FY2021
Fees, forgiveness and funding
The Norton transaction brought noncash introduction-fee shares within corporate expense, while forgiveness of accrued director fees reduced the reported loss. Equity issues supplied cash.
ASX: MDX · Five-year financial review
(ASX: MDX) Mindax Limited Financial Review - FY2021~25
Mindax’s five-year numbers are shaped by changes in control of Yilgiron, the company holding Mt Forrest. A deconsolidation gain drove FY2022 profit, an ownership reduction weighed on FY2023, and renewed control brought exploration assets back onto the Group balance sheet in FY2024. FY2025 then added strategic investments, a large OCI write-down and fresh equity funding.
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$1.319m
Closing cash, not equity or asset value.
FY2025 exploration asset
A$25.244m
Carrying amount after the R&D rebate.
FY2025 OCI decrement
A$4.685m
Separate from statutory net loss.
FY2025 cash equity raised
A$7.750m
Before cash issue costs and lease repayments.
Five years in context
This is an exploration-stage financial history, not a mine-production margin story. Mindax’s gold projects and Mt Forrest iron project have different roles, and the treatment of Yilgiron changed from subsidiary to equity-accounted investment and back to subsidiary.
The key is to read cash, profit and asset recognition separately. Large accounting gains or asset additions did not necessarily put cash into the parent’s bank account. The tables retain these boundaries rather than smoothing them into a single growth narrative.
Events behind the numbers
FY2022
Control passes to Norton
Yilgiron was deconsolidated following the September 2021 transaction. Recognising the retained investment produced the large one-off gain.
FY2023
Ownership falls to 65%
Norton’s earn-in increased its stake, creating a partial-disposal loss for nil consideration. Mindax regained control only after the June balance date.
FY2024
Yilgiron returns to the Group accounts
Control from 7 July 2023 led to consolidation and asset-acquisition accounting. Exploration assets and non-controlling interests entered the Group statements.
FY2025
Minority investments and new capital
Cash was invested in DRW and Cashmere, then substantially written down through OCI. Placements supported the investments and ongoing spending.
FINANCIAL REVIEW / 01
Reported profit is not recurring operating performance
FY2022 profit was dominated by deconsolidation, while FY2023’s loss included the ownership dilution of Yilgiron and its equity-accounted losses. The FY2021 result also has unusual components: forgiven director fees offset costs that included introduction-fee shares. These are meaningful drivers, not incidental footnotes.
Corporate and employee costs continued alongside separately reported option expenses. The FY2024 and FY2025 pre-tax losses were very similar, but the tax line changed from a benefit to an expense. That deferred-tax change widened the FY2025 net loss without being a matching current-tax cash payment.
Reported profit / loss, before and after tax
A$ million
Group profit / (loss) before taxGroup profit / (loss) after tax
AI-generated presentation · values from Five-year statutory results: the consolidation boundary changed; no missing values plotted as zero.
Corporate and employee expenses
A$ million
Corporate expenseSalaries and employee benefits
AI-generated presentation · values from Reported income and recurring expense categories; no missing values plotted as zero.
Five-year statutory results: the consolidation boundary changed
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group profit / (loss) before tax | (1.132) | 13.420 | (5.568) | (2.621) | (2.629) |
| Group profit / (loss) after tax | (1.132) | 13.420 | (5.568) | (2.458) | (3.125) |
FY2021–FY2023 results were attributable to the parent owners. FY2024–FY2025 Group results also include non-controlling interests following Yilgiron consolidation.
FY2022 includes the deconsolidation gain; FY2023 includes loss on partial disposal. These reported results are not a constant-portfolio recurring-earnings series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reported income and recurring expense categories
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.000079 | 0.000 | 0.000002 | 0.033526 | 0.052588 |
| Other income | 0.776 | 0.060 | 0.000 | 0.003 | 0.001 |
| Administration expense | (0.057) | (0.067) | (0.151) | (0.387) | (0.258) |
| Corporate expense | (1.605) | (0.826) | (0.768) | (0.774) | (1.030) |
| Salaries and employee benefits | (0.245) | (0.230) | (0.250) | (0.584) | (0.572) |
| Depreciation | (0.001) | (0.001) | (0.011) | (0.064) | (0.068) |
| Exploration expenditure expensed | 0.000 | (0.022) | (0.200) | (0.016) | 0.000 |
FY2021 “Revenue” is identified as interest by the following-year comparative. Very small interest amounts retain whole-dollar precision when expressed in millions.
