FY2022
Australian drilling and Delfin diligence
Jimperding drilling tested electromagnetic conductors. The proposed Chilean Delfin acquisition remained subject to due diligence, whose costs were expensed.
ASX: MAN · Five-year financial review
(ASX: MAN) Mandrake Resources Limited Financial Review - FY2022~26
Mandrake retained a substantial cash balance while funding the Utah lithium programme. Interest softened corporate cash costs, but investing outflows still reduced liquidity. The FY2026 loss jump was dominated by the Jimperding write-off—not an equivalent surge in that year’s cash spending.
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.
FY2026 cash
A$11.668m
Consolidated cash at 30 June 2026.
FY2026 interest
A$0.512m
Income from the funding base, not lithium sales.
FY2026 impairment
A$2.981m
Jimperding’s remaining carrying amount written off.
FY2026 exploration assets
A$9.094m
After impairment; not a mineral valuation.
Five years in context
The portfolio moved from Australian exploration and Chilean due diligence toward Utah lithium. These are exploration-stage financial statements: investment in projects, interest on cash and share-based remuneration explain much more than a revenue-growth lens would.
The selected five-year window is FY2022–FY2026. The later Utah Inferred Resource and commercial arrangements are retained in their reported years; they do not turn earlier conceptual targets or test work into production or booked sales.
Events behind the numbers
FY2023
Utah tenure and a strategic placement
The company generated the Utah Lithium Project and secured well access. Galan Lithium and strategic advisers participated in the placement alongside separate option-exercise funding.
FY2024
Brine sampling and test work
Sampling supported the Utah programme; a conceptual Exploration Target and lithium-hydroxide test result were reported. These were not commercial production.
FY2025
Capital-intensive work put on hold
The Board restricted Utah spending to low-cost, longer-lead items in the March quarter, leaving capital-intensive well re-entries and new drilling on hold.
FY2026
Jimperding exit and Utah arrangements
Jimperding was relinquished with its remaining carrying amount impaired. Utah disclosures included an Inferred Resource, a non-binding supply LOI and a separate binding waste-treatment evaluation agreement.
FINANCIAL REVIEW / 01
The loss needs both the interest and impairment context
Interest income materially offset the corporate cost base, helping explain the small FY2024 loss. FY2025 share-based expense then increased, before the FY2026 Jimperding impairment dominated the statutory result. The selected cost rows make these drivers visible rather than treating every loss as exploration cash burn.
Excluding only the FY2026 write-off leaves a calculated loss of about A$0.629m, close to the preceding year’s statutory loss. That arithmetic isolates the charge; it does not label the rest recurring, cash-based or an issuer-defined adjusted result.
Tax losses and deferred-tax benefits were not recognised because recovery through taxable profits was not considered probable. Those potential benefits are not added to cash or book equity.
Interest income versus the statutory result
A$ million
Interest incomeStatutory loss after tax
AI-generated presentation · values from Interest offsets costs, but does not create mining revenue; no missing values plotted as zero.
Interest offsets costs, but does not create mining revenue
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Interest income | 0.024 | 0.402 | 0.737 | 0.664 | 0.512 |
| Administration expense | (0.225) | (0.207) | (0.178) | (0.149) | (0.223) |
| Consultancy fees | (0.023) | (0.038) | (0.062) | (0.103) | (0.162) |
| Director fees and employee costs | (0.106) | (0.091) | (0.097) | (0.097) | (0.122) |
| Travel expense | (0.009) | (0.033) | (0.084) | (0.059) | (0.038) |
| Occupancy expense | (0.034) | (0.022) | (0.034) | (0.036) | (0.045) |
| Legal, compliance and professional fees | (0.042) | (0.069) | (0.060) | (0.059) | (0.092) |
| Share-based payment expense | 0.000 | (0.234) | (0.420) | (0.784) | (0.460) |
| Statutory loss after tax | (0.560) | (0.311) | (0.198) | (0.624) | (3.610) |
Consolidated Group; expenses negative, interest positive. FY2022 share-based payments are explicitly nil in the FY2023 comparative.
