FY2021
Formation and project acquisitions
Victoria Bore and Edjudina interests were acquired with shares. The first accounts precede the July IPO completion; substantial subscription cash was received in advance.
ASX: M3M · Five-year financial review
(ASX: M3M) M3 Mining Limited Financial Review - FY2021~25
M3 Mining used equity to fund exploration, then entered FY2025 with falling cash and a material financing dependency. The continuing loss narrowed, but discontinued operations increased the total loss. Its small recorded exploration asset reflects its expense policy—not the scale or value of its projects.
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 operating cash use
A$1.941m
Group total, including discontinued operations.
FY2025 cash
A$0.836m
Cash at 30 June; later funding excluded.
FY2025 total loss
A$2.343m
Includes A$0.538m discontinued loss.
FY2025 equity
A$0.849m
Book equity, not a project valuation.
Five years in context
The first period began with incorporation in September 2020. IPO completion and listing occurred in July 2021, within FY2022. Four subsidiaries formed in FY2023, when the statements changed from standalone Company to consolidated Group.
Exploration remained centred on Edjudina gold and Victoria Bore copper. Energy-project work added a different expense and transaction history; the FY2025 accounts report a discontinued result alongside continuing mineral-exploration activity.
Events behind the numbers
FY2022
IPO and maiden drilling
The IPO completed in July 2021. A maiden Victoria Bore RC drilling programme and down-hole electromagnetic survey followed in the December quarter.
FY2023
Entitlement issue and Group formation
An entitlement issue funded continued exploration, including Edjudina air-core drilling. Four wholly owned subsidiaries were established during the year.
FY2024
Energy work and staged capital raising
Energy-project discussions continued. Initial placement tranches were received, but revised second-tranche issuance occurred in July 2024, after the balance date.
FY2025
Discontinued result and funding dependency
An M3 Energy sale agreement included permit-contingent consideration. Material going-concern uncertainty remained; new placement commitments were announced after year-end.
FINANCIAL REVIEW / 01
A better continuing result did not mean a lower total loss
Continuing exploration and project-evaluation expense fell in FY2025, while administration increased. The discontinued result more than offset the improvement in the continuing result, leaving total losses higher. Reading only continuing loss would miss that change.
The short first-period loss was heavily affected by noncash director and secretary options. Later share-based charges also matter, but lead-manager options charged against share capital are a different category—not an extra operating expense.
Continuing and total losses in the latest two years
A$ million
Loss from continuing operationsTotal loss after tax
AI-generated presentation · values from FY2025: a smaller continuing loss, but a larger total loss; no missing values plotted as zero.
Exploration, evaluation and administration charges
A$ million
Exploration expenditure expensedProject evaluationCorporate and administration
AI-generated presentation · values from Losses and the costs behind them; no missing values plotted as zero.
Losses and the costs behind them
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total loss after tax attributable to owners | (0.734) | (1.349) | (2.117) | (2.113) | (2.343) |
| Corporate and administration | (0.109) | (0.365) | (0.349) | (0.530) | (0.660) |
| Employee benefits | 0.000 | (0.150) | (0.296) | (0.319) | (0.281) |
| Exploration expenditure expensed | (0.036) | (0.779) | (1.189) | (0.654) | (0.530) |
| Project evaluation | (0.035) | (0.048) | (0.063) | (0.196) | (0.022) |
| Share-based payment expense | (0.554) | 0.000 | (0.276) | (0.490) | (0.367) |
| Interest income | 0.000132 | 0.001 | 0.068 | 0.087 | 0.070 |
FY2021 is 22 September 2020–30 June 2021, not a full year. FY2021–FY2022 are standalone Company statements; FY2023–FY2025 are consolidated Group. No annualisation or unchanged-perimeter assumption is made.
Costs are negative and income positive. FY2025 cost lines relate to continuing operations; total loss additionally includes discontinued operations, shown below. Earlier years use the reported original perimeter, not retrospectively invented splits.
