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- Last 2026-11-06
- A$0.235
- 1D
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- 1M
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- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$119.3M
- EV
- A$130.8M
- Cash
- US$2.1M
- Debt
- US$10.1M
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Sign in or enter a guest codeAnnouncements
Latest 12 of 23All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Appointment of Joint Company SecretaryGovernance
- Corporate PresentationPresentation
- Ovoot Coal Reserve Update Additional JORC DisclosureReserve Update
- Half Yearly Report and AccountsResults
- Ovoot Bond Raises US$10m on Mongolian OTC MarketFinancing
- Ovoot Reserve Update Supports Strong Project EconomicsStudy
- Initial Director's Interest NoticeCorporate Action
- Appointment of Chen Li as an Independent Non-Exec DirectorLeadership
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Notification regarding unquoted securities - AKMCorporate Action
- Change of Director's Interest Notice - Z DashnyamCorporate Action
Event calendar · next 12 months
1 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| August 2027 | First Khurgatai bond tranches mature (August 2027) | Financing | Confirmed | Medium | Repayment falls due on the earliest tranche (US$0.35m at 11%); the larger US$4.21m tranche follows in August 2028. |
Executive roster
As of 2026-10-30Background checks ▸Directors report and governance pages of the FY2025 annual report (directors and KMP), the half-year report, the October 2026 presentation and announcements to 23 Oct 2026. Tristan Garthe (CFO) and Russell Taylor (executive director) resigned on 2 Sep 2025; no successor CFO is named in the documents read. Non-executive directors are in the governance section, not this roster.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Achit-Erdene Darambazar | Executive Chairman | Executive Director | 2025-01-01 | Half Yearly Report and Accounts · Corporate Presentation |
| Sam Bowles | Chief Executive Officer | Chief Executive | — | Corporate Presentation · Ovoot Reserve Update Supports Strong Project Economics |
| Emily Austin | Company Secretary | Company Secretary | — | Half Yearly Report and Accounts · Ovoot Reserve Update Supports Strong Project Economics |
| Abhilasha Soni | Joint Company Secretary | Company Secretary | 2026-10-23 | Appointment of Joint Company Secretary |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Ovoot Coking Coal Project
MN
DFS Unfunded Developer100% ownedOthers
Mining licence MV-017098 granted to Khurgatai Khairkhan LLC (valid to August 2042). EPC contract for CHPP and ERT signed (US$69.9m). Construction mobilised at the CHPP site; PPP road agreement awaiting cabinet approval; project finance partly raised (US$11.2m of bonds).
- Study
- Updated Project Cost Model with JORC reserve supported at least at pre-feasibility level (Glogex)s
- Post-tax NPV (study prices, attributable)
- US$1.5bd
- NPV restated at our deck (attributable)
- Locked
- IRR
- 6,000.0%s
- Initial capex (100%)
- US$61.2ms
- Capital intensity
- US$12.24/(t/yr)d
- LoM AISC
- —
- Mine life
- 31.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$1.5B10% discount
IRR60%Published return
Initial capexUS$61.2MPublished capital estimate
Post-tax real NPV10 and real IRR (approximately 60%) from the Glogex cost model at US$230/t DDP Erlian, including the bond financing and EPC deferral cash flows. Phase 1 pre-production capex US$61.2m excludes US$24.6m working capital and pre-2026 spend.
Resources & reserves6
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 99.5 Mt | ash 18.4% ad; GCV 6,734 kcal/kg ad | Others | 2024-10-31 |
| Mineral Resource | Indicated | 100.9 Mt | ash 21.3% ad; GCV 6,518 kcal/kg ad | Others | 2024-10-31 |
| Mineral Resource | Inferred | 19 Mt | ash 19.2% ad (15.0 Mt at 20.2% and 4.0 Mt weathered at 15.6%) | Others | 2024-10-31 |
| Mineral Resource | Total | 219.4 Mt | ash 19.8% ad | Others | 2024-10-31 |
| Ore Reserve | Proved and Probable (ROM, 2.9% ar moisture) | 130.1 Mt | ROM; 76.8 Proved and 53.3 Probable | Others | 2026-03-31 |
| Ore Reserve | Marketable washed coking coal (9.0% ash ad, 10% moisture ar) | 97.9 Mt | ash 9.0% ad; 60.0 Proved and 37.9 Probable | Others | 2026-03-31 |
Tenements1
Milestones2
- CHPP construction by GIP under CCTEG-IEC EPC contract (mobilised, detailed design 85%)
Pending · High materiality
- Commencement of coal production
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Murun-Uliastai highway PPP agreement (road access) | Mongolia | Pending | — | Yes |
| Statutory DEIA for Erdenet Rail Terminal infrastructure | Mongolia | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Ovoot Coal Reserve and updated Project Cost Model (Glogex) | PFS | Current | 2026-09-11 | Reserve reconfirmed and cost model updated for the EPC contract, rented mining fleet for three years, contracted haulage for five years and deferred infrastructure; US$230/t DDP Erlian; 10% real post-tax; US$126m bonds and US$42m EPC deferral modelled. |
Other
Nuurstei Coking Coal Project (Black Rock LLC, 90%)
MN
Early Explorer90% ownedOthers
Mining licence MV-020941 held by Black Rock LLC (90%). No economic study; no product resource; exploration on hold per the FY2023 report. Valued at zero.
