FY2021
Licence and feasibility groundwork
Cabinda licence and feasibility work advanced while expenditure was split between expenses and capitalised exploration. The June-year financial snapshot is retained below.
ASX: MNB · Five-year financial review
(ASX: MNB) Minbos Resources Limited Financial Review - FY2021~25
Minbos’s record is a construction-and-funding story, not yet a mature phosphate sales story. Cabinda progressed from feasibility into development while expenditure consumed cash and outside capital changed the ownership structure. The central question at the latest balance date was still how to finance completion—not whether book assets already represented an operating cash engine.
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 cash
A$2.290m
Balance-date cash, not undrawn future facilities.
FY2025 operating outflow
A$9.276m
Cash consumed by operating activities.
FY2025 PPE cash spend
A$9.147m
Actual PPE payments, not asset carrying value.
FY2025 Minbos stake in Phobos
78%
Phobos remains consolidated; local entities have additional minority interests.
Five years in context
Cabinda in Angola is the core phosphate development. The saved record follows licence and study work, transition into mine development and construction. Small FY2025 sales income is retained, but the issuer still described revenue as immaterial before plant completion and commissioning.
Reading the five selected reports requires a calendar adjustment: the December 2022 report covers six months after a June year-end. Its June 2022 annual comparative is included below, but neither period is annualised or mistaken for a full calendar year.
The financial story has two moving parts: construction assets accumulated, while equity raised by the parent and its controlled subsidiary supported spending. Future debt facilities are shown separately from year-end cash and liabilities.
Events behind the numbers
FY2022
DFS and a shorter reporting period
A DFS was released in October. The company changed to a December year-end, creating a six-month reporting period rather than another twelve-month year.
FY2023
From exploration to development
The Cabinda balance was reclassified into mine properties under development; that accounting transfer is not a production milestone or a cash purchase.
FY2024
Sovereign-fund investment begins
FSDEA invested US$6.40m in Phobos for an initial 15.2% interest. Funding entered through a controlled subsidiary, creating non-controlling equity rather than a Group loan.
FY2025
Construction continues; funding gap remains
Further sovereign-fund tranches reduced Minbos’s Phobos interest to 78%. Construction continued, but year-end cash remained below estimated completion and working-capital needs.
FINANCIAL REVIEW / 01
Five years in context: two reporting calendars
The earlier statements are not discarded because the saved currency metadata is uneven. Their amounts are preserved in separately qualified tables. The later AUD policy and comparative statements anchor the December series without converting project-study USD values into financial-statement amounts.
The earlier June-year accounts: result and expenses
$ million as reported; early currency context unresolved
| Metric | 12m to Jun 2021 | 12m to Jun 2022 |
|---|---|---|
| Other income | 0.095 | 2.482 |
| Administration expense | (1.181) | (1.218) |
| Personnel and director fees | (0.648) | (0.944) |
| Share-based payment expense | (1.654) | (1.100) |
| Group loss after tax | (4.160) | (0.805) |
The June 2022 column is an existing comparative within the December 2022 extraction, not another newly retrieved document. It is not combined with the following six months to invent a calendar-year total. Its other income includes $2.480m from sale of the Ambato Rare Earths Project, also recorded as investing cash received—not recurring phosphate sales.
Amounts retain the early statements’ dollar presentation. An explicit early-year presentation-currency policy is absent from the saved context, while some cash records carry inconsistent USD tags. Later Group policy establishes AUD; no FX conversion or USD trend is inferred here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Earlier cash flows and balance-sheet checkpoints
$ million as reported; early currency context unresolved
| Metric | 12m to Jun 2021 | 12m to Jun 2022 |
|---|---|---|
| Operating cash flow | (2.024) | (1.990) |
| Investing cash flow | (0.861) | (6.993) |
| Financing cash flow | 9.010 | 5.742 |
| Closing cash | 6.831 | 3.642 |
| PPE cash payments | (0.006) | (6.745) |
| Capitalised exploration cash payments | (0.858) | (2.728) |
| Current assets | 6.896 | 3.823 |
| Current liabilities | 0.313 | 1.445 |
| Total assets | 7.867 | 15.176 |
| Total liabilities | 0.313 | 1.537 |
| Total equity | 7.554 | 13.639 |
Financing is an inflow in June 2021: the positive share proceeds and cash reconciliation resolve the generic “outflow” extraction label.
These balances and flows are preserved despite early currency-context uncertainty; they are not silently omitted or plotted as a homogeneous USD/AUD series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Expenses before commercial-scale production
Administration and personnel dominate the later cost record. The loss for the year is distinct from the larger or smaller comprehensive loss after translating foreign operations. A$43,329 of FY2025 sales income and matching customer receipts are shown as a limited recorded amount, not proof that the main plant had reached commercial production.
Group loss across the reporting periods
A$ million
Group loss after tax
AI-generated presentation · values from The reporting transition and later annual results; no missing values plotted as zero.
The reporting transition and later annual results
A$ million
| Metric | 6m to Dec 2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Other income | 0.122 | 0.093 | 0.075 | 0.171 |
| Administration expense | (1.055) | (4.312) | (5.035) | (3.415) |
| Personnel and director fees | (0.725) | (3.570) | (4.923) | (4.869) |
| Business development / research and studies | (0.107) | (0.500) | (0.419) | (0.082) |
| Foreign-exchange gain / (loss) | (0.226) | 0.341 | 0.103 | (0.049) |
| Group loss after tax | (2.296) | (7.986) | (10.588) | (8.503) |
| Currency translation in other comprehensive income | (0.232) | (6.216) | 2.354 | (2.779) |
The first column is six months; all others are twelve. No annual growth rate is calculated across this transition. The FY2023 policy and its December 2022 comparatives establish AUD presentation for this table.