FY2021 employee benefits are nil in the explicit FY2022 comparative; FY2022 share-based expense is nil. Selected costs do not purport to sum to total loss: depreciation, FY2025 fixed-asset sale and discontinued result are separate.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025: a smaller continuing loss, but a larger total loss
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Loss from continuing operations | (2.113) | (1.806) |
| Loss from discontinued operations | 0.000 | (0.538) |
| Total loss after tax | (2.113) | (2.343) |
FY2024 uses the comparative split in the FY2025 statement; its discontinued result is explicitly nil. FY2025 total is continuing loss plus discontinued loss.
The disposal note separately reports A$10,045 consideration/gain. That small gain must not be mistaken for the entire discontinued result or for the A$140,000 permit-contingent payment described in the sale agreement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 administration: where the expense sits
A$ million — expense magnitudes
| Metric | FY2025 |
|---|---|
| Share registry and ASX compliance | 0.193 |
| Contractors and consultancy | 0.185 |
| Legal fees | 0.069 |
| Audit fees | 0.032 |
| Insurance | 0.031 |
| Travel, accommodation and conferences | 0.053 |
| Other administration | 0.097 |
| Total administration expense | 0.660 |
Positive expense magnitudes in this cost breakdown; the same total appears as a negative charge in the income statement. This is not additional expense on top of that row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Financing did not fully replace operating cash use
Cash declined after FY2022 as repeated equity receipts were smaller than the combination of operating and investing uses. FY2025 Group operating outflow—not a narrower note subtotal—is required to reconcile the closing cash position.
The timing of subscriptions matters. A portion of IPO money arrived before FY2022, and a portion of the July 2024 placement arrived before the FY2024 balance date. Adding announcement totals to both years’ cash receipts would double-count that funding.
Directors described a material going-concern uncertainty dependent on successful capital raisings, with spending delays, cost savings and divestments among the mitigating plans. September 2025 placement commitments are subsequent events, not FY2025 cash in hand.
Operating, investing and financing flows
A$ million
Net operating cash flow — total operationsNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash use and financing across all five periods; no missing values plotted as zero.
Cash use and financing across all five periods
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow — total operations | (0.103) | (1.216) | (1.798) | (1.736) | (1.941) |
| Net investing cash flow | 0.000 | (0.055) | (0.043) | 0.000 | (0.019) |
| Net financing cash flow | 2.058 | 2.884 | 1.112 | 0.848 | 0.848 |
| Cash proceeds from issued shares | 0.890 | 3.236 | 1.116 | 0.751 | 0.926 |
| Cash share-issue transaction costs | (0.196) | (0.352) | (0.005) | (0.057) | (0.078) |
FY2021 is 22 September 2020–30 June 2021, not a full year. FY2021–FY2022 are standalone Company statements; FY2023–FY2025 are consolidated Group. No annualisation or unchanged-perimeter assumption is made.
FY2025 operating outflow is the Group total from the full loss-to-cash reconciliation and going-concern disclosure, including continuing and discontinued operations. It reconciles with investing/financing and the cash decrease.
FY2021 and FY2024 investing subtotals are explicitly nil, not absent. Financing also includes cash received before shares were issued: A$1.364003m in FY2021 and A$0.153343m in FY2024. Those advances are not included twice in share proceeds.
Most exploration cash use is operating, not investing, under the company’s expense policy. Small investing totals therefore do not indicate an absence of exploration activity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Operating payment composition before the energy disposal year
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Corporate and administrative cash payments | (0.100) | (0.499) | (0.705) | (1.090) |
| Exploration and evaluation cash payments | (0.003) | (0.719) | (1.161) | (0.734) |
| Interest received | 0.000132 | 0.001 | 0.068 | 0.088 |
FY2021 split is explicitly supplied by the FY2022 comparative. It sums to the first-period supplier/employee outflow; no amounts are inferred from later expenditure.
The saved FY2025 records establish the total operating outflow but do not retain this same gross-payment split. The full-year cash-flow table above still includes FY2025; only this component table stops at FY2024.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A small exploration asset does not mean little exploration activity
The company expenses subsequent exploration before a compliant resource is announced, so the recurring exploration expense is much larger than the small carrying balance. FY2023 asset additions included both cash acquisition costs and shares; unchanged later carrying value is not evidence of no work.
