Price, volume & events
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- Last 2026-11-06
- A$0.012
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$9.8M
- EV
- A$7M
- Cash
- A$2.9M
- Debt
- A$0
5 newer ASX announcements not yet reflected in this valuation
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Corporate PresentationLatest Operating Presentation
- Application for quotation of securities - AZ9Post Cash Checkpoint Security Event
- Update - Proposed issue of securities - AZ9Post Cash Checkpoint Security Event
- Proposed issue of securities - AZ9Post Cash Checkpoint Security Event
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 0All sources ▸- No announcements are linked to this research.
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | Q4 Red Hill and Oval drilling and assays | Exploration | Company Guided | High | Drill results test continuity and whether conceptual targets can support a Mineral Resource. |
| Q4 2026 | Red Hill flotation and concentrate test results | Study | Company Guided | High | Initial recovery and concentrate quality could change the economic case for Red Hill. |
| H1 2027 | Maiden JORC Inferred Resource objectives | Resource Or Reserve | Company Guided | High | Conversion from conceptual targets to a Mineral Resource is the key de-risking test. |
| H1 2027 | Initial Red Hill and Oval economic studies | Study | Company Guided | High | Scoping and preliminary economic analysis could replace exploration cost proxies with project economics. |
Executive roster
As of 2026-09-27Background checks ▸Latest annual and interim company-information pages plus interim confirmation of Ian Hobson resignation. No additional named executive management disclosed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Gan-Ochir Zunduisuren | Managing Director | Executive Director · Chief Executive | — | 2025 annual report and financial statements · Interim financial report for six months ended 30 June 2026 |
| Phil Rundell | Company Secretary | Company Secretary | 2024-06-18 | 2025 annual report and financial statements · Interim financial report for six months ended 30 June 2026 |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Red Hill (Maikhan Uul) Cu-Au
Mongolia
Discovery Drill Stage100% ownedCopperGoldSilverZinc
100% owned since 16 April 2026; mining licence valid to 2045; conceptual target is not a Resource. September assays confirm continuity but Phase 2 and metallurgy remain early-stage.
- Ownership
- 100%
- Commodity
- Cur
- Country
- MNr
- Best recent intercept (grade x width)
- 25.08 gram_metresd
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Site imagery
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 & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Exploration Target | lower conceptual bound | 15 Mt | 0.71% Cu and 0.26 g/t Au | Copper · Gold | 2026-08-22 |
| Exploration Target | upper conceptual bound | 30 Mt | 0.90% Cu and 0.40 g/t Au | Copper · Gold | 2026-08-22 |
Tenements1
Milestones1
- Maiden JORC Inferred Resource objective
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| MV-019681 mining licence | Mongolia | Granted | — | Yes |
Core asset
Yambat (Oval, Copper Ridge and Bayan Sair)
Mongolia
Discovery Drill Stage100% ownedCopperNickelGoldPlatinum Group MetalsCobalt
100% held exploration licences; Oval conceptual target and Copper Ridge drill target lack Mineral Resources. September geophysics identified five priority Oval targets; Copper Ridge CRS05 found no significant copper.
- Ownership
- 100%
- Commodity
- Cur
- 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 & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Exploration Target | lower conceptual bound | 6 Mt | 0.59% CuEq; 0.30% Cu, 0.26% Ni | Copper · Nickel | 2026-08-22 |
| Exploration Target | upper conceptual bound | 25 Mt | 1.50% CuEq; 0.70% Cu, 0.60% Ni | Copper · Nickel | 2026-08-22 |
Tenements2
Milestones1
- Maiden Oval JORC Inferred Resource objective
Pending · High materiality
Other
Khukh Tag Graphite
Mongolia
Early Explorer100% ownedGraphite
100% held; strategic review announced, with no current economic study.
- Ownership
- 100%
- Commodity
- Cr
- 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.
Tenements1
Other
Tsagaan Ders Lithium
Mongolia
Early Explorer100% ownedLithium
100% held; strategic review announced, with no current economic study.
- Ownership
- 100%
- Commodity
- Li2Or
- Country
- MNr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Tenements2
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 is June-dated and future exploration requires funding; trading volume of 29 on 25 September indicates very thin liquidity. The presentation reports board and top-20 ownership of 66.3% at 23 September, but detailed holders and free float are not established.
Capital structure
Ownership and dilution
- Ordinary shares
- 820.7M
- Fully diluted
- 1.2B
820,666,895 at 30 June plus 3,493 AZ90 exercises on 2 September equals 820,670,388 1:1 CDIs. The 28,417,696 remaining AZ90 and 5,160,000 AZ9AA expired; 417,170,247 options and rights remain and are out of money or conditional at A$0.014.
Security classes6
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| AZ9AD options | Option | 193.8M | A$0.1 | 2028-06-18 |
| AZ9AE options | Option | 91.1M | A$0.125 | 2028-06-18 |
| AZ9AF options | Option | 91.1M | A$0.15 | 2028-06-18 |
| AZ9AL options | Option | 8.8M | A$0.068 | 2028-08-04 |
| AZ9AM options | Option | 14.3M | A$0.063 | 2028-10-28 |
| AZ9AK performance rights; conversion subject to conditions | Performance Right | 18M | — | — |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents | Company | 31 December 2025 | Point In Time | 3,975,554 AUD | Reported |
| Cash and cash equivalents | Company | 30 June 2026 | Point In Time | 2,853,270 AUD | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-02 | Raising | A$406.2 | 3.5K | — | 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.