- Ownership
- 9,000.0%
- Commodity
- Coking coalr
- Country
- MNr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total | 12.9 Mt | not disclosed | Others | 2023-06-30 |
Tenements1
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash US$2.07m at 30 September 2026 against quarterly outgoings of about US$1.1m. KK has drawn US$10.1m of bonds in the quarter and US$11.2m across ten tranches by 28 October 2026 (coupons 11-13%, tenors 12-36 months, guaranteed by the largest shareholder). The EPC contract has US$69.9m of which 56% is vendor financed; the Company says 44% (about US$30.8m) must be funded by the Group. Half-year accounts carry a material uncertainty over going concern.
Capital structure
Ownership and dilution
- Ordinary shares
- 507.6M
- Fully diluted
- 514.1M
507,636,985 ordinary shares at 30 June 2026, unchanged from 31 December 2025 (note 10). 6,500,000 performance rights outstanding at 30 June 2026 (note 16); the fully diluted count adds them at nil exercise price. No shares were issued in the half-year and no buy-back is on foot.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares (AKM) | Ordinary Share | 507.6M | — | — |
| Performance rights under the employee incentive plan (nil exercise price) | Performance Right | 6.5M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025A |
|---|---|---|---|
| Profit and loss | |||
| Revenue | AUDm | 0.0 | |
| Operating costs incl. royalties (FY2025: reported segment EBITDA less revenue, includes FX) | AUDm | (18.4) | |
| EBITDA (reported segment basis for FY2025) | AUDm | (18.4) | |
| Cash flow | |||
| Operating cash flow (FY2025 reported; forecast = EBITDA + tax + working capital) | AUDm | (3.6) | |
| Capex (initial plus sustaining; spend shown negative) | AUDm | (8.9) | |
| Free cash flow (operating cash flow less capex) | AUDm | (12.5) | |
| Balance sheet | |||
| Cash (year end) | AUDm | 7.3 | |
| Debt (bond principal) | AUDm | 0.0 | |
| Net debt / (net cash) | AUDm | (7.3) | |
| Per share | |||
| Ordinary shares on issue | m shares | 507.6 | |
| Multiples and ratios | |||
| EV / EBITDA (x, current EV) | x | (7.5) | |
| FCF yield (current market cap) | % | -9.8% | |
| EBITDA margin | % | — | |
| Net debt / EBITDA (x) | x | 0.4 | |
KPI history
Operating metrics
Operating metric source table6
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents, 31 December 2024 | Company | 31 Dec 2024 | Point In Time | 4,578,095 USD | Reported |
| Cash and cash equivalents, 31 December 2025 | Company | 31 Dec 2025 | Point In Time | 5,041,262 USD | Reported |
| Cash at March quarter end | Company | Mar-Qtr 2026 | Point In Time | 3,732,000 USD | Reported |
| Cash at June quarter end | Company | Jun-Qtr 2026 | Point In Time | 2,503,000 USD | Reported |
| Cash at September quarter end | Company | Sep-Qtr 2026 | Point In Time | 2,067,000 USD | Reported |
| Net cash used in operating activities, FY2025 | Company | FY2025 | Year | -2,480,709 USD | Reported |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Steady State Rom Coal Production Target | ovoot-coking-coal | steady state, after 2030 | 5 | 5 Mtpa | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-27Ann. 2026-09-11 | Debt | US$60M | — | — | Ongoing | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Half-year and September 2026 quarterly notes, the reserve announcements, the October 2026 presentation, the FY2025 and FY2023 annual reports and the Talaxis substantial holder notice. The Sinosure supplier-credit cover, the road PPP terms and the Mongolian royalty rate on coal were not read in full.
Lump-sum EPC contract with CCTEG-IEC for the CHPP and Erdenet Rail Terminal. About US$42m of the price is deferred under Sinosure-backed vendor financing and modelled as a financing cash flow.
Other · Active- Counterparties
- CCTEG-IEC
- Applies to
- Ovoot Coking Coal Project · Others
- Economic direction
- Burden
- Period
- From 2025-12-18; no end date stated
- Key terms
- Contract price: 69.9 USD m
Vendor-financed share: 60 pct
How it affects our valuation
No valuation treatment is available for this arrangement.
Khurgatai Khairkhan LLC bond program on the Mongolian OTC market. US$11.2m raised across ten tranches by 28 October 2026. Modelled at 12% coupon and 3% fees for US$126m in the study.
Other · Active- Counterparties
- Mongolian OTC bond investors (placed by Tenger Capital)
- Applies to
- Ovoot Coking Coal Project · Others
- Economic direction
- Burden
- Period
- From 2026-07-27; no end date stated
- Key terms
- Program size: 60 USD m
Coupon range: 11-13 pct p.a.
How it affects our valuation
No valuation treatment is available for this arrangement.
Largest shareholder and a related company guarantee the bond principal, interest and certain costs. No fee is charged, so the benefit is treated as a funding-support judgment, not a cash item.
Strategic Partnership · Active- Counterparties
- Mr Tserenpuntsag Tsedendamba · Gemnet LLC
- Applies to
- Ovoot Coking Coal Project · Others
- Economic direction
- Benefit
- Period
- From 2026-07-27; no end date stated
- Key terms
- Fee: 0 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Road access depends on the PPP agreement, which awaits cabinet approval. The study assumes a road toll.
