FY2021
Building the WA portfolio
The Weebo agreement expanded the project base. Sunset drilling was assessed as unviable and contributed to an exploration write-off. The Weebo option extension occurred in January 2022, after this year-end.
ASX: MM1 · Five-year financial review
(ASX: MM1) Midas Minerals Ltd Financial Review - FY2021~25
Midas Minerals moved from WA exploration to a broader international portfolio, then rebuilt its cash and exploration asset base around Otavi in FY2025. Write-offs explain the earlier loss peaks; funding and acquisition cash explain the latest step-change.
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$8.78m
At 31 December, after acquisition and exploration spending.
FY2025 gross share proceeds
A$18.12m
Before A$0.92m of cash issue costs.
FY2025 exploration assets
A$11.36m
Accounting carrying value, not project market value.
FY2025 net loss
A$2.77m
Includes A$1.00m of share-based payment expense.
Five years in context
These are December-year-end accounts. Midas began the period exploring in Australia, added Canadian options and later acquired the Otavi interests in Namibia. Portfolio changes make the distinction between cash spending, capitalised assets and write-offs essential.
The middle years depleted the listing-era cash balance and included substantial exploration write-offs. FY2025 combined a much larger capital raise with acquisition and exploration spending, while no further exploration-asset write-off was reported.
Events behind the numbers
FY2022
First full year as a listed explorer
Cash funded WA exploration and project additions, including Newington and the Southern Cross regional projects. The cash-flow statement records no gross share-issue receipts that year.
FY2023
Canada expansion and a WA reset
Canadian project options widened the portfolio and a placement added funding. The large Weebo-related write-off affected FY2023 accounts; the subsequent option termination occurred in February 2024.
FY2024
Options relinquished, cash remained tight
Midas exited the Yellowknife option in April and withdrew from Weebo. Further exploration write-offs weighed on earnings while fresh share proceeds broadly offset annual cash outflows.
FY2025
Otavi changed the scale of the balance sheet
The Namibian acquisition was accounted for as an asset acquisition, not a business combination. New funding supported both the acquisition and exploration; there were no further exploration write-offs.
FINANCIAL REVIEW / 01
Write-offs, not a production margin, explain the loss peaks
The loss narrowed after FY2023 and FY2024, as exploration write-offs ceased in FY2025. That improvement does not mean the underlying cost base disappeared: consulting, employee and directly expensed exploration costs remained material, alongside share-based remuneration.
The saved FY2024 narrative and segment detail disagree on the project allocation of write-offs. This review retains the supported Group total and the documented option exits, without attributing the whole charge to Yellowknife.
Reported losses and exploration write-offs
A$ million
Loss after income taxExploration assets written off
AI-generated presentation · values from Losses, non-cash charges and other income; no missing values plotted as zero.
Losses, non-cash charges and other income
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Finance / other income subtotal | 0.003 | 0.017 | 0.038 | 0.024 | 0.186 |
| Net operating expense subtotal | (1.019) | (1.767) | (5.352) | (3.882) | (2.961) |
| Loss after income tax | (1.016) | (1.750) | (5.313) | (3.858) | (2.775) |
| Share-based payment expense | (0.300) | (0.616) | (0.845) | (0.424) | (1.004) |
| Exploration assets written off | (0.162) | (0.209) | (3.074) | (2.067) | 0.000 |
Signed expenses and losses. The last two rows are already included in expenses, not additional deductions. FY2021 combines expensed exploration and write-off in the P&L; the exploration note identifies the same amount as write-off.
Income is finance/other income, not mineral-product sales. Net expenses include exchange gains or losses.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The cost base after the first listing year
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Administration | (0.041) | (0.098) | (0.103) | (0.129) |
| Compliance | (0.135) | (0.263) | (0.119) | (0.155) |
| Consulting and contracting | (0.183) | (0.267) | (0.293) | (0.401) |
| Directors’ fees | (0.160) | (0.160) | (0.143) | (0.144) |
| Employee benefits | (0.179) | (0.226) | (0.286) | (0.407) |
| Exploration expensed directly | (0.014) | (0.027) | (0.145) | (0.387) |
| Insurance | (0.079) | (0.091) | (0.092) | (0.090) |
| Investor relations | (0.075) | (0.079) | (0.049) | (0.105) |
Selected components, not a complete expense reconciliation. Depreciation, occupancy, travel, share payments and write-offs remain outside this component table.
FY2021 uses a different presentation: accounting/audit A$0.088m, consulting A$0.139m, employee benefits A$0.186m, listing/compliance A$0.083m and other expenses A$0.061m. These are not forced into the later administration/director categories.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
The FY2025 raise funded an acquisition and restored liquidity
Financing cash substantially exceeded the latest operating and investing outflows. Earlier years relied on the remaining listing cash and smaller placements; FY2022 still incurred issue costs even though its gross share-cash receipt was nil.
Exploration appears in both operating and investing cash flows. Keeping those classifications visible prevents the early-year spending from disappearing and avoids equating accounting capitalisation with cash paid.
Annual funding and deployment
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash flows and the December closing balance; no missing values plotted as zero.
Cash at each December year-end
A$ million
Closing cash and cash equivalents
AI-generated presentation · values from Cash flows and the December closing balance; no missing values plotted as zero.
