FY2021
Capital supported drilling capability
The January placement funded the programme. Cash statements record A$1.155m equipment purchases, exploration cash use and a separate non-cash exploration impairment.
ASX: NES · Five-year financial review
(ASX: NES) Nelson Resources Limited Financial Review - FY2021~25
Nelson’s five-year accounts show a shift from equipment-intensive drilling activity to a smaller exploration portfolio, followed by fresh equity funding in FY2025. The sharp FY2024 loss largely reflects exploration asset charges. Cash classifications changed as well, so the apparent improvement in operating cash flow needs careful interpretation.
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$1.569m
Group cash after equity funding.
FY2024 asset charges
A$5.991m
Exploration impairment plus capitalised write-off.
FY2025 exploration book
A$0.931m
Carrying value, not mineral valuation.
FY2025 financing cash
A$2.135m
After share-issue cash costs.
Five years in context
The largest accounting change was the FY2024 exploration reset: impairment and write-off together removed almost A$6m. This reduced the book value of the portfolio, not an equivalent amount of cash in that year.
Earlier revenue included drilling services; later revenue came mainly from office subletting and interest. No mine-sales series is manufactured from those different activities.
By June 2025 cash and equity had recovered after funding, while exploration assets were below A$1m. This is a stronger balance-date liquidity position than FY2024, not evidence that exploration can fund itself.
Events behind the numbers
FY2022
Equipment costs and further funding
Drilling revenue increased, but direct drilling expense and equipment impairment weighed on earnings. August 2021 and February 2022 raisings fall in this fiscal year, not FY2021.
FY2023
Equipment disposed; cash presentation changed
Equipment sales brought A$237,751 cash but an accounting disposal loss. Exploration cash moved into investing, including a reclassified FY2022 comparative.
FY2024
Portfolio carrying values written down
A$4.501m impairment and A$1.491m capitalised write-off drove the loss. There was no financing cash that year, and the report disclosed going-concern uncertainty.
FY2025
New funding and renewed project work
The placement rebuilt cash. Desktop reviews of Fortnum, Yarri and Woodline led to follow-up work at Yarri. The RMA share issuance dated September 2024 is within FY2025, although described in the prior report’s subsequent events.
FINANCIAL REVIEW / 01
Why the loss is not a simple measure of field activity
Drilling and survey revenue reached A$0.374m in FY2022, but the company also bore drilling, equipment and employee costs. FY2023 revenue instead consisted of A$37,000 office sublease income plus A$8,266 interest. By FY2025 the selected revenue note shows interest only.
FY2024’s large loss is dominated by asset impairment and write-off, not a similar increase in cash expenditure. The smaller FY2025 loss still includes A$320,734 capitalised write-off alongside consulting, directors’ and administrative costs.
Statutory annual loss
A$ million
Statutory loss after tax
AI-generated presentation · values from Income and recurring costs; no missing values plotted as zero.
Income and recurring costs
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total revenue | 0.204 | 0.373 | 0.045 | 0.013 | 0.011 |
| Administration and other expenses — recast FY2021 | (0.146) | (0.301) | (0.147) | (0.084) | (0.085) |
| Accounting and audit fees | (0.129) | (0.141) | (0.041) | (0.045) | (0.043) |
| Directors’ fees / later including superannuation | (0.389) | (0.349) | (0.223) | (0.095) | (0.190) |
| Employee expenses — recast FY2021 | (0.216) | (0.212) | (0.065) | (0.013) | (0.007) |
| Plant/equipment depreciation — later total depreciation | (0.246) | (0.370) | (0.343) | (0.024) | (0.012) |
| Legal fees | (0.037) | (0.027) | (0.043) | (0.000) | (0.005) |
| Occupancy expenses | (0.055) | (0.030) | (0.050) | (0.008) | (0.026) |
| Statutory loss after tax | (3.097) | (2.318) | (1.307) | (6.400) | (0.839) |
Whole Australian dollars converted to millions; consolidated Group, years ended 30 June.
FY2022 re-presents FY2021 administration: A$146,084 admin + A$328,801 drilling + A$216,473 employee expense equals original A$691,358 admin. The split is used above; no extra cost is created.
Earlier depreciation excludes separately reported right-of-use depreciation (FY2021 A$50,493; FY2022 A$53,878; FY2023 A$48,685). No lease depreciation is disclosed in the complete FY2024–FY2025 statements.
