FY2021
Ethiopian exploration absorbs cash
Gold exploration across the Ethiopian portfolio continued during a difficult country backdrop, while operating and exploration outflows reduced cash.
ASX: MEG · Five-year financial review
(ASX: MEG) Megado Minerals Limited Financial Review - FY2021~25
Megado’s five-year story is one of portfolio change rather than mine sales. Ethiopian exploration was impaired, Canadian lithium assets were acquired and reassessed, North Fork moved into an option arrangement, and the 2025 Iberian Copper acquisition rebuilt the exploration balance. Cash funding, noncash write-downs and acquired assets explain different parts of that history.
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$1.999m
Closing Group cash at 31 December.
FY2025 exploration asset
A$7.110m
Includes acquired assets, not just cash spend.
FY2025 net loss
A$1.178m
No exploration impairment that year.
FY2025 cash equity raised
A$0.924m
Separate from acquisition shares.
Five years in context
The starting portfolio was Ethiopian gold exploration. By FY2023 the company was also exploring North Fork in the USA and had acquired Cyclone and K Lithium in Quebec. FY2025 added an 80% interest in Iberian Copper and a Spanish exploration portfolio.
The central question is how equity funding and asset transactions changed financial capacity—not whether these early-stage projects generated mine revenue. A lower loss after an impairment year does not by itself mean a stronger producing operation.
Events behind the numbers
FY2022
A major portfolio write-down
Ethiopian exploration costs were impaired in full after conflict resumed and results disappointed. North Fork field activity also faced wildfire disruption.
FY2023
Canadian projects added
Cyclone and K Lithium acquisitions used cash, shares or options. A placement supplied new funding, while Quebec wildfires constrained the field season.
FY2024
North Fork option; lithium impairment
The December North Fork option agreement changed asset presentation. K Lithium was written down to nil, while North Fork’s carrying amount was aligned with the agreement consideration.
FY2025
Spain enters the portfolio
The Iberian Copper acquisition completed in June, and fresh equity was raised during the year. The North Fork first tranche was received in February; subsequent milestones remained conditional.
FINANCIAL REVIEW / 01
Losses narrowed when impairment fell—not because mining revenue arrived
The largest loss year was FY2022, when the Ethiopian exploration balance was written off. The next major impairment occurred in FY2024. FY2025 reported no impairment, but professional fees, staff costs, other expenses and share-based payments still produced a statutory loss.
Staff and professional costs were lower in FY2024 than in FY2022, while share-based payments returned in FY2025 after a nil FY2024 charge. Those noncash awards affect profit without being a matching supplier-payment or fundraising receipt.
Loss versus exploration impairment
A$ million
Group loss after taxExploration impairment expense
AI-generated presentation · values from Five-year results: impairment made the biggest difference; no missing values plotted as zero.
Staff, professional and share-based costs
A$ million
Staff costsProfessional and consulting feesShare-based payment expense
AI-generated presentation · values from The operating cost base, separate from asset write-downs; no missing values plotted as zero.
Five-year results: impairment made the biggest difference
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.006644 | 0.003849 | 0.025504 | 0.009585 | 0.018424 |
| Group loss after tax | (1.025) | (7.762) | (1.365) | (4.141) | (1.178) |
| Exploration impairment expense | 0.000 | (6.226) | (0.032) | (3.486) | 0.000 |
All years end on 31 December. Signed expenses are negative. Impairment is already included in the net loss; it is not an additional cash outflow.
FY2022 uses the labelled FY2023 comparative, corroborated by the narrative loss. The saved FY2022 attribution rows are inconsistent, so this is a Group-result series, not a reconstructed owners/NCI split.
Interest follows the statutory statement. The FY2023 interest-note extraction differs by a few dollars; those values are not silently blended.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The operating cost base, separate from asset write-downs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Professional and consulting fees | (0.228) | (0.304) | (0.221) | (0.153) | (0.167) |
| Staff costs | (0.515) | (0.483) | (0.479) | (0.386) | (0.399) |
| Other expenses | (0.210) | (0.127) | (0.428) | (0.096) | (0.119) |
| Share-based payment expense | (0.044) | (0.563) | (0.219) | 0.000 | (0.492) |
| Travel expenses | (0.021) | (0.063) | (0.010) | (0.029) | (0.019) |
Selected reported expense categories, not a complete net-loss reconciliation. FY2021 also includes foreign-exchange expense.
