FY2021
Convertible notes financed the programme
Series 9 notes supported the farm acquisition, drilling and redemption of older notes. Face value of the issue differs from the cash-flow proceeds: the table retains the statement’s A$2.900m.
ASX: NAG · Five-year financial review
(ASX: NAG) Nagambie Resources Limited Financial Review - FY2021~25
Nagambie’s financial story is a growing exploration asset base supported by equity, convertible notes and secured debt. The five-year record also contains rental and other operating income, a material rehabilitation obligation and a FY2021 restatement. By June 2025, low cash and concentrated current debt made funding timing central to the review.
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 2025 cash
A$69,324
Balance before subsequent funding.
Current-asset deficit
A$6.520m
Disclosed going-concern pressure.
Borrowings
A$5.727m
A$5.270m classified current.
Exploration assets
A$21.666m
Accounting carrying value, not mine value.
Five years in context
Recurring losses were driven by financing, corporate and employee costs, while revenue came from rental, rock and other activities rather than current gold or antimony production. Statutory losses and cash operating costs therefore tell different stories.
Exploration assets reached A$21.666m, but part of their increase was a non-cash rehabilitation asset. This book value is neither a mineral valuation nor money available to meet current liabilities.
FY2021 figures are shown on the saved FY2022 restated basis, with the original comparison retained. Later capital raising and facility extensions are labelled subsequent events, not added to June 2025 cash.
Events behind the numbers
FY2022
Cash tightened; prior accounts corrected
Cash ended at A$0.127m and the accounts restated FY2021 convertible-note balances. The Series 6-to-10 rollover dated 25 July 2022 is a subsequent event, not FY2022 cash.
FY2023
Funding and exploration both expanded
Net financing cash of A$5.060m supported A$2.786m exploration payments plus operating outflows. Share and note financing included different gross, cash and rollover measures; they are not interchangeable.
FY2024
Rehabilitation obligation recognised
A$2.766m rehabilitation recognition lifted the exploration book alongside the new provision. The PPT secured facility began in September 2023; these events explain more than the closing asset total alone.
FY2025
Redcastle sold; liquidity remains constrained
The remaining 30% Redcastle interest sold for A$250,000. The PPT limit increased to A$3m, but June cash was only A$69,324; the later A$1.2m raising and facility extension sit outside year-end balances.
FINANCIAL REVIEW / 01
Revenue is modest; financing and non-cash costs matter
Finance expense exceeded annual revenue in every selected year. FY2025 loss narrowed with lower finance and corporate charges, but this is not evidence of a producing mine becoming profitable. The revenue mix below makes the distinction visible.
Employee expense is reported after capitalisation and includes share-based payments. The two-year reconciliation avoids treating the entire expense as cash wages or adding capitalised payroll twice.
Revenue and statutory loss
A$ million
RevenueLoss after income tax
AI-generated presentation · values from Group earnings: costs behind the statutory loss; no missing values plotted as zero.
Group earnings: costs behind the statutory loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 0.285 | 0.259 | 0.310 | 0.274 | 0.453 |
| Corporate expenses | (0.529) | (0.472) | (0.998) | (1.042) | (0.939) |
| Cost of sales / rehabilitation | (0.019) | (0.013) | (0.027) | (0.004) | (0.110) |
| Depreciation and amortisation | (0.226) | (0.205) | (0.113) | (0.070) | (0.070) |
| Employee benefits — after capitalisation | (0.677) | (0.829) | (1.027) | (0.381) | (0.397) |
| Finance / interest expense | (0.816) | (1.082) | (1.339) | (1.303) | (0.762) |
| Loss after income tax | (1.982) | (2.341) | (3.342) | (2.790) | (1.846) |
| Total comprehensive loss | (3.073) | (3.030) | (3.368) | (2.790) | (1.846) |
Whole Australian dollars converted to millions. FY2021 uses the explicitly restated comparative in the FY2022 accounts; the original is shown separately below.
Additional FY2023 charges: A$94,262 fair-value loss on liability, A$33,350 exploration impairment and A$19,948 disposal loss. Exploration impairment was A$263,632 in FY2024 and A$20,806 in FY2025.
Revenue is not gold/antimony mine sales. Comprehensive loss also includes investment fair-value movements outside statutory earnings.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What FY2025 revenue actually contains
A$ million
| Metric | FY2025 |
|---|---|
| Rental income | 0.237 |
| Rock sales | 0.018 |
| Interest income | 0.025 |
| Sundry income — Redcastle disposal gain | 0.011 |
| PASS income | 0.162 |
| Total revenue | 0.453 |
PASS is the issuer-labelled activity. No ore sales or future toll-treatment receipts are imputed.
