FY2021
Red October reset
Mining revenue was outweighed by mining costs and amortisation. Production was suspended after year-end for drilling, mine design and rescheduling.
ASX: MAT · Five-year financial review
(ASX: MAT) Matsa Resources Limited Financial Review - FY2021~25
Matsa’s FY2025 profit and stronger cash position were shaped by the AngloGold option fee, financing and payment timing—not a return to a steady gold-mining margin. Development spending increased while exploration assets were reclassified. The accounts still carried a working-capital deficit and 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$6.913m
Reported 30 June balance, before subsequent financing.
FY2025 option income
A$5.000m
Part of other income, not mine revenue.
FY2025 reported profit
A$1.431m
Total Group statutory result.
Working-capital deficit
A$1.222m
The stronger cash balance did not remove the deficit.
Five years in context
Red October production wound down around the FY2021 reporting boundary. Proposed asset sales, a replacement Devon profit-sharing agreement and subsequent Lake Carey negotiations shaped the next four years. That history is essential to interpreting both other income and the changing asset categories.
FY2025 gold-development activity is kept distinct from gold sales. The saved records place Devon start-up around June/July 2025 inconsistently, but identify the first gold pour in September 2025. The accounts’ option income and pre-production development asset are used without inventing FY2025 production revenue.
Events behind the numbers
FY2022
Proposed sale and non-refundable deposit
The Linden sale had not settled at year-end. A non-refundable deposit supported other income, while the projects were classified as held for sale.
FY2023
Sale replaced by profit sharing
The prior sale arrangement ended and the Devon agreement introduced a non-refundable profit-share prepayment. Devon returned to exploration assets while Red October remained held for sale.
FY2024
Red October returns from held-for-sale
The company refocused on Red October, reclassified its assets and liabilities, and re-presented prior discontinued operations within continuing activities. Devon development work continued.
FY2025
Option income and Devon development
The AngloGold option fee entered income and mine-development expenditure increased. First gold and September project financing are subsequent events, not period-end receipts.
FINANCIAL REVIEW / 01
A profit supported by transaction income, not a simple mining recovery
The latest result was supported principally by the AngloGold option fee and the R&D refund. Earlier other income also included non-refundable Linden transaction payments. These receipts have different commercial terms from gold sales and are not treated as recurring production revenue.
Care-and-maintenance expense fell in FY2025, but salaries, administration and finance costs remained material. The cost detail explains more than the bottom-line turnaround alone. Equity-raising options charged directly to equity are separate from the nil P&L share-based-payment line.
Total Group profit or loss
A$ million
Net profit / (loss) — total Group
AI-generated presentation · values from Five-year Group result and closing cash; no missing values plotted as zero.
Care, employees and administration
A$ million
Care and maintenanceSalaries and employment benefitsAdministration and other expenses
AI-generated presentation · values from Latest three years: the income and cost drivers; no missing values plotted as zero.
Five-year Group result and closing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net profit / (loss) — total Group | (9.655) | (6.028) | (0.819) | (4.603) | 1.431 |
| Cash and cash equivalents | 3.029 | 1.572 | 0.794 | 1.038 | 6.913 |
| Borrowings excluding lease liabilities | 4.209 | 4.118 | 4.583 | 5.550 | 5.858 |
Total Group result includes all operations and non-controlling interests. It is not the separately reported parent-owner result.
Red October/Devon were presented as discontinued in earlier editions; Red October later returned to continuing presentation. The total result remains shown, but detailed component comparisons below preserve the changing basis.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Latest three years: the income and cost drivers
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Other income | 5.341 | 0.735 | 6.053 |
| Salaries and employment benefits | (1.523) | (1.381) | (1.474) |
| Care and maintenance | (1.485) | (1.461) | (0.560) |
| Administration and other expenses | (1.571) | (1.258) | (1.402) |
| Depreciation expense | (0.477) | (0.270) | (0.181) |
| Exploration expenditure written off | (0.322) | (0.314) | (0.305) |
| Share-based payment expense | (0.104) | 0.000 | 0.000 |
| Net finance cost | (0.654) | (0.670) | (0.711) |
FY2023 is the re-presented comparative in FY2024: previously discontinued operations are included in continuing activities. This is not the narrower FY2023 original continuing-cost table.
