FY2021
Operating predecessor before the IPO
The year closes before the July Holding-company acquisition and September ASX quotation. Those subsequent events are not FY2021 IPO cash.
ASX: LGM · Five-year financial review
(ASX: LGM) Legacy Minerals Holdings Limited Financial Review - FY2021~25
Legacy Minerals’ record moves from an FY2021 operating predecessor into the listed Holding Group. Thereafter, statutory losses and operating cash outflows persisted while capital raisings and farm-in funding supported exploration cash deployment and an expanding exploration-and-evaluation carrying balance.
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$5.361m
Statutory cash at 30 June 2025.
FY2025 exploration assets
A$7.764m
Carrying amount, not a resource valuation.
FY2025 exploration cash payments
A$4.206m
Investing cash outflow.
FY2025 reported loss
A$(2.082)m
Saved Group annual narrative.
Five years in context
FY2021 is Legacy Minerals Pty Ltd, before the Holding company acquired it on 5 July 2021. From the subsequent IPO, the business expanded exploration with shareholder capital and partner-funded programs.
Management fees, farm-in consideration and a tenement disposal helped earnings without establishing product-sales revenue. Partner funding also contributed to financing cash flow, separately from recognised income.
Events behind the numbers
FY2022
IPO-funded exploration
September 2021 IPO funds appear in this financial year’s capital-raising cash, supporting an expanded exploration program.
FY2023
Newmont farm-in agreed
The Bauloora arrangement set staged expenditure and drilling requirements for Newmont to earn an interest. Partner funding and management fees started appearing on different financial-statement lines.
FY2024
Mulholland sold and partnerships expanded
Mulholland completion in November 2023 brought mixed cash/share consideration; the income statement records a disposal gain. Bauloora partner-funded exploration remained distinct from fee income.
FY2025
Placements and a later approval
December placement/SPP funding was followed by May placement commitments. July 2025 shareholder approvals fall after the balance date, so the commitment amount is not equated with FY2025 cash proceeds.
FINANCIAL REVIEW / 01
Financial position: exploration growth is not a resource valuation
Capitalised exploration dominates the asset mix. In FY2025, additions of A$2.781m raised the carrying balance with no accumulated E&E impairment recorded; the separate financial-investment impairment does not write down the exploration portfolio.
The latest Group total assets is explicitly calculated from net assets plus liabilities. The earlier years use reported totals, with FY2021 preserved on its predecessor basis.
Closing cash and net assets
A$ million
Cash and cash equivalentsNet assets / total equity
AI-generated presentation · values from Financial position at 30 June (predecessor in FY2021; Group thereafter); no missing values plotted as zero.
Exploration and evaluation carrying amount
A$ million
Exploration and evaluation assets (carrying amount)
AI-generated presentation · values from Financial position at 30 June (predecessor in FY2021; Group thereafter); no missing values plotted as zero.
Financial position at 30 June (predecessor in FY2021; Group thereafter)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 0.753 | 2.766 | 1.624 | 3.011 | 5.361 |
| Exploration and evaluation assets (carrying amount) | 0.176 | 1.970 | 3.704 | 4.983 | 7.764 |
| Total assets (FY2025 calculated: net assets + liabilities) | 1.289 | 5.115 | 5.740 | 8.830 | 14.006 |
| Total liabilities | 0.478 | 0.255 | 0.713 | 1.498 | 0.658 |
| Net assets / total equity | 0.810 | 4.860 | 5.028 | 7.333 | 13.348 |
A$ million from statutory dollar observations. FY2021 is the predecessor company, not a full-year listed Holding Group comparison.
FY2025 total-assets line is shown as the reported net-assets figure plus liabilities only where the packet does not retain a face total-assets record; do not read it as a separately reported line.
Exploration and evaluation is a carrying amount, not a mineral-resource valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Shareholder and partner funding supported cash deployment
FY2023 cash declined because operating and investing outflows exceeded financing inflows. The following two years reversed that cash movement, but financing includes partner money as well as equity.
Partner cash, unspent funds payable and management fees have different accounting roles. Some exploration costs funded by others are not recognised as Group exploration assets, helping explain why cash exploration payments cannot be substituted for capitalised additions.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash used in investing activitiesNet cash generated from financing activities
AI-generated presentation · values from Cash deployment and funding; no missing values plotted as zero.
Exploration cash payments
A$ million
Payments for exploration and evaluation costs
AI-generated presentation · values from Cash deployment and funding; no missing values plotted as zero.
