FY2021
NSW acquisition costs added
Acquired exploration assets added A$3.782m to the capitalised portfolio. Ordinary exploration was expensed under the policy rather than accumulated indefinitely.
ASX: MRR · Five-year financial review
(ASX: MRR) MinRex Resources Limited Financial Review - FY2021~25
MinRex’s cash-equivalent balance fell sharply after its FY2022 funding round, but the later-year story cannot be read from cash alone: A$8.204m was moved into a separately classified term deposit in FY2024. Alongside that treasury change, acquired exploration assets were written down and projects were exited. This review separates deposits, operating expenditure and impairments so that none is mistaken for the others.
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 equivalents
A$0.499m
Read alongside deposits, not in isolation.
FY2025 separate deposits
A$8.409m
Reported in other current assets.
FY2025 operating cash use
A$1.233m
Includes ordinary exploration payments.
FY2025 E&E carrying value
A$3.922m
Remaining accounting asset, not a valuation.
Five years in context
MinRex expanded across NSW and Western Australian exploration projects, including the FY2022 Odette Five acquisition, before several portfolio exits. Its later Fraser Range involvement remained an option to acquire an interest rather than an automatically completed 50% acquisition.
Cash equivalents and term deposits are different statement categories. Reading only the former would miss most of the FY2024–FY2025 deposit holdings. Conversely, the combined balance does not establish immediate availability, solvency or how many months future projects can be funded.
The accounting policy expenses ordinary exploration while capitalising acquisition costs. Impairment of those previously acquired assets explains the sharp FY2023 result, but is not a second cash payment for the same projects.
Events behind the numbers
FY2022
Funding and Pilbara expansion
Odette Five was acquired using share consideration and assumed loans. Cash funding included ordinary-share receipts and option exercises; it was larger than any single named placement.
FY2023
Portfolio impairment reset
Withdrawals and planned sales triggered large E&E write-downs, including the former 70% joint-venture interests and Eastern Pilbara disposals.
FY2024
Exits and a treasury move
Portfolio sales and releases continued. Separately, a large transfer to an ANZ term deposit accounts for most of the investing cash outflow.
FY2025
Odette exit; Fraser option
The Odette sale agreement and Fraser Range exploration option reshaped the portfolio. Spending on the option did not itself establish ownership of a 50% project stake.
FINANCIAL REVIEW / 01
The cash fall was not all money spent
The FY2024 A$8.204m deposit transfer moved funds between asset categories. It explains most of the apparent cash-equivalent decline and must not be described as project cash burn. The deposit-inclusive comparison still declines, but on a very different scale.
The saved FY2025 note describes a new deposit and maturity date but does not bridge every movement since the prior maturity. The report therefore shows the closing balances and the separately reported transfer without inventing a rollover history.
Cash equivalents beside separately classified deposits
A$ million
Cash and cash equivalentsTerm-deposit / other-current-asset balance
AI-generated presentation · values from Cash equivalents and separately classified deposits; no missing values plotted as zero.
Cash equivalents and separately classified deposits
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cash and cash equivalents | 11.687 | 1.735 | 0.499 |
| Term-deposit / other-current-asset balance | 0.000 | 8.204 | 8.409 |
| Cash plus separately classified deposits (calculated) | 11.687 | 9.939 | 8.908 |
The June 2024 ANZ deposit was stated to mature in December 2024; a June 2025 deposit was stated to mature in December 2025. Both disclosed 4.97% fixed interest. This table does not assume immediate unrestricted access or trace an undocumented rollover.
Other current assets grew A$204,743 in FY2025, while the cash-transfer line records A$204,422. The unexplained A$321 difference is preserved; it is not labelled accrued interest without evidence. Combined balances are not net cash or a funding-runway estimate.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Actual operating use, investments and funding
Exploration cash is already included in operating activities. Acquired exploration assets are investing payments, while vendor shares are non-cash consideration. FY2024’s negative financing is simply lease repayment; the saved records support restoring this missing line.
The FY2025 cash receipt is from the loyalty option offer. Its future exercise price and potential proceeds are not cash raised now. Issue costs and lease repayments explain why net financing is below the gross receipt.
Operating, investing and financing cash flow
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Statutory cash flows: FY2024 includes a deposit transfer; no missing values plotted as zero.