The Redcastle A$250,000 cash sale is not A$250,000 revenue: the exploration carrying value removed was A$239,129 and the recognised gain was A$10,871.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Employee-cost reconciliation: expensed versus capitalised
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Share-based payment expense | 0.236 | 0.284 |
| Wages and salaries | 0.312 | 0.287 |
| Superannuation | 0.076 | 0.080 |
| Employee costs capitalised | (0.243) | (0.255) |
| Employee benefits charged to earnings | 0.381 | 0.397 |
Minor staff amenities/payroll charges complete the totals: FY2024 A$585; FY2025 A$153 plus A$198. Share-based pay is non-cash; capitalisation moves qualifying cost into exploration assets.
The FY2025 finance note totals A$761,508 versus A$761,509 in the primary P&L. The A$1 difference is disclosed; the primary statement drives the five-year earnings table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
How the programme was funded
Equity and note/facility funding replenished cash, while share disposals and property transactions also affected investing. The A$0.388m FY2025 operating outflow is not the full programme cost: A$1.291m exploration cash sits in investing.
FY2025 financing comprises A$1.350m facility drawdown less A$0.300m note repayment. The post-year A$1.2m capital raise is not part of that subtotal or the reported closing cash.
Cash use and funding
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Cash movements: customers, funding and exploration; no missing values plotted as zero.
Cash movements: customers, funding and exploration
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening cash | 0.224 | 1.359 | 0.127 | 1.122 | 0.438 |
| Receipts from customers | 0.246 | 0.300 | 0.416 | 0.246 | 0.571 |
| Suppliers and employees paid | (0.522) | (0.330) | (1.376) | (1.285) | (0.596) |
| Interest received | 0.004 | 0.001 | 0.017 | 0.028 | 0.008 |
| Interest paid | (0.551) | (0.751) | (0.593) | (0.891) | (0.370) |
| Net operating cash flow | (0.790) | (0.779) | (1.535) | (1.902) | (0.388) |
| Exploration cash payments — investing component | (1.233) | (1.224) | (2.786) | (1.061) | (1.291) |
| Net investing cash flow | (0.425) | (0.978) | (2.530) | (1.078) | (1.031) |
| Net financing cash flow | 2.350 | 0.525 | 5.060 | 2.296 | 1.050 |
| Net cash movement | 1.135 | (1.232) | 0.995 | (0.684) | (0.368) |
| Closing cash | 1.359 | 0.127 | 1.122 | 0.438 | 0.069 |
FY2021 also received A$32,108 cash-flow boost, completing the operating subtotal. Exploration payments sit inside investing and must not be added twice.
Investing includes share disposals, property transactions and deposits as well as exploration. FY2022 property/plant purchases were A$873,449; FY2023 property/plant sale receipts were A$210,000.
Cash interest paid and accrued finance expense are different measures; the latter also reflects convertible-note accounting.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Exploration assets do not remove the funding gap
Cash plus receivables were far below current obligations in FY2025. Most borrowings had become current, including A$2.950m drawn from PPT. The subsequent extension to September 2026 does not retroactively change June classifications.
The auditor highlighted material uncertainty over going concern without modifying the opinion. Management referred to the later capital raise, lender extension and potential property or farm-out transactions; these are mitigants, not guaranteed future proceeds.
Cash versus current liabilities
A$ million
CashCurrent liabilities
AI-generated presentation · values from Consolidated balance sheet and liquidity; no missing values plotted as zero.
Debt shifted toward current maturities
A$ million
Current borrowingsNon-current borrowings
AI-generated presentation · values from Borrowings and maturity concentration; no missing values plotted as zero.
Consolidated balance sheet and liquidity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | 1.359 | 0.127 | 1.122 | 0.438 | 0.069 |
| Receivables | 0.076 | 0.034 | 0.138 | 0.046 | 0.078 |
| Current assets | 3.566 | 0.381 | 1.260 | 0.484 | 0.148 |
| Current liabilities | 0.703 | 2.406 | 1.827 | 1.369 | 6.667 |
| Security deposits | 0.740 | 0.751 | 0.753 | 0.771 | 0.778 |
| Property, plant and equipment | 0.254 | 1.503 | 1.359 | 1.288 | 1.218 |
| Exploration and evaluation assets | 13.282 | 14.507 | 17.259 | 20.823 | 21.666 |
| Total assets | 18.386 | 17.196 | 20.631 | 23.365 | 23.810 |
| Total liabilities | 6.307 | 6.725 | 8.239 | 8.008 | 9.894 |
| Total equity | 12.078 | 10.471 | 12.392 | 15.358 | 13.916 |
| Issued capital | 27.284 | 27.978 | 31.290 | 38.340 | 38.460 |
Consolidated Group, not parent-only. FY2021 is the FY2022 restated comparative.