Cash deployment and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.508) | (1.717) | (0.845) | (0.995) | (1.888) |
| Net cash used in operating activities | (0.508) | (1.717) | (0.845) | (0.732) | (1.838) |
| Payments for plant and equipment | (0.088) | (0.063) | (0.066) | (0.097) | (0.035) |
| Payments for exploration and evaluation costs | (0.095) | (1.656) | (2.006) | (3.339) | (4.206) |
| Net cash used in investing activities | (0.223) | (1.767) | (2.119) | (3.452) | (4.352) |
| Proceeds from capital raisings | 1.267 | 5.801 | 1.206 | 3.003 | 8.604 |
| Payments for capital-raising costs | (0.052) | (0.304) | (0.006) | (0.218) | (0.507) |
| Net cash generated from financing activities | 1.395 | 5.497 | 1.823 | 5.571 | 8.539 |
Negative values are cash outflows. Exploration payments are an investing component and not a substitute for net investing cash flow.
Capital-raising proceeds and costs are shown separately from the financing subtotal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Newmont: funding cash is not management-fee income
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Newmont funding — financing cash flow | 0.623 | 2.787 | 0.504 |
| Newmont management-fee income | 0.062 | 0.264 | 0.050 |
Partner cash is recorded in financing while the management fee is recognised in other income; these are not interchangeable measures. FY2024 unspent Newmont funding of A$0.629781m was a payable.
FY2021 financing also included A$0.180m share-application cash. FY2025 financing includes A$0.060936m lease-principal outflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Disposal gains and fees softened the FY2024 loss
The narrower FY2024 loss benefited from Mulholland’s A$0.252990m accounting gain plus higher fee/farm-in income. The sale’s consideration included shares and deferred cash: the gain is neither sale proceeds received in cash nor recurring mine revenue.
FY2025 financial-asset impairment and share consideration remain separate from cash receipts and E&E impairment. Equity-settled capital-raising costs also belong to issued capital rather than being inserted into the profit-and-loss cost series.
Statutory loss attributable to members
A$ million
Net loss attributable to members
AI-generated presentation · values from Statutory loss attributable to members; no missing values plotted as zero.
Statutory loss attributable to members
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss attributable to members | (0.855) | (2.073) | (0.947) | (0.479) | (2.082) |
Negative values are losses. FY2021 is predecessor information. FY2025 uses the saved annual narrative because the available reconciliation presents the magnitude unsigned.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Profit or loss composition (FY2021-FY2024; predecessor in FY2021)
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total income (including FY2024 disposal gain) | 0.000 | 0.000 | 0.062 | 0.667 |
| Employee expenses | 0.061 | 0.307 | 0.185 | 0.265 |
| Administration expenses | 0.573 | 1.229 | 0.782 | 0.814 |
| Depreciation – plant and equipment | 0.004 | 0.030 | 0.042 | 0.067 |
| Share-based payment expense (FY2024 calculated residual) | 0.217 | 0.506 | 0.000 | 0.000 |
| Total expenses | 0.855 | 2.073 | 1.009 | 1.146 |
Expense lines are positive magnitudes; the loss table retains the signed result. FY2024 income includes A$0.252990m disposal gain and A$0.413919m other income.
FY2021 employee/admin uses the original classification; the next comparative reallocates A$0.005370m from admin to employee, without changing total expenses.
FY2024 employee, administration and depreciation fully account for total expenses; the zero remaining expense is explicitly calculated. Share-based amounts recorded as issued-capital transaction costs in FY2024/FY2025 are not P&L expenses.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 saved income and non-cash detail (not a reconstructed P&L)
A$ million
| Metric | FY2025 |
|---|---|
| Other income – total | 0.088 |
| Other income – Hill Tops consideration | 0.038 |
| Impairment expense – financial assets | (0.221) |
The financial-asset revaluation loss is not an exploration-and-evaluation impairment. Hill Tops consideration is in shares, not cash. Newmont fee is shown in the partner table. The remaining A$223 between total income and these two components is not separately labelled by the saved records.
A complete FY2025 face P&L is not retained in the supplied annual extraction; its employee/admin breakdown remains unavailable within this source boundary.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- All periods end 30 June and values are A$ million unless stated. FY2021 is predecessor information, while FY2022-FY2025 are Group/holding-company annual-record context.
- FY2025 total assets is disclosed as a calculation from reported net assets plus liabilities; it is not a separately retained face-statement fact.
- The packet has no complete FY2025 face P&L. Its loss and specific saved income/non-cash details are shown without inventing absent expense rows.
- No production, product-sales revenue, resource valuation, dividend or trading 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
- Legacy Minerals Holdings Limited - Annual Reports to Shareholders 2021Existing annual extraction, including separately identified historical comparatives.
- Legacy Minerals Holdings Limited - Annual Report to Shareholders 2022Existing annual extraction, including separately identified historical comparatives.
- Legacy Minerals Holdings Limited - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Legacy Minerals Holdings Limited - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Legacy Minerals Holdings Limited - 2025 Annual ReportExisting 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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