FY2021
Equity funding and debt repayment
Cash share proceeds funded exploration and a A$1.743m borrowing repayment. Legal and employee/contractor costs were significant parts of the loss.
ASX: NME · Five-year financial review
(ASX: NME) Nex Metals Explorations Limited Financial Review - FY2021~25
Nex Metals’ FY2021–FY2025 accounts are shaped by legal costs, related-party support, R&D receipts and a negotiated change in project ownership. Their timing explains both the brief balance-sheet improvement in FY2023 and the renewed FY2025 loss. The Kookynie tailings and Egypt agreements announced after June 2025 are kept separate from recorded performance.
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$0.151m
Group closing cash.
FY2025 loss
A$1.845m
Includes A$0.825m exploration expense.
June 2025 payables
A$1.866m
Separate from A$0.138m borrowings.
Capitalised exploration
A$0.579m
Remaining accounting asset, not mine value.
Five years in context
Legal costs peaked in FY2022; the following year, R&D cash receipts and non-cash debt settlement improved the financial position. Neither improvement amounted to revenue from a producing gold mine.
FY2025 includes A$825,210 exploration costs expensed, while capitalised exploration rose only modestly. That distinction is essential: field/project expenditure can affect earnings without becoming a larger asset on the balance sheet.
The Group remained in a net-liability position across all five years. Related-party loans and deferred fees supported liquidity, but the FY2025 report still disclosed material going-concern uncertainty.
Events behind the numbers
FY2022
Legal-cost peak and funding pressure
Legal costs reached A$1.493m while cash fell to A$15,781. R&D income was recognised before its cash receipt; borrowing supported the year’s financing.
FY2023
R&D receipt and creditor-to-equity conversion
A$818,600 R&D cash and A$4.114m non-cash debt settlement helped explain the improvement. Cash share proceeds were much smaller than the shares issued for creditors.
FY2024
JV settlement changed the asset and capital
The accounting at 30 June reduced exploration and issued capital by A$550,703, with no gain or loss. Share registry cancellation occurred in July 2024 after shareholder approval in June.
FY2025
Exploration expense and funding; later agreements separate
The year recorded A$825,210 exploration expense and A$1.560m share cash. August tailings and September Egypt announcements came after 30 June and are not FY2025 operating revenue.
FINANCIAL REVIEW / 01
Costs and rebate income explain the changing loss
Other income was predominantly government support and R&D in the earlier years, rather than product sales. Legal costs were the largest FY2022 expense shown, then fell substantially. The FY2025 loss instead includes a new A$0.825m exploration charge and higher occupancy and employment costs.
The complete statutory expense table avoids reducing this history to a row of losses. Nil exploration expense in FY2022–FY2024 does not mean no field expenditure: cash payments and capitalised assets were still reported.
Statutory loss
A$ million
Loss after income tax
AI-generated presentation · values from Full expense picture, not just annual losses; no missing values plotted as zero.
Legal and employment/contractor costs
A$ million
Legal expensesEmployment and contractor expenses
AI-generated presentation · values from Full expense picture, not just annual losses; no missing values plotted as zero.
Full expense picture, not just annual losses
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other income | 0.064 | 0.563 | 0.265 | 0.228 | 0.005 |
| Occupancy expenses | (0.070) | (0.061) | (0.059) | (0.059) | (0.122) |
| Administration expenses | (0.189) | (0.149) | (0.133) | (0.140) | (0.146) |
| Legal expenses | (0.333) | (1.493) | (0.334) | (0.155) | (0.112) |
| Consultants expenses | (0.151) | (0.158) | (0.293) | (0.140) | (0.177) |
| Depreciation | (0.012) | (0.016) | (0.012) | (0.009) | (0.007) |
| Employment and contractor expenses | (0.587) | (0.435) | (0.456) | (0.287) | (0.425) |
| Borrowing and finance costs | (0.003) | (0.005) | (0.004) | (0.001) | (0.001) |
| Travel expenses | (0.020) | (0.033) | (0.020) | (0.015) | (0.034) |
| Exploration costs expensed | (0.114) | 0.000 | 0.000 | 0.000 | (0.825) |
| Loss after income tax | (1.448) | (1.787) | (1.045) | (0.579) | (1.845) |
Whole Australian dollars converted to millions, consolidated Group. FY2021 additionally includes A$33,000 business development costs.