FY2021 other income includes forgiveness of accrued director fees. Corporate expense includes noncash introduction-fee shares in FY2021–FY2022; it is not all cash overhead.
These selected rows exclude the deconsolidation/partial-disposal effects and separately reported share-based payments. No mine-product revenue series is implied.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Separately reported share-based payments
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Share-based payment expense | 0.000 | (0.545) | (0.818) | (0.746) |
FY2022 is explicitly nil in the FY2023 comparative. FY2021 is not appended as nil: its introduction-fee share expense is included within corporate costs and is discussed separately.
Cash share-issue costs and shares issued for fundraising commissions are financing costs, not automatically this employee/consultant option expense.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024–FY2025: tax, ownership and OCI explain different loss measures
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Income tax benefit / (expense) | 0.163 | (0.496) |
| Net loss attributable to Mindax owners | (2.282) | (2.852) |
| Net loss attributable to non-controlling interests | (0.176) | (0.273) |
| Other comprehensive income / (loss) | 0.000 | (4.685) |
| Total comprehensive loss | (2.458) | (7.810) |
The tax amounts reflect deferred-tax movements; they are not current income-tax cash payments. The FY2025 tax-note comparative labelled pre-tax reproduces FY2024 after-tax loss, so the statutory P&L pre-tax figure is used above.
The FY2025 investment decrement is recognised in OCI, outside the statutory profit or loss shown above. Owners’ loss and total Group loss are kept distinct.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
One project, several accounting states
Norton’s board rights transferred control even while Mindax retained a majority shareholding. The retained investment was recognised at fair value on deconsolidation. In FY2023 the earn-in reduced Mindax’s stake to 65%, generating the partial-disposal loss; the arrangement also became an equity-accounted joint venture during that year.
Mindax secured control again on 7 July 2023. There was nil contractual cash consideration, but the accounts recognised acquired assets and non-controlling interests. Yilgiron’s own standalone assets are not substituted for Group consolidated totals, and consolidation does not mean 100% economic ownership.
FY2022 Yilgiron deconsolidation: the gain was mostly noncash
A$ million
| Metric | FY2022 |
|---|---|
| Fair value of retained Yilgiron interest | 17.071 |
| Carrying value of net assets removed | (2.496) |
| Recovery of historical exploration expenditure | 0.202 |
| Reported gain on deconsolidation | 14.776 |
Control passed to Norton through the governance arrangements despite Mindax retaining a majority equity interest. Norton’s A$20m subscription was into Yilgiron, not a A$20m receipt in Mindax’s consolidated financing cash-flow row.
Retained-interest fair value plus the recovery less the carrying amount removed explains the reported gain. It is not profit from selling iron ore.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2022–FY2023: equity-accounted investment results
A$ million
| Metric | FY2022 | FY2023 |
|---|---|---|
| Share of equity-accounted investee losses | (0.271) | (0.570) |
| Closing equity-accounted investment | 16.800 | 13.158 |
FY2023 additionally recognised A$3.073077m loss on partial disposal when Mindax’s ownership reduced to 65% for nil consideration. It was not an equivalent cash payment.
FY2023 moved from associate to joint-venture classification during the year while retaining equity accounting. Consolidation began only on 7 July 2023, in FY2024.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The exploration balance grew mainly through consolidation
The large FY2024 increase was mostly the recognition of Yilgiron exploration assets, not an equivalent increase in annual cash exploration. In FY2025 the carrying amount fell because the R&D rebate exceeded capitalised new expenditure; the issuer reported no tenement impairment indicators.
