FY2021
Project activity remained on hold
Kookaburra Gully remained on hold while corporate restructuring and Covid-19 affected development plans; no production was disclosed.
ASX: LML · Five-year financial review
(ASX: LML) Lincoln Minerals Limited Financial Review - FY2021~25
Lincoln Minerals’ FY2021-FY2025 financial review follows an Eyre Peninsula exploration company from suspended project activity and a going-concern warning, through FY2023 re-quotation and rights-issue funding, to renewed drilling, cash drawdown and a FY2025 going-concern material uncertainty. The figures are best read as funding and exploration-accounting history, not mine production or valuation.
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.
FY2023 rights issue
A$4.6m
Before costs, concurrent with ASX re-quotation.
FY2024 cash
A$2.573m
Selected year-end cash balance.
FY2025 cash
A$0.621m
Selected year-end cash balance.
FY2025 loss
A$2.280m
Reported operating loss for the year.
Five years in context
Lincoln held Eyre Peninsula exploration licences and reported no production in FY2021. Kookaburra Gully was on hold while the company faced restructuring and Covid-19 effects; historical feasibility and resource disclosures are not inserted into the financial tables as revenue or valuation.
Funding and activity changed in FY2023: ASX re-quotation coincided with a fully underwritten rights issue raising A$4.6m before costs, and drilling restarted at Kookaburra Gully after a five-year hiatus. Cash at 30 June 2023 was A$1.162m.
FY2025 recorded a A$2.280m loss and a A$2.468m combined operating-and-investing cash outflow. The auditor flagged a material going-concern uncertainty, so the decline in cash to A$0.621m is presented with that explicit boundary rather than as a simple expenditure trend.
Events behind the numbers
FY2022
Loss and going-concern uncertainty
The group reported a A$2.027m loss and the auditor identified a material uncertainty related to going concern.
FY2023
Re-quotation and rights issue
Lincoln was re-quoted on ASX and raised A$4.6m before costs through a fully underwritten rights issue; drilling recommenced.
FY2024
Exploration intensified
Exploration and evaluation expense increased to A$1.120m, while year-end cash rose to A$2.573m after capital-raising activity.
FY2025
Cash drawdown and funding plans
The FY2025 loss and cash outflow prompted an auditor going-concern emphasis; post-balance-date funding was earmarked for drilling, studies and working capital.
FINANCIAL REVIEW / 01
Losses: persistent exploration-stage reporting
The five-year loss series remains negative throughout. The FY2024 loss narrowed from FY2023, while FY2025 remained loss-making. This is consistent with the company’s exploration-stage profile and is not evidence of operating production or product sales.
The FY2025 auditor disclosure is a material interpretation boundary: it specifically connects the annual loss and operating-and-investing cash outflow to going-concern uncertainty. That issue is retained rather than offset by planned post-balance-date funding.
Reported loss for each annual period
A$ million
Loss for the year
AI-generated presentation · values from Reported losses across the five annual periods; no missing values plotted as zero.
Reported losses across the five annual periods
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss for the year | (0.745) | (2.027) | (3.610) | (2.690) | (2.280) |
FY2021-FY2023 figures are the historical-period series saved in the FY2023 extraction; FY2024 and FY2025 are their respective annual-report records.
This is a statutory-loss view. It is not an operating-cash-flow series and it does not imply a production result.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Funding supported exploration, then cash fell
The financing cycle is central to Lincoln’s exploration programme. Inflows strengthened cash in FY2023 and FY2024, but were substantially lower in FY2025 while operating and investing cash outflows continued. Subsequent funding plans do not change the reporting-date cash balance.
Exploration assets form a large part of the asset base and are not cash available for near-term spending. The FY2025 auditor’s going-concern uncertainty therefore remains relevant alongside positive reported net assets.
Closing cash across five years
A$ million
Cash and cash equivalents
AI-generated presentation · values from Cash balances and the operating, investing and financing cycle; no missing values plotted as zero.
