Existing listed companies carrying accumulated losses exceeding $100m

1. TPG (TPG), $7.3 billion: Net assets are $11b and the market cap is $7.3b so overall investors are down more than $7 billion. They should have gone into administration early like One-tel, rather than boxing on.

2. Star Entertainment (SGR): $4.34 billion: the 73,000 Star shareholders put up $4.7 billion of equity capital to enter into joint ventures with the NSW and Queensland Governments to build and run casinos. As of August 2025, Star had $4.34b in accumulated losses and was claiming remaining equity of $403m.

3. Paladin Energy (PDN): $US2.15 billion: had wracked up $US2.15billion in accumulated losses by August 2025 but were only claiming net assets of $US801 when the market cap was $2.9 billion in August 2025.

4. Seven West Media (SWM): $2.95 billion: is back making book profits but still has accumulated losses of $2.95 billion as at August 2025. And the balance sheet isn't conservative with net assets of $415m against a market cap of $215m after the results.

5. ZIP (ZIP): $2.18 billion: huge goodwill write-downs delivered a $1.06 billion net loss for the buy now pay later outfit in 2021-22. Net assets were down to $709.5m by August 2025 but with the market cap having roared back to $5.3 billion after the 2024-25 full year results, the write-downs now look hugely overblown and ZIP has one of the most inaccurate balance sheets on the ASX.

6. Healius (HLS), $2.02 billion: the latest accounts in August 2025 show $1.578b in accumulated losses and $588m in net assets against a market cap of $661m. The disaster was Primary Healthcare overpaying when it bought Symbion for $3.5 billion in 2008.

7. MC Mining (MCM) (formerly Coal of Africa): $1.4 billion: announced a 1.012-for-1 at 20c to raise $40m with unlimited overs in October 2022 and stock was back to 13c, giving it a market cap of only $84m in August 2025.. Claims to have net assets of $US83.8m and has $US936m of accumulated losses as at February 2024. Where did the money go? Failed coal mining projects in Africa. Market cap was $56m in July 2024 and currently in takeover negotiations.

8. Southern Cross Austereo (SXL): $1.31 billion: by August 2025 it had notched up $1.31 billion in accumulated losses leaving it with net assets of $212m, which is about right with the market cap sitting at $206m in August 2025.

ARN Media (A1N): $1.24 billion: the old APN New & Media has been a debacle in recent years with $1.24b in accumulated losses as at August 2025. It still claims to be worth $272m when its market cap was down to $149m by August 2025.

Opthea (OPT), $1.16 billion: they want to help people see better. But by waiting until 6.30pm to release its full year results on the last day possible, perhaps they didn't want people to see the latest $US220m loss for the 2023-24 year. They did it again on August 29, 2025 but waited until 7.16pm that night to reveal another stonking $US162.8m loss statutory loss which seems crazy because that lifts accumulated losses to $US742.5m and gives it negative equity of $US201m. But it's far from broke.

Mayne Pharma (MYX): $944m: has been a total disaster for investors after a further $170m loss in August 2024 lifted accumulated losses to $944 million. Claims to have net assets of $454m but this exceeded the market cap of $409m after the results were released.

St Barbara Mines (SBM): $914m in accumulated losses in February 2024 and claimed to have net assets of $348m when the market cap had slightly recovered to $368m by August 2025.

Pointsbet (PBH): $835m in accumulated losses by August 2024 after another $39.6m loss in 2023-24. Claimed to only have net assets of $19 million against a market cap of $162m in early September 2024.

Kingsgate Consolidated (KCN), $754m: the mining company is focused on its Thailand gold operations these days but had managed to wrack up $754 million in accumulated losses by the February 2024 but this looks grossly overblown given the market cap was back to $750m by August 2025 but it only claims to have net assets of $33.5 million.

Abacus Property Group (ABG), $615m: The balance sheet released in February 2025 showed $615m in accumulated losses so it never really recovered from the GFC mess, but is capitalised at around $1 billion despite claiming to have net assets of $1.56 billion. This means investors have dropped around $1.1 billion overall.

AJ Lucas (AJL), $588m: the engineering contractor has been a total disaster wracking up $588m in accumulated losses. Dropped a $16m loss on the last day of August 2025, but with a market of $14m in August 2025 there's no hope of any meaningful recovery. That said the $73.6m in claimed negative equity is a little overdone.

# 29Metals Ltd (29M), $553m: Accumulated losses of $553m and net assets of $419m as of December 31, 2024, but there have been further write-downs and big capital raisings since then.

