FY2021
Resource definition, not production
Silver Swan North exploration and studies led to an East Sampson Dam resource announcement in July2021, after year-end.
ASX: MOH · Five-year financial review
(ASX: MOH) Moho Resources Limited Financial Review - FY2021~25
Moho’s five-year record is a portfolio-reset story. Equity and R&D receipts supported exploration, then major write-offs and project sales reduced the asset base. Cash improved in the latest year even though operations remained cash-consuming: disposal receipts and a smaller placement explain the difference.
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$1.219m
After disposals and equity funding.
FY2025 operating outflow
A$1.156m
Operations did not generate positive cash.
FY2025 exploration asset
A$0.782m
After separate write-offs and disposals.
FY2025 statutory loss
A$2.936m
Includes A$1.730m loss on sales.
Five years in context
The earlier record centred on Silver Swan North exploration and resource-definition work. The East Sampson Dam resource announcement came after FY2021 year-end, not as FY2021 mine production. Rights over additional Yandal tenements broadened the nickel/copper/PGE search in FY2022.
By FY2024 asset write-offs dominated the loss, and FY2025 completed two major disposals. Those transactions reduced the exploration balance and generated cash while recognising another accounting loss on sale.
The latest cash balance is therefore not evidence of self-funded mining operations. Future activity still depended on additional equity or reduced spending, according to the directors’ saved going-concern explanation.
Events behind the numbers
FY2022
Broader exploration rights
Moho negotiated nickel, copper and PGE rights over 15 Yandal tenements in return for a 1% net smelter royalty.
FY2023
Funding pressure becomes explicit
The auditor identified a material going-concern uncertainty while leaving the audit opinion unmodified. Operating and investing cash were both negative.
FY2024
Large exploration write-off
A$4.953m was written off, reducing the exploration asset despite further capitalised expenditure.
FY2025
Project exits reshape the balance sheet
East Sampson Dam and Empress Springs disposals generated cash, removed asset carrying values and produced a separate loss on sale.
FINANCIAL REVIEW / 01
The loss changed character
The sharp FY2024 loss was primarily an exploration-asset write-off, not a matching cash outflow. FY2025’s lower total loss still included a substantial disposal loss; ordinary costs did not disappear. The shared table retains staff, compliance, marketing and share-based compensation instead of presenting a lone loss number.
Statutory loss across five years
A$ million
Loss after tax
AI-generated presentation · values from The cost base beneath the annual loss; no missing values plotted as zero.
The cost base beneath the annual loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Corporate advisory and consulting | (0.105) | (0.096) | (0.009) | (0.037) | (0.008) |
| Compliance and regulatory | (0.216) | (0.231) | (0.227) | (0.228) | (0.293) |
| Directors and employee benefits | (0.373) | (0.425) | (0.414) | (0.383) | (0.255) |
| Depreciation and amortisation | (0.041) | (0.138) | (0.082) | (0.087) | (0.005) |
| Exploration and evaluation expense | (0.077) | (0.124) | (0.486) | (4.959) | (0.379) |
| Marketing expense | (0.133) | (0.215) | (0.180) | (0.053) | (0.002) |
| Share-based payment expense | (0.859) | (0.325) | (0.104) | (0.005) | (0.098) |
| Other expenses | (0.184) | (0.152) | (0.138) | (0.148) | (0.200) |
| Loss after tax | (1.989) | (1.720) | (1.635) | (5.915) | (2.936) |
FY2021 directors/employee, exploration and other expenses use the FY2022 comparative presentation: A$372,839, A$76,915 and A$184,222 respectively. The original FY2021 statement presented A$284,501, A$156,349 and A$193,126; their combined total is unchanged. This presentation change is not an economic jump.
This table selects the major cost lines, not a full additive reconciliation. FY2025 additionally includes A$1.730m loss on exploration-asset sales and A$0.033m interest income. Exploration expense includes write-offs; it is not cash spent on drilling.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Why cash rose while Moho remained loss-making
The change in cash is explained by the three cash-flow categories. FY2025 asset sales generated investing cash, while the A$0.746m share placement supplied financing before raising costs. This is different from revenue and should not be read as a recurring earnings stream.
Cash flow by activity
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Cash generated by financing and asset sales—not operations; no missing values plotted as zero.
Cash remaining at June year-end
A$ million
Closing cash
AI-generated presentation · values from Cash generated by financing and asset sales—not operations; no missing values plotted as zero.
Cash generated by financing and asset sales—not operations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (0.931) | (0.900) | (0.988) | (0.803) | (1.156) |
| Investing cash flow | (2.320) | (1.457) | (1.283) | (0.115) | 0.729 |
| Financing cash flow | 3.397 | 2.329 | 1.779 | 1.539 | 0.644 |
| Net cash movement | 0.146 | (0.029) | (0.492) | 0.621 | 0.218 |
| Closing cash | 0.901 | 0.872 | 0.380 | 1.001 | 1.219 |
All three categories retain their reported signs. The FY2025 investing inflow comes from disposals; it is neither operating revenue nor profit. Year-end cash reflects financing as well as expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The principal cash inputs and uses
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.930) | (0.888) | (0.993) | (0.792) | (1.170) |
| Capitalised exploration cash payments | (2.738) | (1.955) | (2.083) | (0.856) | (0.820) |
| R&D grant receipts, net of costs | 0.573 | 0.527 | 0.833 | 0.750 | 0.000 |
| Share-issue cash proceeds | 3.643 | 2.485 | 2.025 | 1.696 | 0.746 |
| Cash capital-raising costs | (0.228) | (0.083) | (0.163) | (0.072) | (0.102) |
| Lease repayments | (0.018) | (0.073) | (0.083) | (0.085) | 0.000 |
FY2025 also has A$18,978 of exploration/evaluation payments within operating activities; that amount is not duplicated in the capitalised exploration line. The A$1.549m disposal cash receipt is reconciled separately below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
From building an asset base to disposing of it
Capitalised expenditure built the exploration balance through FY2023. Later write-offs and sales explain the decline. Cash payments, capitalised additions, impairment and the carrying value removed on sale are different measures and are deliberately shown separately.
