Metal Hawk’s cash and exploration assets moved in opposite directions in FY2025. Equity receipts lifted liquidity, while major project impairments reduced the exploration carrying amount and drove the statutory loss. The financial picture becomes clearer when non-cash write-downs, cash exploration spending and asset-sale consideration are kept separate.
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.
Funded principally by securities receipts.
Non-cash exploration-asset write-down.
After the recorded project impairments.
Auditor opinion remained unmodified.
Metal Hawk listed in November 2020 with Western Australian gold and nickel exploration projects. Its portfolio expanded through acquisitions and options before later project exits and impairments. These accounts describe exploration and financing, not a record of commercial ore production.
A large cash balance and a large accounting loss can occur together. FY2025 equity financing replenished cash while impairment removed costs accumulated in earlier years. Directors and the auditor nevertheless retained a material-uncertainty disclosure about future funding.
The November listing brought the company into its listed exploration phase. Cash share receipts funded work and investments; the later October A$2.4m raise was after the June year-end, not FY2021 funding.
Nickel rights over Berehaven were acquired, including share-based consideration. Investment maturities and equity receipts supported the exploration cash programme.
The company acquired Western Areas’ 51% interests in Fraser South, Kanowna East and Emu Lake using shares and options. The Yarmany option followed in July, after the reporting period.
Yarmany was the main exploration focus. Placements supported cash, while asset impairment and the Emu Lake held-for-sale adjustment also affected reported results.
Yarmany nickel/lithium and other project costs were impaired. Kanowna East was partly sold with a retained free-carried interest, while cash securities receipts rebuilt liquidity.
The FY2025 impairment is the largest adjustment between statutory loss and operating cash flow. Share-based payments also add back a substantial non-cash cost. These adjustments explain why the loss must not be read as the year’s cash burn.
Personnel expenses rose through the earlier period and increased again in FY2025. The latest note separates directors’ remuneration, wages and the portion allocated to exploration assets. The expense and cash-supplier rows use different accounting bases and should not be treated as interchangeable.
FY2024 already contained significant exploration impairment and a provision for the Emu Lake disposal. FY2025’s much larger write-down is therefore a further portfolio-accounting change, not the first year with non-cash project charges.
A$ million
AI-generated presentation · values from Statutory losses increased as project costs were written down; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (1.466) | (1.342) | (1.716) | (4.266) | (9.989) |
Consolidated Australian-dollar statutory results, years ended 30 June. These are losses, not operating cash expenditure.
Losses include non-cash charges. The FY2025 reconciliation below separates these from operating cash use.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Other income | 0.002423 | 0.013993 | 0.046068 | 0.077065 |
| Exploration expensed | (0.282) | (0.098) | (0.212) | (0.522) |
| Personnel expenses | (0.424) | (0.627) | (0.740) | (1.021) |
| General and administrative expenses | (0.481) | (0.153) | (0.140) | (0.113) |
| Professional fees | (0.193) | (0.286) | (0.165) | (0.228) |
| Depreciation and amortisation | (0.033) | (0.058) | (0.063) | (0.051) |
Expenses are signed negatives; other income is not commercial mineral sales. FY2023 other income is broader than the interest actually received in cash.
FY2024 also charged A$2.046m capitalised-exploration impairment and a A$0.290m tenement-disposal provision. Those are separate from exploration expensed.
The saved FY2025 extraction supports personnel costs and a complete operating-cash reconciliation, rather than the same full face-statement expense breakdown. These appear below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Directors’ remuneration | 0.739 | 1.379 |
| Wages and salaries | 0.503 | 0.607 |
| Personnel costs allocated to exploration assets | (0.221) | (0.404) |
| Personnel expense after capitalisation — magnitude | 1.021 | 1.582 |
Positive remuneration and wages less the signed capitalisation deduction equal personnel expense. The expense is a positive magnitude in this note, not income.
Share-based remuneration can affect personnel cost without an equal cash payment. The total share-based adjustment appears in the next reconciliation, not as an extra cost to add here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Starting net loss | (9.989) |
| Add back equity-settled share-based payments | 1.247 |
| Remove tenement-disposal result | (0.145) |
| Add back financial-asset fair-value loss | 0.060 |
| Add back exploration impairment | 7.746 |
| Add back depreciation and amortisation | 0.076 |
| Movement in other receivables | (0.003) |
| Movement in trade and other payables | (0.008) |
| Movement in provisions | 0.018 |
| Net operating cash flow | (0.999) |
The displayed signed adjustments reconcile the loss to operating cash flow. The positive impairment add-back reverses a non-cash expense; it is not revenue.
This reconciliation does not include the investing cash paid for capitalised exploration. Operating cash alone therefore understates total project-related cash use.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Financing cash was positive in every year. FY2023 was different because financing did not cover combined operating and investing uses, reducing closing cash below A$1m. FY2024 and FY2025 receipts then rebuilt the cash position.
The first two investing totals contain material investment placements and maturities. FY2022 exploration cash expenditure was larger than net investing outflow because maturing investments returned cash. Calling net investing simply “exploration spend” would obscure this effect.
FY2025 cash securities proceeds include option exercises as well as share issuance. Non-cash performance rights, acquisition shares and escrowed sale-consideration shares do not create cash funding merely when issued.