Other income includes grants, R&D rebates and sundry amounts, not mine-product sales. No nil revenue is substituted for the disclosed other income.
The FY2022 note’s FY2021 consultant comparative differs from the primary P&L; A$151,203 from the original and repeated primary statement is retained, not A$188,906 from that note.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Separate accrual income, cash receipts and funding
FY2023’s unusually small operating outflow reflects A$818,600 R&D cash against A$900,769 supplier/employee payments. It does not mean recurring costs fell to A$71,927. The receipt spans income recognised in two financial years.
The share cash table and non-cash debt note answer different questions. FY2025 cash funding was A$1.560m, partly used to repay A$0.380m to Allens. Historical or proposed raising terms do not replace the statement receipts.
Operating, investing and financing cash
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Annual cash bridge and funding; no missing values plotted as zero.
Annual cash bridge and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening cash | 0.570 | 0.491 | 0.016 | 0.270 | 0.292 |
| Suppliers and employees paid | (1.080) | (0.773) | (0.901) | (0.642) | (0.494) |
| Net operating cash flow | (1.431) | (0.773) | (0.072) | (0.424) | (0.489) |
| Exploration payments — within investing | (0.765) | (0.157) | (0.026) | (0.015) | (0.832) |
| Net investing cash flow | (0.825) | (0.165) | (0.026) | (0.015) | (0.832) |
| Net financing cash flow | 2.176 | 0.463 | 0.352 | 0.460 | 1.180 |
| Cash movement | (0.079) | (0.475) | 0.254 | 0.022 | (0.141) |
| Closing cash | 0.491 | 0.016 | 0.270 | 0.292 | 0.151 |
FY2021 operating cash includes A$64,276 government grants and A$415,356 interest paid. The latter relates to cash settlement and is not the same as FY2021 finance expense.
FY2022 financing is A$491,919 borrowing receipts less A$29,026 repayments; no equity proceeds in that cash statement.
FY2023 operating cash benefits from A$818,600 R&D cash received; FY2024 received A$218,316; FY2025 no R&D cash receipt.
FY2025 investing classifies A$831,936 as exploration payments. A large exploration expense in earnings does not imply those cash payments must be moved to operating here.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
R&D income recognised versus cash received
A$ million
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| R&D income recognised | 0.554 | 0.264 | 0.218 |
| R&D cash received | 0.000 | 0.819 | 0.218 |
FY2023 A$818,600 receipt equals the FY2022 and FY2023 income amounts together; this explains why operating cash improved without comparable growth in earnings.
No R&D rebate was claimed in FY2025 and the complete cash flow shows no receipt. Government grant income of A$64,276 in FY2021 is a different programme and is not relabelled R&D.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash equity receipts and non-cash capital changes
A$ million
| Metric | FY2021 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cash share proceeds | 3.987 | 0.094 | 0.200 | 1.560 |
FY2022 had no share cash proceeds, not missing data. Its financing inflow was borrowings.
FY2023 also issued shares for A$4,113,558 debt consideration—non-cash, separate from A$94,375 share cash. The debt-share transaction explains much of the balance-sheet repair.
FY2024 recorded a A$550,703 debit to issued capital linked to JV settlement/share cancellation. This is not a cash buyback in the financing statement.
FY2025 A$1,559,574 share cash less A$379,826 borrowing repayment produces A$1,179,748 net financing. No proposed fundraising announcement is substituted for the cash actually reported.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
A low loan balance is not a debt-free balance sheet
By June 2025 the related-party loan had reduced to A$137,837, but payables were A$1.866m, including A$906,260 accrued directors’ fees. Borrowings alone therefore substantially understate the Group’s obligations.
Directors confirmed that accrued fees would not be called until at least December 2026; the Allens loan was interest-free and subject to payment deferral. These assurances support the going-concern assessment but do not erase the recorded liabilities or the auditor’s material uncertainty.
Assets versus total liabilities
A$ million
Total assetsTotal liabilities — all current
AI-generated presentation · values from Consolidated financial position — all liabilities remain visible; no missing values plotted as zero.