This table shows recurring selected lines, not every line needed to sum to loss. Material exploration and other charges follow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Consulting and exploration charges: different economic meanings
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Consultancy fees | (0.085) | (0.110) | (0.139) |
| Exploration / tenement expenses charged as incurred | (0.021) | (0.036) | (0.004) |
| Loss on equipment / asset disposal | (0.283) | (0.003) | (0.008) |
Capitalised exploration write-offs are separate: FY2024 A$1.491m and FY2025 A$0.321m; the FY2023 A$20,958 tenement expense is not relabelled as a capitalised-asset write-off.
FY2021 also had A$0.871m exploration impairment and A$0.477m director share-based charges. FY2022 drilling expense was A$0.869m and equipment impairment A$0.169m.
FY2023 equipment impairment A$37,847 and disposal loss A$283,007 are distinct from A$237,751 cash disposal receipts; a A$41,619 lease-asset disposal gain is also separate.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Compare total programme cash use across the classification change
The original FY2021–FY2022 operating totals include exploration payments. From FY2023 those payments appear in investing, and the FY2022 comparative is re-presented. Adding operating and investing cash is a transparent way to see overall non-financing cash use without mistaking reclassification for savings.
FY2025 equity cash of A$2.375m less issue costs funded both operating and exploration outflows and rebuilt closing cash. The financing-nil decision in FY2024 follows the complete cash bridge; it is not a generic rule for blank cells.
Combined operating/investing cash versus funding
A$ million
Operating + investing cash flow — calculatedNet financing cash flow
AI-generated presentation · values from Cash bridge — preserve the exploration classification change; no missing values plotted as zero.
Cash bridge — preserve the exploration classification change
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening cash | 0.071 | 0.127 | 1.057 | 0.897 | 0.101 |
| Payments to suppliers and employees | (1.711) | (2.053) | (0.836) | (0.255) | (0.502) |
| Exploration cash payments — already within subtotals | (1.317) | (1.286) | (0.860) | (0.589) | (0.194) |
| Operating cash flow — reported classification | (2.861) | (2.976) | (0.796) | (0.223) | (0.491) |
| Investing cash flow — reported classification | (1.155) | (0.339) | (0.624) | (0.573) | (0.176) |
| Operating + investing cash flow — calculated | (4.016) | (3.315) | (1.420) | (0.796) | (0.667) |
| Net financing cash flow | 4.072 | 4.245 | 1.260 | 0.000 | 2.135 |
| Net cash movement | 0.056 | 0.930 | (0.160) | (0.796) | 1.468 |
| Closing cash | 0.127 | 1.057 | 0.897 | 0.101 | 1.569 |
FY2021–FY2022 original cash statements put exploration in operating activities; FY2023 onward put it in investing. Do not interpret the operating subtotal drop as wholly reduced overheads.
The FY2023 comparative reclassifies FY2022: operating -A$1.691m and investing -A$1.625m instead of -A$2.976m and -A$0.339m. The combined -A$3.315m is unchanged.
The main chart uses combined operating/investing cash flow so this reclassification does not create a false trend. Exploration is not added again.
FY2024 financing is supported nil, not an unresolved empty value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Share funding and cash raised
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2025 |
|---|---|---|---|---|
| Cash proceeds from equity issues | 4.454 | 4.796 | 1.394 | 2.375 |
| Cash share-issue costs | (0.359) | (0.513) | (0.087) | (0.240) |
FY2024 had no financing cash, as shown in the full five-year cash bridge. This is an explicit nil year, not excluded evidence.
FY2025 cash-flow share receipts are A$2.375m, versus a narrative placement description of A$2.12m working capital. Net financing after A$239,516 issue costs is A$2.135m. These are different measures; the statement cash series is not replaced by the narrative figure.
Earlier net financing also includes lease repayments. FY2022 A$124,000 borrowing and repayment offset each other.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Cash recovered after the impairment reset
Exploration and equipment dominated the earlier asset base. Equipment disposals, depreciation and exploration write-downs reduced both by FY2025. Cash now represents most current assets, while current liabilities are A$82,718.
FY2024 working capital was in deficit and the auditor flagged material uncertainty. The following year’s placement improves the balance sheet, but the issuer still warns that future exploration may require additional funding and possible shareholder dilution.
Cash, equipment and capitalised exploration
A$ million
CashPlant and equipmentExploration and evaluation assets
AI-generated presentation · values from Full Group financial position; no missing values plotted as zero.
