separately visible in investing cash flow.
Exploration concentrated on Eastern Lefroy and Burns. Gold Fields elected to seek 70% at Western Lefroy through a further expenditure commitment, which is a partner project commitment rather than Group revenue.
The annual record describes a maiden Burns Central resource and the Location 45 acquisition, expanding the Lefroy tenure and resource base. Neither is presented as annual sales revenue.
Lefroy became manager of the Western Lefroy JV after Stage 2 was not completed. It also put further nickel exploration on hold while focusing on gold assets.
BML became statutory mine operator and funder under a profit-sharing arrangement, with cost recovery preceding a 50:50 net-profit split. The toll-milling slot is future-facing and is not reported FY2025 production or cash flow.
The balance sheet gives the clearest view of the scale of capitalised exploration relative to liquid cash. The FY2025 bridge shows why the carrying-value movement cannot be substituted with the cash-flow exploration-payment line.
Glenayle tenure forfeiture caused the latest non-cash write-off. At Location 45, the royalty arrangement is 4% NSR, with a minimum A$0.100m annual royalty from 1 July 2026 and top-up if required. A separate A$0.100m annual exploration-spend obligation is not conditional on production; excess spend can carry forward one year. Payments above the royalty minimum depend on successful development.
A$ million
AI-generated presentation · values from Consolidated loss, cash and balance-sheet record; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Consolidated loss, cash and balance-sheet record; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss attributable to owners | (1.133) | (2.385) | (3.002) | (3.187) | (2.573) |
| Cash and cash equivalents at year end | 3.354 | 4.248 | 0.442 | 1.348 | 1.680 |
| Exploration and evaluation assets | 11.784 | 15.619 | 19.491 | 22.522 | 23.862 |
| Total assets | 15.285 | 20.437 | 21.374 | 24.992 | 25.748 |
| Total equity | 14.684 | 18.998 | 20.127 | 24.019 | 24.979 |
| Total liabilities | 0.601 | 1.439 | 1.247 | 0.973 | 0.769 |
Consolidated statutory statements; years ended 30 June. Issuer amounts in A$ thousands are rendered as A$ millions.
Exploration and evaluation assets are accounting carrying amounts, not mineral-resource valuations, cash or a project valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Opening exploration and evaluation assets | 22.522 |
| Other exploration costs incurred during the year | 2.164 |
| Change in rehabilitation provision | (0.001) |
| R&D tax incentive recognised/received | (0.041) |
| Impairment expense | (0.782) |
| Closing exploration and evaluation assets | 23.862 |
Accounting bridge: 22.522 + 2.164 − 0.001 − 0.041 − 0.782 = 23.862 (A$ million). The displayed arithmetic is the issuer’s reconciled movement, not an estimate.
The separate FY2025 exploration cash payment was A$1.989m and the cash R&D incentive received was A$0.756m; those cash-flow lines must not replace these recognised bridge movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The cash-flow statement distinguishes operating cash use, investing cash use and equity funding. The FY2021 investing result includes the Gold Fields shortfall reimbursement and a share-sale receipt, so it should not be interpreted as operating cash generation.
FY2023 is the cash-pressure point: external financing did not cover combined operating and investing outflows, and cash fell. Later share issues and R&D receipts helped replenish liquidity. Lease liabilities remain part of Group liabilities; the accounts present no separate conventional borrowing line.
The 16 July 2025 BML facility committed A$2.5m after the year end, at 8% with advances offset against Lefroy’s profit entitlement and limited recourse to Lucky Strike. It is not FY2025 closing cash. Directors and the unmodified audit report flagged a material going-concern uncertainty if expected funding or profit-share receipts were delayed and replacement capital could not be raised.
A$ million
AI-generated presentation · values from Cash use, exploration lane and equity funding; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Cash use, exploration lane and equity funding; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash outflow from operating activities | (0.986) | (1.671) | (1.833) | (2.833) | (1.449) |
| Net cash outflow from investing activities | (1.050) | (3.388) | (5.237) | (2.104) | (1.242) |
| Payments for exploration and evaluation activities | (2.847) | (3.930) | (5.213) | (3.022) | (1.989) |
| Proceeds from issues of shares | 4.772 | 6.300 | 3.488 | 6.285 | 3.300 |
| Payments of share issue costs | (0.289) | (0.319) | (0.165) | (0.381) | (0.216) |
| Net cash inflow from financing activities | 4.483 | 5.953 | 3.264 | 5.843 | 3.023 |
Cash-flow statement rows. Brackets denote cash outflow; proceeds from share issues and financing totals are cash inflows.
Exploration/evaluation payments are a component of investing cash flow, while the capitalised exploration balance is an accrual accounting measure. They are retained separately.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Research and development tax incentive received | 0.563 | 0.000 | 0.941 | 0.756 |
| Lease-principal payments | (0.028) | (0.059) | (0.061) | (0.061) |
R&D cash receipts are classified in investing activities; lease principal is within financing. FY2023 recognised a A$0.941m R&D deduction in the exploration asset note, with the same amount received in FY2024. Recognition and cash receipt are different periods.
FY2021 investing cash additionally included A$1.381m Gold Fields shortfall reimbursement and A$0.421m share-sale proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The reported loss should not be read as a proxy for either operating cash use or annual exploration spend. Selected expense lines show the material corporate cost and non-cash share-based payment components, while the statutory cash-flow statement remains the basis for cash consumption.
FY2025 includes the A$0.782m exploration/evaluation impairment in the income statement and in the asset bridge. It is retained once in each relevant context, rather than being treated as a cash payment or netted against exploration cash expenditure.
A$ million
AI-generated presentation · values from Consolidated loss, cash and balance-sheet record; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Loss composition: selected recurring and non-cash expenses; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest and other income | 0.073 | 0.011 | 0.039 | 0.112 | 0.092 |
| Legal, professional and consulting expenses | (0.478) | (0.825) | (0.765) | (0.669) | (0.374) |
| Directors fees | (0.150) | (0.147) | (0.285) | (0.344) | (0.455) |
| Salaries and wages expenses | (0.208) | (0.342) | (0.658) | (0.704) | (0.192) |
| Share-based payment expense | (0.101) | (0.718) | (0.808) | (1.107) | (0.388) |
| Accommodation expenses | (0.033) | (0.015) | (0.034) | (0.067) | (0.088) |
| Travel expenses | (0.019) | (0.018) | (0.051) | (0.053) | (0.030) |
| Interest expense | 0.000 | (0.005) | (0.009) | (0.007) | (0.005) |
| Depreciation expense | 0.000 | (0.067) | (0.081) | (0.097) | (0.072) |
| Other expenses | (0.185) | (0.259) | (0.350) | (0.251) | (0.279) |
Expenses retain their issuer-presented negative sign. Share-based payment is a non-cash expense, not operating cash paid in the period.
FY2021 additionally included A$0.032m loss on financial assets. Nil FY2021 interest/depreciation uses explicit FY2022 comparative evidence. FY2025 separately records A$0.782m impairment in the asset bridge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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