FY2021
AGC demerger changes the result
Moorefield licences were transferred to AGC, which listed separately in January 2021. An in-specie distribution left Magmatic with a retained AGC interest; the disposal gain drove the reported profit.
ASX: MAG · Five-year financial review
(ASX: MAG) Magmatic Resources Limited Financial Review - FY2021~25
Magmatic’s financial story moved from an AGC demerger gain to intensive Myall exploration, equity funding and a Fortescue earn-in. In FY2025, partner receipts reduced the cash burden while acquisitions increased exploration assets. Those are different effects—and neither is mining sales.
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$4.741m
At 30 June; subsequent transactions excluded.
FY2025 partner receipts
A$2.191m
Operating cash, not the full future earn-in commitment.
FY2025 exploration assets
A$2.389m
Acquisition costs after impairment, not resource value.
FY2025 loss
A$2.172m
Separate from the negative AGC fair-value movement in OCI.
Five years in context
Magmatic’s East Lachlan portfolio included Myall, Wellington North and Parkes. The later Myall agreement introduced staged partner funding, while the FY2025 NGR and Weebo transactions expanded acquisition assets.
The statements describe an Australian exploration business. A mineral resource estimate, an earn-in spending commitment, recorded acquisition assets and an investment holding each answer a different question; none is treated as sales or as a mine valuation here.
Events behind the numbers
FY2022
Wellington North and Myall drilling
Multiple aircore and diamond programmes were completed. First Corvette results released in August 2022 were subsequent to the FY2022 balance date.
FY2023
Intensive Myall programme
Fourteen diamond holes totalling 11,092 metres were completed between late July 2022 and May 2023. This was the five-year peak in reported exploration expense and cash payments.
FY2024
Resource, partner and placements
The issuer announced the maiden Inferred Resource for Corvette/Kingswood, signed the Fortescue Myall earn-in and received separate Fortescue and institutional placement proceeds.
FY2025
Partner funding and acquisitions
Earn-in cash receipts supported operations. NGR and Weebo Stage 1 entered the year-end accounts; Weebo Stage 2 completed after year-end, with a licence impairment and contingent terms retained separately.
FINANCIAL REVIEW / 01
The early profit was not a producing-mine margin
The FY2021 AGC disposal gain of A$6.244m dominated income and supported profit despite exploration and administration costs. Later results were losses; the AGC holding continued to affect comprehensive income through market-value changes outside profit or loss.
FY2025 net exploration expense fell even though gross expense rose from FY2024. The partner’s accrued contribution explains the difference. Operator fees and interest also supported income; this is not evidence of mineral production revenue.
Gross and net exploration expense
A$ million — expense magnitudes
Gross exploration expenseNet exploration expense after partner contribution
AI-generated presentation · values from Partner funding changes the net exploration charge; no missing values plotted as zero.
Profit or loss versus comprehensive result
A$ million
Profit / (loss) after taxTotal comprehensive profit / (loss)
AI-generated presentation · values from Exploration costs, exceptional income and the bottom line; no missing values plotted as zero.
Exploration costs, exceptional income and the bottom line
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total other and interest income | 6.433 | 0.077 | 0.187 | 0.184 | 0.473 |
| Corporate and administration expense | (1.258) | (0.896) | (1.267) | (1.102) | (1.092) |
| Net exploration and evaluation expense | (3.135) | (2.086) | (5.848) | (1.973) | (1.179) |
| Share-based payment expense | (0.588) | (0.112) | (0.563) | (0.065) | (0.058) |
| Finance costs | (0.005) | (0.002) | (0.000253) | (0.046) | (0.042) |
| Profit / (loss) after tax | 1.188 | (3.019) | (7.491) | (3.002) | (2.172) |
| FVOCI investment gain / (loss) | (0.338) | (0.395) | (0.096) | 1.336 | (0.846) |
| Total comprehensive profit / (loss) | 0.850 | (3.414) | (7.587) | (1.666) | (3.017) |
Consolidated A$; expenses negative. FY2021–FY2023 use the original annual results. FY2024 uses the FY2025 restated comparative, with the options-accounting boundary explained below.
Total income includes the FY2021 AGC demerger gain; it is not mineral sales. Selected expense rows exclude exploration impairments of A$0.260m in FY2021 and A$0.274m in FY2025. FVOCI movements are outside profit or loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 income: services, operator fees and interest
A$ million
| Metric | FY2025 |
|---|---|
| AGC shared-services income | 0.058 |
| Joint-venture operator fee | 0.187 |
| Other income | 0.000444 |
| Interest income | 0.227 |
| Total other and interest income | 0.473 |
The operator fee is income; partner exploration reimbursements reduce exploration expense separately. Neither is mine production revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Partner funding changes the net exploration charge
A$ million — expense magnitudes
| Metric | FY2024 | FY2025 |
|---|---|---|
| Gross exploration expense | 1.973 | 3.079 |
| Net exploration expense after partner contribution | 1.973 | 1.179 |
Positive expense magnitudes, unlike the signed P&L table. FY2025 gross expense less the A$1.900118m partner contribution equals the net charge.
The FY2025 cash receipt from the earn-in partner was A$2.190736m. It differs from the accrued expense contribution; the cash amount is not substituted into the P&L.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Partner cash reduced the funding burden, not the gross programme
FY2025 operating outflow narrowed as earn-in receipts offset part of the exploration and supplier payments. The partner’s cash contribution exceeds the amount credited against expense: cash timing and accrued cost sharing should not be collapsed into one number.