Other · Conditional- Counterparties
- Government of Mongolia (Murun-Uliastai highway PPP)
- Applies to
- Ovoot Coking Coal Project · Others
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Road toll: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Talaxis legacy Alliance Agreement rights were extinguished for a 0.75% royalty on coal sales revenue from Ovoot, payable to NordSteppe PIF (annual report p13, p14). Modelled as a royalty on Ovoot revenue.
Royalty · Active- Counterparties
- NordSteppe Private Investment Fund LLC
- Applies to
- Ovoot Coking Coal Project · Others
- Economic direction
- Burden
- Period
- From 2025-09-11; no end date stated
- Key terms
- Royalty rate: 0.75 pct
How it affects our valuation
No valuation treatment is available for this arrangement.
Acquisition of Coalridge Limited (owner of 90% of Nuurstei) from Xanadu; 500,000 shares contingent on a 30 Mt JORC resource (FY2023 annual report note 23).
Other · Conditional- Counterparties
- Xanadu Limited
- Applies to
- Company-wide · Others
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Contingent consideration: 500,000 shares
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The team combines Mongolian coal operations, financing and governance experience as Ovoot advances through early construction and funding. Prior operating fatalities and an EITI reconciliation exclusion provide material company-level context, with individual responsibility and later disclosure status unestablished.
Decision-relevant facts
Material summary
Achit-Erdene Darambazar
Executive Chairman
GovernanceDocumented · High materiality
Ovoot subsidiary excluded from 2023 EITI reconciliation
The Mongolia EITI report for 2023 lists Khuragtalkhairkhan, registration 5104424, as excluded for reason “Refused” and names Darambazar as executive officer. Mongolian government records identify the matching registration as Khurgatai Khairkhan; Aspire identifies the latter as its wholly owned Ovoot subsidiary. The report does not identify who made the decision or state that a law was breached. Searches of the later 2024 reconciliation report did not establish a later disposition.
Role overlaps event; causation unproven · The report names him as executive officer, but does not attribute the refusal decision to him.
Mongolia 18th EITI reconciliation report for 2023 · Table 11, enterprise 2
Mongolian government payment record · Page 2, payment record 5104424
Annual Report year ended 31 December 2025 · Notes: controlled entities, Khurgatai Khairkhan
Mongolia 19th EITI reconciliation report for 2024 · Main report and annex search for name and registration 5104424
Company SuccessIssuer Reported · Medium materiality
Initial Ovoot bond funds raised
Aspire reported that its Ovoot subsidiary had raised US$11.2 million across ten bond tranches by 28 October 2026, toward a US$60 million program; the issuer also reported cash of US$2.1 million at 30 September. Further funding is not guaranteed.
Role overlaps event; causation unproven · Company-level funding result during his tenure; the extent of personal contribution is not established.
September 2026 quarterly activities report · Pages 2–3, quarter highlights and Ovoot Bond
GovernanceIssuer Reported · Medium materiality
Related-party services disclosed
Aspire’s 2025 report and June 2026 financial statements disclose services purchased from MICC, an entity related to Darambazar. Disclosure alone does not establish improper terms or a breach.
Role overlaps event; causation unproven · The related-party relationship is disclosed; personal transaction approval and any impropriety are not established.
Annual Report year ended 31 December 2025 · Financial statement notes: related parties
Half-year report 30 June 2026 · Note 17: related parties
Evidence gaps · 4
- Underlying correspondence or explanation for the EITI nonparticipation was not obtained; the later participation status is not established.
- Credentials were not independently checked with the universities.
- Individual contribution to bond proceeds and private finance transactions was not independently quantified.
- Mongolian-language court and regulator records and past roles could not be exhaustively searched.
Sam Bowles
Chief Executive Officer
SafetyIssuer Reported · High materiality
Fatal incidents during former COO tenure
Mongolian Mining Corporation reported one fatality at Ukhaa Khudag in November 2013 and two further fatalities in 2014 at the Tsagaan Khad stockyard and on the haul road. Its report identifies Bowles as COO responsible for mining and processing from October 2012. MMC said investigations of the 2014 incidents had concluded and no further corporate liability existed; underlying regulator reports were not obtained. MMC later reported zero fatalities in both 2015 and 2016.
Role overlaps event; causation unproven · His executive role overlapped the 2013–2014 events, but the sources do not establish personal fault or control of each location. Later zero-fatality figures are corporate results, not a personal attribution.
Mongolian Mining annual report 2013 · Pages 12 and 44; sustainability report page 82
Mongolian Mining annual report 2014 · Directors and senior management; OHSE and sustainability report
Mongolian Mining annual report 2016 · Printed page 63, Table 15: safety statistics
Company SuccessDocumented · Medium materiality
Mongolian operating experience
ABC interviewed Bowles at MMC’s Ukhaa Khudag operation in 2012 and described him overseeing operations. MMC reported 5.4 million tonnes of coal sold during 2014; the corporate figure is not a measured personal contribution.
Role overlaps event; causation unproven · Contemporaneous reporting connects his role to the operation; aggregate sales cannot be allocated to an individual.
The Big Dig: Mongolia mine operations · Mine operations interview
Mongolian Mining annual report 2014 · Management discussion: marketing and sales
Company SuccessIssuer Reported · Medium materiality
Ovoot site establishment and early financing
Aspire reported contractor mobilisation, a camp and concrete batching plant at the coal preparation site and US$11.2 million in bond tranches raised by late October. Production had not commenced; forecast development remains dependent on further funding.