A$ million
AI-generated presentation · values from All three cash-flow lanes; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Cash, assets, liabilities and equity on a consistent Group basis; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.926) | (0.991) | (0.748) | (1.343) | (0.999) |
| Net investing cash flow | (3.438) | (1.003) | (1.343) | (2.060) | (1.218) |
| Net financing cash flow | 6.036 | 2.296 | 0.952 | 4.619 | 5.004 |
Financing was positive in all five years. In FY2023 it was insufficient to offset operating and investing outflows, so closing cash fell.
FY2021 investing includes A$3m placed in investments and A$1m returned at maturity. The remaining A$2m matured in FY2022. These treasury movements are not exploration expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.823) | (0.904) | (0.581) | (0.892) | (0.749) |
| Cash paid for exploration expensed | (0.103) | (0.098) | (0.179) | (0.522) | (0.346) |
| Cash paid for capitalised exploration | (1.335) | (2.888) | (1.343) | (2.011) | (1.210) |
| Cash proceeds from shares / option exercises | 6.250 | 2.499 | 1.051 | 4.927 | 5.112 |
| Share-issue cash costs | (0.192) | (0.165) | (0.063) | (0.271) | (0.067) |
| Lease-liability repayments | (0.022) | (0.038) | (0.036) | (0.038) | (0.041) |
Rows are already included in operating, investing and financing totals. Capitalised and expensed exploration are different cash lanes and neither is an asset closing balance.
FY2025 share/option proceeds reconcile to A$5m cash share issuance plus A$0.1125m option exercises. Acquisition and remuneration shares/options are not fresh cash receipts.
The narrative November-placement claims contain different share counts; the cash statement and equity roll-forward are used for the annual financing amounts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration carrying value peaked in FY2023 and then declined. FY2024 had both new expenditure and a held-for-sale transfer, while FY2025 impairment overwhelmed that year’s capitalised expenditure. The complete arithmetic distinguishes retained costs from cash paid.
The company described Berehaven, Yarmany, Fraser South and Kanowna East project costs as impaired to nil, and returned the unexercised western Yarmany option. Its statement that the remaining exploration balance was not impaired applies after those recorded write-downs; it does not cancel the FY2025 charge.
Liability totals remain useful even when displayed as negative deductions in an original statement. Presented consistently as positive obligations, they show a relatively small recognised balance—mainly payables and a current lease in FY2025. This does not remove the separately disclosed future-funding risk.
A$ million
AI-generated presentation · values from The five-year exploration-asset movement; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 1.770 | 2.072 | 0.933 | 2.148 | 4.936 |
| Total assets | 5.683 | 9.034 | 9.095 | 10.177 | 6.482 |
| Total liabilities — positive obligation amount | 0.073 | 0.279 | 0.274 | 0.117 | 0.119 |
| Total equity | 5.610 | 8.755 | 8.821 | 10.060 | 6.363 |
Liabilities are shown as positive obligations throughout. Some source statements put liability totals in parentheses as deductions from assets; that presentation does not make the obligations missing.
FY2021 also had A$2.016m in deposits and bonds, outside the cash-and-equivalents line. Closing cash alone does not capture that separate asset balance.
At June 2025 liabilities comprised A$108,156 payables and A$10,805 current leases. The issuer reported no borrowings; that statement does not mean there were no lease obligations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening carrying amount | 0.194 | 1.748 | 6.620 | 7.892 | 7.623 |
| Capitalised exploration expenditure | 1.034 | 3.084 | 1.253 | 1.778 | 1.257 |
| Net acquisitions, transfers and write-downs — calculated | 0.520 | 1.788 | 0.018 | (2.046) | (7.746) |
| Closing carrying amount | 1.748 | 6.620 | 7.892 | 7.623 | 1.133 |
The calculated net movement is unpacked here: FY2021 adds A$0.411m share consideration and A$0.288m cash acquisitions, less A$0.179m write-off; FY2022 adds A$1.788m share-based acquisitions.
FY2023 adds A$0.438m share-based acquisitions, less A$0.033m write-off and A$0.387m impairment. FY2024 adds A$0.200m each of cash and share acquisitions, transfers A$0.400m to held-for-sale assets, and impairs A$2.046m.
FY2025’s net other movement is entirely the A$7.746m impairment: opening A$7.623m plus capitalised expenditure A$1.257m less impairment equals closing A$1.133m. There is no unexplained residual in this bridge.
Capitalised expenditure is an accrual-accounting measure, not the cash payments row. Carrying values are neither mineral resources nor project valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Kanowna East’s 70% sale brought a signing fee and Accelerate shares; Metal Hawk retained a 30% interest free-carried through completion of a PFS. Only the A$25,000 cash component belongs in the cash-flow receipt. Share consideration is a financial asset subject to subsequent valuation changes.
Emu Lake was also disposed of for shares, with the earlier disposal-loss provision removed when the transaction finalised. The later Viking/Blair North transaction was announced in August 2025 and remained conditional on the buyer’s approvals and other steps; it is not a completed FY2025 cash sale.
The company reported no outstanding borrowings at June 2025, but its ability to continue depended on obtaining future working capital. The auditor highlighted that material uncertainty without modifying the opinion. The October office-lease assignment and July performance-right conversion were subsequent events, not changes to the June balance sheet.
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