Full Group financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | 0.127 | 1.057 | 0.897 | 0.101 | 1.569 |
| Trade and other receivables | 0.215 | 0.025 | 0.022 | 0.003 | 0.000 |
| Prepaid expenses | 0.410 | 0.305 | 0.046 | 0.028 | 0.011 |
| Current assets | 0.752 | 1.387 | 0.965 | 0.132 | 1.580 |
| Current liabilities | 0.825 | 0.279 | 0.072 | 0.208 | 0.083 |
| Plant and equipment | 1.111 | 0.739 | 0.098 | 0.054 | 0.017 |
| Exploration and evaluation assets | 4.330 | 5.436 | 6.295 | 1.058 | 0.931 |
| Total assets | 6.457 | 7.771 | 7.358 | 1.244 | 2.528 |
| Total liabilities | 1.084 | 0.470 | 0.072 | 0.208 | 0.083 |
| Total equity | 5.373 | 7.301 | 7.286 | 1.036 | 2.445 |
| Issued / contributed equity | 40.854 | 45.044 | 46.429 | 46.579 | 48.701 |
FY2023 liability A$71,945 is supported by the same AUD consolidated balance sheet and the next report comparative. Missing unit metadata on that one row is not absence of a financial value.
Earlier total assets include separate lease-use assets. FY2025 liabilities are trade/payables; the company states no debt or related-party loans.
Equity movements include reserve transfers and share-based transactions; changes in issued capital do not equal cash raised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
A bridge from expenditure to the remaining portfolio
The FY2024 asset note separately identifies expenditure, a share-paid acquisition, impairment and write-off. FY2025 adds A$0.194m and writes off A$0.321m. The closing balance therefore need not rise simply because exploration continues.
The A$150,000 acquisition entry is retained in FY2024 exactly as both movement schedules report it. The separately dated September 2024 RMA share issue is not moved back to FY2024 or automatically equated with that accounting entry; the saved material does not reconcile all acquisition stages.
Historical Mongolian disposal terms were US$500,000, with a US$40,000 good-faith receipt and the receivable fully impaired. Saved narratives disagree whether that receipt was in FY2020 or FY2021; no new allocation is invented. The old contract is not treated as FY2025 proceeds or an unprovided current receivable.
Capitalised exploration balance
A$ million
Closing capitalised exploration
AI-generated presentation · values from Exploration book: additions and closing value; no missing values plotted as zero.
Exploration expenditure capitalised
A$ million
Exploration expenditure capitalised
AI-generated presentation · values from Exploration book: additions and closing value; no missing values plotted as zero.
Exploration book: additions and closing value
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening capitalised exploration | 3.663 | 4.330 | 5.436 | 6.295 | 1.058 |
| Exploration expenditure capitalised | 1.538 | 1.106 | 0.860 | 0.604 | 0.194 |
| Closing capitalised exploration | 4.330 | 5.436 | 6.295 | 1.058 | 0.931 |
FY2021 impairment -A$870,786 completes that bridge. FY2022–FY2023 opening plus additions equals closing.
FY2024 also includes +A$150,000 share-paid tenement acquisition, -A$4,500,748 impairment and -A$1,490,681 write-off. FY2025 deducts A$320,734 write-off.
Capitalised additions and cash payments can differ. FY2025 additions A$193,642 and cash payments A$193,641 differ by A$1; no invented adjustment is needed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Two different exploration charges
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Exploration impairment | (4.501) | 0.000 |
| Write-off of capitalised assets | (1.491) | (0.321) |
FY2024 additional entries: +A$0.150m tenements paid in shares and -A$4.501m impairment. FY2025 has no such impairment movement in the complete note.
The impairment review identifies non-prospective tenements; no unsupported allocation of the total charge to named projects is imposed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2021 administration is re-presented from the FY2022 comparative; profit itself is unchanged.
- Operating/investing categories change in FY2023. Raw statement totals are labelled and the combined cash chart avoids a misleading category trend.
- The FY2024 going-concern narrative cites A$6,400,475 loss, while primary P&L consistently gives A$6,400,075. The financial statement amount is used; material uncertainty is retained.
- Cash share proceeds, placement descriptions, share-based costs and issued capital are distinct. No unsupported bridge is invented.
- No Resource valuation, commercial production forecast, cash-runway or investment conclusion.
- 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
- Nelson Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nelson Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nelson Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Nelson Resources Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Nelson 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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