FY2021
Lithium transaction crosses year-end
The royalty agreement was reached, but cash arrived on 8 July 2021. It belongs in FY2022, not the June 2021 cash balance.
ASX: MTC · Five-year financial review
(ASX: MTC) MetalsTech Limited Financial Review - FY2021~25
MetalsTech’s headline FY2022 profit came from the Canadian lithium exit, not a producing gold business. Its subsequent Sturec programme used exploration cash, equity and later debt, while the FY2025 balance sheet included application monies for shares issued after year-end. The useful comparison is therefore between recurring costs, cash funding and development commitments—not the profit line alone.
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$1.623m
June balance-sheet amount.
FY2025 current liabilities
A$5.305m
Includes applications and debt, not just bills.
FY2025 exploration payments
A$1.032m
Investing cash outflow.
FY2025 E&E carrying value
A$9.379m
Capitalised project expenditure.
Five years in context
Sturec in Slovakia remained the central gold development project. The issuer reported small-scale mining beginning in December 2024, but also stated there was no operating revenue other than bank interest. Project study scenarios are not current commercial sales or forecasts adopted by this review.
The Canadian lithium exit combined cash from selling royalty interests with share consideration for the subsidiaries. These distinct transactions explain both the FY2022 profit and the unusual positive operating cash flow.
The later funding position requires reading cash and liabilities together. FY2025 included borrowed funds and unallotted share applications, and directors continued to disclose a material going-concern uncertainty despite post-year financing measures.
Events behind the numbers
FY2022
Canadian exit changes the result
Canadian subsidiaries were sold for Winsome shares and those shares distributed in specie. The discontinued profit is separated from the continuing loss.
FY2023
Equity supports Sturec work
The A$3m placement funded exploration ahead of the resource update. Share-based expenses also materially affected the statutory loss.
FY2024
Study work and Sauvolles expense
Sturec study work continued while Sauvolles and other lithium application spending was expensed. Tax-credit reversal affected the net result.
FY2025
PFS, borrowing and subsequent repayment
A$1m was drawn under the facility, including a PFS retainer. The July placement and note repayment are subsequent events, not June balance-sheet reductions.
FINANCIAL REVIEW / 01
Why FY2022 profit was not recurring gold income
The A$11.493m discontinued profit combined the royalty-sale result and the subsidiary disposal gain. Keeping these visible avoids interpreting the total profit as recurring Sturec performance. FY2023’s loss also includes substantial share-based expenses, not just cash overheads.
The cost table shows the underlying spending mix without re-narrating every year. FY2024’s tax credit and abandoned-lithium spending are separately identified rather than hidden inside a generic net-loss comparison.
Continuing result and total result
A$ million
Continuing-operations result after taxTotal statutory result after tax
AI-generated presentation · values from Earnings: continuing operations versus the lithium exit; no missing values plotted as zero.
Earnings: continuing operations versus the lithium exit
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Continuing-operations result after tax | (4.189) | (4.205) | (6.484) | (2.263) | (2.512) |
| Total statutory result after tax | (4.214) | 7.288 | (6.484) | (2.263) | (2.512) |
| Interest income | 0.000 | 0.000 | 0.011 | 0.003 | 0.005 |
FY2021 continuing result uses the FY2022 re-presentation, excluding A$25,491 discontinued loss. FY2022 adds A$11.493m discontinued profit; FY2023 shows nil discontinued result. Later statements have no separate discontinued result.
FY2024 loss includes an A$695,590 tax credit, whereas FY2021 carried that amount as tax expense. Interest is not mine revenue; FY2021/FY2022 interest of A$366/A$306 rounds to 0.000 million.
The FY2022 note’s prior-year discontinued loss differs from the primary statement re-presentation. The statement’s comparative is used without forcing those two disclosures to agree.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Selected expense drivers — positive amounts are costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Administration | 0.241 | 0.492 | 0.254 | 0.237 | 0.221 |
| Advertising and marketing | 0.319 | 0.405 | 0.873 | 0.252 | 0.049 |
| Consulting fees | 0.040 | 0.106 | 0.010 | 0.056 | 0.401 |
| Directors / executive consulting fees | 0.867 | 1.567 | 1.158 | 0.874 | 0.575 |
| Employment benefits | 0.217 | 0.212 | 0.237 | 0.205 | 0.258 |
| Other share-based payments | 0.276 | 0.097 | 1.633 | 0.187 | 0.251 |
| Legal fees | 0.144 | 0.034 | 0.027 | 0.054 | 0.125 |
| Finance costs | 0.144 | 0.058 | 0.000 | 0.272 | 0.396 |
FY2023 additionally charged A$2.016m directors’ share-based payments, separate from A$1.633m other share-based payments. These non-cash charges help explain the gap between the statutory loss and operating cash use.
