OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor AUC ASX

Ausgold Limited

DFS Unfunded Developer · Gold · AU Rating locked: sign in to view v8.1 · auc-20261102t225752-full
Last 2026-11-06
A$1.295
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$714.6M
EV
A$674.1M
Cash
A$42M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$42MFY2025 (actual): 12,028,451FY2026 (actual): 87,357,935 Finite
Debt A$0 Net cash A$42M
Basic shares 551.8MFY2025 (actual): 357,448,136FY2026 (actual): 547,859,741 2026-10-14
Runway 2.4 quarters Appendix 5B item 8.7: cash A$41.96M plus undrawn A$20M OceanaGold facility, divided by September-quarter operating and exploration/evaluation outflows of A$26.1M. Excludes the development capital the Katanning plan needs (A$354M pre-production estimate, of which about A$38M is already spent).

Liquidity

Financial position

Cash covers the current burn for about two and a half quarters only. The A$20M facility is unsecured, 12% on the second tranche, and drawable for working capital only after the scheme vote. A final investment decision would need roughly A$300M of new capital unless OceanaGold completes the scheme, which is why the stand-alone case in the valuation carries a dilution assumption.

Capital structure

Ownership and dilution

Ordinary shares
551.8M
Fully diluted
572.7M

Ordinary shares rose from 547,859,741 at 30 June 2026 (annual report note 17) to 551,838,466 at 30 September 2026 (5B), an increase of 3,978,725. The 6,000,004 warrants are the 8,000,004 options at 30 June 2026 less about 2,000,000 options exercised in the September quarter (A$0.8M proceeds, 5B item 3.3). No new shares were recorded in the October 2026 notices; the 799,500 rights of 13 October are rights, not shares. Fully diluted = 551,838,466 + 6,000,004 + 14,040,489 + 799,500 = 572,678,459. The scheme's own fully diluted value (A$776M at A$1.36) implies about 570.6M shares, consistent with this count.

Security classes4
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares on issue at 30 September 2026Ordinary Share551.8M——
Unlisted warrants, A$0.30 strike, expiring 30 May 2027Option6MA$0.32027-05-30
Performance rights outstanding at 30 September 2026Performance Right14M——
Performance rights issued 13 October 2026 to John Dorward (employee incentive plan)Performance Right799.5K——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 (actual)AFY2026 (actual)A
Operations
Gold production (recovered, calendarised)oz0.000.00
Profit and loss
Revenue (gross, payable-adjusted; royalty in operating costs)AUDm0.00.0
Operating costs (actual: net of other income; forecast: mine opex, royalty and corporate overhead)AUDmFY2025 (actual): 10,282,463 AUDFY2026 (actual): 8,892,557 AUD10.38.9
EBITDAAUDmFY2025 (actual): -10,282,463 AUDFY2026 (actual): -8,892,557 AUD(10.3)(8.9)
Depreciation and amortisation (actual)AUDmFY2025 (actual): 343,977 AUDFY2026 (actual): 382,318 AUD0.30.4
Net profit after tax (actual)AUDmFY2025 (actual): -10,749,811 AUDFY2026 (actual): -9,717,671 AUD(10.7)(9.7)
Cash flow
Operating cash flow (forecast: net revenue less opex, tax and corporate overhead)AUDmFY2025 (actual): -2,455,442 AUDFY2026 (actual): -1,650,739 AUD(2.5)(1.7)
Capex (development, exploration-related payments and sustaining)AUDmFY2025 (actual): 11,141,177 AUDFY2026 (actual): 45,977,528 AUD11.146.0
Free cash flowAUDmFY2025 (actual): -13,596,619 AUDFY2026 (actual): -47,628,267 AUD(13.6)(47.6)
Equity raised (actual gross; forecast stand-alone A$320M)AUDmFY2025 (actual): 24,250,093 AUDFY2026 (actual): 125,150,000 AUD24.3125.2
Balance sheet
Cash at year end (forecast roll-forward)AUDmFY2025 (actual): 12,028,451 AUDFY2026 (actual): 87,357,935 AUD12.087.4
DebtAUDm0.00.0
Net debt / (net cash)AUDmFY2025 (actual): -12,028,451 AUDFY2026 (actual): -87,357,935 AUD(12.0)(87.4)
Per share
Shares on issue (basic, year end)m sharesFY2025 (actual): 357,448,136 sharesFY2026 (actual): 547,859,741 shares357.4547.9
Earnings per share (basic, actual)AUD/shareFY2025 (actual): -0.03 AUD/shareFY2026 (actual): -0.02 AUD/share(0.03)(0.02)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025 (actual): -58.31 xFY2026 (actual): -67.43 x(58.3)(67.4)
P / E (x, current market cap)xFY2025 (actual): -59.55 xFY2026 (actual): -65.87 x(59.5)(65.9)
FCF yield (current market cap)%FY2025 (actual): -0.02 fractionFY2026 (actual): -0.07 fraction-2.1%-7.4%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025 (actual): 1.17 xFY2026 (actual): 9.82 x1.29.8
Company guidance4
MetricProjectPeriodLowHighStatus
First Gold Productionkatanning2029—— yearCurrent
First Gold Production (Company Timetable)katanningmid-2028—— yearSuperseded
Final Investment Decision By End Of 2026katanning2026-12-31—— dateWithdrawn
Mineral Resource Update By End Of 2026katanning2026-12-31—— dateWithdrawn