FY2025 also reports sales income of A$43,329. “No material revenue” does not mean zero sales. FY2023 includes a share-based payment reversal of A$0.216m; translation in OCI is separate from the P&L foreign-exchange line.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Construction consumes cash before it generates scale
The latest year combined operating outflows with a larger PPE cash programme. Financing receipts partly offset those uses, but closing cash declined. Cash paid for equipment is distinct from mine-development additions and the related-party loans used to fund minority shareholders’ capital contributions.
Cash flows by activity
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Where the cash went; no missing values plotted as zero.
Cash at each December balance date
A$ million
Closing cash
AI-generated presentation · values from Where the cash went; no missing values plotted as zero.
Where the cash went
A$ million
| Metric | 6m to Dec 2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating cash flow | (1.607) | (9.505) | (10.321) | (9.276) |
| Investing cash flow | (7.826) | (6.765) | (5.162) | (9.297) |
| Financing cash flow | 23.737 | 3.086 | 23.778 | 7.834 |
| Closing cash | 17.466 | 4.605 | 12.863 | 2.290 |
| Suppliers and employees | (1.589) | (9.083) | (9.816) | (9.274) |
| PPE cash payments | (3.354) | (5.269) | (2.126) | (9.147) |
| Net share-issue cash proceeds (Group statement) | 23.773 | 3.157 | 23.187 | 7.834 |
FY2024 cash amounts use the later FY2025 comparatives and AUD policy. The earlier FY2024 cash extraction inconsistently tags part of the same statement as US dollars; no conversion is applied.
The six-month transition is not a full-year run rate. Net share-issue cash in the consolidated statement is not automatically identical to the parent’s share-capital movement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Development value is not the same as money spent
Reclassification moved the Cabinda exploration balance into development during FY2023. In FY2025 negative currency translation more than offset additions to that development account, while PPE continued to grow. Those separate movements explain why one asset line can fall during an active construction period.
Consolidated financial position at each December year-end
A$ million
| Metric | 6m to Dec 2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Current assets | 19.165 | 6.361 | 13.546 | 3.426 |
| Current liabilities | 1.099 | 1.912 | 2.864 | 1.361 |
| Plant and equipment | 10.182 | 12.532 | 15.733 | 22.483 |
| Total assets | 36.785 | 26.279 | 40.728 | 36.782 |
| Total liabilities | 1.157 | 1.912 | 3.614 | 2.112 |
| Total equity, including NCI | 35.628 | 24.366 | 37.114 | 34.670 |
Balance-date snapshots remain comparable in timing even though the first income/cash period is only six months. These are Group values, not the parent-company schedule.
PPE includes construction-related assets. A carrying amount is neither cash available nor a market valuation of Cabinda.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Mine properties under development: movements, not a cash-spend proxy
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Opening balance | 0.000 | 7.332 | 8.542 |
| Additions | 0.383 | 0.808 | 0.109 |
| Foreign-exchange translation | (1.079) | 0.402 | (0.643) |
| Closing development asset | 7.332 | 8.542 | 8.007 |
FY2023 also transferred A$8.028467m from exploration/evaluation into development. This is a reclassification, not a new cash purchase. Earlier December 2022 exploration/evaluation carrying value was A$7.322490m.
FY2025’s decline reflects A$0.108570m additions offset by A$0.643197m negative translation. It is not evidence of project abandonment or resource depletion. Additions and cash payments differ in timing/basis.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Who supplied capital—and on what terms?
FSDEA’s three tranches were investments in Phobos equity. Minbos retained control, so the accounts continued to consolidate the subsidiary while recognising non-controlling interests. The Phobos stake and its 85% interests in Angolan entities are different ownership levels and are not collapsed into a single directly owned project percentage.
Related-party loans receivable and payable are separately visible. The receivables funded minority shareholders’ subscriptions and carried a stated 5% rate; they are not a drawn external facility available to complete construction.
At December 2025 the issuer disclosed a material going-concern uncertainty: cash was insufficient for estimated completion and working-capital requirements. The US$16m IDC facility was signed on 2 March 2026 and remained subject to conditions. It is a subsequent financing development, not December cash, secured drawdown or FY2025 debt.
Equity movement: funding alongside losses
A$ million
Loss for the yearIssue of share capitalTransactions with non-controlling interests
AI-generated presentation · values from Funding through equity: parent and non-controlling holders; no missing values plotted as zero.
Funding through equity: parent and non-controlling holders
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening total equity | 24.366 | 37.114 |
| Loss for the year | (10.588) | (8.503) |
| Foreign-currency translation | 2.354 | (2.779) |
| Issue of share capital | 11.917 | 3.414 |
| Capital-raising costs | (0.735) | (0.296) |
| Transactions with non-controlling interests | 9.800 | 5.719 |
| Closing total equity | 37.114 | 34.670 |
NCI transactions are equity movements while control is retained, not Group borrowings or profit. Movements in reserves within equity are not additional cash receipts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- No full calendar-year FY2022 is manufactured: both the June annual comparative and six-month December transition are explicitly dated.
- AUD is established for the later consolidated reports and their December2022 comparatives. Earlier June-year dollar amounts retain a disclosed currency-context limitation; inconsistent USD tags are not treated as proof of an entirely USD-presented Group report.
- Foreign subsidiary functional currencies, USD investment/loan terms and Group AUD presentation are distinct. No exchange rate is invented.
- Group total equity includes all NCI; a subsidiary-specific NCI carrying value is not substituted. Forecast construction/production dates and conditional post-year-end loans are not treated as completed outcomes.
- 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
- Minbos Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Minbos Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Minbos Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Minbos Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Minbos Resources 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.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.