FY2022
IPO and the Red Metal settlement
The A$15m IPO established public-market funding. The acquisition-loan settlement combined cash and equity; maiden drilling began in August 2022, after the June year-end.
ASX: MMA · Five-year financial review
(ASX: MMA) Maronan Metals Limited Financial Review - FY2022~26
Maronan’s five years run from its IPO to a larger funding platform for studies and drilling. Most exploration spending passes through the income statement, while the latest investment cash outflow largely reflects money parked in term deposits—not money lost from the business.
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.
FY2026 cash + deposits
A$33.41m
Cash equivalents and separately held short-term investments.
FY2026 exploration expense
A$7.73m
Expensed, not added to tenement carrying value.
FY2026 net financing cash
A$37.71m
After cash raising costs.
FY2026 net loss
A$9.25m
Includes A$1.29m of non-cash share payments.
Five years in context
The company owns the Maronan lead-silver and copper-gold project in north-west Queensland. It listed in April 2022 and advanced the shallow Starter Zone through drilling, resource definition and study work; study production scenarios are not historical sales.
Its accounting policy explains why heavy drilling does not create a steadily growing exploration asset. Exploration and development costs are expensed; qualifying tenement acquisition costs remain capitalised subject to tenure and recoverability tests.
Events behind the numbers
FY2023
Defining the Starter Zone
Drilling identified the shallow Starter Zone as a focus for early development. Exploration spending dominated costs and cash use, with only minimal new financing cash.
FY2024
Funding replenished the programme
New equity funding and R&D receipts replenished resources for drilling. The selected annual report replaced an earlier issue because the auditor of record changed—not because this review has inferred a change in the financial numbers.
FY2025
Infill drilling and a licence application
Infill drilling supported a larger Indicated resource base and the MDL application was lodged in March. Cash funded further exploration while little new equity cash was raised.
FY2026
PEA, licence grant and major raisings
The Starter Zone PEA was followed by PFS work and the MDL grant. Institutional and strategic funding expanded liquid holdings; the licence permits exploration infrastructure, not mining commencement.
FINANCIAL REVIEW / 01
Drilling expenditure is visible in the income statement
Exploration is the largest cost category after the listing year. Share-based remuneration also contributed materially to the FY2023, FY2025 and FY2026 losses, while interest and other income offset part of these expenses.
The FY2024 loss was smaller alongside lower exploration and share-based costs and R&D income. That does not establish a permanent profitability trend: spending increased as the programme advanced in the following two years.
Statutory losses over five years
A$ million
Loss after income tax
AI-generated presentation · values from Income offsets only part of exploration-stage costs; no missing values plotted as zero.
Exploration expenditure expensed
A$ million
Exploration expenditure expensed
AI-generated presentation · values from Exploration, administration and share-based remuneration; no missing values plotted as zero.
Income offsets only part of exploration-stage costs
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Interest income | 0.002 | 0.094 | 0.048 | 0.072 | 0.418 |
| Total ordinary income | 0.002 | 0.094 | 0.805 | 0.258 | 1.731 |
| Total operating expenses — signed | (1.125) | (9.343) | (5.347) | (9.083) | (10.979) |
| Loss after income tax | (1.560) | (9.234) | (4.543) | (8.830) | (9.252) |
FY2022 and FY2023 income comprises the disclosed interest income; later ordinary income also includes other income such as R&D incentives. It is not mineral-product sales.
Expenses exclude the separately presented finance contribution before arriving at the statutory loss. The FY2023 saved finance line is a positive A$0.014918m contribution, unlike later cost deductions; its original label is not used to reverse the supported loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration, administration and share-based remuneration
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Exploration expenditure expensed | 0.180 | 6.887 | 4.250 | 6.057 | 7.727 |
| Corporate and administrative expense | 0.241 | 1.137 | 1.032 | 0.982 | 1.961 |
| Share-based payment expense | 0.587 | 1.319 | 0.065 | 2.044 | 1.291 |
Positive expense magnitudes; already included in operating expenses above. FY2022 also includes A$0.117363m IPO expense.
Exploration, evaluation and development spending is expensed under the company’s policy. Capitalised tenement acquisition costs are a different, separately tracked balance. Share compensation is non-cash, not an additional cash outflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Equity raises, not sales, drove the cash rebuilds
The IPO, FY2024 issue and FY2026 raisings are the major funding steps. Operating exploration cash payments explain much of the intervening use of funds. R&D rebates and interest help, but the programme is not being financed by mineral-product sales.
The latest investing outflow needs special care: most was transferred to term deposits. Displaying the outflow alone could suggest a much larger construction or exploration programme than the saved cash components support.
FY2025 cash-flow classifications differ in the next annual report, which separately presents finance-lease payments. The figures here use that later comparative for both operating and investing flows, without changing total cash movement or closing cash.
Cash flows by activity
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Operating cash use and episodic financing; no missing values plotted as zero.
Operating cash use and episodic financing
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Net operating cash flow | (0.303) | (7.049) | (4.491) | (7.033) | (7.056) |
| Net investing cash flow | (0.098) | (0.060) | (0.013) | (0.070) | (15.383) |
| Net financing cash flow | 13.439 | 0.002 | 8.720 | (0.010) | 37.711 |
| Closing cash and cash equivalents | 13.037 | 5.930 | 10.146 | 3.033 | 18.305 |
FY2025 uses the FY2026 comparative presentation: A$0.0546m moves from operating exploration cash payments to an investing finance-lease payment. Combined cash use and closing cash are unchanged.