FY2024 placements restored cash after the intensive FY2023 programme. The Fortescue share placement is distinct from the farm-in commitment: the latter is staged expenditure for an earned project interest, not A$14m already received by Magmatic.
FY2025 investing outflow includes PPE, bond payments and A$50,000 cash for tenements. Noncash acquisition shares belong in the asset and transaction discussion, not added to this cash total.
Operating, investing and financing flows
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash use, financing and exploration payments; no missing values plotted as zero.
Cash use, financing and exploration payments
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (3.206) | (3.555) | (6.712) | (3.035) | (1.315) |
| Net investing cash flow | 0.022 | (0.015) | (0.062) | 0.016 | (0.197) |
| Net financing cash flow | 5.071 | 2.467 | 4.611 | 6.499 | (0.082) |
| Exploration cash payments | (2.518) | (2.718) | (5.713) | (2.082) | (3.096) |
| Lease repayments | (0.045) | (0.048) | (0.023) | (0.064) | (0.082) |
The exploration and lease lines are components already included in the cash-flow totals, not additional uses to add again.
Exploration payments are operating cash flows under the expense policy. FY2025 investing includes PPE, bonds and tenement acquisition cash, not the full noncash acquisition consideration.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 operating cash flow: receipts offset gross spending
A$ million
| Metric | FY2025 |
|---|---|
| Exploration payments | (3.096) |
| Supplier and employee payments | (0.869) |
| Earn-in partner receipts | 2.191 |
| Customer and government receipts | 0.275 |
| Net interest received | 0.185 |
| Net operating cash flow | (1.315) |
These signed amounts reconcile to the reported operating outflow. Partner contributions do not remove the need to show the gross exploration programme.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Acquisition accounting explains the exploration-asset increase
The acquisition-cost asset stayed broadly unchanged through FY2024 while exploration was expensed. FY2025 NGR historical data and project acquisitions increased that carrying balance, partly offset by the Weebo licence impairment. It is not a stockpile of cumulative spending or an estimate of recoverable metal value.
Cash and the AGC investment both fell in FY2025. The investment is concentrated in one exploration company; its fair-value movements affect OCI. Lease assets and liabilities are a separate balance-sheet exposure, not exploration funding receipts.
Weebo Stage 2 and further vendor shares were subsequent events. A contingent 2% royalty has no practicably estimable fair value; resource-linked performance-share vesting conditions are not themselves a new resource estimate. Minimum tenement exploration commitments were approximately A$1.697m.
Cash and book equity
A$ million
Cash and cash equivalentsTotal equity
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 6.122 | 5.019 | 2.855 | 6.335 | 4.741 |
| Total assets | 8.589 | 7.129 | 4.830 | 10.412 | 8.778 |
| Total liabilities | 1.070 | 0.398 | 0.489 | 1.110 | 1.301 |
| Total equity | 7.519 | 6.732 | 4.341 | 9.302 | 7.477 |
| Exploration acquisition assets | 1.368 | 1.368 | 1.368 | 1.368 | 2.389 |
Assets and liabilities are consolidated totals, not parent-only figures. Exploration assets are capitalised acquisition costs, not the total historic exploration spend or a valuation of mineral resources.
The FY2025 reported totals contain an immaterial A$1 assets-less-liabilities versus equity difference, retained at source precision. No value is forced to balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 exploration asset movement
A$ million
| Metric | FY2025 |
|---|---|
| Opening acquisition-cost balance | 1.368 |
| NGR historical-data addition | 0.267 |
| Project acquisition additions | 1.027 |
| Weebo project impairment | (0.274) |
| Closing exploration assets | 2.389 |
Opening balance plus additions less impairment equals the closing balance. Acquisition accounting includes shares and historical-data value, not solely cash paid.
Stage 1 of Weebo settled on 30 June 2025. Stage 2 settled on 25 August 2025, after the reporting date.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investment and lease exposure in the latest two years
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| AGC investment at fair value through OCI | 1.635 | 0.789 |
| Right-of-use assets | 0.552 | 0.478 |
| Total lease liabilities | 0.580 | 0.520 |
An investment mark-to-market movement is neither an operating cash receipt nor a change in exploration assets. Lease liabilities are shown separately; they are not a proxy for all liabilities.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The FY2024 restatement changes the comparison, not cash
Options previously amortised over time were reassessed under AASB 2: the engagement requirement was not a vesting condition, so grant-date expensing was required. The FY2025 accounts restated FY2024 expense timing without changing the underlying option fair values.
The earlier FY2023 balance-sheet correction moved amounts between reserves and accumulated losses, leaving total assets, liabilities and equity unchanged. Accordingly, the balance-sheet trend is retained while the FY2024 P&L explicitly uses its restated comparative.
FY2024 options expense: original versus restated
A$ million
| Metric | Originally reported | Restated in FY2025 |
|---|---|---|
| Share-based payment expense | (0.444) | (0.065) |
| Loss after tax | (3.381) | (3.002) |
The correction changes expense timing, not the option fair values. The five-year income table uses the restated FY2024 column. FY2023 balance-sheet reserve/loss reclassification did not change total equity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021–FY2023 P&L figures remain as originally reported; FY2024 uses the explicit FY2025 restated comparative. This is not an assertion that all older expense timing has been restated.
- Reported FY2025 total current liabilities exceed the retained payables/lease components. The complete reported total is used; an incomplete component list is not forced to reconcile or treated as a zero-debt conclusion.
- Inferred resources, conditional farm-in interest, contingent royalties and post-year-end consideration are not converted to revenue, reserves or project valuations.
- 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
- Magmatic Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Magmatic Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Magmatic Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Magmatic Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Magmatic Resources 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.
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