FY2021
Earlier Group: exploration investment
Capitalised E&E reached A$0.462m while A$0.455m was paid for exploration; they are separate accounting and cash measures.
ASX: MRZ · Five-year financial review
(ASX: MRZ) Mont Royal Resources Limited Financial Review - FY2021~25
Mont Royal’s five-year financial history contains an accounting break, not just a large acquisition. The June-year Mont Royal Group ends here at FY2024; the FY2025 October financial statements continue Commerce’s accounts after the reverse acquisition. Keeping those two tracks separate reveals the actual funding, expenditure and portfolio changes without manufacturing a five-year growth curve.
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.
31 Oct 2025 cash
A$10.165m
Commerce-continuation Group.
FY2025 operating cash use
A$2.006m
12-month October year; scope changed.
31 Oct 2025 E&E
A$59.379m
Accounting asset, not resource value.
Comparability
Two separate tracks
No June-to-October growth line.
Five years in context
The legal company acquired Commerce on 21 October 2025, but Commerce was the accounting acquirer. FY2025 is a 12-month October year, with the wider MRZ group included only after acquisition; its comparator is Commerce, not the earlier MRZ June-year accounts.
That distinction changes the interpretation of nearly every trend. The earlier Group’s FY2024 impairment and the restated Commerce FY2024 Blue River disposal belong to separate histories. Neither should be used to create a single five-year loss or asset-growth series.
Funding remains distinct from earnings: the October public offer and convertible-note receipts strengthened the later group’s cash position, while the exploration carrying value includes non-cash acquisition accounting and tax credits.
Events behind the numbers
FY2022
Northern Lights share acquisition
Five million shares valued at A$1.750m were issued for Northern Lights. The transaction was not a cash exploration payment.
FY2023
Instalment shares and tax incentives
Focus Graphite instalment consideration used shares, while Canadian grants/tax incentives partly offset investing cash outflows.
FY2024
Earlier Group: impairment
A$1.845m exploration impairment drove the loss; tax credits and currency translation also changed the asset balance.
FY2025
New accounting history
Commerce became the accounting acquirer. The public offer settled in October; the financial statements use October years and Commerce comparatives.
FINANCIAL REVIEW / 01
Track 1 · the earlier June-year Mont Royal Group
The earlier series combines Group statements and their saved comparatives, not parent-only disclosures. FY2023 total assets and cash are restored correctly. Share-funded acquisitions and cash placements are separate sources of balance-sheet expansion.
Impairment explains much of FY2024’s statutory loss, while grants/tax incentives softened investing cash use. They are not evidence of commercial mine sales.
Earlier Group: loss after tax
A$ million
Statutory loss after tax
AI-generated presentation · values from Earlier Mont Royal Group: years ended 30 June; no missing values plotted as zero.
Earlier Group: cash-flow categories
A$ million
Operating cash flowInvesting cash flow, after grants/tax incentivesFinancing cash flow
AI-generated presentation · values from Earlier Group: expenditure and funding cash flows; no missing values plotted as zero.
Earlier Group: cash and E&E assets
A$ million
Cash equivalentsExploration/evaluation carrying value
AI-generated presentation · values from Earlier Group: 30 June balance sheets, not parent-only notes; no missing values plotted as zero.
Earlier Mont Royal Group: years ended 30 June
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Interest income | 0.009 | 0.001 | 0.026 | 0.028 |
| Corporate expenses, excluding separately presented share payments | (0.648) | (0.955) | (0.805) | (0.766) |
| Share-based payment expense | (0.055) | (1.084) | (0.047) | (0.041) |
| Statutory loss after tax | (0.701) | (2.052) | (0.820) | (2.625) |
| Foreign-exchange other comprehensive income / (expense) | 0.007 | 0.097 | 0.065 | (0.328) |
FY2021 corporate costs use the FY2022 re-presentation: A$648,034 plus A$55,000 share payments, equal to the original A$703,034 corporate line.
FY2024 loss includes A$1.845m exploration impairment. Earlier legal-MRZ results must not be joined to the Commerce-continuation FY2025 result.
