FY2021
Centenario sale agreed
An agreement to exit the Argentina interest released Marquee from future exploration spending; receipt of cash belongs to the following year.
ASX: MQR · Five-year financial review
(ASX: MQR) Marquee Resources Limited Financial Review - FY2021~25
Marquee expanded its exploration portfolio after a large FY2022 capital inflow, then drew down cash while partner funding and further placements supported activity. The largest later losses came from project write-downs. The useful distinction is between the cost of running the explorer, cash invested in projects, and the accounting value remaining after those write-downs.
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$0.232m
June balance, before subsequent receipts.
FY2025 operating outflow
A$1.757m
Separate from investing exploration payments.
FY2025 impairment
A$6.226m
Mainly Kibby and Clayton Valley.
FY2025 Group equity
A$7.620m
Consolidated, not parent-only equity.
Five years in context
The portfolio changed across Australia and North America. The Centenario sale was agreed in FY2021, cash proceeds appeared in FY2022, and the Werner Lake exit settled in FY2023 for securities. These are different transactions, not recurring commodity sales.
The cash peak followed major share receipts in FY2022. Later exploration payments were partly funded by the West Spargoville arrangement, but that partner support is distinct from cash raised by issuing Marquee shares.
Lone Star drove the FY2024 impairment; Kibby, Clayton Valley and Yindi drove FY2025’s. A falling asset balance therefore does not identify the amount of cash spent in that year, nor does it measure remaining mineral resources.
Events behind the numbers
FY2022
Equity-backed expansion
Share cash receipts of A$16.554m funded a larger exploration programme and left a substantially higher cash balance.
FY2023
West Spargoville farm-in accelerated
MinRes acquired an initial25% lithium-rights interest and an unincorporated JV was established. Funding was project-specific, not mining revenue.
FY2024
Lone Star write-down
The A$5.333m Lone Star impairment was the dominant expense in the statutory loss.
FY2025
Write-downs and renewed funding need
Kibby and Clayton Valley accounted for most of the impairment. Low June cash was followed by separately dated R&D receipts and an August placement.
FINANCIAL REVIEW / 01
What actually drove the losses?
Administration and staff are the recurring cost base. Exploration impairment explains the sharp later losses, but is a non-cash accounting expense. The FY2022 continuing/discontinued re-presentation is shown explicitly so the unchanged total loss is not mistaken for an earnings revision.
Total statutory loss
A$ million
Total statutory loss
AI-generated presentation · values from Cost and earnings record: impairment is not cash burn; no missing values plotted as zero.
FY2025 project write-downs
A$ million expense magnitude
KibbyClayton ValleyYindi
AI-generated presentation · values from FY2025 impairment: which projects drove it?; no missing values plotted as zero.
Cost and earnings record: impairment is not cash burn
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.001 | 0.002 | 0.035 | 0.044 | 0.010 |
| Administrative expenses | (0.433) | (0.662) | (0.761) | (0.726) | (0.807) |
| Staff expenses | (0.519) | (0.690) | (0.737) | (0.707) | (0.702) |
| PPE depreciation | (0.005) | (0.007) | (0.013) | (0.029) | (0.025) |
| Right-of-use amortisation | (0.033) | (0.032) | (0.032) | (0.032) | (0.029) |
| Finance costs | (0.003) | (0.005) | (0.004) | (0.005) | (0.007) |
| Continuing-operations loss | (2.382) | (1.681) | (1.768) | (7.046) | (7.945) |
| Total statutory loss | (2.742) | (3.068) | (1.776) | (7.046) | (7.945) |
FY2022 continuing loss uses the FY2023 comparative: A$1.681m continuing plus A$1.387m discontinued equals the unchanged A$3.068m total loss. The original FY2022 statement included that impairment within continuing operations; it is not added twice.
FY2021 total loss includes A$0.360m discontinued loss. FY2023 includes A$0.008509m discontinued loss. Staff, administration and other selected expenses do not alone reconcile to the total: impairments, share-based payments and financial-asset gains/losses also contribute.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 impairment: which projects drove it?