AMA Group (AMA): $487m: the largest Australian car repair company had notched up $487m in accumulated losses by February 2024. Market cap around $478m in August 2025 after some big capital raisings.

Ariadne (ARA), $442.7m: dropped a $1.6m last day profit which reduced accumulated losses to $442.7m. Net assets are $176.9m and the market cap was $85m in August 2025.

Tabcorp (TAH) $439m: took an enormous $1.4 billion write-down under new CEO Gillon McLachlan in August 2024 which generated overall accumulated losses of $439m during its 30 year run as a public company and left it claiming to have net asset of $1.247 billion when the market cap was $1.39 billion, so they got it about right. Market cap had recovered to around $2 billion in August 2025 after a better full year result.

Cromwell Property (CMW): $438 million in accumulated losses as at February 2024 but with claimed net assets of $1.89 billion and a June 30 market cap of $1.04 billion, more big losses are coming. Market cap was $1.13 billion in August 2025.

Retail Food Group (RFG): $437m: claimed to make a $5.8m net profit in 2023-24 but has wracked up $437m in accumulated losses and claimed to have net assets of $208m when the market cap was $99m at end of August 2025.

Syrah Resources (SYR): $425m in accumulated losses as at February 2024 but had claimed net assets of $353m and a June 30 market cap of $355m although this was after it raised $98 million in March 2024 so plenty of overall losses for shareholders. Market cap was $380m in August 2025.

Syntara (SNT), $419.6m: dropped a $15.1m last day loss which lifted accumulated losses to $419.6m. Net assets are $4.7m and the market cap was $42m in August 2025.

EML Payments (EML) $419m: had wracked up $419m in accumulated losses by August 2025 but went too far on write-downs as now claims to have net assets of only $146 million when the market cap was around $415m by August 2025.

US Masters Residential, (URF) $411m: dropped a $17m last day loss which lifted accumulated losses to $411m. Net assets are $399.9m and the market cap was $221m in August 2025.

Energy Transition Minerals (ETM), $400m: capitalised at $100m in January 2025 and recruited Julie Bishop as a strategic adviser. Accumulated losses of $400m and net assets of $15.7m.

LCL Resources (LCL), $386.5m: dropped a late $1.1m loss on September 12, 2024 which lifted accumulated losses to $386.5m. Net assets of $15.2m compared with a market cap of $9.6m with the stock at 1.2c.

Appen (APX): $379m: Murdoch man Richard Freudenstein chairs the AI company which got too dependent on Microsoft. They produced an $18.8m last day laggards loss in 2023-24, which lifted accumulated losses to $379m. Net assets are only $79.5m but with a market cap of $271m, hope remains

Renu Energy (RNE) formerly Geodynamics, $377.7m: Net assets are $3.3m and the market cap is $1.8m before was suspended in 2025.

Focus Minerals (FML), $350m: market cap $58m. Accumulated losses of $350m and net assets of $95m, as at December 31, 2024.

Capral Aluminium (CAA), $331m: is back making profits but market cap only $155m. Accumulated losses of $331m and net assets of $225m as at December 31, 2024 so a long term disaster for investors.

Arafura Rare Earths (ARU): $331.7m in accumulated losses as at February 2024.

Dubber Corp (DUB), $327m: dropped a $40.7m last day loss which lifted accumulated losses to $327m. Net assets are $17.5m and the market cap is $32m with stock at 3c.

Bubs Australia (BUB): $318.2m: had notched up accumulated losses of $318.2m by February 2024 when it claimed to have net assets of $50m. At least the market cap was $138m by August 2025.

# Gorilla Gold Mines (GG8): $308m: Specialises in holding last day of the season physical AGMs in Perth. Market cap $281m in October 2025 after a strong run this year. First listed way back in 1971. Latest annual report says has 2626 shareholders. Has got $308m in accumulated losses.

Morella Corp (1MC), $298m: Market cap $5.5m in August 2025. Accumulated losses of $298m and net assets of $9.9m so a huge disaster for investors.

Buru Energy (BRU), $294.3m: Market cap $20m in August 2025. Accumulated losses of $294.3m and net assets of $16.5m as at December 31, 2024.

RTG Mining (RTG): $294m: run out of Perth and has been battling over a copper gold project in the Philippines but lost another $US2.74m in a last day release on August 30, 2024, which listed accumulated losses to $US197.7m. Only claims to have net assets of $US4.52m but market cap was $42m in August 2025.

Hillgrove Resources (HGO), $293m: Market cap $102m in August 2025. Accumulated losses of $293m and net assets of $41.5m as at December 31, 2024 for a total drop of more than $250m.

