FY2021
Koolan stripping and Mid-West transition
The Koolan Main Pit waste-stripping program restricted high-grade access; Extension Hill low-grade sales ended in December 2020.
ASX: MGX · Five-year financial review
Mount Gibson Iron Limited (ASX: MGX) - Five-Year Financial Review FY2021-FY2025
The five June-year annual reports show how iron ore sales, asset impairments and mine-development spending flowed through earnings and cash. Financial statement tables use each year’s current-year column; comparative and Closed Group figures are excluded from the series.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 statutory result
A$82.2m loss
Includes A$90.4m non-cash impairments and A$32.229m deferred-tax-asset derecognition; see statutory tax line below.
FY2025 operating cash flow
A$98.5m
Consolidated cash-flow statement.
FY2025 net assets
A$453.2m
Consolidated balance sheet at 30 June 2025.
Five years in context
Koolan Island became the sole operating iron ore asset after the Mid-West divestment completed in July 2023. FY2022 combined weak sales and a major impairment; FY2023 sales recovered after the August 2022 processing-plant fire was repaired; FY2024 benefited from sales of stockpiled high-grade ore; FY2025 sales declined as that stockpile benefit ended.
Statutory profit varied sharply because of non-cash mine and equipment impairments, while operating cash flow remained positive in all five years. The income statement, cash-flow statement and balance sheet therefore answer different questions about performance and liquidity.
Events behind the numbers
FY2022
Shine suspended and assets impaired
Shine was suspended in late 2021 as market conditions deteriorated. The group recorded A$184.6m of pre-tax impairments.
FY2023
Plant repair and Mid-West sale agreement
The August 2022 Koolan processing-plant fire curtailed throughput until repairs finished in April 2023. The Mid-West divestment was agreed in June and completed in July 2023.
FY2024
Stockpiles sold and Mid-West exited
More than 1.0 Mwmt of high-grade ore stockpiled during the fire repairs was monetised; the Mid-West asset sale completed in July 2023.
FY2025
Lower sales and share buy-back
Iron ore sales fell to 2.6 Mwmt from 4.1 Mwmt, and 38.8m shares had been bought back by 30 June 2025.
FINANCIAL REVIEW / 01
Revenue and statutory earnings
Revenue rose with the FY2023-24 Koolan recovery, then fell in FY2025 as sales volumes normalised after stockpile monetisation. FY2022-25 results include material non-cash impairments. The FY2025 statutory loss also includes A$32.229m of deferred-tax-asset derecognition, distinct from the A$90.4m pre-tax impairment.
Revenue and statutory result
A$'000
RevenueProfit / (loss) after tax attributable to members
AI-generated presentation · values from Consolidated income statement and issuer pre-impairment measure (A$ thousands); no missing values plotted as zero.
Consolidated income statement and issuer pre-impairment measure (A$ thousands)
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 329,727 | 140,701 | 450,586 | 667,678 | 330,525 |
| Interest revenue | 6,290 | 1,972 | 2,028 | 16,802 | 19,896 |
| Total revenue | 336,017 | 142,673 | 452,614 | 684,480 | 350,421 |
| Cost of sales | -214,830 | -215,483 | -338,394 | -491,417 | -330,298 |
| Gross profit / (loss) | 121,187 | -72,810 | 114,220 | 193,063 | 20,123 |
| Other income | 14,604 | 19,095 | 27,115 | 45,546 | 31,150 |
| Impairment of property, plant and equipment | 0 (nil) | -20,912 | -12,203 | -37,632 | -15,439 |
| Impairment of right-of-use assets | 0 (nil) | -555 | -1,105 | 0 (nil) | not separately presented |
| Impairment of mine properties | 0 (nil) | -163,166 | -62,097 | -121,468 | -74,961 |
| Net foreign exchange gain / (loss) | -6,467 | 0 (nil) | -87 | -519 | 1,373 |
| Net marked-to-market gain / (loss) | -21,871 | 9,933 | -2,171 | -3,111 | -7,527 |
| Koolan Island repair and restoration costs | not separately presented | not separately presented | -10,504 | 0 (nil) | not separately presented |
| Exploration expenses | not separately presented | not separately presented | not separately presented | not separately presented | -2,856 |
| Administration and other expenses | -14,480 | -18,096 | -16,590 | -19,019 | -18,604 |
| Finance costs | -840 | -1,730 | -6,125 | -4,406 | -3,501 |
| Profit / (loss) before tax | 92,133 | -248,241 | 30,453 | 52,454 | -70,242 |
| Profit / (loss) before tax and impairments (issuer measure) | not separately presented | -63608 | 105858 | 211554 | 20158 |
| Tax benefit / (expense) | -28,127 | 74,125 | -25,274 | -46,024 | -11,950 |
| Profit / (loss) after tax attributable to members | 64,006 | -174,116 | 5,179 | 6,430 | -82,192 |
Costs and losses retain the statement sign. FY2021 PP&E, right-of-use and mine-property impairment lines are issuer-reported nil in the FY2022 comparative statement; later component lines are shown without inventing a balancing total.
