Locksley Resources expanded from Tottenham copper-gold exploration in New South Wales to Mojave critical minerals in California during FY2021–FY2025. Equity funding paid for exploration and corporate costs, while project acquisitions built the asset base. The financial story is one of funding and deployment, not commercial mine earnings.
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.
Statutory consolidated closing cash.
Continuing-operations statutory loss.
Statutory cash-flow subtotal.
Cash proceeds from ordinary shares.
The exploration programme, rather than sales volumes, explains the operating profile. FY2022 had the largest exploration expense and loss; later results also reflect changing administration, consulting and director costs.
Cash was used in operations in every year. New shares repeatedly replenished funding, while acquisitions added a different kind of value to the balance sheet: capitalised project costs, not cash or proved project economics.
By June 2025, the company held a working-capital surplus, but continued exploration still depended on the pace of spending and access to capital. Subsequent funding announcements must be kept separate from year-end cash.
The Tottenham agreement was subject to a successful ASX listing. The FY2021 record describes a proposed A$5.0m IPO and A$4.2185m received on 22 June 2021; share consideration was issued after the reporting date.
The issuer records drilling, a HeliTEM survey and an Inferred Tottenham Mineral Resource estimate announced in April 2022.
The FY2023 packet records the Mojave transaction agreement; completion occurred on 28 August 2023, after the reporting date, so it is not treated as FY2023 operations.
FY2024 records describe the Mojave acquisition, related consideration and BLM approval for El Campo drilling.
The issuer records a A$1.47m placement to fund Mojave antimony and REE programmes and continued work at Mojave and Tottenham.
The latest loss narrowed with lower exploration, administration and depreciation charges and no P&L share-based payment charge. Small statutory revenue is retained in the table without presenting it as mineral sales. FY2024 administration and directors’ fees were reclassified in the following-year comparative; the table consistently uses the original FY2024 categories.
A$ million
AI-generated presentation · values from Statutory result and principal expense lines; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss for the year | (0.53) | (2.75) | (1.50) | (2.13) | (1.58) |
| Exploration and evaluation expense | (0.05) | (1.67) | (0.61) | (1.01) | (0.82) |
| Statutory revenue (not mineral sales) | 0.00 | 0.04 | 0.07 | 0.03 | 0.02 |
| Administration and other expense | (0.21) | (0.70) | (0.64) | (0.46) | (0.34) |
| Consulting fees | (0.13) | (0.22) | (0.08) | (0.16) | (0.14) |
| Directors’ fees | (0.03) | (0.05) | (0.04) | (0.27) | (0.26) |
| Legal expenses | (0.08) | (0.01) | (0.04) | (0.02) | (0.01) |
| Travel expenses | (0.02) | (0.07) | (0.08) | (0.06) | (0.01) |
| Depreciation and amortisation | (0.02) | (0.07) | (0.07) | (0.06) | (0.02) |
| Finance expenses | (0.001591) | (0.003715) | (0.002039) | (0.000357) | 0.000000 |
A$ million; parentheses are statutory expenses/losses. FY2025 is consolidated continuing operations. FY2024 administration/directors values use the original FY2024 statement, not the differently classified FY2025 comparative.
The packet identifies mineral exploration as the operating segment; small disclosed revenue is not presented as mine sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The IPO spans the reporting cut-off: most subscription cash was held in trust before June 2021, with the remaining subscription proceeds in the following year. The full IPO headline must not be counted as new FY2022 cash on top of those earlier receipts.
Mojave changed the investing profile in FY2024. The small positive investing total in FY2025 instead reflects a deposit refund and equipment-sale receipts exceeding equipment purchases; it is not an operating turnaround.
A$ million
AI-generated presentation · values from Cash use and equity funding; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (0.46) | (2.67) | (1.41) | (2.03) | (1.41) |
| Payments for exploration and evaluation | (0.02) | (1.57) | (0.81) | (1.05) | (0.82) |
| Net cash from / (used in) investing | (0.05) | (0.15) | 0.00 | (0.58) | 0.02 |
| Proceeds from issue of ordinary shares | 0.64 | 0.78 | 1.89 | 2.95 | 1.47 |
| Capital-raising costs paid | (0.04) | (0.30) | (0.06) | (0.28) | (0.13) |
| Net cash from financing activities | 4.80 | 0.43 | 1.78 | 2.64 | 1.34 |
A$ million. Exploration payments are operating cash flow and are not substituted for net investing cash flow. FY2023 investing is explicitly reported nil.
FY2025 net investing cash flow is a A$0.02m inflow; it is not evidence of operating profitability.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2024 |
|---|---|
| Subsidiary acquisition cash payment | (0.500000) |
| Cash acquired with subsidiary | 0.002585 |
| Exploration expenditure in investing cash | (0.045592) |
| Property, plant and equipment payments | (0.032017) |
Components of net investing, not additional operating expenditure. Acquisition carrying value also includes noncash consideration.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Capitalised project acquisition costs account for much of the asset base. Borrowings shown below exclude leases, and a positive equity balance should not be read as an equivalent cash reserve. Working capital is calculated from matched current-asset and current-liability figures through FY2024, followed by the issuer’s FY2025 disclosure.
After June 2025, the company disclosed A$6.900m of equity funding, including A$1m still requiring shareholder approval and not yet issued. Directors also relied on deferring discretionary expenditure. Those conditions remain relevant even though they are not June cash balances.
A$ million
AI-generated presentation · values from Financial position at 30 June; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.29 | 1.91 | 2.27 | 2.30 | 2.26 |
| Total assets | 4.55 | 7.32 | 7.18 | 8.63 | 9.11 |
| Total liabilities | 0.27 | 0.73 | 0.33 | 0.17 | 0.34 |
| Net assets / total equity | 4.29 | 6.58 | 6.85 | 8.46 | 8.77 |
| Borrowings — excluding lease liabilities | 0.001805 | 0.001805 | 0.001805 | 0.001805 | 0.001805 |
| Working capital — current assets less current liabilities | 4.189 | 1.782 | 2.089 | 2.312 | 2.125 |
A$ million; extra decimal places preserve the A$1,805 borrowing balance. FY2025 total assets is calculated as net assets plus total liabilities (A$8.770070m + A$0.340639m = A$9.110709m).
FY2024 uses detailed Statement of Financial Position net assets (A$8.456m), not a conflicting FY2024 summary-record equity value (A$9.239m).
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The policy capitalises project acquisition costs while expensing ongoing exploration. Tottenham’s acquisition consideration included shares and options, so the increase in the asset base was not an equivalent cash payment. Mojave added A$1.383m of acquired exploration assets in FY2024 through a mix of cash and securities.
The later E&E carrying balance is distinct from the similarly named exploration-assets class within property, plant and equipment. It remains subject to recoverability assessment and is not a mineral-resource valuation.
A$ million
AI-generated presentation · values from Exploration expenditure / carrying balance; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration expenditure / asset carrying balance | 0.00 | 4.57 | 4.57 | 6.00 | 6.55 |
A$ million. FY2021 is explicitly reported nil in the FY2022 comparative. FY2025 is a saved issuer claim: exploration expenditure expensed as incurred, acquisition costs capitalised, and carrying balance A$6.554m.
The PPE note’s exploration-assets component is a different asset-class presentation from the capitalised acquisition/exploration balance; the report does not combine them.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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