FY2021
Funding and acquisition costs
Equity placements supported exploration; Weld Range added A$1.100m to the acquisition-cost asset, including non-cash consideration.
ASX: MRD · Five-year financial review
(ASX: MRD) Mount Ridley Mines Limited Financial Review - FY2021~25
Mount Ridley’s financial record is not just a sequence of exploration losses. Ordinary exploration is expensed, acquisition costs sit separately on the balance sheet, and investments have supplied both gains and cash. In FY2025 the remaining exploration acquisition-cost asset was fully impaired, while selling listed investments helped fund continued operations without an in-year share raise.
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$0.950m
Before subsequent capital raising.
FY2025 operating outflow
A$1.016m
Already includes exploration cash payments.
FY2025 E&E impairment
A$1.710m
Closing accounting asset is nil.
FY2025 listed-share proceeds
A$0.591m
Cash receipt, not the realised gain.
Five years in context
The company reports mineral exploration, with Mount Ridley focused on rare earth elements and Weld Range West on iron and gold. Its accounting capitalises acquisition costs but expenses other exploration: the capitalised asset is not a running total of all drilling expenditure.
Equity receipts supported expansion through FY2023. The following two years had no comparable share-cash inflow, and cash declined even as exploration payments reduced. FY2025 securities sales partly offset that use of funds.
FY2025’s full exploration-asset impairment explains the apparent missing closing value. That is a recoverability decision under the accounting policy, not a finding that mineralisation or project rights ceased to exist.
Events behind the numbers
FY2022
Exploration and investment losses
Exploration expense increased while financial investments produced a large fair-value loss, deepening the statutory result.
FY2023
Peak exploration cash and new capital
Exploration cash payments of A$3.894m were within operating cash flow; share receipts of A$5.783m helped lift closing cash.
FY2024
Test work and R&D support
REE beneficiation and drilling work continued. The A$0.999m refund received in this year related to FY2023 research activity.
FY2025
Asset reset and investment sale
The E&E asset was impaired to nil. Sale of listed shares brought cash while the company disclosed a continuing funding uncertainty.
FINANCIAL REVIEW / 01
Expenses, R&D and investments explain the result
Exploration expense was the largest recurring programme cost, but changes in the statutory loss also reflect R&D income and financial investments. The FY2024 share-based-payment reversal and FY2025 impairment should not be confused with cash paid to employees or drillers.
Annual statutory loss
A$ million
Loss after tax
AI-generated presentation · values from Five-year result: ordinary exploration is expensed; no missing values plotted as zero.
Five-year result: ordinary exploration is expensed
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from continuing operations (not mining sales) | 0.006 | 0.010 | 0.037 | 0.087 | 0.229 |
| Dividend income | 0.041 | 0.039 | 0.025 | 0.024 | 0.024 |
| Exploration expenditure expensed | (1.172) | (2.279) | (4.065) | (2.404) | (0.557) |
| Consulting expenses | (0.147) | (0.147) | (0.247) | (0.217) | (0.238) |
| Compliance and regulatory expenses | (0.116) | (0.142) | (0.187) | (0.077) | (0.141) |
| Directors fees | (0.141) | (0.156) | (0.144) | (0.156) | (0.175) |
| Administration expenses | (0.221) | (0.216) | (0.340) | (0.271) | (0.177) |
| Depreciation | (0.006) | (0.031) | (0.086) | (0.085) | (0.051) |
| Loss after tax | (0.944) | (4.312) | (4.647) | (1.985) | (2.644) |
Acquisition costs are capitalised in E&E; other exploration expenditure is expensed under the disclosed policy. Consequently ordinary exploration spending can be large while the capitalised asset changes little.
Selected recurring lines do not sum to total loss: R&D income, investment gains/losses, loan impairment and the FY2025 E&E impairment also matter. Revenue in FY2025 comprises interest, rent and other income, not mineral sales.
