Critical Metals (CRML) Q4 2025 earnings summary

Executive summary

• Focused on exploration and development of critical metals, with main assets in the Tanbreez Project (Greenland, 42% interest) and Wolfsberg Project (Austria, 100% interest).

• No commercial production or revenues yet; business remains in exploration and evaluation stage.

• Completed PIPE financing ($24.6M) and received $2M from warrant exercises to fund operations.

• Net loss after tax for FY2025 was $51.9M, a significant improvement from $139.4M in FY2024.

• Substantial doubt exists about ability to continue as a going concern without additional capital.

Financial highlights

• Total assets increased to $171.7M as of June 30, 2025, up from $59.3M in 2024, mainly due to investment in Tanbreez joint venture.

• Total liabilities rose to $79.8M (2025) from $70.4M (2024), driven by warrant liabilities and trade payables.

• Equity improved to $91.9M from a deficit of $11.1M, reflecting new share issuances.

• Net cash used in operating activities was $14.5M; cash and cash equivalents at year-end were $7.3M.

• Share-based compensation expense surged to $30.6M, reflecting significant equity awards.

• No revenues generated; all income is from grants and interest.

Outlook and guidance

• Plans to complete definitive feasibility studies for both Tanbreez and Wolfsberg by end of 2025.

• Targeting commencement of production at Wolfsberg in 2028 or 2029, subject to funding and permitting.

• Ongoing efforts to secure additional project financing, including a non-binding $120M letter of interest from the U.S. Export-Import Bank.

• Anticipates increased capital and operating expenditures as projects advance.