Share-based payments are noncash accounting charges; they are not the same as cash raised by issuing ordinary shares. The FY2025 standalone options expense note is narrower than total share-based payment expense.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
New shares supported cash through repeated portfolio changes
Cash fell sharply in FY2021, when there was no financing inflow. New equity in FY2022–FY2024 supported exploration and overhead; the stronger FY2024 cash balance should not be read as operating profitability.
In FY2025 gross exploration cash payments exceeded A$1m, but rights-related receipts and acquired cash reduced the net investing outflow. Share proceeds broadly offset operating and investing cash use, leaving year-end cash slightly below the prior year.
The funding position still carried disclosed going-concern uncertainty. Management discussed equity funding and said no standby facility was in place; this review does not convert the year-end cash balance into a guaranteed runway or infer a five-year zero-debt series.
Operating, investing and financing cash flow
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash use and funding across all five years; no missing values plotted as zero.
Cash use and funding across all five years
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.001) | (0.968) | (0.874) | (0.630) | (0.668) |
| Net investing cash flow | (2.769) | (1.677) | (1.483) | (0.317) | (0.376) |
| Net financing cash flow | 0.000 | 2.260 | 2.646 | 1.924 | 0.924 |
FY2021 financing is explicitly nil. From FY2022 onward share issues supported cash, but financing receipts should not be confused with income.
Investing is a net measure. FY2025 includes a receipt for exploration rights/reimbursement and cash acquired, which partly offset exploration payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Gross cash movements behind the net totals
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (1.008) | (0.972) | (0.900) | (0.640) | (0.687) |
| Exploration payments | (2.769) | (1.725) | (1.483) | (0.317) | (1.051) |
| Cash proceeds from share issues | 0.000 | 2.400 | 2.700 | 1.983 | 0.924 |
| Cash share-issue costs | 0.000 | (0.140) | (0.054) | (0.058) | 0.000 |
These components are already contained in the net cash-flow totals. Share consideration for acquisitions is excluded from cash proceeds.
FY2022 financing also includes A$5 from option exercises. FY2023 share-issue cash in the statement is A$2,700,024, rather than the rounded A$2.7m placement headline.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025: exploration payments were partly recovered
A$ million
| Metric | FY2025 |
|---|---|
| Exploration payments | (1.051) |
| Exploration-rights / reimbursement receipt | 0.671 |
| Cash acquired on acquisition | 0.004 |
| Net investing cash flow | (0.376) |
This is a component-to-total view, not four separate uses of cash. The A$670,759 cash-flow receipt is preserved separately from the A$670,028 North Fork receivable described in the prior-year narrative. The difference is not silently reconciled.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Five years of Group balances are available
The exploration balance fell in FY2022 and FY2024, then recovered after acquisitions. These movements represent both reassessment of existing assets and portfolio additions. They cannot be treated as a continuous resource-volume or mine-value series.
FY2025 Group equity includes the 20% non-controlling interest in Iberian Copper. Parent-only assets and owners’ attributable equity are different measures and are not substituted into the Group series.
Cash and total Group equity
A$ million
Cash and cash equivalentsTotal Group equity
AI-generated presentation · values from The complete five-year Group financial position; no missing values plotted as zero.
The complete five-year Group financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 1.238 | 0.853 | 1.142 | 2.119 | 1.999 |
| Total assets | 7.332 | 4.915 | 9.000 | 6.813 | 10.176 |
| Total liabilities | 0.165 | 0.244 | 0.047 | 0.106 | 0.172 |
| Total Group equity | 7.167 | 4.671 | 8.952 | 6.707 | 10.003 |
| Exploration and evaluation carrying amount | 6.034 | 3.993 | 7.787 | 2.964 | 7.110 |
FY2022 uses the clean, labelled FY2023 comparative. The original FY2022 extraction has malformed labels and an inconsistent currency tag; that is not a reason to omit the available comparative.
Group equity includes non-controlling interests in FY2021 and FY2025. FY2025 owners’ attributable equity of A$9.391m is not the same as total Group equity of A$10.003m.
Exploration assets are accounting carrying amounts, not reserves, estimated sale proceeds or independent project valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
North Fork: an option is not an unconditional completed sale
The 19 December 2024 agreement provided an exclusive two-year exploration right in return for an initial A$500,000 plus reimbursement of up to US$110,000 of claim-maintenance costs. The reported North Fork receivable was received in February 2025, not part of December 2024 cash.
Later consideration included an option exercise payment and a further payment dependent on product revenue, with a royalty alternative. These are contractual conditions, not cash already earned or a forecast of mine sales. The held-for-sale presentation likewise does not establish that the whole project had already been sold.