Role overlaps event; causation unproven · Issuer describes company activities during CEO tenure; individual contribution to site work and fundraising is not established.
September 2026 quarterly activities report · Pages 2–3, CHPP site establishment and bond issuance
Evidence gaps · 4
- Exact end date of his Mongolian Mining Corporation employment was not established; his role during the later 2016–17 debt restructuring is therefore unknown.
- The 2013 and 2014 underlying regulator investigation files were not obtained; company reports describe their outcomes.
- The degree and professional memberships have not been independently verified.
- Individual contributions to company-wide production, finance and safety trends are not measured.
Emily Austin
Joint Company Secretary and Communications Officer
Role FitAnalyst Inference · Medium materiality
Governance experience and joint secretarial role
Analyst inference: Aspire’s 2023 annual report describes corporate secretarial and governance experience across listed and private entities; its October 2026 announcement states she continues as joint company secretary and communications officer. This supports relevance to disclosure administration but does not independently demonstrate individual effectiveness.
Responsibility not applicable · Judgment relates to documented role and reported experience, not a verified personal outcome.
Annual financial report year ended 31 December 2023 · Page 11, company secretary biography
Appointment of Joint Company Secretary · Page 1, continuation
Evidence gaps · 3
- Professional memberships and qualifications were not independently verified.
- Prior employer and client histories are not sufficiently dated for comprehensive outcome screening.
- Identically named people in other fields were not attributed without identity evidence.
Abhilasha Soni
Joint Company Secretary
Role FitAnalyst Inference · Medium materiality
Company secretarial experience
Analyst inference: Aspire reports more than 13 years of secretarial, regulatory and corporate-governance experience across Australia and India, relevant to her joint secretary role. Her appointment is recent and Aspire-specific outcomes have not yet been independently assessed.
Responsibility not applicable · Role relevance is a judgment from an issuer biography, not independently verified delivery.
Appointment of Joint Company Secretary · Page 1, appointment biography
Evidence gaps · 4
- The issuing institution and professional body did not independently verify the stated qualifications.
- Prior clients and employers and exact dates were not established for comprehensive prior-employer checks.
- Namesake legal results were not attributed because identity could not be established.
- The very recent role start leaves little observable Aspire-specific outcome evidence.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-04-20
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 43.84% | 222,542,060 | |
| 2 | 10.03% | 50,908,014 | |
| 3 | 8.64% | 43,834,410 | |
| 4 | 3.05% | 15,493,744 | |
| 5 | 2.64% | 13,400,000 | |
| 6 | 1.73% | 8,802,851 | |
| 7 | 1.67% | 8,453,771 | |
| 8 | 1.13% | 5,757,807 | |
| 9 | 1.09% | 5,546,915 | |
| 10 | 0.81% | 4,112,737 | |
| 11 | 0.53% | 2,685,955 | |
| 12 | 0.50% | 2,550,000 | |
| 13 | 0.48% | 2,429,833 | |
| 14 | 0.42% | 2,141,757 | |
| 15 | 0.41% | 2,102,477 | |
| 16 | 0.41% | 2,098,844 | |
| 17 | 0.39% | 1,977,225 | |
| 18 | 0.35% | 1,790,000 | |
| 19 | 0.33% | 1,700,000 | |
| 20 | 0.33% | 1,700,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 52.50%Issued shares | 2026-10-12 | |
| 10.40%Issued shares | 2026-10-12 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The top-20 register is dated 20 April 2026; it is not a current beneficial ownership list. Nominee and custodian accounts do not identify underlying investors.
- Two Spectral Investments lines have identical names in the original register and are distinguished as separate reported entries.
- Registered accounts and the two major investor figures overlap and must not be added together.
- The October issuer chart reports 10.4% for Huang but the 8 April notice reported 10.46%; the chart supplies no exact quantity and the reason for the difference is unconfirmed.
- NordSteppe and Talaxis ceased substantial status on 6 and 13 February 2026 respectively; cessation alone does not prove a zero remaining position. Later changes below reporting thresholds may not be disclosed.
Sources
- 2025 annual report
Aspire Mining Limited via ASX · Published 2026-04-29 · Accessed 2026-10-31
Twenty registered holders and substantial holders as at 20 April 2026.
downloads/AKM/2026/2026-04-29_Annual Report to shareholders_856ef931b77f881e.pdf, PDF pages 79–80
- Corporate presentation
Aspire Mining Limited via ASX · Published 2026-10-16 · Accessed 2026-10-31
Ownership chart as at 12 October 2026, percentages rounded; includes MICC shares on Tserendamba behalf.
downloads/AKM/2026/2026-10-16_Corporate Presentation.pdf, PDF page 13
- Change in substantial holding — Qijun Huang
Qijun Huang via ASX · Published 2026-04-23 · Accessed 2026-10-31
Visually inspected scanned Form 604 reports 53,108,014 ordinary shares and 10.46% voting power at 8 April 2026.
downloads/AKM/2026/2026-04-23_Change in substantial holding_2b4e65624e45d3ef.pdf, page 1
- Ceasing to be a substantial holder — NordSteppe
NordSteppe Private Investment Fund LLC via ASX · Published 2026-02-13 · Accessed 2026-10-31
Scanned Form 605 reports cessation on 6 February 2026 and a transfer to Qijun Huang.
