FY2021
Gold exploration and a wider portfolio
Palm Springs and Juruena were the focus. A Palm Springs resource milestone triggered performance-right conversion, while exploration and noncash share-based costs contributed to the loss.
ASX: MEI · Five-year financial review
(ASX: MEI) Meteoric Resources Limited Financial Review - FY2021~25
Meteoric’s financial history changed with its move from gold exploration to the Caldeira rare-earth project in Brazil. Juruena disposal proceeds helped fund a much larger exploration programme, while share-based costs and a later accounting-policy change reshaped reported losses and assets. Five full June financial years and the separate December 2025 transition show how the funding model evolved.
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 full-year cash use
A$32.089m
Net operating outflow to June.
FY2025 closing cash
A$10.966m
At June, before the July placement.
December closing cash
A$32.387m
After the separate six-month period.
FY2025 restated equity
A$20.525m
Includes acquired-exploration capitalisation.
Five years in context
The company moved from exploration across Brazil, Canada and Australia towards a Brazil-focused rare-earth development business. Caldeira entered the portfolio in 2023, while the Juruena and Palm Springs gold interests were sold through different transactions at different dates.
The financial year-end changed from June to December in 2025. The June annual results and the subsequent six-month transition therefore describe different periods. An acquired-exploration policy change also restated the June comparatives; cash, profit and asset growth need to be read on their respective bases.
Events behind the numbers
FY2022
Juruena sale terms agreed
A binding sale term sheet opened a route to redirect the portfolio, while placement and share-purchase-plan funding supported the exploration business.
FY2023
Caldeira acquired; Juruena transaction disrupted
The rare-earth acquisition completed in April. The Juruena sale was terminated and later re-completed, so the disposal history is not a single uninterrupted cash event.
FY2024
Juruena proceeds fund the rare-earth focus
The gold-project sale completed in October 2023. Caldeira exploration, permitting and additional mining-rights activity expanded during the year.
FY2025
Palm Springs sale and continued Caldeira spending
The Palm Springs transaction settled in November 2024 with cash, shares and later consideration. June-year operating cash use remained substantial.
Jul–Dec 2025
Funding, policy change and pilot milestones
A new placement funded the six-month transition. The issuer reported a preliminary environmental licence and first pilot-plant MREC batch in December; these are development milestones, not commercial sales.
FINANCIAL REVIEW / 01
The loss trend needs the disposal result beside it
FY2023 and FY2024 brought a much larger continuing exploration cost base after Caldeira entered the portfolio. FY2024’s lower total loss did not mean lower continuing costs: a large Juruena disposal gain offset much of the continuing-operation loss.
Share-based payment charges also materially affected results, particularly in FY2023. These are separate from cash fundraising and from exploration payments. The FY2025 expense base is shown on its saved restated basis; the source’s slightly inconsistent narrative loss is not substituted for the face statement.
Annual total loss attributable to owners
A$ million
Total loss attributable to owners
AI-generated presentation · values from Five full years: statutory loss and the exploration expense base; no missing values plotted as zero.
Exploration, administration and share-based expense
A$ million
Exploration and tenement / evaluation expenseAdministrative expenseShare-based payment expense
AI-generated presentation · values from Five full years: statutory loss and the exploration expense base; no missing values plotted as zero.
Five full years: statutory loss and the exploration expense base
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total loss attributable to owners | (9.044) | (5.555) | (36.996) | (16.366) | (36.523) |
| Exploration and tenement / evaluation expense | (6.276) | (3.901) | (23.174) | (36.008) | (26.838) |
| Administrative expense | (1.152) | (1.197) | (2.014) | (4.598) | (6.892) |
| Share-based payment expense | (2.921) | (0.432) | (12.563) | (4.465) | (7.121) |
| Depreciation / amortisation expense | (0.008) | (0.022) | (0.020) | (0.066) | (0.359) |
| Other income | 1.313870 | 0.000250 | 0.000000 | 0.553598 | 4.651272 |
Five twelve-month years ended 30 June. FY2025 is the full-year comparative saved inside the later transition-period extraction, not the six-month loss.