FY2021 marked-to-market is described as unrealised and FY2022 as realised in their source lines; later reports use broader net labels. FY2025 separately presents exploration expense, whereas FY2024 current-year statement did not.
The pre-impairment row is an issuer-stated management measure, distinct from statutory profit before tax and not stated separately for FY2021.
The 2022 consolidated statement is used; a separate Closed Group income statement has different cost and tax lines.
Basis and presentation notes (7)
- Impairment of property, plant and equipment / FY2021 — 0 (nil): The matching FY2021 issuer extraction R003388 identifies this line as nil on the report row's basis.
- Impairment of right-of-use assets / FY2021 — 0 (nil): The matching FY2021 issuer extraction R003390 identifies this line as nil on the report row's basis.
- Impairment of right-of-use assets / FY2024 — 0 (nil): The matching FY2024 issuer extraction R008054 identifies this line as nil on the report row's basis.
- Impairment of mine properties / FY2021 — 0 (nil): The matching FY2021 issuer extraction R003392 identifies this line as nil on the report row's basis.
- Net foreign exchange gain / (loss) / FY2022 — 0 (nil): The matching FY2022 issuer extraction R003431 identifies this line as nil on the report row's basis.
- Koolan Island repair and restoration costs / FY2024 — 0 (nil): The matching FY2024 issuer extraction R008062 identifies this line as nil on the report row's basis.
- Profit / (loss) before tax and impairments (issuer measure) / FY2021 — not separately presented: FY2021 annual extraction did not separately state this management measure
Source: Selected consolidated annual-report financial statements; each amount links to its original table row and current-year column.
FINANCIAL REVIEW / 02
Assets, liabilities and liquidity
Year-end net assets fell in FY2025 following the statutory loss and share buy-back. Cash alone understates liquid reserves because term deposits and trading financial assets are presented as separate balance-sheet lines.
Cash and cash equivalents
A$'000
Cash and cash equivalents
AI-generated presentation · values from Consolidated balance sheet at 30 June (A$ thousands); no missing values plotted as zero.