Other income is not a gold-sales series: it includes transaction payments, R&D refunds and other receipts. The FY2023 comparative also incorporates revenue/other income previously in discontinued operations. Selected cost rows omit small disposal gains/losses.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 other income: the option fee dominates
A$ million
| Metric | FY2025 |
|---|---|
| AngloGold option fee recognised | 5.000 |
| R&D tax incentive income | 0.726 |
| Residual other income | 0.327 |
| Total other income | 6.053 |
The A$5m recognised option fee is not the total conditional future acquisition consideration. Income recognition, gross GST-inclusive instalment descriptions and future option conditions are not interchangeable.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Why the earlier mining numbers cannot be flattened into one revenue trend
FY2021 mining costs and mining depreciation exceeded customer revenue. The discontinued schedule then retained care-and-maintenance charges as operations stopped. In FY2024, Red October ceased to be held for sale, so the comparative P&L was re-presented back into continuing activities.
The retained FY2023 discontinued schedule reports customer revenue while the operational narrative says no mining occurred. The missing revenue-footnote context is a specific limitation: the number is retained as reported, without asserting that mining restarted or calculating implied ounces.
Earlier mining-related activity under discontinued presentation
A$ million
| Metric | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
| Revenue from customers | 8.055 | 0.230 | 0.931 |
| Mining operating costs | (12.641) | (0.445) | 0.000 |
| Mining amortisation and depreciation | (5.673) | (0.815) | (0.375) |
| Care and maintenance | 0.000 | (1.676) | (1.485) |
| Loss from discontinued operations | (10.446) | (2.389) | (0.945) |
FY2021–FY2022 use the FY2022 discontinued-operation schedule; FY2023 uses its own discontinued schedule. This is not a five-year same-mine production or sales-volume series.
FY2023 contains customer revenue despite the narrative stating no mining during that year. The retained revenue footnote is incomplete, so no physical gold output, fresh mining activity or cause of that revenue is inferred.
The wider Group total includes continuing activities. FY2021 mining operations alone were loss-making before the other continuing gains/income.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The cash recovery also reflects financing and payment timing
Operating cash turned positive in FY2025, supported by option-related receipts and the R&D refund. The reconciliation also includes a substantial increase in creditors and accruals, so the inflow should not be interpreted as cash earnings from steady-state mining.
Share subscriptions remained a major financing source. Cash borrowings and repayments were important in earlier years, while FY2025 deferred service fees increased debt without a new loan receipt. Financing inflow is not evidence that future obligations are already funded.
FY2025 mine-development payments were the largest investing component. Tenement and other disposal receipts partly offset the outflow; treating the investing total as exploration spend alone would lose that distinction.
Operating, investing and financing cash flow
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flows across operations, investment and finance; no missing values plotted as zero.
Cash flows across operations, investment and finance
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (4.804) | (2.792) | (0.355) | (3.437) | 5.454 |
| Net investing cash flow | (2.684) | (0.960) | (2.050) | (0.477) | (4.006) |
| Net financing cash flow | 8.720 | 2.295 | 1.627 | 4.158 | 4.427 |
All-operations cash-flow totals. Component presentation changed with the discontinued reclassification, but total cash-flow lanes are retained.
Operating cash includes option-related income and working-capital timing. It is not a recurring mine margin or a forecast.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Financing components behind the net inflow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash proceeds from shares | 10.022 | 3.375 | 1.976 | 4.150 | 5.678 |
| Cash share-issue costs | (0.692) | (0.225) | (0.128) | (0.203) | (0.202) |
| Borrowing repayments | 0.000 | (0.225) | (4.120) | (0.345) | (0.561) |
| Lease repayments | (0.115) | (0.104) | (0.089) | (0.073) | (0.052) |
| Interest paid in financing | (0.496) | (0.526) | (0.514) | (0.607) | (0.679) |
FY2021 borrowing repayments are explicit nil in the FY2022 comparative. Other financing components include option cash and borrowing receipts; this is not a second subtotal to add to financing.
Borrowing receipts were A$4.500m in FY2023, A$1.237m in FY2024 and nil in FY2025. FY2025 options contributed A$0.243m net of costs. Noncash deferred service fees can increase debt without a borrowing cash receipt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 investment cash: development, exploration and disposals
A$ million
| Metric | FY2025 |
|---|---|
| Mine-development payments | (3.064) |
| Exploration payments | (0.964) |
| PPE purchase | (0.223) |
| Tenement disposal receipts | 0.200 |
| PPE disposal receipts | 0.010 |
| Financial-asset disposal receipts | 0.035 |
| Net investing cash flow | (4.006) |
The full investing outflow is not exploration expenditure alone. Development cash is separated from the noncash transfer between exploration and mine-development assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Asset transfers and new development both matter
The FY2024 exploration-asset increase largely reflects Red October leaving held-for-sale classification. In FY2025, part of exploration carrying value moved into mine development. Neither movement is a new mineral discovery or a cash receipt; the development bridge separates transfers from expenditure.
