FY2021
Listing funded Ravensthorpe exploration
The IPO raised A$12.5m before costs and trading began in March. The worker village was reactivated for the programme and also supplied accommodation to outside businesses.
ASX: MM8 · Five-year financial review
(ASX: MM8) Medallion Metals Limited Financial Review - FY2021~25
Medallion’s financial story is more than a growing exploration balance: camp income changed form, a nickel-asset disposal created a non-cash gain, and equity funding rebuilt liquidity for the next development stage. The proposed Forrestania transaction remained separate from the June 2025 balance sheet.
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$9.39m
Cash equivalents; restricted cash is separate.
FY2025 net financing cash
A$17.15m
Historical cash receipts, not the whole announced placement.
FY2025 exploration assets
A$17.29m
Closing accounting carrying amount.
FY2025 loss
A$6.13m
Includes exploration expense and share-based remuneration.
Five years in context
Ravensthorpe remains the core exploration and development focus. Its accommodation camp also served third parties, but that income should not be confused with mine production or gold and copper sales.
Three changes explain the five-year accounts: a share-settled Nickel Assets sale, the camp’s shift to a sub-lease, and a larger FY2025 funding programme. These events affect earnings, cash and assets at different times.
Events behind the numbers
FY2022
Resource growth and a nickel-asset sale
Drilling supported an expanded resource estimate. Nickel Assets were divested for NickelSearch shares, creating a disposal gain rather than equivalent cash proceeds.
FY2023
Camp growth could not repeat the disposal gain
Service revenue grew, but the prior-year disposal gain did not recur. The year ended with a much smaller cash balance despite additional equity funding.
FY2024
A new camp model and partial debt conversion
The camp sub-lease began in October 2023. The year’s capital raising included a shareholder-loan conversion, reducing debt without the same-sized cash repayment.
FY2025
Funding and the proposed processing route
Placements restored cash while exploration and project work continued. August 2024 Forrestania exclusivity began negotiations; the binding agreement was signed after June 2025 and still had completion conditions.
FINANCIAL REVIEW / 01
A stronger cash balance did not mean a smaller loss
The latest loss increased as expensed exploration, administration and share-based payments rose. Camp sub-lease income provided an offset, while listed-investment fair-value losses and finance costs remained separate earnings items.
The camp’s FY2025 accommodation-service revenue was nil, but the sub-lease generated income. Showing only the old service-revenue series would therefore hide a meaningful part of the business’s cash and earnings context.
Statutory loss through the funding cycle
A$ million
Loss after income tax
AI-generated presentation · values from Accommodation revenue and the statutory result; no missing values plotted as zero.
Accommodation revenue and the statutory result
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Camp accommodation-service revenue | 0.503 | 2.136 | 3.034 | 0.758 | 0.000 |
| Other income | 0.113 | 0.052 | 0.026 | 0.000 | 0.011 |
| Finance income | 0.004 | 0.012 | 0.048 | 0.100 | 0.078 |
| Operating result | (3.655) | (3.353) | (4.884) | (2.843) | (6.024) |
| Loss after income tax | (3.773) | (3.597) | (5.092) | (2.940) | (6.127) |
The income rows are not a complete revenue subtotal: separate camp sub-lease income begins in FY2024, shown below, and the FY2022 disposal gain is also separate.
Camp service revenue is accommodation income, not gold or copper sales. FY2025 service revenue is explicitly nil; sub-lease income continues, so nil service revenue does not mean all camp income stopped.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration expense and the wider cost base
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation expense | (1.982) | (5.552) | (5.023) | (2.196) | (4.161) |
| Administrative expense | (1.420) | (1.864) | (1.683) | (1.528) | (2.005) |
| Share-based payment expense | (0.595) | (0.646) | (0.123) | (0.363) | (0.787) |
| Loss on listed-investment fair-value changes | 0.000 | (1.100) | (1.116) | (0.613) | (0.173) |
| Net finance expense | (0.118) | (0.243) | (0.208) | (0.097) | (0.102) |
Signed expenses, already reflected in the statutory result. FY2021 also includes A$0.275m IPO expense. FY2025 separately includes an A$0.006853m exploration write-off and A$0.003160m rehabilitation adjustment.
