FY2021
Equity funding and Jumbuck trust payment
The July 2020 raising supported Jumbuck and Aurora Tank. Acquisition cash was placed in trust while consent and completion remained pending.
ASX: MEU · Five-year financial review
(ASX: MEU) Marmota Limited Financial Review - FY2021~25
Marmota’s five-year finances show an equity-funded explorer building a larger South Australian project portfolio. The key distinction is between cash spent on exploration, costs carried on the balance sheet and amounts charged immediately to profit or loss. FY2025 combined faster exploration spending with a material write-down, even as fundraising lifted closing cash.
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 closing cash
A$4.666m
Cash and cash equivalents at June.
FY2025 exploration cash
A$2.927m
Investing cash paid, not the annual loss.
FY2025 impairment
A$1.141m
Expense reducing exploration asset value.
FY2025 exploration assets
A$18.198m
Carrying amount after additions and impairment.
Five years in context
Jumbuck’s acquisition widened the portfolio around Aurora Tank, while Junction Dam and the Western Gawler Craton interests added separate ownership and development considerations. These transactions and exploration programmes explain the financial record more usefully than a sales-growth comparison.
Capitalising exploration costs means that the annual loss captures only part of the activity. Cash payments, capitalised additions and impairment charges belong in separate views. Recoverability remains conditional on successful development, sale or the progress of exploration assessment.
Events behind the numbers
FY2022
Jumbuck completed; portfolio ownership expanded
Jumbuck completion brought Half Moon and the WGCJV interest into the portfolio. The acquisition combined cash already held in trust with shares issued on completion.
FY2023
New equity replenishes exploration funding
The company raised more than A$4m before costs. JMEI tax credits related to eligible investors, not operating cash income to Marmota.
FY2024
WGCJV ownership and Golden Moon venture
The WGCJV gold interest increased to 100% effective November 2023. The Golden Moon arrangement followed in April 2024, alongside Aurora Tank development work.
FY2025
Higher exploration spend and a write-down
Exploration cash use accelerated and new equity supported liquidity. West Melton was written down; the disclosed proposed sale remained conditional, rather than completed sale cash.
FINANCIAL REVIEW / 01
The FY2025 loss was driven by more than routine overhead
The exploration impairment was the dominant new charge in FY2025. Administration and employment expense also increased, while consultancy expense fell. Interest partly offset costs, but it was not mine-product revenue.
The distinction between net and comprehensive loss matters for the FY2021 comparison. The face statement separates the small fair-value movement from profit or loss; the later highlight table does not preserve that distinction for that year.
Net loss over five years
A$ million
Net loss after tax
AI-generated presentation · values from Reported income and the annual loss; no missing values plotted as zero.
The major expense drivers
A$ million
Administration expenseEmployment expense after capitalisationExploration impairment expense
AI-generated presentation · values from What sat behind the loss: expense magnitudes; no missing values plotted as zero.
Reported income and the annual loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.034 | 0.004 | 0.111 | 0.137 | 0.130 |
| Other income | 0.043060 | 0.012289 | 0.049647 | 0.000350 | 0.000000 |
| Net loss after tax | (0.298) | (0.422) | (0.356) | (0.401) | (1.713) |
| Total comprehensive loss | (0.299) | (0.424) | (0.357) | (0.400) | (1.713) |
Income here comprises interest and other income, not gold sales. Losses are negative; expense magnitudes are shown separately below.
The FY2021 face statement reports net loss A$298,290 and comprehensive loss A$299,290. A later five-year highlight labels A$299,290 as net loss; the face-statement distinction is retained.
FY2022 income and cost comparatives are preserved in the FY2023 extraction. A thin standalone FY2022 table catalogue is not treated as missing financial evidence.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What sat behind the loss: expense magnitudes
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Administration expense | 0.141 | 0.144 | 0.149 | 0.183 | 0.266 |
| Consultancy expense | 0.039 | 0.095 | 0.140 | 0.095 | 0.042 |
| Depreciation and amortisation expense | 0.028 | 0.031 | 0.033 | 0.030 | 0.036 |
| Employment expense after capitalisation | 0.156 | 0.169 | 0.195 | 0.211 | 0.359 |
| Exploration impairment expense | 0.011 | 0.000 | 0.000 | 0.019 | 1.141 |
Expenses are positive magnitudes, not income. Together with the income above these explain the reported annual loss.
