Native Mineral Resources moved from small exploration programmes and repeated equity funding to a much larger asset-and-debt base after acquiring the Charters Towers assets. FY2025 tells the story of acquisition and refurbishment costs—not yet a full year of Blackjack gold revenue. The first gold and new fundraising in July 2025 belong after the June year end.
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.
Includes substantial non-cash charges as well as higher operating costs.
Acquisition and subsequent additions changed the asset base.
Separate from payables and royalty/rehabilitation provisions.
Closing balance, before July fundraising and first Blackjack gold.
The five-year story has two different phases. FY2021–FY2024 centred on exploration and financing; FY2025 added the Charters Towers assets and a secured acquisition facility. The step-up in assets is therefore not evidence of a similar step-up in earned profit.
The earlier history did include a small gold receipt from Music Well East toll treatment in FY2022. That is distinct from the first gold at the newly refurbished Blackjack plant in July 2025, after the FY2025 balance date.
By June 2025 positive book equity coexisted with very little cash and substantial current liabilities. The auditor retained an unmodified opinion but highlighted material going-concern uncertainty; the acquisition alone did not remove the funding risk.
The November 2020 listing accompanied Queensland and WA exploration. IPO costs and exploration expenses sit in the loss; the corporate restructure is treated as continuation of NMR Pty Ltd rather than a business combination.
Approximately 1,000 tonnes went to toll treatment at Music Well East. Small gold sales and processing costs were reported separately while wider exploration still consumed cash.
The company prioritised Maneater and Palmerville over WA work. Grant cash supported the year, but operating spending still exceeded receipts and share funding remained important.
NMR pursued mine-ready assets and acquired a McLaughlin Lake interest in August 2023. The termination announcement followed in July 2024, citing access issues and the lithium market; it is not shifted into a June transaction.
The asset acquisition and refurbishment transformed the balance sheet. First Blackjack gold and the A$10m placement came in July 2025, so later sales do not become FY2025 revenue.
FY2025 wage costs, professional fees, exploration expense and financing costs were materially above FY2024. Cash spending did rise, but the loss is not a pure cash-burn measure: the reconciliation identifies A$4.843m of non-cash share-based payments and A$1.246m of interest capitalised on borrowings.
Small historical gold proceeds matter to a faithful financial record, but not as evidence of sustained production. The FY2022 processing charge exceeded the associated gold sale, and tenement-sale income belongs in a separate category.
A$ million
AI-generated presentation · values from Earnings and the changing expense base; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Earnings and the changing expense base; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest revenue | 0.001 | 0.000 | 0.001 | 0.001 | 0.000 |
| Other income / FY2021 fuel tax credit | 0.000 | 0.018 | 0.008 | 0.005 | 0.026 |
| Board and directors | (0.189) | (0.230) | (0.231) | (0.226) | (0.242) |
| Exploration and development expense | (2.010) | (2.071) | (1.766) | (1.011) | (3.257) |
| Exploration management | (0.068) | (0.172) | (0.141) | (0.286) | (0.153) |
| Finance fees and costs | (0.002) | (0.003) | (0.001) | (0.030) | (1.254) |
| Office expenses | (0.140) | (0.215) | (0.110) | (0.136) | (0.358) |
| Professional services | (0.245) | (0.548) | (0.454) | (0.703) | (2.252) |
| Depreciation | (0.008) | (0.038) | (0.044) | (0.038) | (0.087) |
| Plant and equipment hire | (0.042) | (0.017) | (0.006) | (0.000) | (0.441) |
| Travel | (0.045) | (0.020) | (0.058) | (0.072) | (0.923) |
| Utilities | (0.005) | (0.014) | (0.018) | (0.015) | (0.020) |
| Wage costs | (0.623) | (1.452) | (1.305) | (1.203) | (6.907) |
| Other expenses, including FY2024 FX loss | 0.000 | (0.023) | (0.002) | (0.025) | (0.307) |
| Loss after income tax | (3.666) | (4.601) | (3.727) | (3.740) | (16.178) |
| Basic loss per share — Australian centsAustralian cents per share | (4.94) | (4.96) | (3.29) | (1.89) | (2.90) |
Australian dollars converted to millions except the EPS row, which is in Australian cents. Expenses and losses are negative. Small positive amounts may round to 0.000; source dollars remain in the evidence registry.
Additional reported lines: FY2021 IPO expense A$292,684; FY2022 government grant income A$62,945; FY2023 grant income A$399,547; FY2025 processing expense A$2,767. FY2022 gold and tenement transactions are detailed separately below.
FY2024 other expenses use the FY2025 comparative A$25,354: original other expenses A$8,482 plus separately presented FX loss A$16,872. No extra FX charge is added again.
FY2025 EPS uses the explicitly cents-denominated earnings-per-share note; the primary extraction incorrectly labels the same 2.90 figure as dollars per share.
