FY2022
Northern Pilbara added
The August 2021 acquisition brought Northern Pilbara interests with upfront shares and resource-triggered future share obligations, while Pilbara and Otago exploration continued.
ASX: NAE · Five-year financial review
(ASX: NAE) New Age Exploration Limited Financial Review - FY2022~26
New Age Exploration’s FY2022–FY2026 accounts show cash being converted into exploration programmes, with repeated equity funding supporting the portfolio. The largest swings in loss came from option charges, asset impairments and the Lochinvar disposal—not a stream of mine sales.
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.
June 2026 cash
A$1.569m
Group closing cash.
Exploration book
A$4.995m
About 75% of assets; not mineral value.
FY2026 cash funding
A$3.506m
Net financing cash after issue costs.
FY2026 impairment
A$2.481m
Non-cash exploration charge.
Five years in context
Cash contracted through June 2025 before the FY2026 placement rebuilt the balance. By June 2026 exploration assets were the largest asset category. They are historical accounting costs subject to impairment, not the market value of a mineral resource.
Two differences matter when reading performance: FY2024 included substantial option expenses; FY2025 income included a disposal gain. FY2026 then recognised a larger impairment while acquiring Wallah. Cash-flow and carrying-value tables separate these effects.
These five source years are FY2022–FY2026, each ending 30 June. The company remained an explorer and FY2025–FY2026 disclosed material uncertainty over going concern; neither a cash balance nor a project royalty removes that qualification.
Events behind the numbers
FY2023
Exploration funded from existing cash
Exploration payments and operating overheads reduced cash while capitalised additions raised the exploration book. The complete cash-flow statement shows no financing cash that year.
FY2024
Options, impairment and new equity
September 2023 funding raised A$1.969m before costs. Otago permit-related impairment and employee/consultant option charges made the accounting loss larger than operating cash use.
FY2025
Lochinvar exit completed
The July 2024 agreement completed on 30 June 2025 for nominal cash plus a production-linked royalty. Placements funded Wagyu and Lammerlaw exploration; the royalty is not booked as A$15m sale cash.
FY2026
Wallah acquired; impairment remains material
Wallah completed in June 2026 after renewal and conditions. The A$3.75m placement and exploration activity sit alongside A$2.481m impairment. Wallah mapping and soil work described after year end are not moved into the acquisition period.
FINANCIAL REVIEW / 01
Why the headline loss changed
Core corporate, staffing and administrative expenses continue through the five years. FY2024 also recognised A$1.110m employee options and A$0.288m consultant options. These non-cash charges help explain why a loss chart alone overstates the movement in day-to-day cash costs.
FY2025 income rose largely because of the A$0.805m Lochinvar gain, not product sales. With much smaller option charges, loss narrowed even though exploration cash spending increased. FY2026 impairment then widened the loss again; it did not represent A$2.481m paid to contractors that year.
Annual statutory loss
A$ million
Group loss after tax
AI-generated presentation · values from Group income and costs: a fuller earnings picture; no missing values plotted as zero.
Impairment and employee option charges
A$ million
Exploration impairmentEmployee option expense
AI-generated presentation · values from Non-cash charges behind the later annual losses; no missing values plotted as zero.
Group income and costs: a fuller earnings picture
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Other revenue / income | 0.007 | 0.054 | 0.089 | 0.836 | 0.084 |
| Corporate expenses | (0.174) | (0.230) | (0.244) | (0.274) | (0.222) |
| Employee benefits expense — excluding separate options | (0.470) | (0.451) | (0.537) | (0.485) | (0.517) |
| Administrative expense | (0.303) | (0.265) | (0.292) | (0.313) | (0.244) |
| Exploration and evaluation expense | (0.073) | (0.062) | (0.103) | (0.000) | (0.193) |
| Occupancy expense | (0.046) | (0.056) | (0.062) | (0.033) | (0.021) |
| Legal expense | (0.019) | (0.078) | (0.049) | (0.091) | (0.070) |
| Investor relations and marketing | (0.102) | (0.075) | (0.122) | (0.181) | (0.091) |
| Group loss after tax | (1.180) | (1.164) | (3.448) | (1.508) | (4.206) |
Five June year ends, FY2022–FY2026, matching the saved scope. Whole Australian dollars are converted to millions.