FY2025 available figures show lower equity and cash, with additional plant recorded and trade payables outstanding. Deferred-tax benefits were not recognised because recovery was uncertain; they are not added to liquid assets or equity here.
Cash and book equity
A$ million at period end
Cash and cash equivalentsTotal equity / net assets
AI-generated presentation · values from Cash, equity and identifiable balance-sheet components; no missing values plotted as zero.
Cash, equity and identifiable balance-sheet components
A$ million at period end
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1.955 | 3.567 | 2.837 | 1.949 | 0.836 |
| Total equity / net assets | 0.544 | 3.443 | 2.754 | 1.825 | 0.849 |
| Exploration and evaluation carrying value | 0.015 | 0.018 | 0.079 | 0.079 | 0.079 |
| Trade and other payables | 0.067 | 0.215 | 0.253 | 0.104 | 0.159 |
FY2021 is 22 September 2020–30 June 2021, not a full year. FY2021–FY2022 are standalone Company statements; FY2023–FY2025 are consolidated Group. No annualisation or unchanged-perimeter assumption is made.
Exploration carrying value is not cumulative exploration cash expenditure or project value. The issuer expenses subsequent exploration until a JORC 2012-compliant resource is announced.
FY2025 plant and equipment was A$0.040435m. The saved records provide cash, equity and selected assets/liabilities, but not complete FY2025 asset/liability totals; no residual is filled from an incomplete list.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Total assets and liabilities where complete totals are retained
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 1.975 | 3.673 | 3.021 | 2.116 |
| Total liabilities | 1.431 | 0.230 | 0.267 | 0.291 |
FY2021 liabilities include A$1.364003m received ahead of the IPO share issue. The subsequent reduction in liabilities is not evidence of an equivalent bank-debt repayment.
FY2025 totals are not retained in the supplied extraction packet. That is a data boundary, not a claim that the annual report omitted its balance sheet. No zero borrowing balance is assumed from missing debt records.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
New shares and reserve movements change the per-share result
Issued capital increased while losses accumulated. The weighted share count explains why FY2025 loss per share improved even though the total loss grew. Reserve cancellations and conversions also affect equity balances without being new cash receipts.
The M3 Energy agreement distinguishes the small execution receipt from a further amount conditional on a permit grant. That condition is retained; neither the contingent payment nor the later placement commitments are treated as completed period-end funding.
Capital issued versus accumulated losses
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued share capital | 0.608 | 4.625 | 5.777 | 6.574 | 7.515 |
| Reserves | 0.669 | 0.900 | 1.176 | 0.345 | 0.746 |
| Accumulated losses | (0.734) | (2.082) | (4.199) | (5.094) | (7.412) |
Balances in A$ million, not annual cash receipts. Reserve transfers, expiries and conversions can move accumulated losses and issued capital without affecting profit or cash.
FY2024 reserve movements include option/performance-right cancellation and conversion. FY2025 share-based expense excludes lead-manager options charged to equity-raising costs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 per-share improvement also reflects more shares
Units in row labels
| Metric | FY2024 | FY2025 |
|---|---|---|
| Weighted average ordinary shares (millions) | 51.162 | 82.360 |
| Basic loss per share — total (Australian cents) | (4.13) | (2.85) |
| Basic loss per share — continuing (Australian cents) | (4.13) | (2.19) |
A lower loss per share is not a profit. The total absolute loss increased while the weighted share count expanded. Basic and diluted loss per share are equal because potential shares were anti-dilutive.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 is 22 September 2020–30 June 2021, not a full year. FY2021–FY2022 are standalone Company statements; FY2023–FY2025 are consolidated Group. No annualisation or unchanged-perimeter assumption is made.
- FY2025 complete asset and liability totals are missing from the retained packet, not necessarily from the annual report. The report uses available full Group cash flow, equity and asset components without fabricating the rest.
- The FY2025 total cash-flow measure is established by the full reconciliation and directors’ disclosure. A narrower A$0.548m source observation is not substituted for that Group total.
- Discontinued-operations accounting, conditional sale terms and subsequent funding are kept distinct. No production, mine valuation, future funding completion or zero-debt assertion 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
- M3 Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- M3 Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- M3 Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- M3 Mining Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- M3 Mining Limited - 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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.