The FY2021 saved pretax line omits the effect of A$8,776 interest compared with the after-tax result and nil tax. This review uses the supported after-tax figure and leaves the pretax discrepancy explicit.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Earlier Group: expenditure and funding cash flows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Operating cash flow | (0.694) | (0.977) | (0.675) | (0.788) |
| Exploration/evaluation cash payments | (0.455) | (1.974) | (2.060) | (2.423) |
| Investing cash flow, after grants/tax incentives | (0.455) | (1.974) | (1.451) | (1.442) |
| Financing cash flow | 0.000 | 4.869 | 0.000 | 2.049 |
| Net change in cash | (1.149) | 1.918 | (2.127) | (0.181) |
| Closing cash equivalents | 2.469 | 4.386 | 2.260 | 2.079 |
FY2023/FY2024 investing cash includes grants and tax incentives of A$0.608m/A$0.981m. Exploration payments are components of investing, not additional outflows to add again.
FY2022 share proceeds were A$5.085m less A$0.216m cash issue costs; FY2024 A$2.210m less A$0.161m. Shares used to acquire assets are non-cash consideration.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Earlier Group: 30 June balance sheets, not parent-only notes
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Cash equivalents | 2.469 | 4.386 | 2.260 | 2.079 |
| Current assets | 2.494 | 5.233 | 3.527 | 2.868 |
| Exploration/evaluation carrying value | 0.462 | 4.350 | 6.077 | 5.787 |
| Total assets | 2.956 | 9.583 | 9.603 | 8.655 |
| Total liabilities | 0.026 | 0.158 | 0.612 | 0.082 |
| Issued capital | 5.263 | 11.087 | 11.361 | 13.562 |
| Total equity including non-controlling interests | 2.930 | 9.425 | 8.991 | 8.573 |
FY2023 values use the FY2024 Group comparatives. Total assets are A$9.603m—not a repeat of FY2024’s A$8.655m. Parent-entity note figures are not substituted for Group totals.
FY2022 Northern Lights acquisition used 5m shares valued at A$1.750m. The Group subsequently includes non-controlling interests; Group equity is not entirely attributable to MRZ shareholders.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Earlier Group: capitalised exploration movement
A$ million
| Metric | FY2023 | FY2024 |
|---|---|---|
| Opening balance | 4.350 | 6.077 |
| Exploration incurred | 2.600 | 2.552 |
| Canadian exploration tax credit offset | (1.066) | (0.643) |
| Exploration impairment | 0.000 | (1.845) |
| Currency translation | 0.192 | (0.354) |
| Closing balance | 6.077 | 5.787 |
Capitalised expenditure differs from cash paid because of timing, tax credits and other accounting movements. FY2024’s asset reduction was not evidence of mineral depletion.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Track 2 · Commerce continuation after the reverse acquisition
The large restated FY2024 loss includes the Blue River disposal. FY2025’s corporate and employee costs, finance costs, listing expense and share payments explain why a financing-led cash increase can coexist with a statutory loss.
The A$246,639 listing expense is the excess of notional consideration over acquired owner-attributable net assets. It is not an additional cash purchase price or exploration impairment.
Commerce continuation: cash-flow categories
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Commerce continuation: cash deployment and financing; no missing values plotted as zero.
Commerce continuation: two October years, a different reporting group
A$ million
| Metric | 31 Oct 2024 (restated Commerce) | 31 Oct 2025 (Commerce continuation) |
|---|---|---|
| Other income | 0.127 | 0.034 |
| Flow-through premium recovery | 1.804 | 0.059 |
| Corporate expenses | (0.661) | (3.028) |
| Employee expenses | (0.590) | (1.157) |
| Finance costs | (0.014) | (0.417) |
| Loss on sale of Blue River Property | (31.637) | 0.000 |
| Non-cash listing expense | 0.000 | (0.247) |
| Other expenses | (0.718) | (0.838) |
| Share of associate loss | (0.111) | (0.333) |
| Share-based payments | 0.000 | (0.583) |
| Loss after tax | (31.837) | (6.556) |
These are 12-month years ended 31 October, not a 16-month FY2025 period. FY2025 comprises Commerce for the full year plus the wider legal-MRZ group from 21 October only; the comparative is Commerce alone.
The A$31.637m Blue River sale loss belongs to restated Commerce FY2024. The much smaller FY2025 loss is not a like-for-like recovery by the old June-year MRZ business.