A$ million expense magnitude
| Metric | FY2025 |
|---|---|
| Kibby | 4.910 |
| Clayton Valley | 1.266 |
| Yindi | 0.050 |
Positive magnitudes here; the P&L/asset reduction is negative. Combined impairment is A$6.225517m. FY2024 impairment was associated with Lone Star, not the same projects.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Funding explains the cash curve
FY2023 had no share-issue cash proceeds; cash fell despite the major MinRes receipt. FY2024 and FY2025 brought new share receipts, but combined operating and investing outflows exceeded net financing. The full activity split explains what a lone closing-cash series cannot.
Cash flows by activity
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from All three cash-flow categories; no missing values plotted as zero.
Cash remaining at June year-end
A$ million
Closing cash
AI-generated presentation · values from All three cash-flow categories; no missing values plotted as zero.
All three cash-flow categories
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (0.962) | (1.464) | (1.387) | (1.488) | (1.757) |
| Investing cash flow | (0.794) | (6.208) | (3.663) | (2.438) | (1.216) |
| Financing cash flow | 2.271 | 15.620 | (0.036) | 1.799 | 1.235 |
| Net cash movement | 0.515 | 7.948 | (5.085) | (2.127) | (1.738) |
| Closing cash | 1.234 | 9.182 | 4.097 | 1.970 | 0.232 |
FY2023 operating cash uses the explicit FY2024 comparative A$1,386,587 outflow, resolving the conflicted FY2023 extraction. Financing in FY2023 is an outflow from lease repayment despite the generic “inflows” row label.
FY2022 closing cash has a direct annual statement record; it was not missing from the saved annual data. Small row-level reconciliation differences are retained rather than adjusted silently.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration cash and outside funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.987) | (1.465) | (1.422) | (1.425) | (1.532) |
| Investing exploration cash payments | (0.717) | (6.425) | (8.460) | (2.737) | (1.624) |
| Share-issue cash receipts | 2.454 | 16.554 | 0.000 | 1.985 | 1.375 |
| Share-issue cash costs | (0.147) | (0.898) | 0.000 | (0.150) | (0.104) |
| Lease repayments | (0.036) | (0.036) | (0.036) | (0.036) | (0.036) |
FY2025 new-project operating cash payments were another A$0.236m; these are outside the investing exploration line. The FY2022 A$16.554m share receipts explain the cash peak more directly than a single cash-balance chart.
Project consideration issued as shares/options is non-cash and is not added to the cash receipts above.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
What remains on the consolidated balance sheet?
The Group series retains all five years. Its later balances are lower than the parent-only schedule because the scopes and subsidiary accounting differ. Current assets also include receivables; the FY2025 A$0.943m current-asset total is not equivalent to cash available for exploration.
Exploration carrying value
A$ million
Closing exploration carrying value
AI-generated presentation · values from Exploration asset record: spending, acquisitions and write-offs; no missing values plotted as zero.
Five-year consolidated position—not parent-only balances
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current assets | 1.940 | 9.415 | 4.376 | 2.597 | 0.943 |
| Current liabilities | 0.162 | 1.049 | 0.419 | 0.398 | 0.595 |
| Deferred exploration assets | 3.529 | 10.701 | 14.059 | 11.596 | 6.800 |
| Total assets | 5.543 | 20.868 | 19.223 | 14.641 | 8.302 |
| Total liabilities | 0.187 | 1.075 | 0.476 | 0.421 | 0.683 |
| Issued capital | 14.662 | 30.657 | 31.385 | 33.599 | 34.899 |
| Total equity | 5.356 | 19.794 | 18.747 | 14.219 | 7.620 |
These are consolidated statement balances. Parent-only FY2025 assets of A$10.949m and FY2024 assets of A$17.319m are a different scope and are not spliced into this Group series.
The extracted FY2022 assets-minus-liabilities differs from equity by A$1,000. Other face rows have dollar-scale differences. Values are retained with that extraction limitation; no valuation or leverage ratio is constructed from the discrepancy.
