Magnum’s five-year record is a funding and portfolio-transition story. Earlier equity and convertible funding supported the Buena Vista iron project; cash then contracted through FY2024. FY2025 brought new equity, Brazilian and US gold acquisitions, and a major Buena Vista impairment—so a larger cash balance and a larger annual loss occurred together.
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.
Rebuilt through equity funding, not operating profit.
Non-cash reduction in exploration carrying value.
Before share-issue cash costs.
The auditor highlighted continuing funding risk.
Buena Vista in Nevada was the focus of the earlier integrated green pig-iron strategy. Engineering and beneficiation work supported development scenarios, not commercial iron sales. The portfolio then broadened as Palmares and the Monomatapa/EVR interests were acquired in FY2025.
The critical comparison is between project expenditure, funding and the assets still carried—not between accounting losses alone. FY2023 corrected earlier treatment of convertible notes, rehabilitation and exploration costs, so the historical comparisons below use those later restatements.
The acquisition settled in February. Equity and option proceeds funded exploration and asset purchases; major advisory, marketing and consultancy costs also affected the annual result.
The company sold its South African Gravelotte interest and pursued engineering work at Buena Vista. Convertible funding became part of the financing mix.
Corrections addressed convertible-note accounting, rehabilitation and exploration expenditure. The remaining IRIS borrowing was extinguished during the year, while operating and project cash outflows exceeded new share receipts.
No capital raising replenished the cash account. Corporate and project costs continued, and the Palmares transaction was still an agreement rather than a completed acquisition.
Palmares and Monomatapa/EVR acquisitions completed. Two equity-funding programmes rebuilt cash, while directors stopped further Buena Vista development funding and impaired its carrying value at year-end.
The losses narrowed through FY2024 before the large FY2025 impairment. That reversal should not be read as an equivalent surge in annual cash spending: the write-down removed previously capitalised cost, while exploration expense and share-based charges had separate effects.
Earlier expense composition matters too. FY2021 marketing and corporate advisory costs were unusually prominent; consultancy and staff costs remained significant in later periods, then declined in FY2024. This is a development-company cost record, not a five-year commercial iron-margin analysis.
A$ million
AI-generated presentation · values from Annual losses: continuing and discontinued operations; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax — continuing operations | (6.010) | (3.890) | (3.308) | (1.903) | (9.433) |
| Loss after tax — discontinued operations | (2.551) | (0.069) | 0.000 | (0.077) | 0.000 |
| Total net loss after tax | (8.560) | (3.959) | (3.308) | (1.980) | (9.433) |
Australian-dollar consolidated results for years ended 31 December. FY2021 and FY2022 follow the restatements published with FY2023; FY2021 continuing loss is calculated as total loss less discontinued loss.
Net loss excludes other comprehensive income. The smaller FY2023 and FY2024 figures after foreign-currency translation are comprehensive results, not substitutes for net profit or loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Corporate advisory expense | (1.051) | (0.144) | (0.120) | (0.030) |
| Consultancy fees | (1.139) | (0.850) | (1.117) | (0.870) |
| Employee / salary and staff expense | (0.254) | (0.626) | (0.736) | (0.408) |
| Marketing expense | (2.128) | (0.096) | (0.168) | (0.029) |
| Accountancy fees | (0.084) | (0.227) | (0.366) | (0.227) |
| Travel and accommodation expense | (0.254) | (0.467) | (0.412) | (0.213) |
Signed expenses. FY2021 employee costs and FY2022 amounts follow the later restatements. Selected drivers are not a complete profit-and-loss reconciliation.
The saved FY2025 extraction supports major exceptional charges but not the same full expense breakdown; those charges appear separately below. Missing detailed categories are not treated as zero.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Buena Vista asset impairment | (6.462) |
| Exploration and evaluation expensed | (0.945) |
| Share-based payment expense | (0.768) |
| Other net expenses after these three charges — calculated | (1.258) |
The calculated remainder is not an issuer-reported adjusted profit or EBITDA measure. It groups all remaining income and expenses and does not measure cash burn.
The impairment reduces a previously recognised asset; it is not a new cash payment of the same amount.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash built through FY2022, then fell as the next two years used funds in operations and project investing. FY2024 had no financing inflow. The FY2025 share receipts therefore explain the recovery in year-end liquidity despite another operating cash outflow.
The FY2025 entitlement issue and associated placement raised A$2.393m, separate from the A$7m placement completed in October and December. Issue costs reduce net financing, and acquisition shares do not create cash receipts.
The restated FY2022 cash-flow allocation moves a share-issue cost into supplier payments. The later presentation is used for both operating and financing subtotals so that the annual comparison does not mix incompatible versions.
A$ million
AI-generated presentation · values from Operating and project cash use versus financing; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Five December balance sheets on the Group basis; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.930) | (3.045) | (3.219) | (1.830) | (2.085) |
| Net investing cash flow | (3.340) | (2.225) | (1.952) | (0.500) | (1.144) |
| Net financing cash flow | 9.599 | 5.837 | 2.776 | 0.000 | 8.737 |
FY2022 uses the restated FY2023 comparative. A$249,082 was reclassified from financing issue costs to operating supplier payments, with no change in total cash.
