FY2021
Funded exploration expansion
Placements supported the growing exploration programme and capitalised project investment.
ASX: MTH · Five-year financial review
(ASX: MTH) Mithril Silver and Gold Limited Financial Review - FY2021~25
Mithril’s FY2025 equity funding supported a much larger Copalquin exploration programme and a higher cash balance. But that is not the whole five-year story: Mexican VAT receipts briefly lifted operating cash, currency translation changed the project asset, and an abandoned corporate scheme added costs. The review restores those drivers and keeps the 50% project interest separate from its remaining buyout option.
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$11.056m
30 June; excludes the July placement.
FY2025 exploration cash
A$8.181m
Investing component, not carrying value.
FY2025 share receipts
A$20.725m
Before issue costs.
Copalquin interest
50% + option
Remaining 50% has a US$10m exercise price.
Five years in context
Mithril explores the Copalquin gold-silver district in Durango, Mexico. Its 50% interest and the option to buy the remaining 50% for US$10m are different rights; the option deadline was extended to August 2028. Resources and conceptual study work are not current mine production.
The financial statements are presented in Australian dollars. Mexican operations create translation effects, while the US-dollar buyout price and Canadian placement terms retain their own currencies.
The company changed its name and added a TSXV listing during FY2025. Those corporate events do not create a new financial entity or a mine sales stream.
Events behind the numbers
FY2022
Placements and asset disposal
Equity cash and A$500,000 disposal proceeds supported exploration. The 50% Copalquin earn-in completion followed in August 2022, after June close.
FY2023
Ownership milestone; VAT receipts
Copalquin reached 50% in August 2022. Mexican VAT receipts materially changed operating cash; this was not commercial gold sales.
FY2024
Scheme ends; financing restarts work
The Newrange scheme was terminated. Convertible-note and share funding supported the subsequent programme; a 1-for-100 capital consolidation changes per-share comparability.
FY2025
Funding and drilling scale up
Share cash receipts exceeded A$20m and exploration payments rose above A$8m. The separate July placement is a post-year event.
FINANCIAL REVIEW / 01
Funding growth is not operating revenue
Five-year cash statements support the full history, including the small FY2023 inflow. VAT refunds and cash interest explain that exception to operating outflows. Their cash timing differs from the tax-adjustment income recognised in the P&L.
FY2025 financing is dominated by actual share receipts less costs. The October 2024 placement announcement and the July 2025 completed placement have different terms and dates; they are not assumed to be one transaction or used to overwrite the cash statement.
Cash flows across the full five years
A$ million
Operating cash flowInvesting cash flowFinancing cash flow
AI-generated presentation · values from All five years of cash flows are available; no missing values plotted as zero.
Closing cash
A$ million
Closing cash equivalents
AI-generated presentation · values from All five years of cash flows are available; no missing values plotted as zero.
Exploration cash deployment
A$ million
Exploration cash payments — investing component
AI-generated presentation · values from Exploration payments and equity cash funding; no missing values plotted as zero.
All five years of cash flows are available
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | (1.447) | (0.944) | 0.001 | (1.347) | (1.945) |
| Investing cash flow | (4.856) | (6.092) | (3.086) | (2.059) | (8.184) |
| Financing cash flow | 8.031 | 6.381 | 1.372 | 4.336 | 19.689 |
| Net cash movement before FX | 1.728 | (0.655) | (1.713) | 0.929 | 9.560 |
| Cash FX adjustment | 0.004 | 0.006 | 0.010 | (0.001) | (0.001) |
| Closing cash equivalents | 2.920 | 2.272 | 0.569 | 1.496 | 11.056 |
FY2023 operating cash is a small positive A$1,355, supported by A$878,582 Mexican VAT receipts and A$58,454 cash interest. It is not mine operating profit.
FY2021 original receipts are inconsistently labelled; the next annual comparator reports A$1,440. The reported net operating subtotal is retained and not recalculated from the ambiguous original receipt cell.
The cash-flow subtotals and the cash FX adjustment are kept distinct; translation of the wider asset base is not the cash FX movement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration payments and equity cash funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration cash payments — investing component | (4.855) | (6.592) | (3.086) | (2.059) | (8.181) |
| Share issue cash proceeds | 8.530 | 6.800 | 1.500 | 3.370 | 20.725 |
| Cash share-issue costs | (0.499) | (0.419) | (0.086) | (0.123) | (1.002) |
FY2022 investing also received A$500,000 from exploration-asset disposal, separate from the A$293,079 accounting sale profit.
FY2024 financing includes A$1m convertible-note receipts and A$150,000 borrowings, less A$61,372 repayments. FY2025 received A$20.725m share cash, paid A$1.002m issue costs and repaid A$34,740 borrowings.
The July 2025 A$12.727m placement is subsequent to the financial year. It must not be added to June cash or FY2025 financing.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Costs and currency explain more than the loss line
The terminated scheme and later listing/investor-relations costs should be visible, not buried in generic administration. The FY2023 re-presented cost split is retained so the comparison does not create a false fall in administration.
Exploration impairment affected FY2023 and the Australian portfolio in FY2025. Translation movements sit outside net profit and also affect the project asset; neither is a proxy for gold production or cash generated.
Statutory net losses
A$ million
Loss after tax
AI-generated presentation · values from Consolidated earnings and major non-cash differences; no missing values plotted as zero.
