FY2021
IPO and initial portfolio
Listing funded the initial exploration programme. Garden Gully was sold for a mixture of cash and Sipa shares, not recurring operating revenue.
ASX: M2R · Five-year financial review
(ASX: M2R) Miramar Resources Limited Financial Review - FY2021~25
Miramar’s five-year financial story is an exploration-funding cycle: a growing portfolio carrying value, recurring losses, and repeated equity issues to finance work. FY2025 rebuilt cash, but capitalised exploration dominated the balance sheet and the auditor still highlighted material going-concern uncertainty.
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 cash
A$1.104m
Balance at 30 June, before later funding.
Exploration asset
A$9.905m
Carrying amount, not a mineral valuation.
FY2025 gross equity cash
A$3.379m
Before issue costs and lease payments.
Auditor’s warning
Going-concern uncertainty
Continued funding remains important.
Five years in context
The October 2020 IPO funded work at Gidji and Glandore. Focus later shifted towards Gascoyne and Capricorn Orogen projects. These are exploration activities, not a history of operating-mine sales.
The distinction that matters is between money spent, amounts expensed and costs retained as exploration assets. Grants and tenement relinquishments change that carrying value, while new shares finance the cash requirement.
Events behind the numbers
FY2022
Placement supports further work
A placement raised A$2.4m before costs; exploration additions and investing cash use remained material.
FY2023
Gascoyne strategic shift
Management shifted its focus to earlier-stage Gascoyne projects. EIS support was secured for Whaleshark drilling; the asset movement also includes an R&D offset.
FY2024
Portfolio pruning and new targets
Work focused on the Capricorn Orogen and Chain Pool was added. Lakeside and Langwell were relinquished, leading to exploration impairments.
FY2025
Equity funding and a proposed JV
Rights and placement issues supported cash. A non-binding Bangemall JV term sheet outlined potential staged funding, while the accounts retained going-concern uncertainty.
FINANCIAL REVIEW / 01
Losses contain both running costs and portfolio write-offs
Employee, consultant and marketing expenses eased after their earlier peaks, but impairment kept the FY2024–FY2025 losses elevated. An abandoned tenement can produce an accounting charge even when the original exploration cash was spent in an earlier period.
The FY2021 Garden Gully consideration included shares as well as cash. It should not be read as mine turnover. Nor are unrecognised tax losses a source of available funding: the FY2025 notes do not recognise the related deferred-tax benefits because future taxable profit was not considered probable.
Loss and selected cost drivers
A$ million
Loss after income taxEmployee benefits expenseConsultants expenseExploration write-off / impairment
AI-generated presentation · values from What drove the annual loss; no missing values plotted as zero.
What drove the annual loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (1.020) | (1.375) | (1.390) | (1.906) | (1.635) |
| Employee benefits expense | (0.140) | (0.496) | (0.486) | (0.374) | (0.310) |
| Consultants expense | (0.331) | (0.217) | (0.252) | (0.295) | (0.275) |
| Marketing and public relations | (0.083) | (0.176) | (0.142) | (0.161) | (0.088) |
| Occupancy expense | (0.027) | (0.081) | (0.093) | (0.035) | (0.035) |
| Exploration and evaluation expense | (0.114) | (0.134) | (0.179) | (0.135) | (0.139) |
| Exploration write-off / impairment | (0.220) | 0.000 | 0.000 | (0.649) | (0.566) |
| Other expenses | (0.212) | (0.200) | (0.184) | (0.224) | (0.171) |
| Depreciation of non-current assets — separate P&L line | (0.031) | (0.058) | (0.044) | (0.028) | (0.056) |
| Other / interest income | 0.002 | 0.010 | 0.011 | 0.009 | 0.008 |
A$ million; expenses and losses are negative. Selected material components, not a full summation of profit. Occupancy already includes right-of-use depreciation; do not add it again to the separate depreciation line.
FY2021 also reported A$0.150m income from the Garden Gully disposal, and FY2022 A$0.008m other ordinary income. These are not mine sales. Income tax was nil in the statutory statements.
FY2022 write-offs are nil in the full income statement; FY2023 no impairment is explicitly confirmed in the annual narrative and FY2024 comparative. FY2025 P&L impairment differs by A$1 from the exploration roll-forward; each reported basis is preserved.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Lower operating outflow does not mean exploration was self-funded
FY2025 financing more than covered the combined operating and investing cash outflows, lifting closing cash. However, operating outflow benefited from the positive net exploration/GST line and working-capital movements; gross supplier payments did not fall in parallel.