downloads/AKM/2026/2026-02-13_Ceasing to be a substantial holder_4bacf36eb3773ce9.pdf, page 1
- Ceasing to be a substantial holder — Talaxis
Talaxis Ltd via ASX · Published 2026-02-16 · Accessed 2026-10-31
Scanned Form 605 reports Talaxis ceased substantial status on 13 February 2026.
downloads/AKM/2026/2026-02-16_Ceasing to be a substantial holder_2c76fd09821e41db.pdf, PDF page 2
Disclosed activity
Insider transactions
Trading activity2 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-06-03 | Greg MillenPalmiye Bay Pty Ltd as trustee for Millen Family Trust
Details & evidence for Greg Millen on 2026-06-03500,000 indirect performance rights issued to Palmiye Bay Pty Ltd as trustee for the Millen Family Trust on 3 Jun 2026. As disclosed: Issue of 500,000 Performance Rights pursuant to the shareholder approval at the AGM held 28 May 2026.
director · 2025-08-01 Palmiye Bay Pty Ltd as trustee for Millen Family Trust · Mr Millen is director and secretary of Palmiye Bay Pty Ltd, trustee for the Millen Family Trust. Change of Director's Interest Notice - G Millen ↗ Change of Director's Interest Notice - G Millen ↗ Notification regarding unquoted securities - AKM ↗ Results of Annual General Meeting ↗ | GrantPerformance rights | 500,000 | —Non Cash | — | 500,000 |
| 2026-06-03 | Zoljargal DashnyamZoljargal Dashnyam
Details & evidence for Zoljargal Dashnyam on 2026-06-03500,000 direct performance rights issued to Dashnyam on 3 Jun 2026 after the 28 May AGM approval. As disclosed: Issue of 500,000 Performance Rights pursuant to the shareholder approval at the AGM held 28 May 2026.
director · 2025-09-15 Change of Director's Interest Notice - Z Dashnyam ↗ Change of Director's Interest Notice - Z Dashnyam ↗ Notification regarding unquoted securities - AKM ↗ Results of Annual General Meeting ↗ | GrantPerformance rights | 500,000 | —Non Cash | — | 500,000 |
| 2025-09-02 | Russell Alan TaylorRussell Alan Taylor
Details & evidence for Russell Alan Taylor on 2025-09-02Taylor’s 500,000 direct performance rights lapsed on 2 Sep 2025. The final director notice disclosed no remaining securities. As disclosed: Lapse of 500,000 Performance Rights due to vesting conditions not being met.
director · 2022-11-29 to 2025-09-02 Change of Director's Interest Notice - R Taylor ↗ Change of Director's Interest Notice - R Taylor ↗ Notification of cessation of securities - AKM ↗ Annual Report to shareholders ↗ | ExpiryPerformance rights | 500,000 | —Non Cash | — | 0 |
| 2023-11-24 | Russell Alan TaylorRussell Alan Taylor
Details & evidence for Russell Alan Taylor on 2023-11-24500,000 direct performance rights were disclosed by Taylor as changing on 24 Nov 2023. Appendix 3G reports the issue date as 27 Nov 2023. As disclosed: Issue of 500,000 Performance Rights pursuant to shareholders’ approval at the AGM held 24 Nov 2023.
director · 2022-11-29 to 2025-09-02 Change of Director's Interest Notice - R Taylor ↗ Change of Director's Interest Notice - R Taylor ↗ Notification regarding unquoted securities - AKM ↗ Results of Annual General Meeting ↗ Results of Annual General Meeting - Revised ↗ | GrantPerformance rights | 500,000 | —Non Cash | — | 500,000 |
| 2023-11-24 | Michael Ross AveryMichael Ross Avery
Details & evidence for Michael Ross Avery on 2023-11-24500,000 direct performance rights were disclosed by Avery as changing on 24 Nov 2023. Appendix 3G reports the issue date as 27 Nov 2023. As disclosed: Issue of 500,000 Performance Rights pursuant to shareholders’ approval at the AGM held 24 Nov 2023.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Change of Director's Interest Notice - M Avery ↗ Change of Director's Interest Notice - M Avery ↗ Notification regarding unquoted securities - AKM ↗ Results of Annual General Meeting ↗ Results of Annual General Meeting - Revised ↗ | GrantPerformance rights | 500,000 | —Non Cash | — | 500,000 |
| 2023-09-01 | Michael Ross AveryOmaroo Investments Pty Ltd ATF Omaroo Investment Trust
Details & evidence for Michael Ross Avery on 2023-09-01Avery reported a further 100,000 ordinary shares acquired indirectly through Omaroo Investments Pty Ltd ATF Omaroo Investment Trust. As disclosed: 100,000 fully paid ordinary shares acquired on-market on 1 September 2023 at AUD0.10 per share.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Change of Director's Interest Notice - M Avery ↗ Change of Director's Interest Notice - M Avery ↗ | PurchaseFully paid ordinary shares | 100,000 | — | AUD 0.1Disclosed price | 267,113 |
| 2023-03-30 | Michael Ross AveryOmaroo Investments Pty Ltd ATF Omaroo Investment Trust
Details & evidence for Michael Ross Avery on 2023-03-30Avery reported 167,113 ordinary shares acquired indirectly through Omaroo Investments Pty Ltd ATF Omaroo Investment Trust. As disclosed: 167,113 fully paid ordinary shares acquired on-market on 30 March 2023 at AUD0.598 per share.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Change of Director's Interest Notice - M Avery ↗ Change of Director's Interest Notice - M Avery ↗ | PurchaseFully paid ordinary shares | 167,113 | — | AUD 0.598Disclosed price | 167,113 |
Disclosed holding observations7 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-04-20 | Michael Ross Avery
Details & evidence for Michael Ross Avery on 2026-04-20Annual-report shareholder information applicable 20 Apr 2026 lists Avery with 500,000 performance rights.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Annual Report to shareholders ↗ | PositionPerformance rights | 500,000 | — |
| 2025-09-02 | Russell Alan Taylor
Details & evidence for Russell Alan Taylor on 2025-09-02Taylor’s 500,000 rights lapsed on 2 Sep 2025; final director notice reports no remaining securities.