The exploration-asset decline also included the held-for-sale transfer. K Lithium’s full write-down and North Fork’s partial write-down are described separately so their different meanings are visible.
FY2024 exploration asset movement: impairment and a transfer
A$ million
| Metric | FY2024 |
|---|---|
| Opening exploration carrying amount | 7.787 |
| Expenditure capitalised | 0.335 |
| Transfer to held-for-sale assets | (1.671) |
| Impairment expense | (3.486) |
| Closing exploration carrying amount | 2.964 |
The fall was not all impairment: the held-for-sale transfer also reduced the exploration line. The closing balance is an asset balance, not that year’s cash exploration expenditure.
Named narrative charges for K Lithium and North Fork do not exactly sum to the statement total. The total is retained without inventing a third project or allocating the A$13,349 difference.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024 separately described project charges
A$ million
| Metric | FY2024 |
|---|---|
| K Lithium impairment | (0.289841) |
| North Fork impairment | (3.183258) |
K Lithium was written down to nil. North Fork was written down to align with the option-agreement consideration, not described as fully written off. These rows are explanatory project charges, not a forced reconciliation to the total.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Iberian Copper rebuilt assets through a share-funded acquisition
The 80% acquisition completed on 13 June 2025 after shareholder approval. The ordinary-share consideration was A$2.45m, with non-controlling interest recognised separately in the consolidated accounts. It is not a A$3.063m cash purchase or a mining-revenue event.
The E&E note also includes annual capitalised expenditure and other acquisition amounts. Capitalised expenditure differs from cash exploration payments through timing, classification and noncash transactions; this review retains each reported measure rather than forcing equality.
Performance-right resource thresholds are vesting conditions, not actual resource estimates. The later Alpartir option and its March 2026 option payment are subsequent developments and are not included in FY2025 cash, completed ownership or production.
FY2025 exploration asset movement: acquisitions drove the rebuild
A$ million
| Metric | FY2025 |
|---|---|
| Opening exploration carrying amount | 2.964 |
| Acquisition of tenements | 2.626 |
| Non-controlling interest recognised in ICPL | 0.612 |
| Expenditure capitalised | 0.907 |
| Closing exploration carrying amount | 7.110 |
These are the movements reported in the E&E note. The acquisition and NCI rows are noncash asset-recognition effects, not cash exploration spending. The note reports no impairment or further held-for-sale transfer in FY2025.
Do not add the acquired-asset fair value in the separate acquisition table below again: it describes the same transaction from a different accounting perspective.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Iberian Copper: 80% acquired, with 100% consolidated asset recognition
A$ million
| Metric | FY2025 |
|---|---|
| Ordinary-share consideration | 2.450 |
| Acquired E&E asset fair value | 3.062 |
| Less: non-controlling share of acquired net assets | (0.612) |
| Net assets attributable to owners acquired | 2.450 |
Completion was 13 June 2025, inside Megado’s December financial year. The issuer treated the transaction as an asset acquisition, not a business combination.
175m ordinary shares were valued at A$0.014 each. Additional performance rights have conditional resource-related vesting hurdles; those hurdles are not declared Mineral Resources or production forecasts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Fiscal years are years ended 31 December, not 30 June. Presentation is Australian dollars; foreign-currency contractual terms are labelled separately.
- Clean FY2023 statement comparatives recover FY2022 balances and cash flows. The inconsistent FY2022 attribution rows and original currency tags are not used to manufacture a reconciled ownership split.
- FY2024 project-narrative impairment amounts differ from the statutory total by A$13,349. The cash-flow North Fork-related receipt differs from the narrated receivable by A$731. Neither difference is allocated without evidence.
- Interest-note amounts differ slightly from the statutory statement in FY2022/FY2023. The face statement is retained. Conflicting share counts in FY2025 placement claims are avoided; statement cash proceeds are used.
- Exploration balances, conditional acquisition milestones and option receipts are not Ore Reserves, production forecasts or company valuations. Subsequent events are dated separately.
- 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
- Megado Minerals Limited - Annual Report - 31 December 2021Existing annual extraction, including separately identified historical comparatives.
- Megado Minerals Limited - Annual Report - 31 December 2022Existing annual extraction, including separately identified historical comparatives.
- Megado Minerals Limited - Annual Report - 31 December 2023Existing annual extraction, including separately identified historical comparatives.
- Megado Minerals Limited - Annual Report - 31 December 2024Existing annual extraction, including separately identified historical comparatives.
- Megado Minerals Limited - Annual Report - 31 December 2025Existing 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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