The grant classification differs between years, and the capitalised asset note records a broader grant offset than the FY2025 investing receipt. Keep net operating cash, gross investing exploration payments and accounting additions separate.
How the exploration programme was financed
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Exploration was funded by capital, not operating income; no missing values plotted as zero.
Exploration cash paid within investing activities
A$ million
Exploration and evaluation payments — investing
AI-generated presentation · values from Exploration was funded by capital, not operating income; no missing values plotted as zero.
Exploration was funded by capital, not operating income
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.658) | (1.046) | (1.260) | (0.797) | (0.597) |
| Net investing cash flow | (1.952) | (2.781) | (2.676) | (1.088) | (1.715) |
| Net financing cash flow | 7.337 | 2.108 | 1.002 | 1.876 | 3.024 |
| Exploration and evaluation payments — investing | (1.530) | (2.705) | (2.667) | (1.061) | (1.995) |
| Gross cash proceeds from equity issues | 8.010 | 2.443 | 1.200 | 2.162 | 3.379 |
| Cash equity-issue costs | (0.650) | (0.255) | (0.113) | (0.262) | (0.321) |
| Lease liability repayments | (0.023) | (0.080) | (0.085) | (0.024) | (0.034) |
A$ million; cash flow, not expense or equity accounting. Investing also contains tenement acquisitions, plant payments and selected disposal/grant receipts.
Grant cash is not classified uniformly: FY2024 A$0.199m appears in operating activities; FY2025 A$0.291m appears in investing. This is one reason operating cash flow alone does not measure annual exploration intensity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Why operating outflow fell in FY2025
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.681) | (0.895) | (1.050) | (0.878) | (1.002) |
| Net exploration line — operating, inclusive of GST | 0.022 | (0.161) | (0.221) | (0.126) | 0.397 |
| Interest received | 0.001 | 0.010 | 0.011 | 0.008 | 0.008 |
The operating exploration line is positive in FY2021 and FY2025 as reported. It is not recast as a negative gross drilling payment. The accounting policy classifies recoverable investing/financing GST components in operating cash flow.
The separate FY2024 operating grant receipt completes that year’s subtotal. FY2025 supplier/employee payments remained about A$1m despite a lower net operating outflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 loss-to-operating-cash reconciliation
A$ million
| Metric | FY2025 |
|---|---|
| Statutory loss | (1.635) |
| Add back exploration write-off | 0.566 |
| Non-current asset depreciation | 0.056 |
| Right-of-use depreciation | 0.032 |
| Government grant adjustment | (0.291) |
| Receivables movement | 0.233 |
| Payables and provisions movement | 0.429 |
| Net operating cash flow | (0.597) |
Selected material reconciling items; the issuer also includes share payments, fair-value movements, acquisition payment, interest and fixed-asset disposal adjustments. The table is not presented as an exhaustive sum.
Positive working-capital movements supported cash relative to the loss. They are not revenue growth, and the noncash exploration write-off did not itself require a new cash payment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Most of the asset base is exploration awaiting recovery
Exploration carrying value grew while cash was drawn down and replenished. Early acquisitions established the portfolio; later additions were partly offset by grants and relinquishments. The FY2023 gross-versus-net difference is fully explained by the R&D offset, not a missing year of data.
Recoverability remains conditional on tenure, future exploration and development or sale. The potential EIS support for work after June 2025 was not booked as an asset because of timing uncertainty. A proposed JV earn-in is likewise not current cash or a completed disposal.
Cash versus capitalised exploration
A$ million
Cash and cash equivalentsCapitalised exploration and evaluation
AI-generated presentation · values from Consolidated balance sheet: exploration assets versus liquid funds; no missing values plotted as zero.