Consolidated earnings and major non-cash differences
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other income | 0.053 | 0.026 | 0.145 | 0.123 | 0.008 |
| Interest income | 0.004 | 0.002 | 0.002 | 0.000 | 0.380 |
| Employee benefits expense | (0.397) | (0.318) | (0.360) | (0.398) | (0.648) |
| Share-based payments | (0.643) | 0.000 | (0.052) | (0.115) | (0.039) |
| Exploration impairment | (0.013) | 0.000 | (1.049) | 0.000 | (0.091) |
| Loss after tax | (1.689) | (0.632) | (2.098) | (1.600) | (2.122) |
| Currency translation in other comprehensive income | 0.265 | 0.867 | 3.566 | (1.530) | (0.039) |
Other income includes grants and later Mexican tax adjustments, not a demonstrated gold/silver sales stream.
Foreign-currency translation belongs in other comprehensive income, not the profit-and-loss result. The FY2023 positive translation does not mean the business reported a net profit.
FY2025 impairment relates to Australian tenements; it must not be assigned to Copalquin.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent cost mix after the FY2023 reclassification
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Administration | (0.335) | (0.396) | (0.672) |
| ASIC / listing fees | (0.065) | (0.087) | (0.316) |
| Scheme implementation costs | (0.263) | (0.339) | 0.000 |
| Investor relations | (0.027) | (0.108) | (0.382) |
| Travel | (0.037) | (0.076) | (0.121) |
| Depreciation/amortisation | (0.053) | (0.063) | (0.066) |
| Interest expense | (0.003) | (0.052) | (0.002) |
The FY2024 comparator splits FY2023’s A$625,266 administration into A$334,900 administration, A$263,423 scheme costs and A$26,943 investor relations. These re-presented lines are used consistently here.
FY2021/FY2022 original administration was A$472,506/A$429,629; it is not forced into the later, more granular split. FY2025 legal expense was A$172,193, versus A$89,400 in FY2024.
The Newrange scheme ended in November 2023 because the required concurrent financing was not completed. Scheme expense is not a completed acquisition price.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Project investment, ownership and the remaining obligations
Capitalised additions, depreciation, translation and Australian impairment reconcile the later E&E balances. The bulk is Mexico, but the accounting asset is not a market valuation and should not be compared directly with resource ounces.
The Lignum Dam divestment was for completion after year-end, while Limestone Well remained a 10% free-carried interest. Copalquin’s unexercised option is not evidence that the remaining interest has been purchased.
The saved FY2025 record includes both the directors’ forecast of more than 12 months’ cash resources, incorporating the July placement, and an auditor going-concern material-uncertainty section with an unmodified opinion. Both are disclosed; no independent runway or solvency conclusion is added.
Capitalised exploration and evaluation
A$ million
Capitalised E&E
AI-generated presentation · values from Consolidated balance sheet — not the parent or segment columns; no missing values plotted as zero.
Consolidated balance sheet — not the parent or segment columns
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash equivalents | 2.920 | 2.272 | 0.569 | 1.496 | 11.056 |
| Current receivables | 0.767 | 0.938 | 0.335 | 0.178 | 0.493 |
| Current assets | 3.709 | 3.230 | 0.925 | 2.111 | 11.881 |
| Capitalised E&E | 18.074 | 25.177 | 30.093 | 30.812 | 39.065 |
| Total assets | 21.784 | 28.408 | 31.020 | 32.924 | 50.950 |
| Trade and other payables | 0.804 | 0.670 | 0.356 | 0.371 | 0.788 |
| Total liabilities | 0.822 | 0.691 | 0.393 | 0.447 | 0.871 |
| Issued capital | 58.288 | 64.809 | 66.250 | 71.116 | 90.659 |
| Total equity | 20.962 | 27.717 | 30.627 | 32.477 | 50.079 |
The FY2025 total-assets line has a damaged label but its meaning is established by the full Group statement and current plus non-current totals; it is not rejected for its label.
FY2025 borrowings are explicitly nil. Liabilities consist of payables and employee benefits; they must not all be called debt. Earlier FY2023/FY2024 borrowings were A$10,524/A$34,739.
Receivables and E&E are not cash. Consolidated carrying values are not automatically a 50%-equity mineral-resource quantity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration asset bridge: additions, FX, depreciation and impairment
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Opening balance | 30.093 | 30.812 |
| Capitalised expenditure additions | 2.309 | 8.450 |
| Depreciation included in asset movement | (0.063) | (0.066) |
| Foreign-exchange translation | (1.528) | (0.039) |
| Impairment | 0.000 | (0.091) |
| Closing E&E carrying value | 30.812 | 39.065 |
FY2024 substantial negative translation restrained carrying-value growth despite new work; FY2025 additions were much larger. Neither movement measures ounces discovered or depleted.
Cash exploration payments and capitalised additions have different accrual and non-cash bases. Do not subtract the depreciation/impairment movement a second time from the reported closing asset.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Where the later exploration asset sits
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Australia | 0.130 | 0.044 |
| Mexico / Copalquin | 30.681 | 39.021 |
| Total carrying value | 30.812 | 39.065 |
The group holds 50% of the Copalquin concessions with an option over the remainder. These are consolidated accounting amounts, not a statement of 100% ownership.
Australian carrying value falls after the A$91,457 impairment. The charge is not evidence of Mexican project deterioration.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Australian-dollar report presentation is explicitly supported; inconsistent row metadata does not justify omitting earlier cash statements.
- FY2023 administration is re-presented into separately disclosed scheme and investor-relations costs. Per-share figures are not joined across the 1-for-100 consolidation.
- The FY2021 receipt-cell inconsistency is disclosed; statutory operating subtotals are retained.
- The 50% earn-in completed in August 2022, in FY2023 despite being disclosed in the FY2022 source. July 2025 placement is subsequent to FY2025.
- All project/financial data comes from saved extractions; no completed remaining-interest purchase, production, valuation or mine life 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
- Mithril Silver and Gold Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Mithril Silver and Gold Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Mithril Silver and Gold Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mithril Silver and Gold Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Mithril Silver and Gold 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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