FY2025 costs include non-cash share-based payments. The cash reconciliation is shown separately; those add-backs are not additional costs to sum into this table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2022 |
|---|---|
| Gold sales | 0.030667 |
| Processing costs | (0.146982) |
| Gold gross loss, as shown in subsequent comparative | (0.116315) |
| Tenement-sale income | 0.235000 |
The saved narrative describes approximately 1,000 tonnes sent for toll treatment at Music Well East and approximately A$30,000 of gold recovered. These limited receipts must not be omitted merely because NMR was primarily an explorer.
Gold gross loss combines the disclosed gold sales and associated processing cost; tenement income is separate. No production ounces or recurring mine margin is inferred.
The FY2023 primary statement shows no gold sale. Blackjack first gold in July 2025 relates to the newly acquired plant, not a claim that NMR never had any earlier gold receipts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The cash bridge shows recurring reliance on financing. FY2025 operating and investing outflows together absorbed almost all the net financing inflow, leaving only A$13,472 at June. The cash flow does not include the later A$10m placement.
Cash funding and capital changes are different: the September 2024 convertible-note conversion issued new shares without repeating the earlier note cash receipt. Likewise, the acquisition loan described in the note must not be pasted into the reported cash-flow statement as an extra financing receipt.
A$ million
AI-generated presentation · values from Cash generation, spending and external financing; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Opening cash | 0.005 | 2.049 | 0.450 | 0.307 | 0.010 |
| Interest cash received | 0.001 | 0.000 | 0.001 | 0.001 | 0.000 |
| Exploration payments — within operating | (1.695) | (3.114) | (2.343) | (1.388) | (3.717) |
| Suppliers and employees paid | (1.504) | (1.580) | (1.508) | (1.488) | (7.510) |
| Net operating cash flow | (3.198) | (4.548) | (3.426) | (2.870) | (11.222) |
| Plant and equipment payments — within investing | (0.045) | (0.165) | (0.026) | (0.002) | (7.696) |
| Net investing cash flow | (0.045) | 0.013 | (0.026) | (0.031) | (7.719) |
| Cash share and option issue proceeds | 5.753 | 3.001 | 3.381 | 1.639 | 19.156 |
| Cash issue transaction costs | (0.467) | (0.065) | (0.073) | (0.118) | (0.311) |
| Net financing cash flow | 5.286 | 2.936 | 3.309 | 2.622 | 18.945 |
| Net cash movement before exchange effect | 2.044 | (1.599) | (0.143) | (0.280) | 0.003 |
| Closing cash | 2.049 | 0.450 | 0.307 | 0.010 | 0.013 |
Sub-lines already sit inside the relevant operating, investing or financing total and must not be added to those totals again.
FY2022 operating receipts additionally include A$64,928 exploration proceeds, A$62,945 grants and A$18,210 other receipts. Investing includes A$177,938 investment-sale proceeds; hence its positive A$12,765 is an inflow despite the source subtotal saying “used”.
FY2023 operating receipts also include A$399,547 grants and A$26,000 other receipts. FY2024 other receipts are A$5,485; investing includes A$40,321 tenement payments and A$10,728 equipment-disposal proceeds.
FY2024 financing includes A$1.100m convertible-note cash. Its A$279,506 cash decrease plus A$16,872 adverse exchange movement explains the larger decline in closing cash.
FY2025 financing additionally includes A$100,000 option-exercise cash. The acquisition financing note is separate: its initial loan amount is not added to the published cash financing subtotal.
FY2025 also has A$13,647 other operating receipts, A$8,805 cash interest paid and A$23,203 other non-current asset payments. The July 2025 A$10m placement is outside this table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Loss after tax | (16.178) |
| Depreciation add-back | 0.087 |
| Non-cash share-based payments | 4.843 |
| Interest capitalised on borrowings — add-back | 1.246 |
| Increase in receivables | (1.336) |
| Increase in employee provisions | 0.116 |
| Net operating cash flow | (11.222) |
This is the cash-flow note’s reconciliation. Positive add-backs are not sales, cash receipts or improved underlying profitability.
Interest capitalised on borrowings is the source note’s description of a non-cash adjustment. It is not reclassified as plant spending by this report.
The reported share-based payment adjustment explains much of the difference between the loss and cash outflow; it is not added again to the expense table.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The FY2024 equity deficit preceded a much larger FY2025 balance sheet. New assets and share capital restored positive equity, while borrowings, payables and provisions also expanded. Book equity therefore gives a different answer from immediately available cash.
At June 2025 current liabilities exceeded current assets by A$11.732m. The Group’s forecast depended on funding and the progression of Charters Towers production; the issuer’s expectation that further FY2026 funds might not be needed was expressly conditional, not a guarantee.
A$ million
AI-generated presentation · values from Financial position: the FY2025 acquisition changes the scale; no missing values plotted as zero.
A$ million
AI-generated presentation · values from Financial position: the FY2025 acquisition changes the scale; no missing values plotted as zero.