FY2025 A$0.836m income includes a A$0.805m Lochinvar disposal gain: it is not mineral sales. FY2025 exploration expense of A$239 rounds to (0.000)m; it is not nil. Options and impairment are detailed below.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Non-cash charges behind the later annual losses
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Employee option expense | (1.110) | (0.093) | (0.451) |
| Consultant option expense | (0.287) | (0.050) | 0.000 |
| Exploration impairment | (0.730) | (0.824) | (2.481) |
FY2024 employee and consultant options together were A$1.398m; this differs from annual cash payroll. Grant-date fair values quoted elsewhere are not automatically the expense recognised in a year.
FY2024 A$0.730m impairment relates to Otago Pioneer Quartz/expired permit, not the subsequent Lochinvar disposal. Later impairment is retained at the supported Group level.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Equity financing supports operating and exploration cash use
The FY2024 investing subtotal benefits from a A$0.571m R&D refund. FY2025 records no refund cash in that lane despite a credit reducing the exploration book; incentives received in FY2026 are classified in operating cash. Reading only the net investing total would conceal that timing.
FY2026 gross share proceeds were A$3.750m, with small option receipts and A$0.246m issue costs producing A$3.506m net financing. These funding inflows do not constitute operating income.
Operating, investing and financing cash
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Complete cash-flow bridge; no missing values plotted as zero.
Complete cash-flow bridge
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Opening cash | 6.376 | 4.181 | 1.838 | 1.400 | 0.557 |
| Suppliers and employees paid | (1.228) | (1.124) | (1.411) | (1.437) | (1.166) |
| Interest received | 0.006 | 0.042 | 0.102 | 0.031 | 0.056 |
| Net operating cash flow | (1.221) | (1.082) | (1.310) | (1.407) | (0.929) |
| Exploration cash payments — within investing | (0.947) | (1.263) | (1.534) | (2.881) | (1.485) |
| Net investing cash flow | (0.963) | (1.263) | (0.975) | (2.904) | (1.565) |
| Net financing cash flow | (0.010) | 0.000 | 1.848 | 3.466 | 3.506 |
| Cash movement before currency effects | (2.194) | (2.344) | (0.437) | (0.845) | 1.012 |
| Closing cash | 4.181 | 1.838 | 1.400 | 0.557 | 1.569 |
Exploration payments are a component of investing cash, not additional to the subtotal.
FY2022–FY2025 currency effects were respectively -A$1,601, +A$1,340, -A$932 and +A$1,518. FY2026 closing cash is supported by the balance sheet and equals opening cash plus the reported movement; no invented currency adjustment is added.
FY2023 financing nil is a statement-specific semantic decision from all cash movements, not a blanket conversion of missing values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Liquidity is not the same as exploration book value
At June 2026 current assets were A$1.658m against A$0.421m current liabilities. The much larger exploration book is not a source of immediate cash. No cash-runway period is inferred from this balance sheet.
Both FY2025 and FY2026 disclose going-concern material uncertainty. FY2025 describes the ability to defer project outflows and expected equity-market access; these are management plans rather than guaranteed funding. The FY2025 opinion was unmodified despite the uncertainty.
Cash versus capitalised exploration
A$ million
Cash and cash equivalentsCapitalised exploration and evaluation
AI-generated presentation · values from Consolidated financial position; no missing values plotted as zero.
Consolidated financial position
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 4.181 | 1.838 | 1.400 | 0.557 | 1.569 |
| Trade and other receivables | 0.028 | 0.039 | 0.060 | 0.256 | 0.046 |
| Prepayments | 0.019 | 0.017 | 0.018 | 0.053 | 0.019 |
| Current assets | 4.252 | 1.919 | 1.504 | 0.891 | 1.658 |
| Current liabilities / trade and other payables | 0.141 | 0.295 | 0.317 | 0.210 | 0.421 |
| Property, plant and equipment | 0.027 | 0.012 | 0.013 | 0.008 | 0.003 |
| Capitalised exploration and evaluation | 1.835 | 3.174 | 3.406 | 5.380 | 4.995 |
| Total assets | 6.114 | 5.104 | 4.923 | 6.279 | 6.666 |
| Total equity | 5.972 | 4.809 | 4.606 | 6.068 | 6.245 |
| Contributed equity | 33.953 | 33.953 | 35.801 | 39.502 | 43.206 |
All values are Group, not parent-only. Current liabilities equal total liabilities in these statements.
