FY2021
A restated starting point
The later accounts restated rehabilitation-related assets and provisions. This review uses that revised starting balance rather than mixing it with the original financial position.
ASX: MKR · Five-year financial review
(ASX: MKR) Manuka Resources Ltd. Financial Review - FY2021~25
Manuka moved from a profitable gold-and-silver operating year to care and maintenance, while its borrowing and finance-cost burden expanded. This five-year review follows the operating reversal, funding flows and asset-quality questions without treating proposed restarts as completed production.
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 net loss
A$16.88m
After finance expense; not cash burn.
FY2025 operating cash outflow
A$5.20m
Financing inflow did not fully cover it.
FY2025 borrowings
A$40.38m
A$40.28m classified as current.
FY2025 total equity
A$2.30m
Positive carrying-value equity, subject to audit qualification.
Five years in context
FY2022 was the only profitable year in this five-year record. The following year brought a difficult Wonawinta silver trial and the acquisition of Trans-Tasman Resources, combining near-term operating losses with a larger exploration asset base.
By FY2025 the Cobar mines were on care and maintenance and produced neither gold nor silver. The central financial question was therefore funding and recoverability of assets, not simply how much metal could be sold.
Events behind the numbers
FY2022
Profit and cash generation
Sales supported an operating profit and positive operating cash flow. Capital expenditure and debt repayments absorbed much of the cash generated.
FY2023
Silver-trial setbacks; TTR acquired
Wet weather, crushing constraints and clay handling disrupted the Wonawinta trial. TTR was acquired in November 2022; its exploration assets enlarged the balance sheet without constituting production revenue.
FY2024
Sales recovered, but losses persisted
Higher sales did not cover the cost base and finance expense. The auditor identified a recoverability evidence gap alongside funding and refinancing uncertainty.
FY2025
Care and maintenance; refinancing still central
No gold or silver was produced. Proposed FY2026 restarts and the subsequent debt assignment remained distinct from FY2025 results and cash flows.
FINANCIAL REVIEW / 01
Production paused; the cost of funding did not
The operating reversal was substantial: sales fell sharply after FY2022 while processing and site costs remained material. The FY2023 result also included separate development and rehabilitation impairments. These help explain the loss beyond the headline sales decline.
FY2025 finance expense exceeded A$10m, with other finance costs larger than the interest-cost component. The A$0.947m revenue-and-other-income summary is not a substitute for metal sales, and no separate sales amount is invented for that year.
The profit-to-loss reversal
A$ million
Net profit / (loss)
AI-generated presentation · values from Profit turned to losses; the finance burden kept growing; no missing values plotted as zero.
Sales versus the operating result
A$ million
Sales revenueOperating profit / (loss)
AI-generated presentation · values from Sales, production costs and the operating result; no missing values plotted as zero.
Finance expense grew despite lower activity
A$ million
Finance costs — expense magnitude
AI-generated presentation · values from Profit turned to losses; the finance burden kept growing; no missing values plotted as zero.
Profit turned to losses; the finance burden kept growing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net profit / (loss) | (3.074) | 5.281 | (26.342) | (18.235) | (16.876) |
| Finance costs — expense magnitude | 3.641 | 3.415 | 3.741 | 7.324 | 10.260 |
FY2021 uses the restated comparative. FY2023 finance costs use the later FY2024 classification, which separately presents share-based payments; net loss is unchanged. Finance expense is not finance cash paid.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Sales, production costs and the operating result
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Sales revenue | 43.753 | 53.271 | 9.900 | 15.195 |
| Cost of sales — signed expense | (43.313) | (41.244) | (24.325) | (21.938) |
| Operating profit / (loss) | 0.440 | 12.027 | (14.425) | (6.743) |
| Other income | 0.792 | 0.305 | 0.482 | 1.446 |
| Other expenses | (2.387) | (2.540) | (8.092) | (5.237) |
| Foreign-exchange gain / (loss) | 1.722 | (1.025) | (0.544) | 0.023 |
| Profit / (loss) before finance costs | 0.566 | 8.697 | (22.601) | (10.910) |
Share-based payment expenses of A$0.070m, A$0.022m and A$0.399m also enter the FY2022, FY2023 and FY2024 before-finance results, respectively.