Additional exploration charges were A$0.145029m in FY2022, A$0.018588m in FY2023 and A$2.981007m in FY2026. These are distinct from annual capitalised additions and cash expenditure. No income tax charge was recognised in these statements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2026 loss: the effect of the Jimperding write-off
A$ million
| Metric | FY2026 |
|---|---|
| Reported loss after tax | (3.610) |
| Jimperding impairment (charge) | (2.981) |
| Loss excluding only this impairment — calculated | (0.629) |
The calculated remainder is an illustrative reconciliation, not issuer-reported underlying earnings, cash flow or a forecast. Other expenses, including share-based payment, remain in it.
The impairment reflects the decision not to renew licence E70/5345 and relinquish Jimperding. The Group reported no impairment indicators for the remaining areas at 30 June 2026.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
A positive operating subtotal did not cover exploration investment
FY2024 and FY2025 operating cash inflows arose because interest receipts exceeded supplier and employee payments. Exploration payments sat in investing, so the positive operating subtotal did not mean the programme funded itself or generated product revenue.
FY2023 financing more than covered that year’s combined operating and investing outflows. Later cash declined as exploration continued without comparable fresh cash share proceeds. This timing is visible only when financing is shown alongside both other cash-flow lanes.
The FY2026 directors’ assessment was that cash and forecasts supported obligations for at least 12 months from authorisation. That statement is dated, not an indefinite runway estimate. The disclosed rate sensitivity also shows that interest income is exposed to deposit rates.
Operating, investing and financing cash flows
A$ million
Net operating cash flowNet investing cash flow / exploration paymentsNet financing cash flow
AI-generated presentation · values from Cash flows: exploration sits in investing; no missing values plotted as zero.
Cash remaining at each reporting date
A$ million
Cash and cash equivalents
AI-generated presentation · values from Cash, exploration carrying value and Group equity; no missing values plotted as zero.
Cash flows: exploration sits in investing
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.418) | (0.105) | 0.241 | 0.065 | (0.114) |
| Net investing cash flow / exploration payments | (0.739) | (3.242) | (2.124) | (1.734) | (1.467) |
| Net financing cash flow | 1.357 | 3.894 | (0.005) | (0.003) | 0.000 |
| Payments to suppliers and employees | (0.442) | (0.507) | (0.496) | (0.599) | (0.627) |
The full statements identify exploration expenditure as the investing outflow in every year shown. Supplier/employee payments are already included in operating cash flow; they are not additional to it.
Operating flow comprises interest receipts less supplier/employee payments. It turned positive when interest exceeded those payments, not when the company started product sales.
FY2026 financing is explicitly described as issuer-reported nil in the retained statement. Minor A$1 source arithmetic differences are preserved, not used to invent cash movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The two years of cash share-issue proceeds
A$ million
| Metric | FY2022 | FY2023 |
|---|---|---|
| Gross proceeds from shares | 1.371 | 3.936 |
| Cash share-issue costs | (0.014) | (0.042) |
| Net financing cash inflow | 1.357 | 3.894 |
FY2023 gross proceeds combined option exercises and a placement. The A$2.2m placement is only part of the full cash receipt, not the total.
Later financing rows show small issue costs in FY2024–FY2025 and nil FY2026; noncash shares or performance rights must not be treated as fresh cash funding.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A project write-off reverses past capitalised costs
Exploration carrying value accumulated as expenditure was capitalised. Jimperding’s licence non-renewal then removed its remaining balance in FY2026. New-year exploration additions were still positive, so the closing asset is explained by both continued spending and the separate write-off.
The retained Group balance sheet consists predominantly of cash and exploration assets, with modest payables. The reported absence of significant debt does not eliminate those payables or guarantee recovery of exploration assets. Remaining areas were not impaired in the FY2026 review.