FY2024 A$442,728 exploration expense related to the abandoned Sauvolles acquisition/payment and lithium applications; it is not a disclosed impairment of the Sturec carrying value. Earlier FY2021/FY2022 E&E impairment was A$449,482/A$223,492.
This is a selected cost table, not a full P&L sum. FY2022 also incurred A$542,351 lithium spin-out costs.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2022 lithium exit: cash, profit and in-specie shares are different
A$ million
| Metric | FY2022 |
|---|---|
| Royalty interest sold — cash receipt | 6.646 |
| Discontinued operating result before disposal gain | 6.646 |
| Profit on disposal of subsidiaries | 4.847 |
| Total discontinued profit | 11.493 |
| Winsome shares received as sale consideration | 9.000 |
| Cost base of assets disposed (deduction) | (4.153) |
The A$6.646m royalty receipt arrived in July 2021, after FY2021 close. It is not recurring royalties from a producing Sturec mine.
The A$9m Winsome share consideration was distributed in specie. It is neither cash proceeds nor extra profit on top of the A$4.847m disposal gain.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
How the programme was financed
FY2022 operating cash was boosted by a one-off royalty-interest sale. In later years operating and exploration outflows continued, with new share receipts and debt replenishing cash. Exploration is already included in investing and is not double-counted.
FY2025 share application monies were cash already received but still a liability at 30 June. The remaining July receipt, new share issue and note repayment belong in subsequent-event context. No A$5m facility limit is substituted for actual drawdowns.
Operating, investing and financing cash
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from Five-year statutory cash flows; no missing values plotted as zero.
Exploration cash payments
A$ million
Exploration/evaluation payments — investing
AI-generated presentation · values from What was spent and raised; no missing values plotted as zero.
Five-year statutory cash flows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (2.227) | 2.818 | (2.385) | (1.783) | (1.434) |
| Investing cash flow | (2.036) | (2.183) | (2.111) | (1.310) | (1.032) |
| Financing cash flow | 3.553 | 1.376 | 3.000 | 2.902 | 3.465 |
| Cash change before FX | (0.710) | 2.011 | (1.496) | (0.191) | 0.999 |
| Cash FX adjustment | (0.037) | (0.113) | 0.131 | 0.003 | (0.004) |
| Closing cash — balance-sheet basis | 0.284 | 2.182 | 0.817 | 0.628 | 1.623 |
FY2022 operating cash includes the A$6.646m royalty sale receipt, so its positive subtotal is not recurring mine cash generation.
FY2022 cash-statement close differs by A$3 from the balance sheet, with the later comparative FX adjustment resolving that difference. FY2025 cash-statement close differs by A$1 from the balance sheet. The balance-sheet closes are displayed; differences are not silently repaired.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What was spent and raised
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Suppliers and employees | (2.083) | (3.771) | (2.396) | (1.537) | (1.094) |
| Exploration/evaluation payments — investing | (1.735) | (2.749) | (2.111) | (1.310) | (1.032) |
| Cash proceeds from issued shares | 3.314 | 2.000 | 3.000 | 1.602 | 1.302 |
| Cash interest paid | (0.144) | (0.058) | 0.000 | (0.249) | (0.346) |
Exploration payments are already in investing cash flow. FY2021 investing also includes a A$300,000 acquisition payment; FY2022 includes the A$566,135 subsidiary-elimination line as reported.
FY2022 financing includes A$476,150 option proceeds and A$1.100m note repayment. FY2025’s financing mix is expanded below; issued shares are not its only source.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 funding bridge: cash received before shares were issued
A$ million
| Metric | FY2025 |
|---|---|
| Issued-share receipts | 1.302 |
| Capital raising cash costs | (0.117) |
| Application monies received — current liability at year-end | 1.400 |
| Loan receipts | 1.000 |
| Redeemable-note cash repayment | (0.120) |
| Net financing cash flow | 3.465 |
| Redeemable notes: opening liability | 1.300 |
| Interest added to notes | 0.050 |
| Redeemable notes: closing liability | 1.230 |
The note-liability bridge and cash-flow bridge are distinct: A$50,000 capitalised interest is not a new cash loan. Redeemable notes and interest were repaid in July, not before the June balance date.