director · 2022-11-29 to 2025-09-02 Change of Director's Interest Notice - R Taylor ↗ Final Director's Interest Notice - R Taylor ↗ | FinalPerformance rights | 0 | — |
| 2025-04-22 | Michael Ross Avery
Details & evidence for Michael Ross Avery on 2025-04-22Annual-report shareholder information lists Avery with 500,000 performance rights as at 22 Apr 2025.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Annual Report to shareholders ↗ | PositionPerformance rights | 500,000 | — |
| 2025-04-22 | Russell Alan Taylor
Details & evidence for Russell Alan Taylor on 2025-04-22Annual-report shareholder information lists Taylor with 500,000 performance rights as at 22 Apr 2025.
director · 2022-11-29 to 2025-09-02 Annual Report to shareholders ↗ | PositionPerformance rights | 500,000 | — |
| 2024-04-17 | Michael Ross Avery
Details & evidence for Michael Ross Avery on 2024-04-17Annual-report shareholder information lists Avery with 500,000 performance rights as at 17 Apr 2024.
director · 2022-11-29 Omaroo Investments Pty Ltd ATF Omaroo Investment Trust · Avery is a beneficiary of Omaroo Investment Trust; shares were held by its corporate trustee. Annual Report to shareholders ↗ | PositionPerformance rights | 500,000 | — |
| 2024-04-17 | Russell Alan Taylor
Details & evidence for Russell Alan Taylor on 2024-04-17Annual-report shareholder information lists Taylor with 500,000 performance rights as at 17 Apr 2024.
director · 2022-11-29 to 2025-09-02 Annual Report to shareholders ↗ | PositionPerformance rights | 500,000 | — |
| 2023-01-31 | Hannah Badenach
Details & evidence for Hannah Badenach on 2023-01-31Final notice attributes 1,095,392 shares to James Brian Polson, Hannah Badenach’s spouse; registered holder is not identified in the notice.
former director · Start not disclosed to 2023-01-31 James Brian Polson · Spouse; final director notice attributes 1,095,392 ordinary shares to him. Noble Resources International Pte Ltd · Nominated representative of Noble Resources International Pte Ltd; this does not establish any link between Noble and Talaxis. Final Director's Interest Notice ↗ | FinalFully paid ordinary shares | 1,095,392 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory29 documents
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighPartial
September 2026 quarterly and Appendix 5B (USD 000): operating -774, investing -9,391 (PPE -9,022, E&E -369), financing +9,716 (bond proceeds 10,056, costs -340), cash 2,067, outgoings -1,143, 1.8 quarters of funding, US$11.2m raised across ten tranches to 28 Oct 2026, US$1.14m after quarter end, bond guarantees from largest shareholder.
- Document ID
- q3-2026-5b
- Published UTC
- 2026-10-30T00:44:10Z
- Projects
- ovoot-coking-coal
- Commodities
- others
AKM daily close, reference price for valuation date 2026-10-31Market Data · HighMetadata Only
Latest eligible local ASX close for AKM from miners.reference_price: A$0.25 on 2026-10-30 (open 0.245, high 0.25, low 0.245, volume 84,537), price fresh at 1 day. Security basis: one ASX ordinary share.
- Document ID
- akm-2026-10-30-asx-close-reference
- Published UTC
- 2026-10-29T22:00:00Z
- Projects
- —
- Commodities
- others
Market snapshot for AKM at cutoff 2026-10-31 (local databases)Market Data · HighMetadata Only
miners.v8db.market_snapshot output: close A$0.25, market cap A$126.9m on 507,636,985 shares, 52-week range A$0.185 to A$0.31, returns 1M +4.2%, 3M +25%, 12M 0%, 3Y +257%, 20-day average traded value A$17,490; coal benchmark series spot unavailable; peer rows NHC, SMR, WHC, YAL (coal producers, 30 Oct 2026 closes).
- Document ID
- akm-market-snapshot-2026-10-31
- Published UTC
- 2026-10-29T22:00:00Z
- Projects
- —
- Commodities
- others
Appointment of Joint Company SecretaryGovernance · LowPartial
Appointment of Abhilasha Soni as Joint Company Secretary, effective 23 Oct 2026; Emily Austin continues as Joint Company Secretary and Communications Officer.
- Document ID
- jsc-2026-oct
- Published UTC
- 2026-10-23T05:33:02Z
- Projects
- —
- Commodities
- —
Corporate PresentationPresentation · MediumPartial
Corporate presentation 16 Oct 2026: capital structure (507.6m shares, 6.5m rights, cash US$2.5m, debt US$9.56m, EV A$129.4m), shareholder register (Tserenpuntsag 52.5%, Qijun Huang 10.4%, top 20 78%), project economics summary (average processing yield 79%, C1 cash cost US$80.4/t), resource table by category with ash, Board and Management slide.