Consolidated balance sheet at 30 June (A$ thousands)
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 95,283 | 77,579 | 55,038 | 36,258 | 49,056 |
| Term deposits / subordinated notes | 198,361 | 23,907 | 103,950 | 387,490 | 372,790 |
| Financial assets held for trading | 57,936 | 24,087 | 3,427 | 18,539 | 39,977 |
| Inventories | 26,530 | 31,459 | 105,417 | 56,346 | 32,386 |
| Total Current Assets | 411,831 | 178,350 | 283,149 | 529,913 | 505,333 |
| Property, plant and equipment | 63,464 | 56,966 | 51,380 | 25,879 | 9,065 |
| Mine properties | 403,983 | 372,393 | 260,138 | 81,671 | 38,096 |
| Deferred tax assets | 0 (nil) | 72,407 | 55,933 | 11,990 | 0 (nil) |
| TOTAL ASSETS | 898,235 | 690,274 | 676,943 | 664,298 | 582,666 |
| Trade and other payables | 72,500 | 87,500 | 47,614 | 43,018 | 55,034 |
| Current interest-bearing borrowings | 11,573 | 8,152 | 11,194 | 9,144 | 5,065 |
| Non-current interest-bearing borrowings | 6,530 | 3,723 | 11,851 | 2,707 | 226 |
| Non-current provisions | 46,887 | 46,396 | 49,590 | 54,272 | 59,560 |
| TOTAL LIABILITIES | 178,521 | 157,170 | 137,712 | 118,125 | 129,490 |
| Net assets / total equity | 719,714 | 533,104 | 539,231 | 546,173 | 453,176 |
FY2021 uses the consolidated Statement of Financial Position; the separate Closed Group balance sheet has different asset and liability lines.
The deposit line combines term deposits and subordinated notes through FY2023; FY2024-25 list term deposits only. Interpret as a presentation break, not a single homogeneous investment class.
Basis and presentation notes (2)
- Deferred tax assets / FY2021 — 0 (nil): The matching FY2021 issuer extraction R000996 identifies this line as nil on the report row's basis.
- Deferred tax assets / FY2025 — 0 (nil): The matching FY2025 issuer extraction R008917 identifies this line as nil on the report row's basis.
Source: Selected consolidated annual-report financial statements; each amount links to its original table row and current-year column.
FINANCIAL REVIEW / 03
Cash generation, investment and financing
Operating cash flow stayed positive even in loss years. Mine-development payments were particularly large in FY2021-22; FY2024 investing cash flow also reflects a large term-deposit placement, which is an asset transfer rather than mining capital expenditure.
Operating cash flow
A$'000
Net Cash Flows Provided By Operating Activities
AI-generated presentation · values from Consolidated cash flows (A$ thousands); no missing values plotted as zero.
Consolidated cash flows (A$ thousands)
A$'000
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Receipts From Customers | 338,412 | 174,537 | 420,049 | 667,235 | 333,428 |
| Proceeds From Rail Credit | 7,573 | 8,360 | 9,181 | 4,667 | 0 (nil) |
| Proceeds From Insurance | 802 | 0 (nil) | 7,853 | 3,791 | 28,115 |
| Payments To Suppliers And Employees | -181,190 | -153,085 | -304,231 | -343,472 | -261,639 |
| Interest Paid | -404 | -443 | -2,762 | -1,865 | -1,093 |
| Income Tax Paid | not separately presented | -8,767 | 0 (nil) | -2,146 | -359 |
| Net Cash Flows Provided By Operating Activities | 165,193 | 20,602 | 130,090 | 328,210 | 98,452 |
| Purchase Of Property, Plant And Equipment | -29,970 | -35,591 | -26,470 | -34,640 | -10,566 |
| Payment For Mine Development | -184,967 | -181,582 | -45,503 | -25,703 | -53,700 |
| Term-deposit proceeds / (payments) | 64,100 | 111,000 | -96,450 | -276,900 | 14,000 |
| Net Cash Flows (Used In) Investing Activities | -156,638 | -7,903 | -129,281 | -335,032 | -59,837 |
| Dividends Paid | -16,271 | -12,158 | 0 (nil) | 0 (nil) | 0 (nil) |
| Lease-liability payments (issuer wording varies) | -10,145 | -11,520 | -10,852 | -10,073 | -13,261 |
| Payment For Share Buy-Back | Not applicable | Not applicable | Not applicable | Not applicable | -12,156 |
| Net Cash Flows (Used In) Financing Activities | -25,957 | -31,898 | -23,660 | -12,008 | -25,661 |
| Net Increase/(Decrease) In Cash And Cash Equivalents | -17,402 | -19,199 | -22,851 | -18,830 | 12,954 |
| Cash and cash equivalents, year end | 95,283 | 77,579 | 55,038 | 36,258 | 49,056 |
Term-deposit movements and trading-asset purchases are investing cash flows, not capital expenditure. Mine development and PP&E purchases are shown separately.