88 Energy (88E), $287m: Market cap $26m in August 2025. Accumulated losses of $287m and net assets of $149m as of December 31, 2024, so big write-downs coming and investors have dropped more than $400m.

Terracom (TER), $271m: the coal miner waited until 6.37pm on Friday August 29 2025 to reveal a $31m 2024-25 loss. Accumulated losses are now $271m and net assets are $129m against a market cap of $57m.

Keybridge Capital (KBC), $261m: dropped a $13.3m profit two days after the last day deadline on September 3, 2024 which reduced accumulated losses to $261m. Net assets are $17.5m and the market cap is negligible with the stock below 1c. Nicholas Bolton and Anthony Catalano are both on the 3 man board.

Electro Optic Systems (EOS), $260m: It currently has 6 directors with Gary Hounsell as chair and former Federal Labor politician Kate Lundy as the only female. Market cap recovered to $1.04 billion in August 2025 so all is forgiven. Accumulated losses of $260.5m and net assets of $219.5m.

Cyclone Metals (CLE), $258.4m: The old Cape Lambert Iron changed its name to Cyclone Metals (CLE) in 2020, which had an April 2025 market cap of $45m and the last balance sheet showed accumulated losses of $258.4m and net assets of just $13.7m.

Titan Minerals (TTM), $257m: Market cap $113m by August 2025. Accumulated losses of $US161.8m and net assets of $US57.4m as at December 31, 2024.

Metro Mining (MMI), $254m: Market cap $482m by August 2025 so all is forgiven. Accumulated losses of $254m and net assets of $40.6m as of December 31, 2024 so investors are well in front.

Hastings Technology Metals (HAS), $246.2: 11am physical EGM in Perth to approve 3 share issues. Market cap $65m by August 2025. Latest balance sheet shows $246.2m of accumulated losses and net assets of $131.6m.

European Resources (EUR), $246.3m: 9am physical EGM in Perth to approve 15 share issue resolutions. Market cap $136m by August 2025. Latest balance sheet shows $246.3m of accumulated losses and net assets of $161.8m so more write-downs are coming.

Australian Vintage (AVG), $243.3m: bought 175 at $2.77 on Mar 14, 2007. Sold 166 at 32.5c on May 20, 2009 to lose $450. Retained 9 shares ever since. Market cap $33m in April 2025 and asked 6 question at 2023 AGM. The Feb 2025 balance sheet showed accumulated losses of $243.3m and net assets of $206.5m so further big write-downs are coming.

Core Lithium (CXO), $240m: The official announcement of a $60m equity dropped at August 28, 2025. The pricing of 10.5c was a 12.5% discount to the last close of 12c, when it was capitalised at $257 million. The 2024 annual report said it had whopping 61,404 shareholders. The stock had settled at 11c by September 2, giving it a market cap of $246m. The last pre-raising balance sheet in February 2025 showed accumulated losses of $240m and net assets of $240m. Malcolm McComas is on the board.

Centaurus Metals (CTM), $239m:. Market cap was $171m in December 2024. Accumulated losses of $239m and net assets of $35.4m.

GeoPacific Resources (GPR), $236.6m: dropped a late $4.9m loss on September 12, 2024, lifting accumulated losses to $236.6m. Net assets of $66.3m against a market cap of $25m with the stock at 2.4c.

Starpharma: $234 million - Melbourne-based pharma research house which has accumulated $234m in losses as at June 30, 2023, but at least it only claims to have net assets of $34.8m, most of which cash, when the market cap 48.4 million (see page 55 of 2021-22 annual report) when the market cap finished 2022 at $210 million.

Elixinol Wellness (EXL), $227.9m: Market cap $4.2m in August 2025. Accumulated losses of $227.9m and net assets of $10m as at December 31, 2024.

Fluence (FLC), $224.4m: dropped a $9.5m last day loss which lifted accumulated losses to $224.4m. Net assets are $3.2m and the market cap was $70m in August 2025.

Paradigm Biopharmaceuticals (PAR), $220.7m: dropped a $58.6m last day loss which lifted accumulated losses to $220.7m. Net assets are $23.8m and the market cap was $117m in August 2025.

Terramin Australia (TZN), $221m: Market cap $102m in August 2025. Accumulated losses of $220.9m and net assets of $3m as at December 31, 2024.

GTN Ltd (GTN), $216m: 10am physical EGM in Sydney to approve single resolution on a capital return. Market cap $70m in August 2025. Latest balance sheet shows $216.7m of accumulated losses and net assets of $219m. Is a global supplier of traffic information and the subject of some activist shareholder attention as this 2024 AFR piece explains.