Current assets include receivables and are not all available cash. At FY2025, trade/other receivables were A$0.711m; cash was A$0.232m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration asset record: spending, acquisitions and write-offs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening carrying value | 3.867 | 3.529 | 10.701 | 14.059 | 11.596 |
| Assets acquired | 0.206 | 1.582 | 1.151 | 0.905 | 0.139 |
| Exploration expenditure incurred — presentation varies | 0.521 | 6.811 | 2.485 | 2.511 | 1.741 |
| Exploration impairment | (0.990) | (1.387) | 0.000 | (5.333) | (6.226) |
| Closing exploration carrying value | 3.529 | 10.701 | 14.059 | 11.596 | 6.800 |
FY2023 original presentation records A$2.485m incurred, reflecting net exploration support. The FY2024 comparative instead displays A$7.346m expenditure and A$4.862m funding separately. Those gross/net presentations differ by A$1,002 on subtraction; neither is mislabelled as an independently comparable cash-spend series.
Other movements include FX; FY2023 Werner Lake derecognition A$0.278m; FY2024 exploration funding A$0.550m; and FY2025 R&D offset A$0.482m. Acquired assets include non-cash consideration. This is not a mineral-resource or project market valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Partner funding has its own timing
MinRes support belongs to West Spargoville lithium rights, not to all commodities or the entire Marquee portfolio. Cash collection, invoiced contributions and funding deducted from exploration assets follow different timing. A nil FY2025 asset-funding movement does not mean no cash was received.
The disclosed June2025 lithium-rights split remained75% Marquee/25% MinRes. Further MinRes earn-in routes were conditional: the processing route could move it to70%, and the mining route to51%, with different funding/FID conditions. These are alternatives, not achieved ownership changes or proof of a producing mine.
The FY2023 original net-style exploration presentation and later gross expenditure/funding comparative are both identified rather than mechanically spliced into a growth chart. This preserves meaningful amounts without pretending the labels alone guarantee comparability.
Sa Pedra Bianca remained an option rather than a completed project acquisition. Its FY2025 A$139,440 cost comprised shares valued at A$42,000, A$78,000 cash and A$19,440 incorporation costs. The option extension depended on permit timing, with an outside March2027 date; those costs are not evidence of commercial production.
West Spargoville: cash receipts versus asset funding
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| MinRes farm-in cash receipts | 4.730 | 0.172 | 0.406 |
Cash receipts are not the same as exploration funding applied against the asset. FY2025 records A$0.406m farm-in cash but nil current-year funding in the exploration roll-forward; prior amounts owed were collected.
The separate JV schedule carries a A$257,612 opening receivable/settlement balance and nil closing balance. Its payments line is signed as a movement reducing that account; it is not an additional cash outflow to add to the cash statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
After the balance date: funding, not June cash
The saved record identifies a material going-concern uncertainty; the auditor’s opinion was unmodified in respect of that matter. The directors nevertheless used the going-concern basis. Neither statement removes the disclosed need for capital.
After June2025, Marquee received an A$469,095 R&D rebate relating to FY2024. The August placement targeted A$2.513m before costs; tranche1 raised A$1.613m, while the A$0.900m second tranche required approval. Those later amounts are not backdated into the A$0.232m June cash balance.
January and May placement announcements total more than FY2025 cash proceeds because a director’s A$50,000 commitment required July shareholder approval. The report uses the cash-flow figure for receipts and preserves the later approval timing.
Reading the figures
- All financial statement amounts are A$ converted from whole dollars to millions. Foreign-currency transaction terms are not silently converted.
- Group and parent-only balances are not interchangeable. Five-year Group coverage is available and restored; it is not discarded on a generic comparability claim.
- FY2022 continuing/discontinued presentation and FY2023 exploration gross/net presentation changes are explicit. The latter has a A$1,002 saved-data reconciliation difference.
- Reported FY2022 balance-sheet totals differ by A$1,000; small dollar-scale reconciliation differences remain in other saved rows. No hidden balancing entries are inserted.
- Funding milestones, partner receipts, non-cash consideration and post-June placements are separately dated. No resource valuation, production assumption or forecast runway is added.
- 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
- Marquee Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Marquee Resources Limited - 2022 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Marquee Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Marquee Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Marquee 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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AI-led method
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