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-09DebtA$20M——Completed—
2026-06-30RaisingA$125.2M174.2M—Completed—

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.

Partial · as of 2026-10-14

Arrangements visible in the September 2026 quarterly, the scheme documents and the annual report. Live arrangements only are valued; expired arrangements are listed for completeness.

Binding scheme with OceanaGold: 100% of Ausgold acquired for OceanaGold scrip (cash alternative capped). Conditions include an Independent Expert concluding in favour, a 75% vote, ACCC and FIRB approvals, and TSX approval. Expected completion December 2026. Modelled as a probability event in the report, with a stand-alone fair value.

Other · Conditional
Counterparties
OceanaGold Corporation
Applies to
Katanning Gold Project · Gold
Economic direction
Burden
Period
From 2026-08-17; no end date stated
Key terms
Scheme consideration ratio: 0.03 OceanaGold shares per Ausgold share
Implied consideration at announcement: 1.36 AUD/share
Maximum cash pool for cash alternative: 194,000,000 AUD
Break fee payable by Ausgold: 7,760,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Unsecured OceanaGold loan facilities, undrawn at 30 September 2026. Repayable at scheme implementation or on a superseding proposal. The drilling programme is treated as a cash cost in the bridge, not as a facility claim.

Other · Active
Counterparties
OceanaGold Corporation
Applies to
Katanning Gold Project · Gold
Economic direction
Burden
Period
From 2026-09-09; no end date stated
Key terms
Facility 1 limit (no interest; exploration and study spend): 8,000,000 AUD
Facility 2 aggregate limit (12% interest; working capital and transaction costs): 20,000,000 AUD
Drawn at 30 September 2026: 0 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Farm-in interest over the Stanley Gold Project tenements at 80%. No value recognised; regional exploration option is valued at nil.

Farm In · Active
Counterparties
Stanley Gold Project farm-in partner (not named in the documents read)
Applies to
Katanning regional tenements (100%) · Gold
Economic direction
Mixed
Period
From 2016-07-01; no end date stated
Key terms
Ausgold economic interest in Stanley Gold Project tenements: 80 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Early works under way on a hybrid gas, solar and battery power station; the power contract terms are not disclosed, so power cost is carried inside the study operating cost.

Other · Active
Counterparties
Cross Boundary Energy
Applies to
Katanning Gold Project · Gold
Economic direction
Burden
Period
From 2026-07-01; no end date stated
Key terms
Hybrid gas, solar and battery power station early works (power supply for KGP): — text
How it affects our valuation

No valuation treatment is available for this arrangement.