Consolidated balance sheet: exploration assets versus liquid funds
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 5.055 | 3.336 | 0.402 | 0.392 | 1.104 |
| Capitalised exploration and evaluation | 3.039 | 5.771 | 8.167 | 8.745 | 9.905 |
| Total assets — FY2025 calculated | 8.519 | 9.511 | 9.098 | 9.360 | 11.246 |
| Total liabilities | 0.707 | 0.542 | 0.308 | 0.395 | 0.836 |
| Net assets / total equity | 7.812 | 8.969 | 8.790 | 8.965 | 10.410 |
| Trade and other payables | 0.377 | 0.410 | 0.223 | 0.332 | 0.755 |
| Current provisions | 0.267 | 0.050 | 0.052 | 0.041 | 0.047 |
A$ million at 30 June; Group, not parent-only. FY2025 total assets are calculated: reported equity A$10.409887m + liabilities A$0.835666m = A$11.245553m. Other years use reported asset totals.
Capitalised exploration is part of total assets, not additional to it. Its recovery depends on tenure, exploration success and development or sale; it is neither available cash nor an estimate of ore value.
FY2025 liabilities include A$0.033135m lease liability. A separate borrowing line is not supplied; that is not converted into a claim of zero debt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration carrying value: additions, offsets and write-offs
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Opening carrying amount | 5.771 | 8.167 | 8.745 |
| Gross exploration additions | 2.667 | 1.426 | 2.157 |
| R&D / government grant offsets | (0.271) | (0.199) | (0.432) |
| Impairment of relinquished tenements | 0.000 | (0.649) | (0.566) |
| Closing carrying amount | 8.167 | 8.745 | 9.905 |
FY2023 gross additions of A$2.667257m less the A$0.271382m R&D offset produce the A$2.395875m net capitalised increase described in the directors’ review. These are different bases, not two rival estimates of spending.
FY2024 impairment relates to ceased/relinquished Lakeside and Langwell interests. FY2025 grants comprise R&D A$0.291413m and EIS co-funding A$0.140110m. Grant asset offsets and the cash-flow receipt line are not identical totals.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Equity funding buys work programmes, but changes the per-share picture
FY2025’s rights issue and two placements rebuilt liquidity while substantially increasing the share base. Shares used to pay drilling invoices reduce the immediate cash requirement but remain a noncash equity transaction, not customer receipts.
The auditor highlighted material uncertainty related to going concern. Directors cited subsequent funding, staged exploration spending and future equity or JV options; these plans do not remove the financing dependency or turn the exploration asset into cash.
The July 2025 SPP and first August 2025 settlement under the Topdrill agreement fall after the June balance date. The Debnal option also remained unexercised at year-end, so its possible exercise consideration is not treated as a completed acquisition.
Issued capital and accumulated losses
A$ million
Issued share capital — cumulative balanceAccumulated losses
AI-generated presentation · values from Equity accumulated while losses continued; no missing values plotted as zero.
Equity accumulated while losses continued
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued share capital — cumulative balance | 8.269 | 10.701 | 11.291 | 13.212 | 16.093 |
| Reserves | 0.753 | 0.853 | 1.465 | 0.944 | 0.425 |
| Accumulated losses | (1.209) | (2.585) | (3.966) | (5.192) | (6.108) |
A$ million. Issued capital is not the same as gross cash received: noncash issues, issue costs and reserve movements affect equity. Accumulated losses can also change through transfers within equity, not only the current-year P&L.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 funding transactions
A$ million
| Metric | FY2025 |
|---|---|
| Rights issue — gross cash proceeds | 1.579 |
| January–March placement — gross cash proceeds | 0.179 |
| April–June placement — gross cash proceeds | 1.621 |
| Drilling services settled in shares — noncash | 0.022 |
The three cash issues reconcile to A$3.379119m gross equity cash inflow. The rights issue issued 197.390m shares at A$0.008; the two placements together issued 600m shares at A$0.003.
The service settlement issued a further 2.044m shares and is not added to cash receipts. The July 2025 SPP and August Topdrill settlement are after the balance date, not FY2025 financing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Consolidated years ended 30 June 2021–2025, in A$ million unless specified. No parent-only figures are used.
- FY2025 total assets are calculated from reported consolidated liabilities and equity. This is identified rather than represented as a standalone reported total.
- Exploration additions, expense, grant offsets and cash payments measure different things. The A$1 FY2025 impairment difference between statement and note is retained at each source basis.
- Non-binding JV terms, potential co-funding and subsequent share issues are not recognised here as completed period-end cash transactions.
- 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
- Miramar Resources Limited - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Miramar Resources Limited - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Miramar Resources Limited - 2023 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Miramar Resources Limited - 2024 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Miramar Resources 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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