Employment and depreciation amounts are net of costs reallocated to exploration assets. They are not gross staff or equipment cash payments. Explicitly reported nil impairment is distinguished from an unlocated amount.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Fundraising supported exploration; operating cash alone understates spending
Exploration is largely recorded as investing cash use, alongside equipment and acquisition-related payments. The smaller operating outflow therefore does not describe the full cash requirement of the business. Equity receipts supplied funding in the larger spending years.
Jumbuck illustrates why transaction timing matters. Cash left the cash account for trust in FY2021, but completion and the final trust release occurred in FY2022. Counting both as new annual acquisition cash would duplicate the funding requirement.
Operating, investing and financing cash
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from How cash moved through the explorer; no missing values plotted as zero.
Cash retained at each June year-end
A$ million
Cash and cash equivalents
AI-generated presentation · values from Group financial position at each June year-end; no missing values plotted as zero.
How cash moved through the explorer
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.240) | (0.505) | (0.397) | (0.287) | (0.444) |
| Net investing cash flow | (4.192) | (1.487) | (1.742) | (1.564) | (2.934) |
| Net financing cash flow | 6.109 | 0.022 | 4.033 | 1.210 | 4.674 |
Exploration cash payments are investing activities; the operating outflow alone is not total exploration-business cash use.
FY2021 investing includes money paid into trust for Jumbuck before completion. Later release of that trust money must not be counted as a second new cash payment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration spending and the cash raised to fund it
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating payments to suppliers and employees | (0.279) | (0.519) | (0.508) | (0.424) | (0.574) |
| Investing exploration and evaluation payments | (1.490) | (1.411) | (1.654) | (1.464) | (2.927) |
| Purchases of plant and equipment | (0.202) | (0.076) | (0.064) | (0.077) | (0.008) |
| Cash proceeds from share issues | 6.515 | 0.060 | 4.172 | 1.250 | 5.000 |
| Cash capital-raising transaction costs | (0.367) | (0.004) | (0.102) | 0.000 | (0.280) |
| Lease repayments | (0.039) | (0.034) | (0.037) | (0.040) | (0.046) |
These are components of the preceding cash-flow totals, not additional flows. Positive share proceeds are financing rather than operating revenue.
The FY2022 share proceeds exclude the noncash shares issued on Jumbuck completion. Issued share capital can also move through noncash transactions and is shown separately from fundraising cash.
Exploration cash payments differ from capitalised additions because accruals, allocations and other accounting movements can differ from cash timing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Jumbuck: the FY2021 cash-flow item preceded FY2022 completion
A$ million
| Metric | FY2021 |
|---|---|
| Cash paid into trust pending acquisition completion | (2.500) |
The November 2020 agreement comprised A$2.5m cash paid into trust and A$0.5m shares on completion. The FY2022 narrative describes release of the final A$2.2m and issue of the shares.
The narrative release is not added to FY2022 cash-flow outgoings. Agreement, trust payment and completed ownership occurred at different stages.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A larger exploration asset is not a mine valuation
Exploration assets make up the largest part of the latest Group balance sheet. Additions exceeded the FY2025 impairment, so the carrying amount increased despite the write-down. Neither that increase nor the closing amount measures reserves or the future cash a mine might produce.
The write-down narrative identifies West Melton. Its proposed sale was conditional on a successful buyer IPO and Ministerial Consent. The separately disclosed August 2025 relinquishments of Lake Anthony and Mt Christie fall after the June reporting date.
Exploration recoverability was a key audit matter, reflecting its materiality and judgement. That does not by itself constitute a modified audit opinion or a going-concern warning: the saved audit opinion was unmodified.
Group financial position at each June year-end
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.089 | 2.118 | 4.012 | 3.371 | 4.666 |
| Exploration and evaluation assets | 8.451 | 13.299 | 14.977 | 16.414 | 18.198 |
| Total assets | 15.457 | 16.002 | 19.569 | 20.489 | 23.495 |
| Total liabilities | 0.488 | 0.902 | 0.750 | 0.821 | 0.790 |
| Total equity | 14.968 | 15.101 | 18.819 | 19.669 | 22.706 |
| Issued share capital | 47.269 | 47.825 | 51.895 | 53.138 | 57.888 |
All rows use consolidated Group statement balances, including FY2022 comparatives, not a parent-only substitute.