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash | 2.049 | 0.450 | 0.307 | 0.010 | 0.013 |
| Receivables | 0.058 | 0.110 | 0.113 | 0.059 | 1.394 |
| Current assets | 2.107 | 0.560 | 0.420 | 0.069 | 1.408 |
| Property, plant and equipment | 0.037 | 0.164 | 0.146 | 0.091 | 33.498 |
| Total assets | 2.145 | 0.724 | 0.566 | 0.160 | 37.920 |
| Trade and other payables | 0.103 | 0.159 | 0.244 | 0.577 | 6.571 |
| Employee entitlements | 0.039 | 0.067 | 0.127 | 0.189 | 0.305 |
| Total current liabilities | 0.142 | 0.226 | 0.371 | 1.894 | 13.140 |
| Total liabilities | 0.142 | 0.226 | 0.371 | 1.894 | 27.921 |
| Equity / deficit | 2.002 | 0.498 | 0.195 | (1.734) | 9.999 |
| Issued share capital | 6.314 | 9.268 | 12.542 | 14.705 | 37.773 |
FY2023 uses the FY2024 consolidated statement’s comparative balances, supported by the Group going-concern and equity disclosures. The FY2023 extraction separately labels its own statement parent entity; that ambiguous scope is not silently imported into this Group comparison.
Unlabelled current-asset subtotals are read with cash, receivables and current-liability/working-capital context, not rejected because the original row lacked a title.
FY2025 other financial assets of A$3.015m sit outside PPE and within total assets. Positive equity of A$9.999m does not mean the cash position was comfortable.
Issued capital is an accumulated accounting balance, not annual financing receipts. The FY2025 note conversions and share-based transactions must not be treated as cash raised.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Current borrowings | 4.785 |
| Non-current borrowings | 11.789 |
| Total borrowings | 16.574 |
| Current royalty provision | 1.480 |
| Non-current restoration provision | 2.992 |
The A$16.574m borrowing subtotal is the sum of current and non-current borrowings, not an additional liability.
The repeated “Total Current Liabilities” label on the second balance-sheet subtotal is interpreted as non-current liabilities: A$11.789m non-current borrowings plus A$2.992m rehabilitation provision. It is not combined with current liabilities twice.
The royalty provision reflects assessed gold in stockpiles at acquisition. It is neither FY2025 gold revenue nor an estimate of annual production.
The initial acquisition loan was A$18.324m after an A$0.500m deposit, under a three-year 10% facility. Closing borrowings are a later balance, not that initial draw amount.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The acquisition allocation is linked to Fortified Gold and Blackjack Milling. Management assessed an asset acquisition with no goodwill because the acquired set did not have operations at acquisition. The table therefore measures allocated accounting assets and liabilities, not the value of in-ground gold.
The PPE roll-forward includes acquired plant, property and exploration assets, followed by further additions. The acquired exploration allocation and ongoing exploration expense are different accounting items; they must not be combined into a single “exploration spend” number.
The three-year fixed-rate facility was secured over mining assets and additional associated-party security. Its schedule specified A$3m due in May 2025 and approximately A$955,000 monthly from February 2026; these are contractual terms, not a forecast that the payments would necessarily be funded by operations.
A$ million
| Metric | FY2025 acquisition |
|---|---|
| Plant | 4.327 |
| Exploration and evaluation asset | 16.127 |
| Property | 1.158 |
| Other assets | 2.992 |
| Royalty payable and other liabilities | (5.780) |
| Net acquisition allocation | 18.824 |
The acquisition note is linked to the FY2025 Charters Towers transaction, not treated as undated simply because the extracted numeric rows lack a date.
Management treated the transaction as an asset acquisition, not a business combination, because no operations were present at acquisition. No goodwill was recognised.
These are accounting allocations, not ore values, market capitalisation or additional annual expenses. The same acquired asset must not be counted again on top of closing PPE.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
A$ million
| Metric | FY2025 |
|---|---|
| Opening balance | 0.091 |
| Assets acquired | 21.613 |
| Further additions | 11.881 |
| Depreciation | (0.087) |
| Closing balance | 33.498 |
The acquisition component includes more than the “Plant” line in the allocation table: the acquired exploration asset and property are included in this carrying-value roll-forward.
The PPE note shows no disposals. Accounting additions A$11.881m differ from A$7.696m PPE cash payments; they are not interchangeable measures of cash capex.
Acquisition, additions and depreciation bridge the opening and closing balances; this is not a forecast of project value.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The gold room was commissioned and tested by financial year end, but first gold at Blackjack was reported in July 2025. The A$4m of gold and silver sales reported “to the date of the report” is subsequent operational information, not revenue for the year ended 30 June.
The July A$10m placement was announced at A$0.16 per share, with related-party participation approved in September. It provides context for the later ramp-up, but cannot improve the June closing-cash number retrospectively.
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