FY2026 investing cash includes A$15.100418m placed in term deposits. It is primarily a treasury allocation, not an equivalent increase in project expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The cash components behind the funding cycle
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Operating exploration cash payments | (0.156) | (6.739) | (4.578) | (6.135) | (6.762) |
| Payments to suppliers and employees | (0.149) | (0.404) | (0.718) | (1.156) | (1.918) |
| Interest cash received | 0.002 | 0.094 | 0.048 | 0.072 | 0.312 |
| Gross cash proceeds from share issues | 15.000 | 0.002 | 9.067 | 0.002 | 39.606 |
| Cash capital-raising costs | (0.854) | 0.000 | (0.347) | (0.012) | (1.895) |
FY2025 exploration payments follow the later comparative reclassification described above. Gross share cash receipts in FY2023 and FY2025 were small amounts, not large funding rounds.
Operating receipts additionally include A$0.757740m of R&D tax incentive in FY2024, A$0.186362m in FY2025 and A$1.312366m of R&D rebate/other income in FY2026. Interest accrual and cash receipt need not match.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash equivalents are only part of the latest funding reserve
Short-term deposits account for the gap between closing cash equivalents and the broader liquidity amount cited by directors. The issuer considered those holdings sufficient for its forecast period to September 2027, including the ability to defer spending; that is a management forecast, not a guaranteed runway.
The flat tenement acquisition balance is compatible with an active drilling programme because of the expense policy. Larger current assets and equity reflect financing, not a revaluation of the project’s resources.
Cash equivalents at each June year-end
A$ million
Closing cash and cash equivalents
AI-generated presentation · values from Operating cash use and episodic financing; no missing values plotted as zero.
Why the latest cash-flow statement understates total liquid holdings
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Cash and cash equivalents | 3.033 | 18.305 |
| Short-term term deposits | 0.000 | 15.100 |
| Cash plus short-term term deposits | 3.033 | 33.405 |
Combined FY2026 liquidity is an explicitly calculated sum that reconciles to the issuer’s A$33.405478m disclosure. FY2025 total equals cash because term deposits were explicitly nil.
Moving funds into a term deposit reduces reported cash equivalents but does not consume that money as an expense. Deposit investments are not added again to total assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Company assets, liabilities and acquisition costs
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Current assets | 13.210 | 6.194 | 10.320 | 3.259 | 34.118 |
| Current liabilities | 0.285 | 1.152 | 0.981 | 0.688 | 2.002 |
| Tenement acquisition cost | 5.692 | 5.692 | 5.692 | 5.692 | 5.692 |
| Total assets | 19.167 | 12.072 | 16.187 | 9.054 | 40.228 |
| Total liabilities | 0.333 | 1.152 | 1.025 | 0.688 | 2.112 |
| Total equity | 18.834 | 10.921 | 15.163 | 8.366 | 38.116 |
Company financial statements: Maronan has no controlled entities. No subsidiary or parent-only alternative perimeter is combined with this series.
The unchanged tenement acquisition cost is a historical carrying amount. It neither measures the amount of drilling performed nor the market value of the mineral resource. Current assets include cash and, in FY2026, term deposits.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The listing reset the historic related-party financing
The Maronan acquisition was originally financed through an interest-free Red Metal loan measured at discounted value. Its accounting finance charge was therefore not the same thing as cash interest paid. The IPO settlement used both cash and equity to reduce that historic obligation.
The June 2022 note still carried a small related-party balance despite settlement of the acquisition loan; both current and non-current related-party loan rows were nil in the following year. This distinction is retained rather than rewriting every liability as cleared at the IPO date.
The MDL permits a boxcut and exploration decline for sampling and resource-definition work. The PEA and PFS are studies of possible development, not authority to report future metal output or study revenues as already achieved.
FY2022 Red Metal loan settlement was mostly non-cash
A$ million
| Metric | FY2022 |
|---|---|
| Cash repayment within financing cash flow | (0.707) |
| Loan reduction settled by issue of equity | (7.218) |
| Closing related-party loan balance | 0.020 |
Signed repayment/reduction amounts. The cash repayment combines A$0.500m and A$0.207111m components.
The acquisition-loan settlement narrative does not mean every related-party balance was zero at June 2022: the note retains A$0.020217m. The following year’s current and non-current related-party loan rows are explicitly nil.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- The selected saved five-year scope is FY2022–FY2026, not FY2021–FY2025. Company statements are used because Maronan has no controlled entities.
- Exploration costs are expensed; only qualifying tenement acquisition costs are capitalised. This carrying amount is not a mineral-resource valuation.
- FY2025 operating/investing cash follows the FY2026 comparative, which reclassifies A$54,600. Total annual cash change is unaffected.
- Term-deposit purchases are financial-asset transfers. Cash plus deposits and management funding forecasts are kept separate from historical cash equivalents and guaranteed outcomes.
- Minor FY2023 loss representations differ by A$1 in the saved packet; the signed primary statement/comparative amount is used. No missing financial data has been reconstructed from original documents.
- 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
- Maronan Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Maronan Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Maronan Metals Limited - Updated - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Maronan Metals Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Maronan 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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