FY2025 saved narrative calls A$890,895 working capital; that is the statement current-asset total. Current assets less A$210,462 current liabilities gives A$680,433 net current assets. The report uses those distinct meanings.
FY2023 current-year total assets differ by A$1 from the later comparative; the current-year statement is retained.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Follow the asset roll-forward, not just the closing total
Capitalised additions exceed cash payments in some years because recognition and settlement are different events. From FY2024, tax credits and impairments materially change the closing balance. In FY2026, Wallah added A$0.280m acquisition value separately from ordinary additions.
FY2024 impairment concerned Otago Pioneer Quartz after permit expiry and a renewal application. Later totals are shown at Group level; the saved evidence does not justify allocating every dollar among projects. Lammerlaw is explicitly early-stage with no defined Resource or Reserve.
Additions and impairments in the later years
A$ million
Capitalised additionsImpairment expense
AI-generated presentation · values from Exploration asset roll-forward: FY2024–FY2026; no missing values plotted as zero.
Exploration carrying values: early additions
A$ million
| Metric | FY2022 | FY2023 |
|---|---|---|
| Opening balance | 0.851 | 1.835 |
| Capitalised additions | 0.984 | 1.338 |
| Closing exploration assets | 1.835 | 3.174 |
Capitalised additions need not equal cash payments in a period. The FY2022 closing amount plus FY2023 additions reproduces the next closing balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Exploration asset roll-forward: FY2024–FY2026
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Opening exploration assets | 3.174 | 3.406 | 5.380 |
| Capitalised additions | 1.534 | 2.962 | 1.816 |
| Impairment expense | (0.730) | (0.824) | (2.481) |
| Closing exploration assets | 3.406 | 5.380 | 4.995 |
Additional movements: FY2024 R&D credit -A$571,349; FY2025 R&D credit -A$163,415; FY2026 Wallah acquisition fair value +A$280,000. These complete each displayed roll-forward.
FY2025 contains conflicting duplicate interpretation rows, including one nil impairment. The coherent movement note and signed P&L both support A$824,277 impairment, selected here.
The R&D credit is not always cash in the same year: FY2025 cash-flow refund is nil although the asset movement recognises a credit. FY2026 incentives received appear within operating cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Lochinvar and Wallah: cash, rights and ownership
Lochinvar completion occurred on 30 June 2025, not at the July 2024 agreement date. Nominal A$1 cash consideration was accompanied by A$1 per tonne on the first 15m tonnes extracted and sold, contingent on future development. The accounting disposal gain must not be replaced with the potential royalty ceiling.
The Wallah financial records support A$80,000 cash plus 57,142,857 shares valued at A$200,000, giving A$280,000 acquisition value. Two saved narratives instead say A$100,000 cash while keeping the same total. This is an unresolved source conflict: the financial-table basis is selected, and no A$20,000 deposit or timing adjustment is invented.
Further Wallah cash/share milestones and the vendor 1% net-smelter royalty are conditional obligations, not FY2026 acquisition cash paid. Earlier Monterey resource-triggered shares and the separate Redmoor royalty right are likewise contingent; none establishes commercial production.
Wallah mapping and infill soil sampling followed year end. Geological references to nearby deposits do not establish a Resource at NAE projects or a financial valuation.
Transactions and cash classification — do not add unlike figures
A$ million
| Metric | FY2025 |
|---|---|
| FY2025 interest income | 0.032 |
| FY2025 Lochinvar disposal gain | 0.805 |
| FY2025 foreign-operation translation in OCI | (0.824) |
| FY2025 controlled-entity disposal cash flow | (0.020) |
The sale contract was A$1 nominal consideration plus a conditional production royalty. The gain, OCI movement and disposal cash outflow are different accounting measures, not four versions of sale proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen scope is FY2022–FY2026; no newly fetched year or original document was added.
- FY2023 financing nil is supported by the full cash statement. FY2025 working-capital wording, duplicate impairment interpretations and Wallah contract/cash-flow measures are explicitly distinguished.
- A small FY2022 OCI comparative discrepancy and FY2023 A$1 total-assets difference are not used to alter statutory loss or force a false reconciliation.
- No project valuation, production forecast, cash-runway estimate or contingent royalty as realised revenue.
- 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
- New Age Exploration Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- New Age Exploration Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- New Age Exploration Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- New Age Exploration Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- New Age Exploration 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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