Actuals vs. estimates
| Metric | Actual | Consensus | Surprise |
|---|---|---|---|
| EPS | Unavailable | Unavailable | — |
EPS — no API Ninjas consensus estimate for this event
Verdict
- No consensus estimate exists for this event, so the print cannot be scored against expectations. FireFly is pre-revenue: the full-year result is a loss after tax of $23.6 million against $11.4 million a year earlier, or 3.26 cents per share against 2.08 cents.
- Continuing operations lost $30.8 million, 4.26 cents per share against 2.03 cents. The smaller headline loss is the work of a $7.2 million profit on the divestment of the Ontario Gold Assets and $6.6 million of interest income.
- The balance sheet is where the year landed: cash of $184.3 million against $99.9 million, no external debt and total liabilities of $26.2 million, after approximately $187 million of equity raised during the year and approximately $180 million more raised after 30 June.
- No dividend, no financial guidance, and no revenue until Green Bay restarts. The release sets the next decision point at a final investment decision in H1 CY2027.
- The one thing that matters: the release carries Green Bay's PEA at a A$2.2 billion post-tax NPV and 41% IRR but never states the capital cost behind them, so neither the $184.3 million of cash nor the approximately $180 million raised since year end can be measured against the build.
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Loss after tax | $23.6 million | $11.4 million | an increase of $12.2 million |
| Cash and cash equivalents | $184.3 million | $99.9 million | — |
| Exploration and evaluation assets | $210.5 million | $228.5 million | — |
| Total liabilities | $26.2 million | $24.5 million | — |
| Profit from divestment of the Ontario Gold Assets | $7.2 million | — | — |
| Gross proceeds from equity raisings during the year | approximately $187 million | — | — |
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- The widening loss is mostly non-cash. Share-based payments of $8.8 million, $9.6 million of net fair value losses on financial assets and $2.9 million of foreign exchange losses carry the year, while cash used in operating activities was $8.2 million.
- The divestment gain is already being handed back. The Bellavista milestone performance rights taken as consideration in April at $23.6 million were carried at $15.0 million by 30 June after an $8.6 million write-down, and the 60 million Bellavista shares lost $3.0 million of value between recognition and their distribution to shareholders.
- Almost none of the real spending reaches the loss line. Payments for exploration and evaluation were $77.5 million against $54.4 million, all capitalised, which is why the operating cash outflow reads $8.2 million while investing outflow was $80.2 million.
Gotchas & watch items
- Exploration and evaluation assets fell to $210.5 million from $228.5 million despite $71.2 million of capitalised spend, because $71.5 million went out with the Ontario Gold Assets and an $18.1 million currency translation reduction took more.
- The one study milestone management had set in equity terms lapsed: all 1,070,927 Class P20 performance rights failed because no qualifying study was announced by 31 December 2025, and the PEA did not arrive until 25 August 2026.
- Rehabilitation cost is drifting. The revised closure plan indicates approximately C$9,000,000 of additional financial assurance will be required on top of the C$4,524,000 already lodged as restricted cash, against a provision carried at $9.2 million on a 15-year closure assumption.
- Flow-through funding carries an unspent obligation: C$2,322,000 of qualifying Canadian exploration expense and C$9,193,000 of development expense must be spent by 31 December 2026 to discharge a $2.8 million premium liability.