- Document ID
- pres-2026-oct
- Published UTC
- 2026-10-15T22:47:42Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Ovoot Coal Reserve Update Additional JORC DisclosureReserve Update · HighPartial
Ovoot Coal Reserve Update Additional JORC Disclosure, 7 Oct 2026: Table 1 reserves at 31 Mar 2026 (ROM 130.1 Mt at 2.9% ar moisture: 76.8 Proved, 53.3 Probable; marketable 97.9 Mt at 9.0% ash ad: 60.0 Proved, 37.9 Probable), Table 2 modifying factors (5.0% dilution, 3.2% loss, 45% max raw ash), resource 219.4 Mt unchanged (99.5 M, 100.9 I, 19.0 Inf).
- Document ID
- reserve-2026-oct
- Published UTC
- 2026-10-06T23:09:59Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Global premium coking coal spot benchmark rises to US$265.50/t (SMM, 24 Sep 2026)Commodity Data · MediumMetadata Only
Outside source: premium coking coal spot benchmark reported at US$265.50/t FOB Australia on 24 Sep 2026. No October 2026 benchmark was accessible (Mysteel pages paywalled).
- Document ID
- coal-price-fob-sep-2026-news
- Published UTC
- 2026-09-23T22:00:00Z
- Projects
- —
- Commodities
- others
China coking coal supply squeeze seen lingering into 2027 (23 Sep 2026)Other · MediumMetadata Only
Outside source: Bloomberg Intelligence expects the Chinese coking coal supply squeeze to linger into 2027; Mongolian, Australian and Russian shipments offset only part of the gap. The 18.1 Mtpa fat-coal shortfall cited in the corporate presentation could not be verified from accessible sources.
- Document ID
- fenwei-china-supply-squeeze-2026-09
- Published UTC
- 2026-09-22T22:00:00Z
- Projects
- —
- Commodities
- others
Half Yearly Report and AccountsResults · HighExtracted
Half-year report to 30 Jun 2026 (USD): loss before tax -3.46m, operating cash -1.02m, investing -1.52m, cash 2.50m, equity 38.40m, E&E 29.87m, 507,636,985 shares, 6.5m performance rights, bond programme US$60m with US$9.56m placed to 9 Sep 2026, CHPP/ERT EPC US$69.9m with 56% vendor financing.
- Document ID
- hy-2026
- Published UTC
- 2026-09-11T08:11:49Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Ovoot Bond Raises US$10m on Mongolian OTC MarketFinancing · HighPartial
Ovoot Bond securities prospectus and announcement (11 Sep 2026): up to US$60m, 11%-13% coupons, 12-60 month tranches, quarterly coupons, guarantees from Tserenpuntsag Tsedendamba (largest shareholder, about 52.47%) and Gemnet LLC at no fee, US$9.56m raised at 9 Sep 2026, projections assume US$120m OTC bonds in 2026-27.
- Document ID
- bond-2026-sep
- Published UTC
- 2026-09-11T06:47:49Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Ovoot Reserve Update Supports Strong Project EconomicsStudy · HighPartial
Ovoot reserve update and project economics, 11 Sep 2026: NPV10 post-tax US$1,483.3m, real IRR ~60%, Phase 1 pre-production capex US$61.2m excluding US$24.6m working capital, sustaining capex US$1,037.3m, price US$230/t DDP Erlian real, 10% real post-tax, 31-year life, first coal Q4 2027, bond and deferred EPC financing assumptions.
- Document ID
- study-2026-sep
- Published UTC
- 2026-09-10T23:54:47Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Initial Director's Interest NoticeCorporate Action · LowExtracted
Appendix 3X initial director interest notice for Chen Li (appointed 24 Aug 2026): nil securities held.
- Document ID
- di-chen-li-initial-2026-08
- Published UTC
- 2026-08-26T06:18:51Z
- Projects
- —
- Commodities
- —
Appointment of Chen Li as an Independent Non-Exec DirectorLeadership · MediumPartial
Appointment of Chen Li as Independent Non-Executive Director, effective 24 Aug 2026; fee A$65,000 per annum; no options.
- Document ID
- chen-li-appointment-2026-aug
- Published UTC
- 2026-08-24T01:23:15Z
- Projects
- —
- Commodities
- —
Coronado Global Resources market capitalisation search (August 2026)Other · MediumMetadata Only
Outside: Coronado (ASX: CRN) price about A$0.19 on 11 Aug 2026; market capitalisation sources conflict (about A$0.22bn to A$0.59bn) and none is dated at the cutoff, so CRN is not used in the peer table.
- Document ID
- coronado-peer-search-2026-08
- Published UTC
- 2026-08-10T22:00:00Z
- Projects
- —
- Commodities
- others
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumPartial
Appendix 5B June 2026 quarter (USD 000): operating -634, E&E -319, outgoings -953, cash 2,503, 2.6 quarters of funding; tenements Ovoot 100% and Nuurstei 90%.
- Document ID
- q2-2026-5b
- Published UTC
- 2026-07-31T00:39:34Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Notification regarding unquoted securities - AKMCorporate Action · LowExtracted
Appendix 3G (4 Jun 2026): 1,000,000 AKMAC performance rights issued 3 Jun 2026 under the employee incentive plan (500,000 each to two non-executive directors).