Tali Digital (TD1): $213 million - the digital health company based in Camberwell reported a $5.85m last day loss for 2021-22 but then reported a little earlier in August 2024 by which time accumulated losses were $213 million and the claimed net assets was only $2.15 million. Market cap $4.2m in August 2025.

Betmakers (BET), $203.5m: dropped a $38.7m last day loss which lifted accumulated losses to $203.5m. Net assets are $111.6m and the market cap was $159m in August 2025.

Cann Group (CAN), $192m: The latest $22.3m last day annual loss in 2024-25 lifted accumulated losses to $192m and left it with $2.8m of negative equity. Market cap is $8m with stock at 1.4c.

Tigers Realm (TIG): $191m in accumulated losses as at February 2024 due to the Russians effectively stealing their coal mining operation. Claimed net assets of $133m when market cap was around $39m as at June 30.

LawFinance (LAW), $189.7m: market cap tiny. Accumulated losses of $189.7m and net assets of -$3m as at December 31, 2023.

Alterity Therepautics (ATH) (ex Prana): $182 million - wants to help people with Parkinsons. The cash balance of $35m broadly matches net assets & market cap. Market cap $115m in August 2025.

Brainchip Holdings (BRN): $US185m - the AI company reckons it only has net assets of $US14.5m as at August 2024 when the market cap was around $350m and accumulated losses had hit $US185 million.

Brookside Energy (BRK), $183m: Market cap $35m. Accumulated losses of $183m and net assets of $95.4m as of December 31, 2024. Market cap $35m in August 2025.

Boom Logistics (BOL), $182m: bought 160 at $3.17 on 17 Jul, 2007. Sold 160 at 71c on June 26, 2008 to lose $400. Retained 10 shares but not on register so must have been taken out by an unmarketable parcel offer. Still listed with a market cap of $56m in June 2025, but February 2025 balance sheet showed accumulated losses of $182m and claimed net assets of $130m so investors have dropped around $230m overall. Never attended AGM.

FBR Ltd (FBR), $169m: Market cap $34m. Accumulated losses of $169m and net assets of $68m as at December 31, 2024, so write-downs coming and investors have dropped almost $200m. Market cap $24m in August 2025.

# Citigold Corp (CTO), $165m: bought 1,250 at 40c on Jan 21, 2008. Sold 1250 at 25.5c on December 17, 2008 to lose around $200. Never attended AGM. Market cap only $9m in June 2025. Latest balance sheet in March 2025 had accumulated losses of $165m and net assets of $95.3m, so big write-downs coming and more than $200m lost overall.

Genetic Technologies (GTG), $166.4m: dropped a $12m last day loss which lifted accumulated losses to $166.4m. Net assets are $1.83m and the market cap is $5.7m.

Adslot (ADS), $168m: dropped a $10.7m last day loss which lifted accumulated losses to $166.1m. Net assets are -$1.56m and the market cap is $4.7m. Latest balance sheet shows $168m in accumulated losses and net equity of just $2.4m. The market cap was $5.4m in June 2025. Former Qantas CEO Geoff Dixon is a former director and substantial shareholder and his son Ben Dixon was the long-serving CEO until 2018.

Avenira (AEV), $164.3: 10am physical EGM in Perth to approve two related party share issues. Market cap $30m. Latest balance sheet shows $164.3m of accumulated losses and net assets of $14.5m.

Mundo Minerals(MUN)/Titan Minerals(TTM), $162m: bought 736 MUN at 68c on Jan 18, 2008; sold 600 at 85c on Feb 25, 2008 to recover investment. Retained 136 shares. Changed its name to Titan Minerals (TTM) in 2017 which remains listed with a July 2025 market cap of $80m. The balance sheet as at December 31 2024 showed accumulated losses of $162m and net assets of $57.4m so all that effort over 20 years has seen investors lose about $150m. Never attended AGM.

Multistack International (MSI): market cap negligible. Accumulated losses of $160.7m and negative net assets of $3.8m as at December 31, 2024.

4D Medical (4DX), $152m: dropped a $36.2m last day loss which lifted accumulated losses to $152m. Net assets are $70.9m and the market cap is $181m.

Antilles Gold (AAU), $152m: Accumulated losses of $US96m ($A152m) and net assets of $US14.7m as at December 31, 2025 so investors are down about $160m.

