(ASX: MVL) Marvel Gold Limited Financial Review - FY2021~25

Exploration expense and corporate costs decreased between the early Mali exploration years and 2024. The investment mattered too: Evolution associate losses burdened 2022–2024, and 2024 included a further A$1.934m investment impairment. These accounting charges differ from cash exploration spending.

FY2025 combines renewed exploration expense with the A$1.656m Yanfolila impairment and A$0.557m subsidiary-sale gain. The full Yanfolila carrying value was impaired because of renewal uncertainty, the divestment strategy and no supportable recoverable amount—not because a realised sale price had been received.

The A$16.938m demerger gain produced a A$10.260m profit in July–December 2021 despite operating cash outflow. Excluding that transition from the context would make the later net-asset position hard to understand. The table is a separate period, not a sixth full financial year.

Exploration payments sit inside operating activities. FY2025 separately identifies staff payments, so its suppliers-and-employees row is not directly substituted for the earlier combined staffing series. Net operating cash is the consistent subtotal.

FY2024 had no financing cash: the complete statement shows no share receipts or costs and operating plus investing cash equals the reported pre-currency decline. In 2025, financing and investment receipts rebuilt cash; this is not a cash-runway forecast.

The June 2021 net-liability position included the Chilalo disposal group. The auditor disclosed a material uncertainty related to going concern without modifying the opinion. Those historical conditions are not automatically applied to 2025.

FY2025 net current assets were A$3.243m. Capitalised exploration is an accounting balance; no production had commenced in the carried-forward areas. It is not an estimate of future cash sales or remaining mineral value.

The original Chilalo spin-out was a project-and-loan transaction, not operating revenue. The later Evolution holding was equity-accounted until loss of significant influence in July 2024. Reclassification at A$1.600m was followed by a December carrying value of A$1.100m; the shares were sold during 2025.

The sale proceeds were about A$0.604m. Investment carrying values, share of associate losses, dilution gains and actual sale proceeds occupy different accounting lanes and are not combined into one performance metric.

The Hanang acquisition and A$4.235m placement were announced in March 2025, although also described as subsequent events in the FY2024 extraction. They belong in 2025. Cobra was an asset acquisition: cash payments, acquisition shares and deferred consideration must not all be presented as current-year cash.

The saved share-count narratives disagree on the precise unissued Cobra share count. The statement gives A$32,820 unissued equity at December 2025; the note says those shares were issued on 18 March 2026. This review retains the amount and timing without choosing a conflicting share count.

The September 2025 Mali subsidiary sale brought A$150,000 cash and a A$556,611 accounting gain, which are not the same amount. Deferred consideration was recognised at nil; the further A$1m contingent right and retained 5% production royalty capped at A$5m are not present cash proceeds.

Separately, a December Yanfo MoU described up to US$1.940m milestone payments and US$25,000 option plus US$25,000 settlement receipts. The saved impairment explanation also says no binding sale at its assessment. These statements are retained as different transaction/assessment contexts, not combined into a completed A$ or US$1.940m sale. No dividend was declared or paid up to the report date.