FY2021
Uitkomst recovery and IDC funding reset
Uitkomst ROM production increased 14% and sales reached 292,261 tonnes. The issuer also described an IDC facility restructure and renewed Makhado funding initiatives after COVID-19 disruption.
ASX: MCM · Five-year financial review
(ASX: MCM) MC Mining Limited Financial Review - FY2021~25
MC Mining’s FY2021–FY2025 record combines coal sales at Uitkomst with Makhado’s transition into development, Vele’s suspension and recurrent funding dependence. Operating performance, cash movements, financial position and project-stage changes are kept separate.
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 revenue
US$17.452m
Group coal revenue.
FY2025 cost of sales
US$24.083m
Group cost of sales; source in US$ thousands.
FY2025 loss after tax
US$35.984m
Reported statutory loss magnitude.
FY2025 cash
US$7.388m
Balance-sheet cash and cash equivalents.
Five years in context
MC Mining presents its financial statements in US dollars unless otherwise stated. The annual reports describe a South African Group with Uitkomst as the operating colliery and Makhado, Vele and Greater Soutpansberg at differing project stages; those stages are not treated as realised production.
The FY2025 five-year summary supplies the revenue and statutory-loss series used here, while detailed annual statement rows supply cost, cash-flow and financial-position measures. Later comparatives are identified whenever selected over an earlier divergent extraction.
Events behind the numbers
FY2022
Makhado funding condition and rights issue
The Makhado development approach moved to a dedicated processing-plant scenario. A fully underwritten rights issue was announced as cornerstone funding and to meet an IDC condition.
FY2023
Uitkomst turnaround and Makhado planning
Operation Phenduka was introduced at Uitkomst while Makhado implementation planning and CHPP designs advanced; capital raising was still described as required before construction.
FY2024
KDG agreement and Vele suspension
After year end, KDG agreed to a two-tranche subscription toward a 51% post-transaction holding. Vele had been suspended from December 2023 and was impaired in FY2024.
FY2025
Construction transition, repayment and uncertainty
Makhado was being constructed and Uitkomst mined continuously, while the directors’ forecast depended on KDG completion, an Uitkomst turnaround, Makhado start-up and further working-capital funding. The IDC settlement arrangement set a repayment programme to March 2026 subject to conditions.
FINANCIAL REVIEW / 01
Sales performance and profitability
Revenue reached its five-year high in FY2023 before declining in FY2024 and FY2025. In FY2025 cost of sales exceeded revenue, producing the calculated gross loss in the table; the statutory loss series remains separate because it includes items beyond gross profit.
FY2025 impairment expense was US$24.328m, split between Uitkomst and GSP. It is shown as a recognised expense and is not added back to create adjusted earnings.
Group revenue
US$ million
Revenue
AI-generated presentation · values from Group income statement measures; no missing values plotted as zero.
Statutory loss after tax (reported magnitude)
US$ million
Statutory loss after tax (reported magnitude)
AI-generated presentation · values from Group income statement measures; no missing values plotted as zero.
Group income statement measures
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 20.7 | 23.5 | 44.8 | 36.7 | 17.5 |
| Cost of sales (magnitude — calculated) | 20.3 | 21.0 | 41.2 | 36.5 | 24.1 |
| Gross profit/(loss) — calculated | 0.4 | 2.5 | 3.6 | 0.1 | (6.6) |
| Statutory loss after tax (reported magnitude) | 11.8 | 20.8 | 4.4 | 14.6 | 36.0 |
US$ million. Revenue and statutory loss use the FY2025 Group five-year summary. Cost of sales is normalized as a calculated positive magnitude across all five years; the original selected statement rows and formula are retained in evidence.
Gross profit/(loss) is a calculated presentation of labelled revenue less the calculated cost magnitude, not an adjusted earnings measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Operating, investing and financing cash flows
Operating cash flow was an outflow in every displayed year. Investing cash outflows were particularly large in FY2023–FY2025, while financing cash flow changed materially; financing inflows are not treated as operating performance.
The selected FY2023 cells use later annual-report comparatives, with the extraction differences stated in table notes rather than blended into a new series.