- Document ID
- unquoted-securities-2026-06
- Published UTC
- 2026-06-03T23:38:49Z
- Projects
- —
- Commodities
- —
Change of Director's Interest Notice - Z DashnyamCorporate Action · LowExtracted
Appendix 3Y (4 Jun 2026): Zoljargal Dashnyam acquired 500,000 performance rights on 3 Jun 2026, nil consideration.
- Document ID
- di-dashnyam-2026-06
- Published UTC
- 2026-06-03T23:48:04Z
- Projects
- —
- Commodities
- —
Change of Director's Interest Notice - G MillenCorporate Action · LowExtracted
Appendix 3Y (4 Jun 2026): Greg Millen (indirect via Palmiye Bay Pty Ltd) acquired 500,000 performance rights on 3 Jun 2026, nil consideration.
- Document ID
- di-millen-2026-06
- Published UTC
- 2026-06-03T23:46:34Z
- Projects
- —
- Commodities
- —
Results of Annual General MeetingGovernance · LowPartial
Results of Annual General Meeting 28 May 2026: all resolutions passed on a poll; remuneration report resolution passed with more than 75% in favour.
- Document ID
- agm-results-2026-05
- Published UTC
- 2026-05-28T06:11:34Z
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · HighPartial
FY2025 annual report (year to 31 Dec 2025): P&L (no revenue, NPAT -12.85m USD), balance sheet (cash 5.04m, no borrowings, E&E 29.1m), cash flow (operating -2.48m, investing payments), share capital 507,636,985 at both year-ends, performance rights, board and executive roster, Ovoot 0.75% royalty to NordSteppe PIF (regained marketing rights).
- Document ID
- ar-fy2025
- Published UTC
- 2026-04-29T06:09:29Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumPartial
Appendix 5B March 2026 quarter (USD 000): operating -388, E&E -316, outgoings -704, cash 3,732, 5.3 quarters of funding.
- Document ID
- q1-2026-5b
- Published UTC
- 2026-04-30T01:45:27Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Change in substantial holdingCorporate Action · MediumMetadata Only
Form 604 change of interests (8 Apr 2026): Qijun Huang acquired 22,133,918 shares for USD4.5m under a share sale agreement; holding 53,108,014 shares, 10.46%.
- Document ID
- substantial-holder-qijun-huang-2026-04
- Published UTC
- 2026-04-22T23:18:22Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumPartial
Appendix 5B December 2025 quarter (USD 000): operating -652, E&E -639, outgoings -1,291, cash 5,045 (conflicts with audited 5,041,262 by 4k), 4 quarters of funding.
- Document ID
- q4-2025-5b
- Published UTC
- 2026-01-30T04:07:01Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Change in substantial holdingCorporate Action · MediumPartial
Notice of change of substantial holding for Talaxis Ltd (16 Oct 2025): share sale agreement dated 11 Sep 2025 with NordSteppe Private Investment Fund LLC; Talaxis held 13.08% before the sale.
- Document ID
- substantial-holder-talaxis-2025-10
- Published UTC
- 2025-10-15T23:17:11Z
- Projects
- —
- Commodities
- —
Executive Management ChangesLeadership · HighPartial
Executive management changes (3 Jun 2025): Russell Taylor to step away as Executive Director and Tristan Garthe to conclude as CFO in early September 2025 (three-month notice periods).
- Document ID
- exec-changes-2025-jun
- Published UTC
- 2025-06-03T02:57:56Z
- Projects
- —
- Commodities
- —
Ovoot Coal Resources and Reserves Updated - RevisedReserve Update · MediumPartial
Ovoot Coal Resources and Reserves Updated - Revised (22 Nov 2024): SRK resource effective 31 Oct 2024 of 219.4 Mt (Measured 99.5, Indicated 100.9, Inferred 19.0) with ash, GCV and depth tables; Nuurstei held 90%.
- Document ID
- res-2024-rev
- Published UTC
- 2024-11-22T05:54:11Z
- Projects
- ovoot-coking-coal
- Commodities
- others
Aspire Bolsters Leadership Team with Appointment of CFOLeadership · MediumPartial
Appointment of Tristan Garthe as CFO from 25 Nov 2024 (announcement, material terms in Annexure A).
- Document ID
- cfo-appointment-2024-nov
- Published UTC
- 2024-11-24T23:52:24Z
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · MediumPartial
FY2023 annual report: Nuurstei (90%, MV-020941) JORC resource 12.9 Mt in-situ (4.8 Indicated, 8.1 Inferred); Xanadu contingent 500,000 shares if 30 Mt resource identified; Ovoot 280 Mt resource (superseded by the 2024 revision).
- Document ID
- ar-fy2023
- Published UTC
- 2023-10-30T21:40:43Z
- Projects
- nuurstei-coking-coal
- Commodities
- others
Aspire Mining granted Nuurstei mining licence (WorldCoal, 2017)Other · MediumMetadata Only
Outside, undated for the current tenure: MV-020941 reported at 860.91 ha (about 8.6 km2), granted by the Mineral Resources Authority with 30-year minimum tenure. Not used as a fact because the documents read do not state it.
- Document ID
- nuurstei-licence-area-web
- Published UTC
- 2017-10-08T22:00:00Z
- Projects
- nuurstei-coking-coal
- Commodities
- others
Conflicts requiring judgment1
- cash at 31 Dec 2025 (USD)
Audited statement of financial position (5,041,262) selected over the Appendix 5B figure (5,045 thousand); the 4 thousand difference is unexplained in the 5B and does not change any conclusion.