The lease cash-flow label changes after FY2021: “Payment of lease liabilities” in FY2021 and “Repayment of lease liabilities” in FY2022-FY2025. The amounts retain each annual statement’s full line.
Nil is shown as 0 (nil) only with matching period, metric and basis. The FY2025 rail-credit receipt is nil: its current-year cash-flow dash is supported by the complete operating cash-flow subtotal. Rail-credit income is a distinct accrual line; absent cash-statement rows remain not separately presented.
Basis and presentation notes (10)
- Proceeds From Rail Credit / FY2025 — 0 (nil): FY2025 current-year cash-flow statement shows a dash for rail-credit proceeds. The other disclosed operating cash lines sum exactly to A$98,452 thousand, the statutory subtotal, without a rail-credit receipt. FY2024 comparative receipt was A$4,667 thousand; the rail-credit income note is contextual, not substituted for cash.
- Proceeds From Insurance / FY2022 — 0 (nil): The matching FY2022 issuer extraction R003519 identifies this line as nil on the report row's basis.
- Income Tax Paid / FY2023 — 0 (nil): The matching FY2023 issuer extraction R005685 identifies this line as nil on the report row's basis.
- Dividends Paid / FY2023 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2023; cash-paid timing differs from declaration timing.
- Dividends Paid / FY2024 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2024; cash-paid timing differs from declaration timing.
- Dividends Paid / FY2025 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2025; cash-paid timing differs from declaration timing.
- Payment For Share Buy-Back / FY2021 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- Payment For Share Buy-Back / FY2022 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- Payment For Share Buy-Back / FY2023 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- Payment For Share Buy-Back / FY2024 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
Source: Selected consolidated annual-report financial statements; each amount links to its original table row and current-year column.
FINANCIAL REVIEW / 04
Shareholder cash returns
The final FY2021 dividend was paid in FY2022. No dividends were paid in FY2023-25; FY2025 capital returns instead included an on-market share buy-back.
Dividends and buy-back payments
Units by row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Final dividend declared for the yearcents per share | 2 | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
| Dividends paid (cash flow)A$'000 | -16,271 | -12,158 | 0 (nil) | 0 (nil) | 0 (nil) |
| On-market share buy-back cash paidA$'000 | Not applicable | Not applicable | Not applicable | Not applicable | -12,156 |
Cash paid in each financial year differs from the dividend declared for that year.
FY2025 share-buyback transaction costs of A$119k are excluded from the share-buyback principal line; the financing cash-flow table retains the reported principal amount.
The buy-back was approved after 30 June 2024 and commenced in September 2024; earlier-year cells are not applicable to that program. Declared dividends and dividends paid retain distinct timing bases.
Basis and presentation notes (11)
- Final dividend declared for the year / FY2022 — 0 (nil): The issuer explicitly states no dividend was declared in respect of FY2022; zero cents per share.
- Final dividend declared for the year / FY2023 — 0 (nil): The issuer explicitly states no dividend was declared in respect of FY2023; zero cents per share.
- Final dividend declared for the year / FY2024 — 0 (nil): The issuer explicitly states no dividend was declared in respect of FY2024; zero cents per share.
- Final dividend declared for the year / FY2025 — 0 (nil): The issuer explicitly states no dividend was declared in respect of FY2025; zero cents per share.
- Dividends paid (cash flow) / FY2023 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2023; cash-paid timing differs from declaration timing.
- Dividends paid (cash flow) / FY2024 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2024; cash-paid timing differs from declaration timing.
- Dividends paid (cash flow) / FY2025 — 0 (nil): The issuer explicitly reports nil dividends paid in FY2025; cash-paid timing differs from declaration timing.
- On-market share buy-back cash paid / FY2021 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- On-market share buy-back cash paid / FY2022 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- On-market share buy-back cash paid / FY2023 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
- On-market share buy-back cash paid / FY2024 — Not applicable: The on-market buy-back was approved after 30 June 2024 and commenced in September 2024; this FY2025 program has no transaction in this earlier year.