Minimum annual exploration expenditure requirements fell to A$85,000 from A$160,000. These licence-related minima are not the same as management’s full programme budget or a booked debt amount.
Annual capitalisation and write-offs
A$ million
Exploration expenditure capitalisedExploration write-offs / impairment
AI-generated presentation · values from Capitalised additions versus charges against the asset; no missing values plotted as zero.
Cash, exploration carrying value and Group equity
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 16.263 | 16.810 | 14.921 | 13.250 | 11.668 |
| Exploration and evaluation assets | 3.526 | 6.750 | 8.874 | 10.608 | 9.094 |
| Total assets | 19.866 | 23.638 | 23.883 | 23.975 | 20.865 |
| Total liabilities | 0.185 | 0.139 | 0.167 | 0.102 | 0.142 |
| Total equity | 19.681 | 23.499 | 23.716 | 23.873 | 20.723 |
At 30 June; consolidated Group, not parent-only. FY2025 values are directly available as the FY2026 comparative. Liabilities comprise the reported payables totals; an explorer’s cash balance is not a project valuation.
The directors described effectively no debt in the FY2026 liquidity discussion. Reported payables remain liabilities; they are not removed by that statement. A$1 historical source-total differences are immaterial and retained.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Capitalised additions versus charges against the asset
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Opening exploration carrying amount | 2.933 | 3.526 | 6.750 | 8.874 | 10.608 |
| Exploration expenditure capitalised | 0.739 | 3.242 | 2.124 | 1.734 | 1.467 |
| Exploration write-offs / impairment | (0.145) | (0.019) | 0.000 | 0.000 | (2.981) |
| Closing exploration carrying amount | 3.526 | 6.750 | 8.874 | 10.608 | 9.094 |
FY2024 and FY2025 write-offs are explicit nil in the asset schedules. Asset additions and investing cash broadly coincide here, but they remain distinct accounting measures; FY2022 source schedules differ by A$1.
Recoverability depends on development, exploitation or sale of the relevant area of interest. Capitalised expenditure is not an estimate of mineral-resource value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Separate cash raising, equity remuneration and prospective contracts
FY2023 share cash proceeds included option exercises as well as the Utah placement. Fees partly paid in shares/options, performance-right vesting and service shares affect equity without equivalent new cash. The capital and reserve balances therefore do not substitute for financing receipts.
Utah’s FY2026 reported 3.3Mt LCE is an Inferred Mineral Resource, not an Ore Reserve or a sales forecast. The Stardust letter is non-binding; the DISA agreement concerns evaluation and potential recovery, with DISA responsible for the stated treatment activities and costs. Its contingent revenue-sharing terms are not reported revenue in these accounts.
Book capital and reserves are not all cash receipts
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Ordinary share capital | 33.704 | 37.451 | 37.446 | 37.693 | 37.693 |
| Performance-right reserve | 2.312 | 2.546 | 2.966 | 3.500 | 3.960 |
| Option reserve | 1.843 | 1.991 | 1.991 | 1.991 | 1.991 |
| Accumulated losses | (18.178) | (18.489) | (18.687) | (19.310) | (22.920) |
Balances, not annual flows. Issued capital can include service consideration, share-based fees and reserve transfers. Reserve increases can reflect expense recognition without a new cash subscription.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2022–FY2026 Group accounts in Australian dollars. Source precision is retained; isolated A$1 comparative/arithmetic differences do not change the report-scale interpretation.
- The impairment-excluded remainder is a transparent editorial calculation, not an issuer non-IFRS measure. Explicit nils were checked against complete saved statement meaning.
- Conceptual targets, inferred resources, test results and binding/non-binding arrangements are not converted into commercial production, forecast receipts or mine 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
- Mandrake Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mandrake Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mandrake Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mandrake Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mandrake 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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AI-led method
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