FY2024 uses the later investing comparative, which differs by A$1 from the original statement. All three flows are Group Australian-dollar statement amounts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (1.632) | (3.049) | (3.217) | (1.830) | (2.089) |
| Deferred exploration and evaluation cash payments | (2.407) | (2.014) | (1.857) | (0.533) | (1.144) |
| Share-issue proceeds as presented in the cash-flow statement | 9.000 | 4.837 | 2.776 | 0.000 | 9.393 |
Components are included in the preceding totals. FY2021 additionally had A$0.296m exploration cash within operating activities, separately from deferred exploration cash in investing.
Share proceeds are not total financing: FY2021 includes A$1.400m option conversions, FY2022 includes A$1.300m convertible-note proceeds less a A$0.300m structuring fee, and FY2025 deducts A$0.656m issue costs.
Cash paid for assets is not the same as accounting additions, which can include shares, unpaid consideration, rehabilitation provisions and foreign-exchange movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration carrying values accumulated through FY2024. In FY2025, new Brazilian and US gold assets partly offset the Buena Vista write-down. The lower closing total therefore combines a reduction in an older project and additions to new ones; it is not evidence of an equivalent decline in mineral resources.
The Palmares purchase included cash and shares, while the Monomatapa/EVR transaction involved instalments and a project royalty. The accounting additions should not be mistaken for cash acquisition expenditure paid in full during the year.
Directors decided to stop funding further Buena Vista development and expense holding costs at December 2025. The remaining Nevada carrying value is an accounting assessment following impairment, not a project valuation or a statement that commercial production has commenced.
A$ million
AI-generated presentation · values from Exploration carrying values rose before the Buena Vista reset; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents shown as a current asset | 4.423 | 5.006 | 2.637 | 0.357 | 5.863 |
| Total assets | 10.666 | 13.273 | 12.551 | 10.750 | 12.329 |
| Total liabilities | 1.113 | 1.343 | 0.869 | 0.910 | 1.105 |
| Total equity | 9.553 | 11.930 | 11.682 | 9.840 | 11.224 |
FY2021 is the restated 1 January 2022 opening balance; FY2022 is the restated December comparative, both from FY2023. The FY2021 restatement note and balance-sheet equity differ by A$1; the balance-sheet amount is retained.
FY2021 cash here excludes A$111,979 classified within assets held for sale. The cash-flow statement includes that amount in its A$4,534,695 closing cash total. These are different presentations, not an unexplained cash gap.
Equity and total assets are accounting measures, not available cash or project market values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Closing deferred exploration and evaluation assets | 5.083 | 7.098 | 8.760 | 9.292 | 5.407 |
FY2021 and FY2022 use the later restated balances. The latest balance includes new Brazilian and US gold assets; it is no longer a Buena Vista-only series.
Carrying value represents retained accounting costs, not resources, reserves, future revenue or a valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Opening balance | 9.292 |
| Additions through business combinations | 2.004 |
| Capitalised expenditure — Brazil and US gold | 0.569 |
| Nevada R&D grant movement, as presented | 0.000824 |
| Nevada exchange differences | (0.023) |
| Rehabilitation provision added to asset | 0.027 |
| Buena Vista impairment | (6.462) |
| Closing balance | 5.407 |
Opening balance plus the signed movements shown reconciles to closing carrying value. The small R&D grant movement is retained with its reported positive sign.
Capitalised additions and impairment belong to the asset ledger; the separate FY2025 expensed E&E charge is in profit or loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Buena Vista / Nevada, after impairment | 2.834 |
| Brazil rare-earth assets | 1.915 |
| United States gold assets | 0.658 |
These components sum to the exploration balance. The Brazilian and US gold components include acquisition accounting as well as subsequent expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The IRIS host borrowing and derivative component together formed the opening FY2023 note balance; the year-end borrowing was nil. The latest liability mix is instead current payables, rehabilitation provisions and a non-current payable. A historic facility ceiling is not cash already on hand.
Despite the rebuilt cash account, the FY2025 auditor highlighted a material uncertainty related to going concern. Annual mining commitments were A$609,991 at that date, and these disclosed obligations do not represent every future cost of a development programme.
Buena Vista milestones, the La Cienega royalty and West Virginia performance-share conditions remain conditional. They are not presented as earned production, completed financing or immediately payable debt. The January 2026 option issue and subsequent Wyoming transaction are later events, outside the five annual cash-flow columns.
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Current trade and other payables | 0.378 | 0.382 |
| Non-current rehabilitation provision | 0.532 | 0.558 |
FY2025 also includes A$164,529 non-current payables. Together these items reconcile to total liabilities; they are not all interest-bearing debt.
Unmet project milestones, royalties and performance-share conditions are separate contingent terms and are not added to this balance as immediate cash debt.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
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