Expensed exploration is not the same measure as capitalised exploration additions or cash paid. FY2023 signed P&L comparatives are used instead of unsigned extracted expense magnitudes.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Rent receipts and recognised income arrive at different times
Under the camp agreement, instalments were received ahead of the related income recognition. FY2024 closed with deferred rent, which was fully recognised alongside the final cash instalment in FY2025. The table separates those timings instead of counting revenue twice.
The camp shifted from service revenue to sub-lease income
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Sub-lease income recognised | 1.100 | 1.100 |
| Rent cash received in advance | 1.467 | 0.734 |
| Opening deferred-rent liability | 0.000 | 0.367 |
| Closing deferred-rent liability | 0.367 | 0.000 |
Positive liability/receipt presentation. Opening liability plus advance receipts less income recognised equals closing liability. The income is not all received in the same financial year.
The 18-month sub-lease commenced 1 October 2023. Galaxy maintained the camp and paid outgoings while Medallion retained accommodation access. This is not evidence that the camp closed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Fresh equity replenished cash after several years of deployment
Operating and investing activities used cash in every year. The latest net share proceeds more than covered both outflows, whereas the FY2023 closing cash balance had been particularly low. This is financing-supported liquidity, not operating self-funding.
The large May 2025 placement had a later tranche completed in FY2026 after July approval. That later money is not added to FY2025 cash. Option-exercise receipts and borrowing interest also explain why net financing differs from the net share-issue line.
Operating, investment and financing flows
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash raised and deployed each year; no missing values plotted as zero.
Cash retained at each June year-end
A$ million
Closing cash and cash equivalents
AI-generated presentation · values from Cash raised and deployed each year; no missing values plotted as zero.
Cash raised and deployed each year
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.980) | (5.189) | (3.919) | (1.566) | (5.017) |
| Net investing cash flow | (1.956) | (5.952) | (2.097) | (0.491) | (4.448) |
| Net financing cash flow | 10.502 | 4.164 | 4.595 | 3.343 | 17.146 |
| Closing cash and cash equivalents | 8.821 | 1.844 | 0.424 | 1.709 | 9.390 |
Years ended 30 June. Restricted cash is excluded from this cash-equivalent balance and is shown separately in the position table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The investment and financing cash components
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments for capitalised exploration | (1.844) | (5.374) | (2.032) | (0.574) | (3.439) |
| Property, plant and equipment payments | (0.114) | (0.589) | (0.111) | (0.015) | (1.087) |
| Share-issue cash proceeds, net of transaction costs | 11.628 | 4.473 | 4.883 | 3.621 | 16.983 |
| Lease-liability payments | (0.053) | (0.069) | (0.064) | (0.080) | 0.000 |
| Borrowing principal / interest cash payments | (1.007) | (0.240) | (0.240) | (0.198) | (0.180) |
The borrowing-payment row includes principal and interest in FY2021/FY2022’s presentation; FY2023–FY2025 is labelled interest only. It is not a principal-repayment series.
FY2025 financing also includes A$0.3435m of option-exercise proceeds. The A$27.5m announced placement spans two financial years: only its May 2025 first tranche is within FY2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Exploration assets grew, while the shareholder loan remained
Capitalised exploration increased the asset base, but capitalised spending is not identical to the expense line or cash payments. The five-year movement also includes the FY2022 asset disposal and a small FY2025 write-off.
The shareholder loan fell through conversion to equity in FY2024 and remained at that reduced balance in FY2025. It bears 6% interest and has event-triggered repayment terms, including a development decision; a contractual maturity schedule is not the same as its carrying amount.
The auditor highlighted a material uncertainty related to financing significant development plans, without modifying the audit opinion for that matter. Closing liquidity therefore should not be presented as proof that the full project-development programme is funded.