Flow-through premium recovery releases a liability as qualifying expenditure is incurred; it is not mineral sales or cash equity raised. Depreciation and FX charges also form part of the complete P&L.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Commerce continuation: cash deployment and financing
A$ million
| Metric | 31 Oct 2024 (restated Commerce) | 31 Oct 2025 (Commerce continuation) |
|---|---|---|
| Operating cash flow | (2.554) | (2.006) |
| Exploration/evaluation cash payments | (6.510) | (2.993) |
| Cash acquired in reverse acquisition | 0.000 | 0.600 |
| Investing cash flow | (6.510) | (2.395) |
| Share issue cash proceeds | 7.827 | 9.558 |
| Convertible-note cash proceeds | 0.000 | 2.342 |
| Lease repayments | (0.048) | (0.048) |
| Financing cash flow | 7.457 | 11.852 |
| Net cash movement before FX | (1.608) | 7.452 |
| Cash FX movement | (0.169) | (0.009) |
| Closing cash equivalents | 2.722 | 10.165 |
Share proceeds and convertible-note receipts are separate financing streams. The legal-company public offer’s A$10m headline must not be substituted for the consolidated cash-flow receipt.
FY2024 financing also includes A$0.322m cash issue costs; FY2025 shows nil. FY2025 investing includes A$2,006 equipment payments as well as exploration and acquired cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
What the later balance sheet contains
Acquired exploration, capitalised work, mining tax credits and currency translation explain the later asset movement. Non-controlling equity remains separate from the amount attributable to MRZ shareholders.
Directors stated that funds and working capital supported the going-concern basis. This review reports that judgement, not a guarantee of future funding or a calculated cash runway.
Commerce continuation: cash and E&E assets
A$ million
Cash equivalentsExploration/evaluation carrying value
AI-generated presentation · values from Commerce continuation: October balance sheets; no missing values plotted as zero.
Commerce continuation: October balance sheets
A$ million
| Metric | 31 Oct 2024 (restated Commerce) | 31 Oct 2025 (Commerce continuation) |
|---|---|---|
| Cash equivalents | 2.722 | 10.165 |
| Prepayments and other receivables | 1.277 | 4.089 |
| Current assets | 4.031 | 14.292 |
| Exploration/evaluation carrying value | 55.397 | 59.379 |
| Total assets | 59.931 | 73.811 |
| Trade and other payables | 1.636 | 4.622 |
| Current liabilities | 1.732 | 4.666 |
| Total liabilities | 1.794 | 4.684 |
| Issued capital | 116.736 | 131.842 |
| Equity attributable to owners | 58.136 | 68.126 |
| Non-controlling interests | 0.000 | 1.001 |
| Total equity | 58.136 | 69.127 |
Australian-dollar presentation applies to both columns, including restated Commerce comparatives. These are not the June balances above.
The FY2025 receivables total, exploration carrying value and equity are not cash. Convertible-note cash receipts during the year do not establish a matching outstanding note liability at year-end.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Commerce continuation: exploration asset reconciliation
A$ million
| Metric | 31 Oct 2024 (restated Commerce) | 31 Oct 2025 (Commerce continuation) |
|---|---|---|
| Opening balance | 82.329 | 55.397 |
| E&E acquired through reverse acquisition | 0.000 | 4.713 |
| Exploration capitalised | 7.502 | 2.061 |
| Canadian mining tax credit | 0.000 | (2.598) |
| Blue River disposal movement | (31.637) | 0.000 |
| Foreign exchange movement | (2.797) | (0.193) |
| Closing carrying value | 55.397 | 59.379 |
The A$4.713m acquired asset is reverse-acquisition accounting, not current-year exploration cash. Capitalised exploration A$2.061m and cash payments A$2.993m are different measures.
Exploration assets are accounting carrying amounts, not resource valuations. The Blue River disposal belongs to the Commerce comparative, not the earlier MRZ June-year portfolio.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Five annual source packages are used, but they do not form one like-for-like reporting entity. Earlier FY2021–FY2024 June years and FY2025 Commerce-continuation October years are explicitly separated.
- FY2025 is a 12-month period, not 16 months. The legal MRZ group enters the Commerce-continuation results from 21 October 2025.
- The FY2021 pretax/after-tax discrepancy is retained visibly rather than silently corrected.
- No resource value, mine production, sales, funding runway or cross-boundary growth rate is inferred.
- 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
- Mont Royal Resources Limited - Annual Financial Report 30 June 2021Existing annual extraction, including separately identified historical comparatives.
- Mont Royal Resources Limited - Annual Financial Report 30 June 2022Existing annual extraction, including separately identified historical comparatives.
- Mont Royal Resources Limited - Annual Financial Report 30 June 2023Existing annual extraction, including separately identified historical comparatives.
- Mont Royal Resources Limited - Annual Financial Report 30 June 2024Existing annual extraction, including separately identified historical comparatives.
- Mont Royal Resources Limited - Annual Report to shareholders - 31 October 2025Existing 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.