The FY2025 P&L extraction reports exploration expense of A$556,524; a detailed expense-note extraction records A$556,224. The A$300 conflict is retained, using the face-statement value here without inferring a source correction.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Later-year result drivers beyond the recurring cost base
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| R&D income | 0.647 | 0.999 | 0.224 |
| Share-based payment expense / reversal | (0.147) | 0.147 | 0.000 |
| Loan impairment | (0.033) | (0.019) | (0.053) |
FY2024 share-based payments are a positive reversal, not an additional expense. FY2025 separately includes A$1.710m impairment of the E&E asset.
FY2021 recorded an A$0.815m financial-investment fair-value gain; FY2022 recorded an A$1.343m loss. Those movements, and the FY2025 realised gain, are not mineral operating margins.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Exploration cash is already inside operating cash flow
Subtracting exploration payments again from operating cash flow would double-count them. With that boundary respected, the cash-flow table shows equity inflows supporting earlier years and investment disposals cushioning FY2025. The listed-share sale is not a sale of mined product.
Cash flows by activity
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Cash flow by activity—including exploration inside operations; no missing values plotted as zero.
Cash at each June balance date
A$ million
Closing cash
AI-generated presentation · values from Cash flow by activity—including exploration inside operations; no missing values plotted as zero.
Cash flow by activity—including exploration inside operations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (1.582) | (3.244) | (3.986) | (2.048) | (1.016) |
| Investing cash flow | (0.026) | 0.349 | (0.253) | 0.005 | 0.598 |
| Financing cash flow | 2.658 | 3.710 | 5.446 | (0.036) | (0.025) |
| Net cash movement | 1.049 | 0.814 | 1.207 | (2.079) | (0.442) |
| Closing cash | 1.449 | 2.264 | 3.470 | 1.392 | 0.950 |
Exploration payments are already part of operating cash flow. Do not add them again when comparing total cash use. Investing flows include securities transactions, dividends, acquisition payments and loans to third parties.
FY2024–FY2025 negative financing represents lease repayments. It does not mean share capital was redeemed. The positive FY2021 cash movement is confirmed by opening and closing balances; a later comparative has an inconsistent minus sign.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What is inside the cash flows?
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Payments to suppliers and employees | (0.418) | (0.773) | (0.780) | (0.574) | (0.635) |
| Exploration payments — included in operating cash flow | (1.165) | (2.477) | (3.894) | (2.550) | (0.640) |
| Dividends received — investing cash | 0.024 | 0.055 | 0.024 | 0.024 | 0.024 |
| Listed-share sale proceeds | 0.000 | 0.597 | 0.000 | 0.000 | 0.591 |
| Share-issue proceeds | 2.696 | 3.737 | 5.783 | 0.000 | 0.000 |
The share-issue row ends at FY2024; FY2025 financing consists solely of the A$24,751 lease repayment. No in-year placement is invented from the later capital-raising announcement.
FY2023/FY2024/FY2025 R&D cash receipts were A$0.647m/A$0.999m/A$0.224m, within operating cash. A refund relating to an earlier research year is dated to the financial period when received.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Why a nil exploration asset is not a blank
The movement note starts FY2025 at A$1.710032m, records impairment of the same amount, and closes at a dash. The P&L and asset totals corroborate a nil balance. Showing this as unavailable would hide the main accounting event of the year.
The history before that impairment reflects acquisition costs and surrendered tenements. Under the policy, current exploration costs are generally expensed, so spending trends and carrying values should not be expected to move together.
Exploration carrying value, including FY2025 nil
A$ million
Closing E&E carrying value
AI-generated presentation · values from Acquisition-cost asset: the nil FY2025 balance is explainable; no missing values plotted as zero.
Acquisition-cost asset: the nil FY2025 balance is explainable
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening E&E carrying value | 0.783 | 1.883 | 1.949 | 1.949 | 1.710 |
| Closing E&E carrying value | 1.883 | 1.949 | 1.949 | 1.710 | 0.000 |
FY2021 added A$1.100m for Weld Range; FY2022 added A$70,915 of stamp duty and removed A$4,114 of surrendered tenements. FY2023 had no acquisition or surrender movement. FY2024 surrendered tenements reduced the asset by A$239,459.