Cash flows and the December closing balance
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.145) | (0.811) | (1.246) | (1.312) | (1.684) |
| Net investing cash flow | (1.738) | (2.700) | (2.552) | (1.271) | (7.817) |
| Net financing cash flow | 5.545 | (0.069) | 2.449 | 2.483 | 17.205 |
| Closing cash and cash equivalents | 6.083 | 2.504 | 1.155 | 1.055 | 8.783 |
Calendar years ended 31 December. Net financing is after issue costs. Exchange translation can also affect closing cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration and equity funding cash components
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (1.148) | (0.735) | (1.165) | (1.181) | (1.780) |
| Exploration paid within operating activities | 0.000 | (0.093) | (0.051) | (0.154) | (0.068) |
| Exploration paid within investing activities | (1.652) | (2.397) | (2.012) | (1.193) | (2.890) |
| Tenement acquisition payments | (0.083) | (0.197) | (0.468) | (0.076) | (0.068) |
| Gross share-issue cash proceeds | 6.000 | 0.000 | 2.580 | 2.588 | 18.124 |
| Share-issue cash costs | (0.455) | (0.069) | (0.131) | (0.104) | (0.918) |
Both exploration cash lines are preserved. A nil operating-exploration line in FY2021 does not mean no exploration spending: investing exploration is separately disclosed.
The FY2025 A$4.597m entity-acquisition payment is separate from the tenement-payment row and is included in total investing cash. Property/equipment, interest and deposits are other cash components not listed here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
The asset base reflects additions and projects left behind
The exploration bridge makes the portfolio reset visible: significant capitalised additions were offset by write-offs in the middle years. Otavi then became the largest acquisition addition in FY2025, alongside new capitalised exploration spending.
Equity rose sharply with the latest funding and asset additions. These exploration assets are not spendable cash. The going-concern assessment also anticipates future funding and exploration decisions; the year-end cash balance alone does not establish a fixed operating runway.
Exploration carrying value across the portfolio reset
A$ million
Exploration and evaluation assets
AI-generated presentation · values from Group liquidity, exploration assets and equity; no missing values plotted as zero.
Group liquidity, exploration assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current assets | 6.250 | 2.632 | 1.349 | 1.206 | 9.243 |
| Exploration and evaluation assets | 1.966 | 4.887 | 4.910 | 4.124 | 11.361 |
| Total assets | 8.220 | 7.660 | 6.384 | 5.427 | 20.913 |
| Total liabilities | 0.165 | 0.321 | 0.261 | 0.226 | 0.376 |
| Total equity | 8.054 | 7.339 | 6.123 | 5.202 | 20.537 |
Consolidated Group, not parent-only or pre-elimination segment balances. Current assets already include cash. Exploration carrying values are accounting amounts, not resource valuations.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The exploration-asset bridge
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening carrying value | 0.065 | 1.966 | 4.887 | 4.910 | 4.124 |
| Exploration capitalised | 1.792 | 2.436 | 1.991 | 1.201 | 2.612 |
| Project-acquisition additions | 0.271 | 0.693 | 1.107 | 0.079 | 4.625 |
| Exploration assets written off | (0.162) | (0.209) | (3.074) | (2.067) | 0.000 |
| Closing carrying value | 1.966 | 4.887 | 4.910 | 4.124 | 11.361 |
Acquisition additions are an explicitly calculated sum of the disclosed project rows. They include non-cash consideration and are not substituted for cash acquisition payments.
FY2021 original-note allocation is retained; the FY2022 comparative shifts A$244 between capitalised spending and Weebo acquisition, with no change to closing assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
What was paid now—and what remains conditional
Otavi was treated as an asset acquisition, with transaction costs capitalised and no goodwill. Its translated completion consideration, total asset cost and cash-flow acquisition line are shown separately because they are not interchangeable.
Further payments are conditional: US$3m at a pre-feasibility milestone, US$2m at a decision to mine and US$2m within 12 months of commercial production. No present obligation or provision was recognised for these milestones at December 2025.
A separate 1% net-smelter-return royalty applies, with an option to buy back half for US$2m. That buyback is an option, not another committed acquisition instalment; future royalty expense depends on production.
Otavi: three different accounting and cash measures
A$ million
| Metric | FY2025 |
|---|---|
| Completion consideration translated to A$ | 4.548 |
| Capitalised transaction costs | 0.077 |
| Total capitalised acquisition cost | 4.625 |
| Entity-acquisition cash-flow outflow | (4.597) |
The completion consideration was US$3m, reported as A$4.547797m. Transaction costs add A$0.077227m to the exploration asset.
The entity-acquisition cash-flow amount has a different measure/scope. The saved data do not fully reconcile its difference from consideration or capitalised cost; no residual is invented.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- All five years end on 31 December. Later option termination and other subsequent events are not backdated into the previous year.
- FY2021 expense headings differ from later years; selected comparable cost details begin in FY2022, with the earlier presentation disclosed separately.
- FY2024 project-level write-off attribution conflicts within the saved extraction; the Group total is retained without an unsupported allocation.
- Otavi consideration, capitalised acquisition cost and cash payment are different measures. Conditional US-dollar milestone payments are not present A-dollar liabilities.
- 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
- Midas Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Midas Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Midas Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Midas Minerals Ltd - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Midas Minerals Ltd - Annual Report to shareholdersExisting 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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