# Vitasora Health (VHL, the old Respiri): 11am virtual EGM. Announced an $11m placement at 3c. Chair Nicholas Smedley and the CEO are together going in for 500k, which will require shareholder approval. Bell Potter and MST Financial ran the raise. No follow on SPP for retail investors so they've been added to this “placement only shame file”. The pricing was a hefty discount to the previous close of 3.8c and the stock immediately traded at the 3c placement price when trading resumed on July 2. Latest balance sheet shows $150.8m of accumulated losses and net assets of $14.7m. Market cap $49m.

Terra Metals (TM1), $150.7m: 10am physical EGM in Perth to approve 7 share issue resolutions. Market cap $22m. Latest balance sheet shows $150.7m of accumulated losses and net assets of $6.7m.

Qoria, formerly Family Zone (QOR): $148 million - the Perth-based family cyber security company lost $75m in 2021-22 alone. Has changed its name to Qoria. Market cap was around $420m in August 2024.

Thorney Opportunities Fund (TOP), $147m: managed a healthy $35m profit reported at 5.10pm on the last day of August 2024 season but still has $147m in accumulated losses. Reported net assets of $159m against a market cap of $120m.

BSA (BSA), $147m: bought 807 at 62c on Jan 18, 2008. Sold 955 at 18c on April 17, 2009 so lost about $360. Still own 2 shares in the old Broadcast Services Australia which is capitalised at just $6.6m and the February 2025 balance sheet shows $147m in accumulated losses and net assets of just $11m.

Burgundy Diamond Mines (BDM), $146.4m: Accumulated losses of $146.4m and net assets of $62m.

# Wellard (WLD), $146m: the Perth-based company provides shipping for live animal export and has former Gina Rinehart side-kick John Klepec as exec chair. It lost $1.1m for the 2023-24 year and now has $146m in accumulated losses and a market cap of $22 million with claimed net assets of $55 million. Is currently being wrapped up with the sale of its last ship.

# Amplia Therapeutics (ATX), $145.5m: Market cap $97m. Ran a physical AGM in Melbourne last year with only protest 15% against extra placement capacity. Need to write to them requesting hybrid. Latest balance sheet shows $145.5m of accumulated losses and net assets of $21m.

Admiralty Resources (ADY), $145m: Bought 1000 at 50.5c in October 2007. Forced the sale of my 1000 shares at 24.5c in February 2008 and sent a cheque for $245 for a loss of $265. Remains listed with tiny market cap of $13m in April 2025 and latest balance sheet shows $145m in accumulated losses and net assets of only $11.3m.

FBR (FBR) $141m: the robotic technology company is a joke. It waited until 6.17pm on Friday August 29, 2025 to reveal a whopping $29m last day loss. Should have been more as net assets are still $62m after $141 in accumulated losses but market cap only $23.6m in August 2025.

Bougainville Copper (BOC), $139m: 35 years after PNG locals stopped its mining operation, Rio Tinto is still getting mentioned in last day profit results.

Lakes Blue Energy (LKO), $140m: 11am physical EGM in Sydney to approve 11 share issue resolutions. Market cap tiny as long term suspended. Latest balance sheet shows $140m of accumulated losses and net assets of $13.2m.

Cue Energy (CUE), $139.5m: bought 2,500 at 20c for $520 on Apr 7, 2008. Sold 2000 at 24.5c for $470 on Apr 21, 2008 to recover all but $50 of investment. Still listed but not currently on the register so remaining 500 must have been taken out by an unmarketable parcel offer. Never attended AGM. Had a $68m market cap in April 2025 and latest balance sheet shows $139.5m in accumulated losses and net equity of $64m.

City Chic Collective (CCX), $139m: Was previously known as Millers Retail and Specialty Fashion Group. Market cap $31m in June 2025 and latest balance sheet in February 2025 had $139m in accumulated losses and net assets of $38.2m.

Eden Innovations, (EDE), $137m: run out of Perth and operates as far a field as India and Georgia with products to make generators more fuel efficient. Produced a last day $2.56m loss which lifted accumulated losses to $137m. Net assets just $4.15m but market cap is just $6m.

Invion (IVX), $137.6m: dropped a $5.6m last day loss which lifted accumulated losses to $136m. Net assets are $14.4m and the market cap is $26m although stock is below 1c.

Ironclad Mining(IFE)/Tyranna Resources (TYX), $136m: bought 485 IFE at $1.04 on Jan 14, 2008. Sold 475 at 28c on May 8, 2009 to lose $350. Retained 10 shares which must have been taken out in an unmarketable parcel offer. Changed its name to Tyranna Resources (TYX) in 2015 which remains listed with July 2025 market cap of $13m. The balance sheet as at December 31 2024 showed $136m in accumulated losses and net equity of just $5.25m. Never attended AGM.