Ordinary exploration cash payments
A$ million
Exploration/evaluation cash — already in operations
AI-generated presentation · values from Underlying cash payments and capital receipts; no missing values plotted as zero.
Statutory cash flows: FY2024 includes a deposit transfer
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (0.665) | (2.351) | (3.539) | (1.976) | (1.233) |
| Investing cash flow | (0.379) | (0.232) | (0.192) | (7.938) | (0.174) |
| Financing cash flow | 2.990 | 14.320 | 1.232 | (0.038) | 0.172 |
| Net change in cash equivalents | 1.946 | 11.737 | (2.500) | (9.952) | (1.236) |
FY2024 investing includes A$8.204m transferred to a term deposit held in other current assets. That transfer is not a loss or cash spent on a mining project.
FY2024 financing is a A$37,813 lease repayment: this value is present in the saved cash statement and does not need to be omitted for missing metadata. FY2024 component totals/comparatives differ by A$1 in places; original annual subtotals are retained.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Underlying cash payments and capital receipts
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Suppliers and employees — operating | (0.341) | (0.861) | (1.639) | (1.236) | (1.363) |
| Exploration/evaluation cash — already in operations | (0.341) | (1.494) | (2.236) | (1.248) | (0.369) |
| Payments for exploration assets — investing | (0.322) | (0.060) | (0.037) | (0.150) | 0.000 |
| Share cash receipts; FY2025 share/option combined label | 3.220 | 12.850 | 1.264 | 0.000 | 0.227 |
| Share / option issue costs paid | (0.199) | (0.739) | (0.001) | 0.000 | (0.016) |
| Lease repayments | (0.033) | (0.028) | (0.031) | (0.038) | (0.039) |
FY2022 also received A$2.236m from exercised options, and FY2021 A$2,200 from issued options, separate from ordinary-share receipts. FY2025’s combined receipt corresponds to the loyalty option offer—not a new ordinary-share placement.
Ordinary exploration payments are already inside operating cash flow; acquisition payments sit inside investing. Do not add either component twice. Non-cash vendor shares are not included in these cash receipts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Why losses and cash use differ
The FY2023 statutory loss was dominated by impairment of acquired assets. Recurring exploration write-offs, corporate costs and share-based payments are shown separately so the result is not reduced to a single generic loss figure.
The FY2024 and FY2025 asset-sale profits are accounting measures, not necessarily the cash proceeds in the same period. For FY2025, the Odette transaction note and total impairment line differ by A$30,000; that unresolved saved-data distinction is disclosed rather than silently normalised.
Statutory loss after tax
A$ million
Loss after tax
AI-generated presentation · values from Five-year earnings: exploration expense is separate from impairment; no missing values plotted as zero.
Five-year earnings: exploration expense is separate from impairment
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest income | 0.000 | 0.004 | 0.336 | 0.500 | 0.461 |
| Corporate expenses | (0.370) | (0.919) | (1.028) | (0.809) | (0.557) |
| Exploration expenditure written off as incurred | (0.341) | (0.804) | (2.492) | (1.129) | (0.913) |
| Management and administration | (0.190) | (0.278) | (0.396) | (0.209) | (0.219) |
| Marketing and promotion | (0.021) | (0.118) | (0.123) | (0.037) | (0.032) |
| Share-based payment expense | (0.070) | (0.529) | (0.421) | (0.336) | (0.376) |
| Depreciation and amortisation | (0.051) | (0.067) | (0.113) | (0.070) | (0.054) |
| Loss after tax | (1.056) | (2.723) | (17.305) | (4.303) | (2.363) |
Exploration expenditure is generally written off in the year incurred; acquisition costs are capitalised. The expense row is not the same as impairment of previously acquired projects. FY2021 interest is A$67, which rounds to 0.000 million rather than being nil.
Interest and gains on asset sales are not mineral sales. These selected cost lines exclude other gains, finance costs and the impairment charges detailed below.
FY2024 loss is A$4,302,926 in that year’s statement versus A$4,302,925 in the FY2025 comparative; the original annual value is retained.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Later-year impairment charges and exploration carrying values
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| P&L impairment of assets | (13.184) | (2.380) | (0.741) |
| E&E movement-note impairment | (13.164) | (2.380) | (0.741) |
| Closing E&E asset | 6.692 | 4.663 | 3.922 |
FY2023 P&L asset impairment A$13.184m is broader than the A$13.164m E&E-only movement. These are different scopes, not amounts to sum.