The latest packet retains substantial balance-sheet components even though complete FY2025 Group totals are not available. The debt/payables table and current working-capital deficit are more informative than substituting an unrelated parent-only total or labelling all missing totals zero.
Cash versus borrowings
A$ million
Cash and cash equivalentsBorrowings excluding lease liabilities
AI-generated presentation · values from Five-year Group result and closing cash; no missing values plotted as zero.
Exploration asset carrying amount
A$ million
Exploration and evaluation assets
AI-generated presentation · values from Exploration carrying value across classification changes; no missing values plotted as zero.
Complete Group balance-sheet totals retained for FY2021–FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 27.833 | 22.645 | 23.235 | 23.276 |
| Total liabilities | 12.461 | 10.099 | 9.515 | 10.209 |
| Total equity including non-controlling interests | 15.372 | 12.545 | 13.720 | 13.067 |
The saved FY2025 extraction provides cash, debt, payables, exploration and mine-development components, but not complete consolidated asset/liability/equity totals. Parent-only figures and financial-liability totals are not substituted.
This is a retained-data limit, not a statement that the issuer omitted its FY2025 balance sheet. Latest available components are shown below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024–FY2025 lease and payable exposure
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Total lease liabilities | 0.034 | 0.099 |
| Trade and other payables | 1.250 | 3.175 |
Borrowings exclude the separately shown lease liabilities. FY2025 debt contains A$0.869460m secured deferred service fees, a noncash addition; cash loan repayments can coexist with a higher closing debt balance.
The main facility’s repayment timing is linked to the AngloGold agreement. The issuer retained its current classification; potential extensions are not treated as an unconditional long-term refinancing.
The retained FY2025 restoration-provision records conflict: A$2.933965m in the balance note versus A$2.965965m in its movement schedule. Neither is silently selected as a reconciled provision total.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration carrying value across classification changes
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation assets | 21.438 | 10.628 | 14.533 | 21.192 | 19.985 |
The rise in FY2024 includes A$6.438051m transferred back from held-for-sale assets, not an equivalent new cash investment. FY2023 included a A$2.655963m Devon transfer back to exploration.
The FY2025 decline includes a A$1.865955m transfer to mine development and a A$0.305299m write-off, offset by A$0.963938m additions. A lower exploration balance is therefore not solely an impairment or resource depletion.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 mine-development asset bridge
A$ million
| Metric | FY2025 |
|---|---|
| Opening mine-development asset | 0.000 |
| Development expenditure incurred | 3.064 |
| Initial rehabilitation asset | 0.032 |
| Transfer from exploration assets | 1.866 |
| Closing mine-development asset | 4.962 |
Additions reconcile to the closing capitalised pre-production asset. The exploration transfer and rehabilitation recognition are not extra cash investment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
The funding conditions remain part of the financial story
The going-concern assessment relied on received option instalments, further conditional option payments, a deferred contractor arrangement, later project finance and borrowing-date changes. The report retained a material uncertainty if those matters were not achieved. The September financing is not added to June cash.
The option’s remaining and acquisition-related consideration is conditional and, in parts, gold-price or resource dependent. The full possible consideration is not a current receivable or an achieved sale. The principal loan’s repayment mechanism was linked to the option dates but was still classified current at year-end.
The detailed Blue Cap term sheet specifies deferred fees bearing 26% annual interest, with A$0.869m incurred and recognised at year-end. This is not cost-free funding. The next-year minimum exploration commitment was A$2.150m, unprovided in the accounts and distinct from booked borrowings.
Reading the figures
- FY2021 total Group result is distinguished from the parent-owner allocation. FY2023 detailed costs use the FY2024 re-presented comparison; historical discontinued figures are separately labelled.
- Complete FY2025 Group assets, liabilities and equity totals are not retained in this packet; cash, debt, leases, payables and project assets are shown without inventing the balance.
- Devon commencement is described inconsistently as June/last quarter or July 2025 in saved narratives. This review does not choose an unsupported precise start date; the September first pour remains subsequent to FY2025.
- The FY2023 revenue footnote is incomplete. Reported customer revenue is not turned into a production-volume claim. Conditional option consideration and later financing are not booked as June cash.
- The FY2025 restoration-provision source discrepancy is disclosed beside latest liabilities. No unsupported reconciliation or false consolidated total is constructed.
- 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
- Matsa Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Matsa Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Matsa Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Matsa Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Matsa 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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