The capital account rose with financing, but total Group equity also includes non-controlling interests, accumulated losses and OCI reserves. A book asset or resource estimate is not a sale value and does not establish future distributable cash.
Cash and Group equity answer different questions
A$ million
Cash and cash equivalentsTotal Group equity
AI-generated presentation · values from Group balance sheet and the capital account; no missing values plotted as zero.
Group balance sheet and the capital account
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1.189 | 1.682 | 4.628 | 0.520 | 1.319 |
| Total assets | 4.251 | 18.978 | 19.323 | 26.728 | 27.637 |
| Total liabilities | 0.397 | 0.361 | 0.274 | 2.127 | 2.386 |
| Total Group equity | 3.854 | 18.617 | 19.049 | 24.601 | 25.251 |
| Contributed equity | 48.625 | 49.969 | 55.424 | 55.524 | 63.239 |
Contributed equity is an accumulated accounting capital balance, not cash received in the current year. Total equity includes losses, reserves and non-controlling interests.
Group equity includes NCI of A$6.916195m in FY2024 and A$6.643545m in FY2025. Those are not solely attributable to Mindax shareholders.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration assets: a complete five-year record, with changing scope
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation carrying amount | 2.876 | 0.481 | 1.376 | 25.843 | 25.244 |
The FY2022 fall reflects removal of Yilgiron’s exploration asset on deconsolidation, with an equity-accounted investment recognised instead. The FY2024 increase largely reverses this presentation boundary on renewed control.
These are accounting carrying amounts, not Mineral Resources, Ore Reserves or market values. A smooth like-for-like asset-growth chart would conceal the control changes.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration balance movement after Yilgiron returned to consolidation
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening exploration and evaluation asset | 1.376 | 25.843 |
| Expenditure capitalised | 2.389 | 0.276 |
| Yilgiron acquisition recognition | 22.078 | 0.000 |
| Research and development rebate | 0.000 | (0.874) |
| Closing exploration and evaluation asset | 25.843 | 25.244 |
FY2024: opening asset plus expenditure and acquisition recognition equals the closing asset. The acquisition occurred for nil contractual cash consideration; recognition of assets is not a cash purchase of the same amount.
FY2025: new expenditure was more than offset by the R&D rebate. The rebate is A$874,317 in the asset note and A$874,318 in the cash-flow statement; each reported amount is retained in its own context.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Financing supported cash, but exploration lines need consistent classification
Cash built through FY2023, then fell sharply in FY2024 when financing receipts were small relative to operating and investing outflows. FY2025’s substantial cash raise restored some liquidity, but much of the new money went into strategic investments rather than the exploration cash line alone.
Operating exploration that was not capitalised is shown separately from investing exploration payments and recoupments. FY2022 had an investing recoupment, while FY2025 had an R&D investing receipt. Ignoring these classifications would give a misleading account of both spending and cash recovery.
Equity is the primary funding source and ready credit facilities are not available. The latest balance sheet still includes payables, lease liabilities and deferred tax; this is not a claim that Mindax is debt-free. The auditor retained a going-concern uncertainty despite an unmodified opinion.
Operating, investing and financing cash flows
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Net cash flow: equity funding and cash use; no missing values plotted as zero.
Net cash flow: equity funding and cash use
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.359) | (0.966) | (1.441) | (1.831) | (1.853) |
| Net investing cash flow | (0.645) | 0.209 | (1.002) | (2.334) | (5.003) |
| Net financing cash flow | 3.013 | 1.250 | 5.389 | 0.058 | 7.655 |
Operating cash flow remained negative. Investing includes exploration, recoveries and acquisitions; it must not be replaced by one selected exploration-payment line.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Do not mix operating exploration cash with investing exploration cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (1.359) | (1.004) | (1.241) | (1.838) | (1.931) |
| Non-capitalised exploration: operating cash line | 0.000 | (0.022) | (0.200) | (0.016) | 0.026 |
| Exploration payments / recoupments: investing cash line | (0.645) | 0.209 | (0.863) | (2.544) | (0.559) |
| Cash proceeds from ordinary share issues | 3.013 | 1.250 | 5.410 | 0.100 | 7.750 |
The operating exploration line is explicit nil in FY2021. FY2025 is a positive A$25,798 cash adjustment under the issuer’s payment label; its sign is retained and its cause is not inferred.