FY2021–FY2022 expense rows are on the original total-operation basis. FY2023–FY2024 expense rows are continuing operations after Juruena was separated. The total-loss row includes discontinued operations.
FY2025 is restated for the acquired-exploration accounting policy. Earlier results retain their disclosed historical basis; this is not a constant-policy, constant-portfolio margin comparison.
Other income is not described as mine-product revenue. FY2021 additionally has A$6 interest income; selected expense rows are not a full profit reconciliation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Why FY2024’s total loss narrowed despite greater continuing costs
A$ million
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Continuing loss after tax | (3.175) | (37.784) | (45.270) |
| Discontinued-operation profit / (loss) | (2.380) | 0.788 | 28.904 |
| Total loss attributable to owners | (5.555) | (36.996) | (16.366) |
FY2022 here uses the FY2023 re-presentation for discontinued operations. Total FY2022 loss is unchanged.
Discontinued profit includes disposal effects and does not represent recurring production profit. FY2024 continuing loss increased even though the net total loss narrowed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Juruena: disposal accounting is different from cash proceeds
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Loss of discontinued operation before disposal gain | (3.030) | (1.453) |
| Reported gain on sale after tax | 3.818 | 30.357 |
| Discontinued-operation result | 0.788 | 28.904 |
| Net cash inflow from disposal of entities | 3.818 | 27.690 |
The original sale was terminated and then re-completed. FY2023 and FY2024 figures retain their disclosed accounting treatment rather than being combined into a new sale-price calculation.
Disposal-note net cash differs from the broader gross “sale of subsidiaries” cash-flow line. Both are labelled separately; neither is operating revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Gold disposal proceeds—not mine sales—supported the cash account
The FY2024 investing inflow came mainly from the Juruena subsidiaries sold in October 2023. The Palm Springs agreement was signed only after that June balance date and settled in November 2024, inside FY2025. Linking the FY2024 cash inflow to Palm Springs would put the wrong transaction in the wrong year.
Equity and option proceeds supplemented disposal receipts. FY2024 had no cash from new share issues, but exercised options and borrowing receipts supplied financing cash. The external Juruena borrowings subsequently left the Group on disposal; the annual receipts are not an ending-debt balance.
Most internally generated exploration payments sit in operating cash flow under the disclosed accounting treatment. A narrow investing-capex chart would therefore omit a large part of Meteoric’s exploration cash use.
Five annual cash-flow profiles
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Five full-year cash-flow statements; no missing values plotted as zero.
Cash at five June balance dates
A$ million
Cash and cash equivalents
AI-generated presentation · values from Group balances at each June year-end; no missing values plotted as zero.
Five full-year cash-flow statements
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (7.215) | (5.020) | (16.451) | (33.860) | (32.089) |
| Net investing cash flow | 0.443 | (0.008) | 3.859 | 26.516 | (0.170) |
| Net financing cash flow | 4.227 | 2.615 | 28.327 | 5.236 | 29.330 |
All five columns are twelve-month years ended 30 June. Internally generated exploration payments are in operating cash flow.
The FY2024 investing inflow primarily reflects the Juruena disposal, not the later Palm Springs sale. Positive financing is funding, not profit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Annual cash components: exploration, overhead and new equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating exploration payments | (6.173) | (4.064) | (14.390) | (30.099) | (26.784) |
| Payments to suppliers, consultants and employees | (1.093) | (0.957) | (2.061) | (4.265) | (6.208) |
| Property, plant and equipment payments | (0.084) | (0.008) | (0.017) | (1.224) | (1.175) |
| Cash proceeds from new share issues | 4.032 | 2.788 | 25.000 | 0.000 | 30.920 |
| Cash share-issue costs | 0.000 | (0.174) | (0.991) | 0.000 | (1.590) |
Cash share proceeds exclude shares issued for acquisitions or services. In FY2024 new-share cash was explicitly nil; option exercises and borrowing receipts explain financing cash.