Exploration asset retained
A$ million
Closing exploration asset
AI-generated presentation · values from Exploration assets: additions, write-offs and exits; no missing values plotted as zero.
Exploration assets: additions, write-offs and exits
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Capitalised expenditure | 2.923 | 1.909 | 2.023 | 0.993 | 0.508 |
| Closing exploration asset | 6.423 | 7.921 | 8.801 | 4.091 | 0.782 |
This is an accounting asset roll-forward, not a resource valuation or cash-payment series. FY2021–FY2023 also included tenement acquisitions and R&D offsets. FY2024–FY2025 changes are decomposed in the next table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The two-year portfolio reset
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening E&E asset | 8.801 | 4.091 |
| Capitalised expenditure | 0.993 | 0.508 |
| Exploration expenditure written off | (4.953) | (0.379) |
| Closing E&E asset | 4.091 | 0.782 |
FY2024 additionally deducted A$0.750m of R&D grants. FY2025 additionally derecognised A$3.438m of tenements on sale. These omitted-from-common-row movements complete the respective roll-forwards; absence of a common row is not a zero assumption.
FY2023 write-off is A$355,624 in the movement tables. A narrative comparative says A$335,624; that conflicting narrative amount is not substituted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
What the two sales actually contributed
East Sampson Dam’s headline maximum included payments conditional on future production. Empress Springs included a fixed deferred payment. The disposal note separates these from the GST-inclusive cash proceeds, avoiding an overstatement of money already received.
The separate A$0.379m FY2025 exploration write-off is not the A$1.730m disposal loss. Both affect the year’s accounting result, but neither should be relabelled as cash spent buying a new project.
FY2025 disposals: cash is not consideration and neither is profit
A$ million
| Metric | FY2025 |
|---|---|
| Cash proceeds | 1.549 |
| Deferred QAG receivable | 0.300 |
| GST component | (0.141) |
| Carrying value removed | (3.438) |
| Loss on sale | (1.730) |
The recorded cash includes GST; after subtracting the A$140,850 GST component, adding the A$300,000 receivable and removing the carrying value, the loss is A$1,729,651.
East Sampson Dam: A$1m completion payment plus up to A$3m dependent on future production milestones. Empress Springs: A$408,500 completion cash plus A$300,000 deferred to May2026, both ex-GST. The contingent A$3m maximum is not FY2025 cash or a recognised fixed receivable.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Balance-sheet capacity and the next funding decision
Cash and receivables comprise more of the reduced asset base. The saved FY2025 asset-total row has a A$9,000 inconsistency against both its components and liabilities-plus-equity; the conflict is kept visible rather than repaired with an unlabelled calculated value.
The directors’ going-concern assessment rests on access to equity and the ability to scale back activity—not committed financing already on hand. Bush Chook and the September2025 Goldtimers/Moonlight agreements are subsequent portfolio developments. Their cash, share, performance-right and royalty terms must not be backdated into June cash or treated as a completed financing round.
Financial position: exploration assets contract
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | 0.901 | 0.872 | 0.380 | 1.001 | 1.219 |
| Trade and other receivables | 0.118 | 0.108 | 0.083 | 0.042 | 0.304 |
| Exploration and evaluation assets | 6.423 | 7.921 | 8.801 | 4.091 | 0.782 |
| Total assets — directly extracted row | 7.618 | 9.021 | 9.324 | 5.144 | 2.302 |
| Trade and other payables | 0.515 | 0.890 | 0.769 | 0.823 | 0.128 |
| Total liabilities | 0.756 | 1.116 | 0.928 | 0.885 | 0.128 |
| Issued capital | 10.261 | 12.699 | 14.721 | 16.155 | 16.916 |
| Total equity | 6.862 | 7.905 | 8.396 | 4.260 | 2.182 |
FY2025 contains a retained extraction conflict: total assets are recorded as A$2,301,652, but cash + receivables + PPE + exploration assets sum to A$2,310,652; liabilities + equity independently gives A$2,310,652. The A$9,000 difference is disclosed, not silently corrected or treated as an economic loss.
FY2025 reserves of A$534,479 are an equity account, not a mineral reserve, cash account or investment. The separate A$2.812m closing-equity extraction is marked conflicted and is not used.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 expense re-presentation uses the FY2022 comparative; statutory loss is unchanged. Amounts are A$ million, not dollars per share.
- The FY2025 total-assets discrepancy remains explicitly unresolved within saved evidence. The directly extracted total is retained; component arithmetic is explanatory, not an undocumented source correction.
- Exploration carrying values and equity reserves are accounting balances, not mineral-resource or ore-reserve estimates. No mining production, recurring sales or future contingent cash is inferred.
- Sale agreements, completion dates and subsequent acquisitions are distinguished. The contingent East Sampson Dam production payments are not capitalised as a fixed amount in this review.
- 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
- Moho Resources Limited - Annual Report 2021Existing annual extraction, including separately identified historical comparatives.
- Moho Resources Limited - Annual Report 2022Existing annual extraction, including separately identified historical comparatives.
- Moho Resources Limited - Annual Report 2023Existing annual extraction, including separately identified historical comparatives.
- Moho Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Moho 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.
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