The FY2022 positive investing exploration amount is explicitly a recoupment. These are signed cash movements, not an uninterrupted series of gross exploration spending.
Noncash shares for services do not enter cash share proceeds. FY2025’s A$387,500 share-settled fees are not added to the A$7.750m cash raise.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 investing and funding: where the new cash went
A$ million
| Metric | FY2025 |
|---|---|
| Investing exploration payments | (0.559) |
| R&D cash refund | 0.874 |
| Investments purchased | (5.318) |
| Cash share-issue costs | (0.035) |
| Lease principal payments | (0.060) |
The first three rows explain investing cash flow; issue costs and lease principal reduce financing cash flow. They are components of the net totals, not additional outflows.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Strategic investment cost was not preserved in year-end value
Mindax acquired small interests in DRW and Cashmere, not their entire project portfolios. Their subsequent book-value-based measurement produced a large combined decrement. The remaining carrying amount is therefore much lower than cash invested, with the loss recognised in OCI rather than statutory profit or loss.
Capitalised exploration is assessed under a different accounting basis from those financial investments. The absence of tenement impairment indicators does not contradict the separately reported OCI investment write-down.
FY2025 strategic stakes: cost and subsequent OCI remeasurement
A$ million
| Metric | FY2025 |
|---|---|
| DRW 4.1% interest: acquisition cost | 2.318 |
| Cashmere 5% interest: acquisition cost | 3.000 |
| DRW fair-value decrement in OCI | (2.235) |
| Cashmere fair-value decrement in OCI | (2.450) |
| Combined closing investment carrying amount | 0.633 |
The write-down reduced equity through OCI rather than statutory profit or loss. Acquisition costs are not the year-end carrying values.
These are minority investments in other companies, not direct ownership of all their projects. Valuation used book-value methods described in the annual extraction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 06
What happened after year-end—and what did not
The July 2025 placement is subsequent funding, not part of June cash. The option to acquire Norton’s remaining 35% could take Mindax to 100% on exercise; it is not treated here as an already completed ownership change.
Minimum exploration commitments remain alongside overhead and other funding needs. Management cited further equity, possible tenement transactions and investment sales as funding routes. Those possibilities do not remove the disclosed uncertainty or justify a guaranteed cash-runway estimate.
Mt Lucky and Meekatharra work during FY2025 focused on interpretation and potential follow-up targets, while infrastructure and development options remained under consideration for Mt Forrest. No production or sales forecast is inserted into these financial records.
Exploration commitments: not the same as total cash requirements
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Within one year | 0.617 | 0.637 |
| Later than one year but no later than five | 1.662 | 0.563 |
| Total commitments | 2.279 | 1.200 |
Minimum exploration requirements do not include every corporate cost or future development expenditure. They are obligations, not cash already spent.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Group results and balances use whole Australian dollars expressed in millions. FY2024–FY2025 include Yilgiron and non-controlling interests; earlier periods use the documented equity-accounting or subsidiary basis.
- All five exploration carrying values are available. Their accounting scope changed with Yilgiron control, so they are not represented as a smooth organic project-growth trend.
- Operating exploration cash, investing exploration cash, capitalised additions and the closing asset are different measures. The positive FY2025 operating adjustment is preserved without inventing a cause.
- The R&D asset rebate and cash receipt differ by A$1. The FY2025 tax-note FY2024 pre-tax comparative conflicts with the P&L label; the P&L figure is used. No forced restatement is made.
- Subsequent placement and acquisition options are not June balances. Book resource or investment values are not project valuations or trading recommendations.
- 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
- Mindax Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mindax Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mindax Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mindax Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mindax 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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