The FY2025 other-income figure is not substituted for cash receipts. Exploration expense, operating exploration payments and acquired-asset additions are separate measures.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2024 cash sources: the gold disposal and exercised options
A$ million
| Metric | FY2024 |
|---|---|
| Gross proceeds from sale of subsidiaries | 27.740 |
| Proceeds from exercise of options | 4.946 |
| Borrowing receipts during the year | 0.290 |
These are components already included in the net cash-flow statement. Borrowing receipts during the year do not establish borrowings remaining at year-end: the Juruena subsidiaries and their borrowings left the Group on disposal.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The balance-sheet uplift did not come from new cash
The acquired-exploration policy capitalises acquired rights where legal tenure is secured, while internally generated exploration continues through profit or loss. Retrospective application increased the June comparative asset and equity balances without changing cash.
This is why low or absent historical capitalised exploration was not evidence of little exploration work. The expense, cash and acquired-asset tables answer different questions. The FY2024 restated opening balance is used for comparison with FY2025, with the original amounts retained in the bridge.
Group balances at each June year-end
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3.968 | 1.555 | 17.290 | 13.875 | 10.966 |
| Total assets | 5.184 | 2.121 | 18.092 | 28.429 | 29.294 |
| Total liabilities | 0.528 | 0.426 | 2.212 | 8.155 | 8.769 |
| Total Group equity | 4.656 | 1.695 | 15.880 | 20.273 | 20.525 |
FY2024 assets and equity use the restated 1 July 2024 opening position, equivalent to the preceding June close. FY2025 is also restated; FY2021–FY2023 retain their available historical policy basis.
The restatement increased assets and equity without providing new cash. The cash series is not affected by acquired-exploration capitalisation.
These are Group balances, not parent-only accounts. Equity is an accounting residual, not project value or available financing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What the acquired-exploration policy changed
A$ million
| Metric | 1 Jul 2024 | 30 Jun 2025 |
|---|---|---|
| Total assets before restatement | 16.468 | 17.012 |
| Total assets after restatement | 28.429 | 29.294 |
| Total equity before restatement | 8.313 | 8.243 |
| Total equity after restatement | 20.273 | 20.525 |
| Exploration-asset adjustment | 11.961 | 12.282 |
From 1 July 2025 acquired E&E with legal tenure was capitalised, with retrospective comparative adjustments. Internally generated exploration continued to be expensed.
The FY2025 pre-tax loss changed from A$36.658351m to A$36.523304m. The larger balance-sheet uplift includes costs recognised in earlier periods; it is not all a FY2025 profit improvement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
A separate six months: cash funding and a noncash expense reversal
The financial year-end changed from June to December, producing a six-month transition from 1 July 2025. The July placement belongs here, not in the June FY2025 cash balance. Its gross proceeds exceeded the net financing inflow because of issue costs.
The positive share-based payment line reflects reversal of previously recognised Class C performance-right expenses because the expected feasibility-study timing would not meet the vesting deadline. It is not income earned or a positive cash inflow.
The issuer reported the first pilot-plant MREC batch and a preliminary environmental licence in December. These show project progress but do not turn the period’s exploration and development costs into commercial operating revenue.
The separate six-month transition: 1 July–31 December 2025
A$ million
| Metric | 6m to Dec 2025 |
|---|---|
| Loss for the six-month period | (13.924) |
| Exploration and evaluation expense | (12.738) |
| Net share-based payment reversal | 2.215 |
| Net operating cash flow | (13.378) |
| Net investing cash flow | (5.061) |
| Net financing cash flow | 39.889 |
| Cash at 31 December 2025 | 32.387 |
| Group equity at 31 December 2025 | 53.855 |
This is an additional six-month observation, not a replacement for the June FY2025 year and not an annualised forecast. Cash and equity are closing balances; other rows are period flows or results.
