Brazilian Rare Earths Cash Flow Statement

Financials in millions AUD. Fiscal year is January - December.

Millions AUD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-34.04	-46.07	-69.08	-7.9	-1.13
Depreciation & Amortization	0.02	0.02	0.32	0.1	0.01
Stock-Based Compensation	3.13	3.13	0.97	1.76	0.29
Other Operating Activities	14.19	12.89	36.98	-0.35	0
Change in Accounts Receivable	-1.96	-1.96	-0.01	-0.18	-0.18
Change in Accounts Payable	0.88	0.88	1.52	0.99	0.03
Change in Other Net Operating Assets	-10.74	-10.74	10.74	-	-
Operating Cash Flow	-28.54	-41.86	-18.54	-5.58	-0.97
Capital Expenditures	-1.11	-0.43	-1.67	-0.44	-0.09
Other Investing Activities	-	-	-	0.14	-0.19
Investing Cash Flow	-1.11	-0.43	-1.67	-0.3	-0.28
Short-Term Debt Issued	-	-	1	20	-
Total Debt Issued	-	-	1	20	-
Net Debt Issued (Repaid)	-	-	1	20	-
Issuance of Common Stock	-	80	50	4.15	1.53
Other Financing Activities	0.13	-4.69	-0.36	-	-
Financing Cash Flow	0.13	75.31	50.64	24.15	1.53
Foreign Exchange Rate Adjustments	0.06	-0.18	-0.02	-0.03	-0
Net Cash Flow	-29.46	32.84	30.41	18.23	0.27
Free Cash Flow	-29.65	-42.29	-20.21	-6.02	-1.07
Free Cash Flow Per Share	-0.12	-0.18	-0.11	-0.05	-0.04
Cash Interest Paid	0.05	0.01	2.23	0.03	-
Levered Free Cash Flow	-20.96	-37.66	-13.39	-3.72	-
Unlevered Free Cash Flow	-20.93	-37.66	-12.11	-3.62	-
Change in Working Capital	-11.83	-11.83	12.26	0.81	-0.15

Source: S&P Capital IQ. Standard template. Financial Sources.