Exploration carrying values are accumulated accounting costs subject to recoverability, not a reserve estimate, mine valuation or money available to spend. Share capital is cumulative and is not annual cash raised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration assets: additions exceeded the FY2025 write-down
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening carrying amount | 14.977 | 16.414 |
| Additional costs capitalised | 1.456 | 2.925 |
| Impairment reduction | (0.019) | (1.141) |
| Closing carrying amount | 16.414 | 18.198 |
Opening carrying amount + capitalised additions − impairment = closing carrying amount. The impairment here is a negative asset movement; the expense table shows the same charge as a positive cost magnitude.
The FY2025 narrative identifies a West Melton recoverable-amount write-down. Lake Anthony and Mt Christie relinquishments occurred in August 2025, after this June balance date; their timing is not reassigned to FY2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Why payroll and the reported employment expense differ
The employment note reallocates part of gross costs to exploration assets. This leaves a smaller current-period expense and increases the costs carried for future recovery assessment. Cash payments cannot be read directly from either the net employment expense or the capitalisation line.
The FY2025 increase in employment expense accompanied higher gross salaries, provisions and other employment costs, partly offset by a larger allocation to exploration. The table shows that accounting bridge rather than treating every personnel-related amount as an additional cost.
Gross employment costs are not the P&L charge
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Salaries and wages | 0.341 | 0.456 |
| Directors’ remuneration | 0.036 | 0.036 |
| Superannuation | 0.039 | 0.054 |
| Provision movement | (0.000469) | 0.057734 |
| Share-based payments | 0.006 | 0.000 |
| Other employment costs | 0.013 | 0.133 |
| Costs reallocated to exploration assets | (0.223) | (0.378) |
| Net employment expense | 0.211 | 0.359 |
The negative reallocation reduces the amount expensed immediately and contributes to exploration asset costs. It is neither cash income nor proof of lower gross payroll.
This employment note uses accrual accounting and includes noncash items; it is not an alternative cash-flow statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Read cash alongside recognised and conditional obligations
The latest balance sheet reports payables, provisions and leases. Secured term deposits back the disclosed guarantees and are separate from cash equivalents. A broad financial-liabilities subtotal that excludes provisions would not describe all recognised Group liabilities.
Maintaining tenements requires meeting licence conditions; the issuer describes reviewing commitments and possible renegotiation, deferral or relinquishment. Those conditions do not provide a fixed five-year funding forecast. Likewise, the FY2025 nil payroll-tax contingency does not establish how the prior-year matter was settled in cash.
The latest liability composition and secured term deposits
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Trade and other payables | 0.687 | 0.577 |
| Current provisions | 0.015 | 0.037 |
| Non-current provisions | 0.039 | 0.075 |
| Current lease liabilities | 0.043 | 0.043 |
| Non-current lease liabilities | 0.036 | 0.057 |
| Short-term investments / guarantee deposits | 0.2295 | 0.2295 |
Payables, provisions and leases comprise the reported liabilities. The short-term investment row is an asset, shown here to distinguish secured deposits from cash and cash equivalents.
The issuer reports A$229,500 guarantees secured by term deposits. This amount is already separate from the cash-equivalents row and is not deducted from it again.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Annual periods are years ended 30 June 2021–2025; Australian-dollar statement amounts are displayed in millions. Group balances and explicit next-year comparatives are used.
- FY2021 face-statement net loss is A$298,290; the later five-year summary gives A$299,290, equal to comprehensive loss. These are kept distinct rather than blended.
- Reported expense magnitudes, signed cash outflows and signed impairment movements use separate clearly labelled rows. Only explicitly supported nil items are shown as zero.
- FY2021 Jumbuck trust cash and FY2022 release/completion are different stages of the same transaction. Noncash acquisition shares are not fundraising cash.
- Exploration asset values are accounting carrying amounts, not reserves, market values or a production forecast. Conditional West Melton disposal and post-June relinquishments are not treated as completed FY2025 cash transactions.
- 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
- Marmota Limited - Annual Report 2021Existing annual extraction, including separately identified historical comparatives.
- Marmota Limited - Annual Report 2022Existing annual extraction, including separately identified historical comparatives.
- Marmota Limited - Annual Report 2023Existing annual extraction, including separately identified historical comparatives.
- Marmota Limited - Annual Report 2024Existing annual extraction, including separately identified historical comparatives.
- Marmota Limited - Annual Report 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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