FY2021 and FY2022 current assets include equity investments of A$2.040m and A$0.220m respectively. Cash alone does not reproduce those earlier current-asset totals.
FY2025 current assets A$147,625 less current liabilities A$6,667,200 gives the disclosed A$6,519,575 deficit; exploration book value is not liquid funding.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Borrowings and maturity concentration
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current borrowings | 0.000 | 1.559 | 0.664 | 0.714 | 5.270 |
| Non-current borrowings | 5.519 | 4.291 | 6.410 | 3.869 | 0.457 |
| Total borrowings — excluding separate leases | 5.519 | 5.850 | 7.074 | 4.583 | 5.727 |
Five-year debt series includes the restated FY2021 balance; it is not necessary to omit the year.
FY2025 current borrowings: Series 9 A$2.262m, Series 10 A$0.059m and PPT A$2.950m. A further A$0.457m Series 10 is non-current.
Separate lease liabilities are outside this borrowings total. Changes also reflect note conversions and accounting allocations, not just cash drawdowns.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
What changed inside the exploration book
The FY2024 rehabilitation provision was a third-party-assisted estimate of future MIN 5412 closure costs. Recognising the corresponding asset explains much of that year’s increase; it must not be described as extra exploration cash or a rise in resources.
FY2025 Redcastle cash proceeds, the asset disposed and the small gain are three different numbers. Separately, the West Pit Inferred Resource announcement describes in-ground mineralisation, not Reserves or booked sales. Planned joint-venture toll treatment remains subject to funding.
Capitalised additions versus closing asset
A$ million
Ordinary capitalised additionsClosing exploration assets
AI-generated presentation · values from Exploration asset movement: additions are not all cash drilling; no missing values plotted as zero.
Exploration asset movement: additions are not all cash drilling
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening exploration assets | 12.149 | 13.282 | 14.507 | 17.259 | 20.823 |
| Ordinary capitalised additions | 1.233 | 1.224 | 2.786 | 1.061 | 1.104 |
| Closing exploration assets | 13.282 | 14.507 | 17.259 | 20.823 | 21.666 |
Other movements complete the bridge: FY2021 -A$100,000 Mawson option; FY2023 -A$33,350 impairment; FY2024 -A$263,632 impairment plus A$2,766,000 rehabilitation asset; FY2025 -A$20,806 impairment and -A$239,129 disposal.
FY2024 rehabilitation recognition increases both an asset and an obligation; it is not exploration cash spent that year.
FY2025 A$1.104m capitalised additions differ from A$1.291m exploration cash payments. No unsupported timing reconciliation is invented.
A duplicate later FY2021 additions interpretation says A$1,235,634; the original movement note and cash-flow record both support A$1,232,634, used here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Use the restated series deliberately
The saved FY2022 comparative corrects FY2021 convertible-note accounting. Using it allows five-year debt and earnings comparisons without discarding the earlier year; the table retains the original figures so the basis change remains visible.
Generic saved narratives stating no impairment conflict with the signed P&L and exploration movement notes in later years. This review selects the matching charges and movements—FY2023 A$33,350, FY2024 A$263,632 and FY2025 A$20,806—rather than erasing those costs.
FY2021: original report versus restated comparative
A$ million
| Metric | Original FY2021 | Restated FY2021 |
|---|---|---|
| Finance expense | (0.551) | (0.816) |
| Loss after tax | (1.717) | (1.982) |
| Total liabilities | 7.922 | 6.307 |
| Total equity | 10.463 | 12.078 |
The later annual extraction records a correction to convertible-note accounting. Restatement changes earnings, debt/equity allocation and accumulated balances; it is not new cash received in FY2021.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 restated observations are identified, not silently combined with original debt/equity balances.
- A FY2023 note-rollover narrative contains inconsistent rolled amounts; cash-flow funding is shown without inventing a face-value reconciliation.
- Investment fair-value movements in OCI are not operating revenue. No cash-runway, valuation, production forecast or investment recommendation is added.
- FY2025 finance-note A$1 difference, FY2021 duplicate additions discrepancy and generic impairment wording are disclosed; these do not justify hiding the available financial data.
- 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
- Nagambie Resources Limited - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Nagambie Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nagambie Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nagambie Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nagambie Resources 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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