Source: Selected consolidated annual-report financial statements; each amount links to its original table row and current-year column.
On-market buy-back at 30 June 2025
Units by row
| Metric | 30 Jun 2025 |
|---|---|
| Shares bought backshares | 3.88036e+07 |
| Average purchase priceA$/share | 0.313 |
| Approved program limit% of issued shares | 10 |
The limit was raised from 5% to up to 10% on 18 February 2025; 38,803,598 shares had been repurchased at 30 June. Cash payments appear in the annual cash-flow table.
Source: Issuer annual extraction claim R008411; point-in-time disclosure, not a five-year series.
FINANCIAL REVIEW / 05
Iron ore sales and cost boundary
Sales recovered after Koolan plant repairs and peaked in FY2024 with the sale of stockpiled ore. The FY2025 STI scorecard reports Koolan cash operating cost of $110/wmt FOB shipped before capital projects and royalties. Group total cost of sales is a separate measure: A$65/wmt in FY2021, A$125/wmt in FY2022 and A$126/wmt in FY2025; the FY2025 total includes non-cash costs and royalties.
Iron ore sold
Mwmt
Group iron ore sales
AI-generated presentation · values from Selected operating measures; no missing values plotted as zero.
Selected operating measures
Units by row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Group iron ore salesMwmt | 3 | 1.65 | 3.03 | 4.1 | 2.6 |
| Koolan Island unit cash cost, FOB$/wmt FOB (year-specific basis; see notes) | 70 | 119 | 77 | 74 | 110 |
Sales are wet metric tonnes. The cash-cost row uses the Koolan Island operating measure: FY2021 A$70/wmt before capitalised waste and improvement projects, FY2022 A$119/wmt before specified capital expenditure, FY2023 A$77/wmt before royalties, inventory build and capital projects, and FY2024 A$74/wmt before royalties and capital projects. Definitions remain issuer-specific.
Group total cost of sales per wmt is a distinct measure and is discussed in prose only; no mixed-basis cost chart is drawn. The FY2025 cash-cost figure comes from the STI scorecard and is before capital projects and royalties. Its table prints '$' without an explicit currency, whereas the extraction record labels USD; the report retains the issuer's unqualified symbol pending currency adjudication.
Source: Frozen issuer annual extraction claims; exact original claim records are retained in the evidence bundle.
Reading the figures
- Annual report metadata in the frozen scope names “MGX RESOURCES LIMITED”, whereas the selected annual extraction and issuer statements identify the reporting parent as Mount Gibson Iron Limited. The scoped document IDs and ticker were retained; legal-name registry reconciliation remains open.
- The FY2025 STI scorecard reports Koolan Island cash operating cost of $110/wmt FOB shipped before capital projects and royalties. Its table does not expand '$' into a currency; the extraction record says USD. The row therefore keeps the issuer's unqualified symbol. A$126/wmt Group total cost of sales is a different measure.
Annual-report source registry
- Mount Gibson Iron Limited — Annual Report 2021Year ended 2021-06-30; supplied document date 2021-10-11. Selected consolidated financial statements and frozen annual extraction records.
- Mount Gibson Iron Limited — Annual Report 2022Year ended 2022-06-30; supplied document date 2022-10-07. Selected consolidated financial statements and frozen annual extraction records.
- Mount Gibson Iron Limited — Annual Report 2023Year ended 2023-06-30; supplied document date 2023-10-13. Selected consolidated financial statements and frozen annual extraction records.
- Mount Gibson Iron Limited — Annual Report to shareholdersYear ended 2024-06-30; supplied document date 2024-10-18. Selected consolidated financial statements and frozen annual extraction records.
- Mount Gibson Iron Limited — Annual Report to shareholdersYear ended 2025-06-30; supplied document date 2025-10-10. Selected consolidated financial statements and frozen annual extraction records.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
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