Earlier right-of-use impairment is kept separate: FY2021 A$25,887 expense, FY2022 A$25,490 reversal. FY2022 also had A$70,036 impairment of other assets.
The FY2025 transaction narrative gives Odette Five impairment of A$710,880, while the P&L and E&E movement record A$740,880 total impairment. No unsupported adjustment is made to equate them; the A$30,000 difference remains a saved-data reconciliation issue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Acquisition costs, exits and the remaining asset
The E&E movement reconciles asset additions, immediately expensed exploration, settlements and impairment. By FY2025 the project breakdown places the remaining A$3.922m in East Lachlan Fold Belt assets, with Odette Five shown at nil.
The Fraser Range arrangement required up to A$500,000, including exclusivity and exploration funding. The A$450,000 balance was paid in May and expensed; a decision window followed assay receipt. It remains an option in this review, not a completed ownership transfer or a producing mine.
Capitalised exploration acquisition costs
A$ million
Capitalised exploration acquisition costs
AI-generated presentation · values from Consolidated balance sheet through the portfolio reset; no missing values plotted as zero.
Consolidated balance sheet through the portfolio reset
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 2.450 | 14.187 | 11.687 | 1.735 | 0.499 |
| Total current assets | 2.520 | 14.453 | 11.882 | 10.023 | 8.994 |
| Capitalised exploration acquisition costs | 9.438 | 19.808 | 6.692 | 4.663 | 3.922 |
| Plant and equipment | 0.050 | 0.209 | 0.098 | 0.057 | 0.035 |
| Total assets | 12.080 | 34.599 | 19.034 | 14.805 | 12.951 |
| Current liabilities | 0.407 | 0.370 | 0.461 | 0.235 | 0.192 |
| Total liabilities | 0.453 | 0.475 | 0.532 | 0.270 | 0.192 |
| Contributed equity | 16.071 | 41.516 | 42.614 | 42.614 | 42.598 |
| Total equity / net assets | 11.627 | 34.124 | 18.502 | 14.535 | 12.759 |
The FY2022 step-up included A$10.370m of acquired exploration assets and substantial equity funding; asset acquisition consideration included vendor shares. Growth in contributed equity is not all cash raised.
FY2025 right-of-use assets and both current/non-current lease liabilities are nil in the statement. Remaining liabilities are payables and provisions, not automatically bank borrowings. Capitalised E&E is an accounting carrying value, not the value of a resource in the ground.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
E&E acquisition-cost bridge, FY2023–FY2025
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Opening carrying value | 19.808 | 6.692 | 4.663 |
| Acquired exploration assets | 0.049 | 0.150 | 0.000 |
| Settlement amount added then impaired | 0.000 | 0.200 | 0.000 |
| Exploration expenditure incurred | 2.492 | 1.129 | 0.913 |
| Same expenditure written off | (2.492) | (1.129) | (0.913) |
| Impairment of acquired E&E asset | (13.164) | (2.380) | (0.741) |
| Closing carrying value | 6.692 | 4.663 | 3.922 |
Incurred exploration and its immediate write-off offset in this asset reconciliation under the stated policy. They should not be counted as two separate exploration programmes.
FY2024 contains A$200,000 cash settlement and a matching impairment within the broader charge. Thus the entire P&L impairment total should not be assumed to equal the cash-flow statement’s non-cash add-back.
FY2025 closing carrying value differs by A$1 from the displayed opening less impairment calculation. The stated closing amount is retained, not forced to balance. FY2024 signs use that year’s movement table; FY2025 comparative incurred/write-off signs are inverted.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Currency is A$; years end 30 June. No raw source or new financial data was obtained.
- Separately classified term deposits explain the largest cash presentation change. Combined balances are calculated, not a stated net-cash measure.
- FY2025 deposit movement has an unresolved A$321 difference from the transfer line. FY2024 loss/cash comparatives and FY2025 E&E closing reconciliation have A$1 differences; stated figures are retained.
- Odette transaction impairment A$710,880 differs from total impairment A$740,880. No invented reconciliation is offered.
- Exploration expense, acquired-asset impairment, asset-sale proceeds and conditional farm-in ownership are distinct.
- 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
- MinRex Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MinRex Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MinRex Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MinRex Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MinRex 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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