FY2025 is not appended as comparable sales: its saved five-year summary reports A$0.947m under revenue and other income without separating the two. In that summary the earlier years mix sales-only and sales-plus-other-income figures, so the detailed statements are used here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What remained in the operating cost base
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Haulage and crushing | 10.043 | 8.681 | 2.977 | 5.317 |
| Processing and refining | 15.422 | 18.200 | 16.073 | 10.053 |
| Site administration | 4.890 | 5.115 | 4.611 | 4.717 |
| Mine amortisation | 4.217 | 1.328 | 0.574 | 0.005 |
| Total operating expenses | 43.610 | 37.622 | 24.480 | 20.091 |
Positive expense magnitudes. Total operating expenses also include mining costs; cost of sales additionally reflects royalty and inventory movements. These totals are different measures, not alternative labels for one series.
FY2023 other expenses separately include A$1.826m development-asset impairment and A$2.176m rehabilitation-asset impairment. They are not added to the operating-expense subtotal above.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The latest finance-cost increase was more than cash interest
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Interest costs | 4.329 | 4.605 |
| Other finance costs | 1.841 | 5.654 |
These components are expense magnitudes, not cash payments. FY2024 also includes borrowing-cost amortisation and discount adjustments; those three components are zero in the FY2025 finance-cost note. Total finance costs appear once in the five-year result table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Funding repeatedly bridged the operating shortfall
FY2022 operating cash generation was followed by three years of outflows. Equity issues and new borrowings funded the FY2023–FY2024 gaps; in FY2025 net financing inflow was insufficient to preserve the opening cash balance.
The cash statement also separates development and plant spending from operating costs. The latest net investing outflow was small because plant-sale and bond receipts offset part of the development spending; it does not mean there was no project expenditure.
Operating cash flow versus financing
A$ million
Net operating cash flowNet financing cash flow
AI-generated presentation · values from Five-year cash flows: operations, investment and funding; no missing values plotted as zero.
Five-year cash flows: operations, investment and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | 0.208 | 8.351 | (14.520) | (7.229) | (5.203) |
| Net investing cash flow | (8.029) | (8.561) | (1.208) | (1.332) | (0.085) |
| Net financing cash flow | 7.330 | 0.353 | 14.833 | 10.421 | 4.132 |
| Closing cash and cash equivalents | 1.018 | 1.161 | 0.266 | 2.125 | 0.969 |
Parentheses indicate outflows. Cash balances are at 30 June. Non-cash shares, options and debt conversions are excluded from these cash movements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
How operating cash and financing were generated
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Cash receipts from customers | 43.708 | 53.538 | 10.439 | 14.926 |
| Payments to suppliers and employees | (40.079) | (43.023) | (24.774) | (22.970) |
| Finance costs paid | (4.213) | (2.466) | (0.615) | (0.601) |
| Purchases of property, plant and equipment | (2.293) | (6.904) | (0.608) | (0.329) |
| Development and exploration cash payments | (5.577) | (1.975) | (0.658) | (1.094) |
| Cash proceeds from ordinary shares | 14.000 | 5.000 | 6.508 | 10.690 |
| Cash proceeds from borrowings | 0.550 | 0.376 | 12.966 | 9.251 |
| Borrowing repayments | (6.184) | (4.561) | (4.249) | (8.232) |
Selected material components, not a complete reconciliation. Other income, bond movements, asset sales, share-issue costs and lease payments also affect cash totals.
FY2025 net cash flows are available above, but this same detailed operating/funding breakdown is not retained in its saved extraction. FY2025 development/exploration payments were A$0.260m; plant-sale and bond receipts partly offset them, leaving net investing outflow of A$0.085m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A larger asset base did not provide a larger equity cushion
The FY2023 expansion of exploration assets was strongly influenced by the TTR asset acquisition, including A$26.3m associated with that project. It should not be read as cash earned or as a current project valuation.