Incentiapay: $134 million - revealed it has doubled its net loss to $15.6 million in 2021-22 on revenues of only $20.6m. It has now wracked up accumulated losses of $134 million and the market capitalisation is a miserable $16 million.

Lumos Diagnostics (LDX): $135 million - only listed in 2021 but has managed to accumulate $US90.8m in accumulated losses by the time it released its August 2024 annual report, which claimed to have net assets of $US7.1m against a market cap of around $20m.

Bannerman Resources (BMN), $133m: Market cap $372m in April 2025 and December 2024 balance sheet showed $133m in accumulated losses and net assets of $188m so investors are overall slightly in front.

Netlinkz (NET), $133.1m: dropped a $16.1m late last day loss which lifted accumulated losses to $133.1m. Net assets are -$3.3m and the market cap is $11m with the stock below 1c.

Wellness Life (WNX), $127.5m: sells everything from pain relief to sleep supplements, teeth whitening and medicinal marijuana. Dropped a last day loss of $14.7m as is prepares to dual list in London. Accumulated losses have hit $127.5m and net assets are just $7.2m but the market cap is $32m with the stock at 2c. Yet another Chemist Warehouse supplier which is under-water.

Altech Batteries (ATC), $125.8m: 10am physical EGM in Perth to approve 2 share issue resolutions. Market cap $64m. Latest balance sheet shows $125.8m of accumulated losses and net assets of $26.4m.

Next Sciences (NXS): $125m: the biotech firm is working up remedies for viruses and infections from its Sydney HQ with a Florida research and sales function. After the August 2024 last day laggard loss of $US5.85m, it had $125m in accumulated losses, just $US7 million of remaining book equity but a market cap of $A58 million suggesting there's still hope yet.

AF Legal (AFL), $122.7m: dropped a $1.6m last day profit which reduced accumulated losses to $122.7m. Net assets are $9.9m and the market cap is $14.6m.

Berkeley Energia (BKY): had a market cap of $250m in June 2025. The balance sheet in February 2025 showed accumulated losses of $120m and net assets of $86.5m so it has overall added value for shareholders from its Spanish uranium mine.

Imricor (IMR): $119 million - is trying to develop its Vision-MR Ablation Catheter to work under real-time MRI guidance. It lost $US9.7m in 2021-22 and has accumulated losses of $US82.4 but with a market cap of $131m in August 2024 it is doing better.

Sayona Mining (SAY), $118.7m: dropped a $139m last day loss which created accumulated losses of $118.7m. Net assets are $795m and the market cap is just $267m.

Sipa Resources (SRI), $117m: 2pm physical EGM in Perth on September 4 2025 to approve 7 share issues and a name change. Market cap $7.8m. Last annual report in March 2025 shows $117m in accumulated losses and net assets of $1.3m.

Toubani Resources (TRE), $116.5m: the Perth-based company reported a later than the last day $3.9m loss which left accumulated losses of $116.5m and net assets of $8.6m as of December 31, 2024.

First Graphene (FGR): dropped a $5.4m last day loss in August 2025 and has now wracked up $117m in accumulated losses. Claims book value of $4.5m but market cap is $40m so there's hope.

NT Minerals (NTM), $116m: 10am physical EGM in Perth to approve single resolution on sale of significant undertaking. Market cap $2.4m. Latest balance sheet shows $116m of accumulated losses and net assets of $6.7m.

Acrux (ACR): $113.7 million: the generics company was profitable until it lost its one product in September 2017 and has wracked up another $21 million in losses over the past 2 years as it tries to develop alternative products with 16 balls in the air. On the day of its 2022 AGM it had accumulated losses of $113.7 million, audited net assets of $9 million and a market capitalisation of $19 million. See questions asked at the meeting.

Arizona Lithium (AZL), $112.4m: Market cap $27m. Accumulated losses of $112.4m and net assets of $92.4m so investors down almost $200m.

Waratah Minerals (WTM), $112.3: market cap $35m. Accumulated losses of $112.3m and net assets of $9.9m as at December 31, 2024.

Maggie Beer Holdings (MBH), $111.7m: the premium foods group dropped a $28.2m 2023-24 last day loss at 10.10am, which lifted accumulated losses to $111.7m. Claimed net assets of $57m compared with a market cap of $23m with the stock at 6c.

Radiopharm Theranostics (RAD), $111.3m: dropped a $47.9m last day loss which lifted accumulated losses to $111.3m. Net assets are $27.3m and the market cap is $70m.