The A$2m July placement consisted of A$1.4m already received by June plus A$0.6m received later. Only the former belongs in FY2025 cash. The up-to-A$5m facility is a limit, not A$5m drawn.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
More project assets, but funding obligations still matter
The FY2025 balance-sheet expansion includes exploration additions and receivables, while liabilities include the A$1m loan and A$1.4m share applications. It cannot be explained simply as cash growth or project profitability.
The unsecured loan carried 15% annual interest and was due 29 October 2025. Directors disclosed funding-dependent going-concern uncertainty; the auditor’s opinion was unmodified in respect of that uncertainty. These statements are preserved without turning them into a solvency prediction.
The Sturec Resource Upgrade Royalty expired in November 2024. It is separate from the earlier Canadian royalty-interest sale. The disputed Sauvolles cancellation and written-off payment also remain a distinct project/legal issue.
Current assets versus current liabilities
A$ million
Current assetsCurrent liabilities
AI-generated presentation · values from Group assets, obligations and equity at 30 June; no missing values plotted as zero.
Exploration carrying value
A$ million
Capitalised exploration/evaluation
AI-generated presentation · values from Group assets, obligations and equity at 30 June; no missing values plotted as zero.
Group assets, obligations and equity at 30 June
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash equivalents | 0.284 | 2.182 | 0.817 | 0.628 | 1.623 |
| Trade and other receivables | 0.147 | 0.058 | 0.097 | 0.077 | 0.508 |
| Current assets | 4.594 | 2.240 | 0.913 | 0.705 | 2.131 |
| Capitalised exploration/evaluation | 3.073 | 4.967 | 7.245 | 8.136 | 9.379 |
| Total assets | 7.675 | 7.213 | 8.161 | 8.841 | 11.510 |
| Trade and other payables | 0.830 | 0.282 | 0.371 | 0.941 | 1.607 |
| Current liabilities | 3.007 | 1.010 | 1.094 | 2.331 | 5.305 |
| Total liabilities | 3.007 | 1.010 | 1.094 | 2.331 | 5.305 |
| Share capital | 19.304 | 13.922 | 21.594 | 23.249 | 24.789 |
| Net assets / total equity | 4.668 | 6.203 | 7.067 | 6.510 | 6.205 |
FY2021 current assets include A$4.163m held for sale, not cash. The lithium distribution in FY2022 affects share capital; capital movements should not be read only as cash fundraising.
FY2025 liabilities include A$1.400m application monies, A$1.000m loan and A$1.230m redeemable notes, plus payables and staff provisions. Positive net assets do not remove the current-liquidity shortfall or funding uncertainty.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Later-year exploration carrying-value reconciliation
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening balance | 7.245 | 8.136 |
| Acquisition costs and exploration additions | 0.805 | 1.915 |
| Currency translation movement | 0.086 | (0.671) |
| Closing E&E | 8.136 | 9.379 |
The saved FY2025 E&E note records a negative translation movement while the statement of comprehensive income records positive aggregate translation. This report retains the stated asset-note signs; it does not invent a currency reconciliation.
E&E additions are not the same as cash payments. The carrying value is not a market value, mineral reserve value or completed-mine valuation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Amounts are Australian dollars; foreign project costs and contractual US-dollar royalties are not silently substituted for report currency.
- FY2021 continuing results use the subsequent re-presentation. A discontinued-note comparative conflict remains visible.
- FY2022 cash close differs by A$3 between statements; FY2025 by A$1. Balance-sheet values are displayed.
- The saved application-money claim has one 2015 date typo; the separately explicit July 2025 placement claim is used.
- Study economics are scenarios; small-scale mining does not establish commercial gold sales. Debt repayment and July cash receipts are kept after balance date.
- 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
- MetalsTech Limited - MetalsTech Limited - 2021 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- MetalsTech Limited - FY22 Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- MetalsTech Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- MetalsTech Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- MetalsTech 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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