Funding inflows against operating and investing cash use
A$ million
Net cash from / (outflow) operating activitiesNet cash from / (outflow) investing activitiesNet cash from financing activities
AI-generated presentation · values from Cash balances and the operating, investing and financing cycle; no missing values plotted as zero.
Net assets and liabilities
A$ million
Net assets / total equityTotal liabilities
AI-generated presentation · values from Five-year consolidated financial position; no missing values plotted as zero.
Cash balances and the operating, investing and financing cycle
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 0.045 | 0.042 | 1.162 | 2.573 | 0.621 |
| Net cash from / (outflow) operating activities | (0.636) | (0.494) | (2.152) | (1.344) | (1.062) |
| Net cash from / (outflow) investing activities | (0.194) | (0.018) | (0.577) | (1.086) | (1.406) |
| Net cash from financing activities | 0.000 | 0.510 | 3.849 | 3.841 | 0.516 |
A$ million. Fiscal years end 30 June. Operating, investing and financing totals retain their respective annual cash-flow classifications.
FY2021 investing cash includes A$0.030m from disposal of discontinued operations. FY2025 values use the saved continuing-operations presentation; no sale receipt is treated as recurring operating income.
Basis and presentation notes (1)
- Net cash from financing activities / FY2021 — 0.000: The saved financing-activities record explicitly describes nil; not inferred from a dash alone.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Five-year consolidated financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 7.534 | 5.987 | 7.154 | 8.533 | 6.986 |
| Total liabilities | 0.257 | 0.737 | 0.118 | 0.346 | 0.558 |
| Net assets / total equity | 7.276 | 5.250 | 7.036 | 8.187 | 6.427 |
All periods are year-end consolidated balances. FY2022 uses the FY2023 comparative, and FY2024 liabilities/equity use the FY2025 comparative.
FY2025 total assets are calculated as liabilities plus net assets; no parent-only figure is substituted.
Source: Stored annual-report extractions; editions are identified in the source registry.
FINANCIAL REVIEW / 03
Exploration spending is not mine production
The net exploration-asset balance stayed unchanged across the displayed three years despite continuing spending. In FY2025, annual additions and depreciation charged to exploration were offset by expenditure expensed. This explains why spending and the closing asset balance must be read separately.
Drilling resumed at Kookaburra Gully after re-quotation, with further studies and exploration included in subsequent funding plans. These activities describe development progress, not production or sales.
Annual exploration additions and closing asset balance
A$ million
Capitalised exploration expenditure during yearClosing net exploration assets
AI-generated presentation · values from Exploration spend and asset carrying value; no missing values plotted as zero.
Exploration spend and asset carrying value
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Capitalised exploration expenditure during year | 0.576 | 1.117 | 1.410 |
| Closing net exploration assets | 5.561 | 5.561 | 5.561 |
| Exploration and evaluation expense | (0.578) | (1.120) | (1.413) |
Annual additions, profit-or-loss expense and closing carrying value are different measures. The expense row uses negative P&L charges, not positive cash-flow reconciliation add-backs.
FY2024 expense follows the FY2024 annual extraction (A$1.120m); one later saved comparative gives A$1.542m. The saved versions conflict, so this review does not calculate expense-growth rates from them.
FY2025 additions and depreciation were offset by expensing, leaving net exploration assets unchanged. The closing carrying value is not the year’s spending or a project valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2024 exploration-expense versions conflict within the saved extractions. The table identifies the edition selected; no original-document resolution or growth-rate inference is claimed.
- FY2025 total assets are explicitly calculated from same-date consolidated liabilities and net assets.
- Issuer/auditor going-concern uncertainty and the distinction between reporting-date cash and subsequent funding are retained.
- Prepared only from existing annual extraction data; no new PDF, parsed-body, database, web or MiniMax work.
Annual-report source registry
- Lincoln Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Lincoln Minerals Limited - June 2022 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Lincoln Minerals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Lincoln Minerals Limited - 2024 Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Lincoln Minerals Limited - FY25 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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