FY2025 opening A$1.710032m was impaired in full. The dash in the closing balance therefore means nil here, corroborated by the P&L charge and balance sheet; it is not a value withheld as unavailable.
A zero accounting carrying value does not mean zero geological resources or that all project rights were relinquished. The disclosed indicators were market conditions and uncertainty over future exploration expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consolidated assets and obligations
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other current receivables | 0.147 | 0.186 | 0.145 | 0.145 | 0.054 |
| Other financial assets | 2.404 | 0.464 | 0.386 | 0.398 | 0.001 |
| Current assets | 4.000 | 2.913 | 4.001 | 1.935 | 1.004 |
| Current liabilities | 0.384 | 0.161 | 0.455 | 0.162 | 0.052 |
| Property, plant and equipment | 0.047 | 0.224 | 0.386 | 0.275 | 0.206 |
| Total assets | 5.930 | 5.167 | 6.413 | 3.964 | 1.210 |
| Total liabilities | 0.384 | 0.212 | 0.478 | 0.162 | 0.052 |
| Issued capital | 28.996 | 32.718 | 38.197 | 38.197 | 38.197 |
| Total equity | 5.546 | 4.956 | 5.935 | 3.802 | 1.158 |
The FY2025 investment balance is A$540, displayed as A$0.001m after rounding—not a missing value. Current assets are not all cash.
FY2025 current lease liability and right-of-use assets are explicitly nil following the lease repayments. The A$52,207 remaining liabilities are trade/other payables; they are not equated to bank borrowings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
A gain and a cash receipt are different
Selling the listed holding generated about A$0.591m of cash. The recognised gain was only A$0.193m after the opening carrying value. The small remaining financial asset was not that sold listed holding. Loans made to third parties are also investments/receivables, not borrowings by Mount Ridley.
The A$52,897 advanced for Weld Range due diligence had no fixed repayment terms and was impaired at year-end. Gross unsecured loans receivable totalled A$248,906, with a matching full impairment provision. These are asset-side credit exposures, not Group debt, and the loan impairment is separate from the much larger E&E impairment.
FY2025 listed-investment disposal
A$ million
| Metric | FY2025 |
|---|---|
| Opening listed holding | 0.397 |
| Sale movement in investment note | (0.591) |
| Realised gain | 0.193 |
| Closing listed holding | 0.000 |
The note shows A$590,641 sale proceeds versus A$590,642 in the cash statement—a retained A$1 difference. Realised gain is A$193,170; it is not the gross cash receipt. A separate A$540 unlisted holding remains in financial assets.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Subsequent capital does not remove the funding caveat
Both the FY2024 and FY2025 evidence identifies material going-concern uncertainty. Directors used the going-concern basis, citing spending flexibility and access to funding; the FY2025 auditor’s opinion was not modified in respect of the uncertainty.
The subsequent-events detail announced up to A$830,388 before costs on15August2025: a A$233,546 placement and rights issue up to about A$596,841. A separate going-concern summary calls A$830,388 raised. Because the saved records differ on completion status, this review does not claim the full maximum was received or add it to June cash.
A one-for-ten share consolidation completed in November2024. Per-share comparatives were restated, while issued-capital dollars remained unchanged. A smaller share count is not new funding or a tenfold change in the business’s assets.
Reading the figures
- Currency is A$ and table amounts are converted from whole dollars to millions. EPS is not spliced across the November2024 share consolidation.
- FY2025 E&E nil is established by the full movement and impairment context—not by a blanket rule for dashes. Nil book value is not zero mineral resources.
- Operating cash already includes exploration. Cash proceeds, realised investment gain and asset carrying value are different quantities; the A$1 disposal-note discrepancy is retained.
- Post-year-end funding is separately dated. The saved up-to announcement and raised summary differ on completion status; no complete receipt is assumed.
- Project testwork and contingent Weld Range shares/royalties do not establish production, reserves or a valuation.
- 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
- Mount Ridley Mines Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mount Ridley Mines Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mount Ridley Mines Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mount Ridley Mines Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mount Ridley Mines 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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