By FY2025 liabilities nearly matched reported total assets, although equity remained positive. The auditor qualified the opinion because recoverable amounts could not be established for exploration/development, plant and right-of-use assets while refinancing and capital raising were unresolved. The report retains that uncertainty rather than treating carrying values as assured recoveries.
Assets, liabilities and the remaining equity cushion
A$ million
Total assetsTotal liabilitiesNet assets / total equity
AI-generated presentation · values from Group financial position: asset backing versus obligations; no missing values plotted as zero.
Group financial position: asset backing versus obligations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 37.275 | 41.597 | 61.506 | 61.138 | 59.398 |
| Current liabilities | 10.521 | 20.111 | 33.423 | 35.891 | 49.151 |
| Total liabilities | 34.601 | 28.023 | 41.564 | 44.127 | 57.102 |
| Net assets / total equity | 2.674 | 13.574 | 19.942 | 17.010 | 2.296 |
| Total borrowings | 16.621 | 13.111 | 24.780 | 28.389 | 40.377 |
Consolidated Group, not parent-only amounts. FY2021 uses the later restated comparison. Borrowings are already included in liabilities; do not add them again. USD facilities are presented at their A$ carrying amounts, not constant exchange rates.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Asset composition before the no-production year
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Inventories | 4.692 | 2.889 | 2.307 | 0.226 |
| Mine properties and development assets | 6.088 | 4.372 | 0.639 | 0.878 |
| Exploration and evaluation assets | 4.780 | 8.458 | 35.201 | 36.549 |
FY2022 mine/development assets use the later restated classification: certain Wonawinta processing-plant costs moved to property, plant and equipment. That movement is not an impairment.
FY2025 mine/development net carrying value is separately retained at A$0.630m. The latest saved audit disclosure aggregates exploration and development at A$37.934m; it is not substituted into the narrower historical exploration-and-evaluation row. No FY2025 inventory balance is inferred from its cash-flow movement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Refinancing timing matters as much as the total debt
Almost all FY2025 borrowings were current, principally the senior secured and working-capital facilities. Both have USD exposure, so an A$ debt increase is not necessarily equal to new cash borrowed.
After year-end, the US$12.4m facility was assigned to a shareholder trust structure and extended to 31 March 2026. A separate August debt conversion into shares was also subsequent to the balance date. Neither is counted as FY2025 operating cash or used to rewrite the year-end maturity table.
Latest borrowing structure and maturity concentration
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Current related-party loans | 0.239 | 0.273 |
| Current senior secured debt, net of borrowing costs | 16.641 | 19.341 |
| Current working-capital facility | 10.770 | 16.675 |
| Other current loans | 0.551 | 3.988 |
| Total current borrowings | 28.200 | 40.278 |
| Total non-current borrowings | 0.189 | 0.099 |
A$ carrying values. Lease liabilities are separate from these borrowing totals. Classification is at the reporting date, before subsequent assignments or extensions.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2025 detailed sales/cost composition and a separate closing inventory balance are not retained in the saved extraction used here; no zero or inferred sales volume is supplied.
- Historical and later-restated classifications are identified. FY2025 exploration/development audit aggregates are not silently relabelled as the narrower historical exploration asset series.
- The qualified audit opinion and material going-concern uncertainty are important limitations. Positive book equity does not remove refinancing or recoverability risk.
- Production restart targets and project-study values are forecasts, not realised financial outcomes. No project NPV is added to the balance sheet.
- 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
- Manuka Resources Ltd. - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Manuka Resources Ltd. - 2022 Annual Report and Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Manuka Resources Ltd. - 2023 Statutory Accounts and Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Manuka Resources Ltd. - 2024 Statutory Accounts and Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Manuka Resources Ltd. - June 2025 Annual ReportExisting 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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