Exploration carrying value increased
A$ million
Exploration and evaluation assets
AI-generated presentation · values from Group assets and obligations—not just net assets; no missing values plotted as zero.
Group assets and obligations—not just net assets
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current assets | 9.413 | 2.252 | 0.920 | 1.941 | 9.668 |
| Current liabilities | 2.088 | 1.328 | 1.006 | 0.801 | 1.294 |
| Restricted cash | 0.074 | 0.074 | 0.074 | 0.074 | 0.074 |
| Exploration and evaluation assets | 6.521 | 10.708 | 12.740 | 13.314 | 17.292 |
| Total assets | 16.852 | 15.929 | 15.586 | 16.420 | 28.930 |
| Total liabilities | 8.490 | 6.043 | 5.770 | 4.476 | 4.999 |
| Net assets / equity | 8.363 | 9.886 | 9.816 | 11.944 | 23.930 |
| Borrowings — closing carrying amount | 4.000 | 4.000 | 4.000 | 2.916 | 2.916 |
Group figures. Liability balances are displayed as positive amounts owed; the saved balance sheet often presents them as deductions.
Cash, restricted cash and exploration are already included in total assets. FY2024 debt declined by conversion into equity, not an equivalent cash repayment.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration assets: expenditure is not the whole movement
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening carrying value | 4.262 | 6.521 | 10.708 | 12.740 | 13.314 |
| Capitalised additions | 2.259 | 5.285 | 2.032 | 0.574 | 3.984 |
| Closing carrying value | 6.521 | 10.708 | 12.740 | 13.314 | 17.292 |
FY2022 additionally removes A$1.097623m on the Nickel Assets disposal. FY2025 additionally deducts the separately reported A$0.006853m exploration write-off.
Capitalised additions and cash exploration payments can differ because of accounting timing and non-cash costs. Neither is a mineral-resource valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Disposal proceeds and the next acquisition have different meanings
The FY2022 disposal exchanged Nickel Assets for listed shares and released a site-restoration provision. Its gain improved the income statement, but the consideration was not a matching cash inflow. Later declines in the acquired shares’ market value created separate losses.
Forrestania exclusivity was agreed in August 2024 for a non-refundable A$1m fee, deductible from future cash consideration if a transaction proceeded. The binding asset-sale agreement followed on 4 August 2025, after the review’s final balance date; completion remained subject to documentation and a positive investment decision.
FY2022 Nickel Assets disposal: the gain was not cash revenue
A$ million
| Metric | FY2022 |
|---|---|
| Share consideration received | 3.143 |
| Site-restoration provision derecognised | 1.664 |
| Exploration assets derecognised | (1.098) |
| Land derecognised | (0.089) |
| Net gain on disposal | 3.621 |
The consideration comprised NickelSearch shares. Releasing the restoration provision contributed to the accounting gain; it was not a new cash receipt.
Subsequent quoted-share fair-value losses affect earnings separately. Do not treat the disposal gain as recurring camp income or metal sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Years ended 30 June; whole-dollar extracted facts are converted to A$ million. Group liabilities are shown as positive balances owed.
- Service revenue, sub-lease income, rent receipts, capitalised exploration and exploration expense are different measures. Explicit nil service revenue is not absent data.
- Nickel Assets disposal consideration was shares; FY2024 debt reduction was a non-cash conversion. Neither is treated as cash funding.
- Forrestania’s August 2025 agreement and FY2026 placement tranche are subsequent events, not completed FY2025 operations or cash. Development financing uncertainty remains disclosed.
- 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
- Medallion Metals Limited - Annual Report 2021Existing annual extraction, including separately identified historical comparatives.
- Medallion Metals Limited - Annual Report 2022Existing annual extraction, including separately identified historical comparatives.
- Medallion Metals Limited - Annual Report 2023Existing annual extraction, including separately identified historical comparatives.
- Medallion Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Medallion Metals Limited - 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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