Cash-flow subtotals
US$ million
Net cash used in operating activitiesCash flows used in / from investing activitiesCash flows from / (used in) financing activities
AI-generated presentation · values from Group cash-flow subtotals; no missing values plotted as zero.
Group cash-flow subtotals
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (1.4) | (2.4) | (3.8) | (3.2) | (11.4) |
| Cash flows used in / from investing activities | 0.2 | (1.5) | (8.7) | (5.2) | (15.5) |
| Cash flows from / (used in) financing activities | 1.7 | 4.3 | 19.2 | (0.2) | 33.8 |
US$ million; a negative value is a cash outflow. FY2023 operating cash uses the FY2024 comparative (US$(3.833)m), not the differing FY2023 extracted row (US$(3.538)m).
FY2023 financing cash uses the later FY2024 comparative (US$19.229m), rather than the FY2023 extracted US$18.934m; the report does not silently reconcile the difference.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Financial position, debt and going-concern boundary
The unified balance-sheet table shows cash, assets and liabilities at each year end. FY2025 borrowings closed at US$11.333m, with US$11.307m classified current, following loans raised and repayments recorded during the year.
The FY2025 report identified a net current liability position and operating cash outflow as conditions creating material uncertainty, while directors concluded going concern remained appropriate on stated funding and operating assumptions. This is an issuer-stated assessment, not a forecast by this report.
Total assets and total liabilities
US$ million
Total assetsTotal liabilities
AI-generated presentation · values from Group financial position at 30 June; no missing values plotted as zero.
Group financial position at 30 June
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3.2 | 3.0 | 7.5 | 0.2 | 7.4 |
| Total assets | 154.8 | 125.4 | 124.4 | 115.6 | 114.9 |
| Total liabilities | 48.3 | 48.3 | 37.1 | 40.2 | 31.7 |
| Equity — calculated as assets less liabilities | 106.5 | 77.1 | 87.4 | 75.4 | 83.2 |
US$ million, consolidated Group balance-sheet measures. The calculated equity row prevents a mix of FY2025 managed-capital reconciliation and earlier statutory-equity presentations.
Balance-sheet cash is not the cash-flow statement’s cash net of overdrafts or restricted cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 Group borrowings and impairment
US$ million
| Metric | FY2025 |
|---|---|
| Borrowings — closing balance | 11.333 |
| Current portion of borrowings | 11.307 |
| Non-current portion of borrowings | 0.026 |
| Impairment expense recognised in profit or loss | 24.328 |
US$ million, IFRS consolidated Group. Current and non-current portions reconcile to closing borrowings.
Impairment is an expense recognised in profit or loss, not a positive reversal or cash outflow. It comprises US$12.343m for Uitkomst and US$11.985m for GSP.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Asset-stage change: Makhado, Vele and Uitkomst
The E&E carrying amount declined sharply in FY2025 after Makhado was reclassified into development expenditure. The transfer is an accounting movement associated with development stage, not cash inflow.
Makhado was under construction in FY2025, Vele remained suspended, and Uitkomst was mined continuously. These descriptions frame the portfolio without converting planned capacity or resources into current revenue or production forecasts.
Exploration and evaluation asset carrying amount
US$ million
Exploration and evaluation assets
AI-generated presentation · values from Exploration and evaluation asset carrying amount; no missing values plotted as zero.
Exploration and evaluation asset carrying amount
US$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation assets | 93.5 | 67.8 | 65.7 | 70.5 | 22.9 |
US$ million, Group carrying amount. The FY2025 amount follows a US$26.593m transfer from E&E into development assets as Makhado moved into development; it is not a cash investment figure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Prepared from existing annual extraction records only; this is not an independent original-document audit.
- FY2023 operating and financing comparatives differ between saved annual extractions. Later FY2024 comparative presentations are selected and the differences disclosed; no reconciliation is imputed.
- Earlier debt-note composition does not establish a single same-basis five-year series, so the debt split is limited to FY2025 Group/IFRS.
Annual-report source registry
- MC Mining Limited - MCM Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MC Mining Limited - MCM Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MC Mining Limited - MCM Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MC Mining Limited - MCM Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MC Mining Limited - MCM 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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