The positive share-based line is a reversal following reassessment of performance-right vesting, not cash income or successful completion of a project milestone.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The transition period added cash land and rights payments
A$ million
| Metric | 6m to Dec 2025 |
|---|---|
| Advance on purchase of land | (1.693) |
| Payment for exploration and evaluation assets | (2.278) |
| Property, plant and equipment payments | (1.090) |
| Cash proceeds from new share issues | 42.500 |
| Cash share-issue costs | (2.611) |
Land, rights and PPE payments comprise investing outflow; equity proceeds less issue costs comprise financing inflow. They are not additional to the net totals above.
The cash-flow statement and Directors’ Report give a A$42.5m placement; the Chairman’s A$41.5m description conflicts. The statement value is retained.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Acquired exploration assets: policy and noncash movements matter
A$ million
| Metric | FY2025 full year | 6m to Dec 2025 |
|---|---|---|
| Opening acquired-exploration asset | 11.961 | 12.282 |
| Additions | 0.000 | 6.236 |
| Foreign-exchange movement | 0.321 | (0.278) |
| Closing acquired-exploration asset | 12.282 | 18.240 |
FY2025 additions were nil in this capitalised acquired-asset schedule despite substantial exploration expense and operating cash spending. Those other measures relate to a different accounting category.
Transition-period additions include noncash consideration; they are not equal to investing cash paid. This is not a resource tonnage or reserve-valuation table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Separate cash received, shares received and conditional future amounts
Palm Springs consideration combined a deposit and settlement cash with WIN Metals shares, a later cash instalment and a production-dependent payment. The approximate total deal value is not the cash received on settlement. The FY2025 cash-flow statement records A$950,000 from sale of tenements.
Caldeira’s original purchase and the separate Varginha mining-rights arrangements carry different terms. The November 2025 amendment changed the balance of cash and share consideration for the additional rights, while retaining conditions on registration and future payments. Neither nominal US-dollar deal amounts nor share fair values should be added directly to Australian-dollar cash outflows.
Deferred consideration and leases remain recognised obligations. Land purchases also involve staged payments, and the February 2026 land contract is subsequent to the transition period. The indicative EFA support is non-binding and conditional—not approved funding or cash available.
The directors and auditor retained a material-uncertainty disclosure linked to possible additional funding needs, despite an unmodified audit opinion. The higher December cash balance does not establish that all development, land and deferred-payment requirements are funded.
Recognised obligations at June and December 2025
A$ million
| Metric | 30 Jun 2025 | 31 Dec 2025 |
|---|---|---|
| Deferred consideration payable | 6.106 | 2.245 |
| Current lease liabilities | 0.144 | 0.103 |
| Non-current lease liabilities | 0.179 | 0.124 |
| Total Group liabilities | 8.769 | 6.456 |
Deferred consideration is included within the Group’s liabilities and must not be added to the total again. It is not automatically bank debt.
One saved note labels a A$158,474 receivables-note amount as “borrowings”, inconsistent with its context. It is not used to construct a debt series or justify a debt-free claim.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Five annual columns are years ended30June2021–2025. July–December2025 is an additional six-month transition, not annualised; packet year labels are not used as substitutes for actual value periods.
- FY2024 balance-sheet totals use the disclosed restated 1July2024 opening position, and FY2025 uses restated comparative figures. Earlier periods remain on the available historical policy basis. FY2024 P&L is not independently restated by this review.
- FY2025 face/restatement schedules give loss36,523,304; narrative variants36,532,303/304 differ. The face value is retained. July placement42.5m is supported by cashflow/directors; Chairman41.5m differs.
- A borrowing-labelled amount within a receivables note cannot establish a clean debt series. Explicit Group liabilities, leases and deferred consideration are shown without a blanket debt-free claim.
- Juruena disposal-note net cash differs from broader gross subsidiary-sale cash. PalmSprings noncash/deferred/conditional consideration is not all cash received. Pilot output and study forecasts are not commercial sales.
- 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
- Meteoric Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Meteoric Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Meteoric Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Meteoric Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Meteoric Resources Limited - Annual Report to Shareholders (Transitional 6 Month Period)Existing 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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