# Xanadu Mines (XAM): Market cap $101m. Accumulated losses of $111.1m and net assets of $69.9m as at December 31, 2024.

Percheron Therapeutics (PER), $110m: Market cap $12m. Accumulated losses of $110m as at December 31 2025 and net assets of $15.3m.

Classic Minerals (CLZ), $110.3m: 11am reconvened physical AGM in Perth. Market cap tiny. Latest balance sheet as of December 31 2024 shows $110.3m of accumulated losses and negative equity of $21m.

Adherium (ADR), $109.3m: Market cap $8.3m. Accumulated losses of $109.3m and net assets of $1.4m as at December 31, 2024.

Senetas (SEN), $109.8m: dropped a $13.4m last day loss which lifted accumulated losses to $109.8m. Net assets are -$1.6m and the market cap is $25m with the stock at 1.6c.

FirstWave Cloud Technology (FCW) $107m: dropped a $3.45m last day loss on August 29, 2025 which lifted accumulated losses to $107m. Net assets and market cap are both around $29m in August 2025.

Analytica: $107m - revealed a $2.3m last day loss this year lifting accumulated losses to $107m. The market cap is only $4.6m with the stock at 0.1c so these are real permanent losses.

Top Shelf International (TSI), $106.6m: the Melbourne-based spirits company focuses on whisky and has had a bruising experience, dropping $21.1m in 2023-24 with this last day effort, which lifted accumulated losses to a stonking $106.6 million. Claims to have net assets of $40.5m but the market cap is down to $24m with the stock at 7.3c.

TZ Ltd (TZL), $105m: makes locks and fasteners and was chaired by Mark Bouris for 9 years until 2018, drawing an average cash salary of more than 400k. As The AFR's Rear Window column noted in this 2023 piece, it racked up $105m in losses during the Bouris tenure and the stock crashed from 98c to just 2c.

Highfield Resources (HFR), $103.9m: dropped a very late $9m loss for 2023-24 on September 9, lifting accumulated losses to $103.9m. Net assets of $134.4m and a market cap of $114m so underwater overall.

Blue Energy (BLU): $105m: wracked up $105m in losses by August 2025 and still claimed to have net assets of $72.4m when market cap was down to $15m. Pitcher Partners audits the Brisbane based company and former Santos CEO John Ellice-Flint is chair.

Bluglass (BLG), $103m: bought 2,942 at 17c on February 18, 2010. Sold 2,942 at 15.5c on March 11, 2010 to lose almost $100. The semi-conductor company was still listed with an April 2025 market cap of $33m. Never attended AGM. Last balance sheet showed $103m in accumulated losses and net assets of $9.9m.

Trivarx Ltd (TRI), $103m: Market cap $7.4m. Accumulated losses of $103m and net assets of $11.4m as at December 31, 2024.

Austral Resources (AR1), $102.1m: Market cap tiny. Accumulated losses of $102.1m and net assets of $28.7m as at December 31, 2024.

Carbonxt (CG1), $102m: dropped a $8.1m last day loss which lifted accumulated losses to $102m. Net assets are $10.7m and the market cap is $26.6m.

Melbourne IT(MLB)/5G Networks(5GN): bought 284 at $1.78 on May 15, 2006. Sold 130 at $3.14 on Jan 29, 2007. Sold 151 at $1.95 on September 16, 2010, so overall profit about $200. Retained 3 shares for a while but must have been taken out in unmarketable parcel offer. Market cap of 5GN was $38m in August 2025 when the share capital put in was $194m as of December 31, 2024, so investors are down more than $150m.

# Nuchev (NUC) $98.2m: the St Kilda Rd-based healthy foods outfit Nuchev was a last day laggard on August 30, 2024, when it reported a $7.6m loss for the year and now has $98.2m in accumulated losses. Claimed net assets of $14m but with a market cap of $26m it hasn't quite joined the $100m loss club overall.

ACCUMULATED LOSSES EXCEEDING $20M

4DS Memory: Perth-based chips company with $55m in accumulated losses and net assets of only $5.4m but the market cap is $50m so the there's hope yet, even with the stock at 3c. See 2021-22 annual report. Needs a share consolidation with 1.475 billion shares on issue.

1414 Degrees: lots of tumult at 2022 AGM for this renewable energy company which has accumulated $22.5m in losses so far.

Hexima (HXL): accumulated losses hit $82 million by August 2025 when it was suspended.

Notable accumulated losses from last day laggard companies

Here is a list of companies which released losses on the last day of the season, August 31, and have lifted accumulated losses above $20 million.

ABX Group: aspiring Tasmanian rare earths miner has former Labor Premier Paul "pokies" Lennon as its chair. A $1m half year loss lifted accumulated losses to $20.3m but there's still hope with a market cap of $29m and net assets of $15.3m.