Cash and exploration carrying value
A$ million
CashCapitalised exploration and evaluation
AI-generated presentation · values from Consolidated financial position — all liabilities remain visible; no missing values plotted as zero.
Consolidated financial position — all liabilities remain visible
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | 0.491 | 0.016 | 0.270 | 0.292 | 0.151 |
| Current assets | 0.498 | 0.571 | 0.289 | 0.299 | 0.154 |
| Plant and equipment | 0.068 | 0.060 | 0.047 | 0.038 | 0.031 |
| Capitalised exploration and evaluation | 0.913 | 1.082 | 1.108 | 0.572 | 0.579 |
| Total assets | 1.479 | 1.713 | 1.444 | 0.910 | 0.763 |
| Payables | 2.636 | 4.217 | 1.308 | 1.536 | 1.866 |
| Borrowings | 0.344 | 0.807 | 0.258 | 0.518 | 0.138 |
| Provisions | 0.265 | 0.242 | 0.268 | 0.176 | 0.187 |
| Total liabilities — all current | 3.245 | 5.266 | 1.835 | 2.230 | 2.191 |
| Total equity / deficit | (1.766) | (3.553) | (0.390) | (1.320) | (1.427) |
| Issued capital | 24.059 | 24.059 | 28.267 | 27.916 | 29.653 |
Primary consolidated statements selected instead of the similarly valued parent-entity note. Reported equity is available and need not be reconstructed from parent totals.
Borrowings are not all liabilities: accrued directors’ fees, suppliers and other obligations sit in payables.
FY2025 current assets A$153,626 less current liabilities A$2,190,711 gives a calculated working-capital deficit of A$2,037,085. The reported equity deficit is a different measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What sits inside payables
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Trade payables and accruals | 0.300 | 1.678 | 0.485 | 0.508 | 0.632 |
| Accrued director fees | 2.008 | 2.211 | 0.496 | 0.701 | 0.906 |
| Share application monies | 0.328 | 0.328 | 0.328 | 0.328 | 0.328 |
These components sum to the Group payables balance in each year. They are not annual expense or fresh cash received.
The FY2023 reduction reflects material non-cash creditor/director/loan settlement through shares. The unchanged A$328,000 application-money liability is not annual funding five times.
Deferred payment assurances reported after year end do not silently reclassify the current liabilities in the financial statements.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Ownership and project rights: what the numbers do not say
The FY2024 arrangement reduced the Kookynie–Yundamindra interest from 49% to 20% and included specified licences and tailings rights. Its accounting was a A$550,703 asset reduction against share capital, not a disposal profit or cash payment. The registry cancelled 91,365,685 shares on 23 July 2024, after the balance-date accounting conditions were met.
The remaining exploration asset relates to the 20% JV interest. Tailings rights give Nex processing rights with environmental and rehabilitation responsibilities; Metalicity retains priority exploration rights in the area. These are not interchangeable with ownership of an operating mine.
The WTAC term sheet dated 21 August 2025 allocates 35% to WTAC and 65% to Nex from the specified net ore-sale proceeds after reimbursable costs, alongside rehabilitation, processor selection and training arrangements. It is subsequent-event context, not earned income in FY2025.
The Egypt heads-of-agreement announcement is also subsequent, in September 2025. The saved explanation says costs are expensed for geopolitical risk and describes priority cost recovery plus a 44% post-cost profit share. It does not establish revenue, a mine valuation or a recognised recoverable asset. The A$825,210 expense remains at the supported Group level; no undocumented project allocation is added.
Reading the figures
- Consolidated financial statements replace previously selected parent-only balance-sheet sources, even where amounts happen to match.
- FY2021 consultant-note comparative differs from primary P&L; the coherent primary series is selected. Generic note-header nils are not used to replace actual statutory loss.
- FY2021 cash interest paid differs from finance expense. Deferred past obligations, cash repayment and annual accrual expense are not interchangeable.
- Subsequent tailings/Egypt agreements and July share cancellation are dated explicitly. No commercial production, valuation, cash runway or funding guarantee 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
- Nex Metals Explorations Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nex Metals Explorations Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nex Metals Explorations Limited - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Nex Metals Explorations Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Nex Metals Explorations 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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