Antisense Therapeutics: reported a last day $5.8m loss bringing accumulated losses to $81m. Net assets are down to $21m but at least the market cap is $66m.

AssetOwl Ltd: Lost $2.22m for 2021-22 and has now wracked up accumulated losses of $21m. The market cap is only $3m so $18m has been blown.

AusCann: the cannabis game is expensive. Auscann reported a $26m last day loss for 2021-22 and is now up to accumulated losses of $75m. The market cap is only $17m with the stock at 4c.

BIR Financial: revealed a $3.1m loss lifting accumulated losses to $33.2m as its net asset position slips to -$3m. The market cap is $6m so that's a net destruction of $27m for long suffering shareholders.

Crowd Media: was trumpeting a "major turnaround" in its recent $3.2m last day net loss for 2021-22, bringing accumulated losses to $44m. There's only $4.7m of net assets left and the market cap is just $16m.

Design Milk Co: reported a $2.76m loss for the year, lifting accumulated losses over its listed company journey to an eye-popping $58.6m. Net assets are just 173k but at least the market cap is $11m.

Eve Health: reported a $5.4m last day loss for 2021-22. It has now racked up $29m in accumulated losses and only has net assets left of $6.9m but this exceeds the $5m market cap with stock at 1c. No wonder it's a last day shocker.

Group 6 Metals (G6M): Market cap tiny as stock suspended. Last accounts in March 2024 showed accumulated losses of $106.8m and net assets of $72.3m, so $170m has been lost, much of it on its King Island tungsten mine.

Fleetwood: the shares fell 5% after reporting a $47m last day loss for 2021-22, lifting accumulated losses to $88.5m.

Global Health Ltd: reported a $2m last day loss on $6m of revenues, lifting accumulated losses to $23m, but the net assets of $6.1m are well short of the market cap of $20m so there's hope yet.

Jaxsta: the ASX-listed and Darlinghurst-based company sounds fantastic as "the world's largest public facing dedicated data base of official music credits". However, it revealed a last day $6.23m loss and has now wracked up $42m in accumulated losses. Net assets are just 600k and market cap $6.85m.

Legend Mining: the WA explorer has wracked up $72.6m in accumulated losses, including 147k as a recent last day loss. However, even with a share price of just 3.8c it has a market cap of $107m in this latest mining boom.

Medibio: The stock is at 0.001 after it reported a last day $12.6m loss, lifting accumulated losses to $98.6m. They'll crack $100m if survive another 6 months.

Memphasys: the aspiring reproductive technology company reported a last day $2.1m loss lifting accumulated losses to $42.8 million.

Mydeal.com: was a last day laggard in February 2022 and finished with $25.5m in accumulated losses when Woolworths paid $234m for the business in September 2022.

Optiscan Imaging: reported a $4.23m last day loss for 2021-22 which lifted accumulated losses to $66.9 million.

Orbital Engine Company: Remember inventor Ralph Sarich? His old company is still floating around today with a last day laggard loss of $11m. Accumulated losses are now $38m, net assets are just $2m but there's still hope with a $19m market cap.

Pioneer Credit: have been a pretty bad debt collector for shareholders. Revealed a $33m last day loss in 2021-22, lifting accumulated losses to $72m. Claimed net assets of $41m broadly line up with market cap of $43m.

Sprintex: the Perth-based company has now legally burnt through $58m of shareholder funds after revealing a $6m last day net loss for 2021-22, lifting accumulated losses to $69m. It has net assets of only $1.2m and market cap a miserable $11m

Stemcell United: reported a $2.8m last day loss in 2021-22, lifting accumulated losses to $78 million. With a market cap of just $16m, it has destroyed a lot of shareholder value.

The Sustainable Nutrition Company: the hemp outfit reported a $5m loss bringing accumulated losses to $18.5m. But with a market cap of $17m and net assets of $5.2 they are about break even for investors.

Vectus Biosystems: based in North Ryde and trying to work up better blood pressure treatments. It lost $4m last year and has accumulated losses of $32m but with a market cap of $29m investors are still holding out hope.

Wooboard Technologies: just lost another $2.17m in the latest year bringing accumulated losses to $22.6m. With net assets of only $1.36m and a market cap of only $3.82m, it doesn't look very hopeful for investors.

YOJEE: freight focused software as a service company with $39m in accumulated losses by February 2022.

Yellow Brick Road: $72 million in accumulated losses as at June 30, 2022.

Copyright © 2025 The Mayne Report. All rights reserved

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