Annual and interim accounts and the completed Red Hill acquisition were reviewed. The Best Resources purchase was settled in April 2026; no ongoing royalty, stream, offtake, JV, free carry or hedge terms were disclosed in reviewed sources.
No material economic arrangements were identified in the covered evidence.
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 exploration and finance experience with contracted technical advice. Oval and Red Hill have conceptual exploration targets, not declared mineral resources; the separate Khukh Tag graphite project has a reported mineral resource. Azzuro remains an explorer without a producing mine. Earlier employer tax disputes and company losses are oversight context, not evidence of personal wrongdoing. Public career evidence is sparse for some locally listed managers.
Decision-relevant facts
Material summary
Gan-Ochir Zunduisuren
Managing Director
Company SuccessIssuer Reported · High materiality
Oval Cu-Ni-PGE discovery and follow-up drilling
During his Managing Director tenure, Azzuro/Asian Battery Metals advanced Oval from early exploration into a drilled massive-sulphide discovery. Its 2025 report records Phase 2 and Phase 3 drilling and project extensions; the 2026 interim report records the 2025 program and 880m strike extent. This is an exploration milestone, not a resource, reserve, economic study or delivered mine.
Role overlaps event; causation unproven · He was Managing Director during the campaigns; public filings describe company outcomes but do not isolate his personal contribution to technical decisions.
Annual Report 2025 · pp. 3–5, Review of Operations; Oval and Yambat drilling
Interim Financial Report, six months ended 30 June 2026 · p. 4, Review of Operations; 2025 Oval drilling results
Company SuccessIssuer Reported · Medium materiality
Red Hill project acquisition and initial drilling
The group completed its Red Hill Cu-Au VMS project acquisition in April 2026 and reported 15 holes / 1,883.9m drilled during the half-year, defining a high-grade sulphide zone and a separate gold corridor. These are exploration results and potential, not an established resource or commercial project. The September-quarter report separately states Phase 1 comprised 14 holes totalling 5,835m; the difference from the half-year 15-hole / 1,883.9m figure has not been reconciled and may reflect differing scopes.
Role overlaps event; causation unproven · His current Managing Director role overlaps the acquisition and program; filings do not establish individual causation.
Interim Financial Report, six months ended 30 June 2026 · p. 4, Review of Operations: acquisition, drilling and interpretation results
September 2026 quarterly activities and cash flow report · p. 1, Phase 1 drilling program highlights
Personal SuccessIssuer Reported · Medium materiality
Early Mongolian mining and Ovoot discovery experience
Aspire Mining’s 2013 annual report states that Zunduisuren co-founded Altai Gold and was part of the syndicate that discovered the Ovoot Coking Coal Project. The report also documents mining engineering education and underground mining experience in Mongolia and Canada. Discovery participation is documented by the former employer; individual technical contribution is not specified.
Individual involvement documented · The profile explicitly connects him to the syndicate; it does not describe his individual discovery work.
Aspire Mining Annual Report 2013 · p. 5, directors’ report profile for Mr Gan-Ochir Zunduisuren
Role FitAnalyst Inference · Medium materiality
Oyu Tolgoi board service during underground project transition
Oyu Tolgoi’s 2022 Year in Review lists Zunduisuren as a board member from November 2020 to October 2022. The board approved commencement of the underground undercut in January 2022 during his service. The record establishes board service and board-level context, not his individual vote or causal contribution.
Role overlaps event; causation unproven · The company report identifies him as a board member; the Turquoise Hill filing documents unanimous board approval but does not name individual votes.
Oyu Tolgoi Year in Review 2022 · p. 51, List of Board of Directors; former member dates
Turquoise Hill Resources 2021 Annual Report · MD&A pp. 20, 33; Jan. 2022 undercut approval and negotiated reset
FailureIssuer Reported · Medium materiality
Explorer losses and absence of operating cash flow
The issuer reported a 2025 group net loss of A$2.397m and an operating cash outflow of A$2.2m, with no material revenue stream; the interim report recorded a A$1.055m half-year loss. This is normal but financially material early-stage explorer performance, not evidence of misconduct or a failed producing operation. At 30 September 2026 the issuer held A$1.615 million cash; the following month it issued CDIs for a A$3.06 million placement before costs. Quarter-end cash excludes that subsequent placement.
Role overlaps event; causation unproven · The results occurred during his current executive tenure, but exploration-stage losses do not by themselves demonstrate poor individual capital allocation.
Annual Report 2025 · p. 10, operating results and five-year performance; note on exploration-stage revenue
Interim Financial Report, six months ended 30 June 2026 · p. 4, half-year result
September 2026 quarterly activities and cash flow report · pp. 12 and 15–18: post-quarter placement and quarterly cash flow
Role FitAnalyst Inference · Medium materiality
Role fit for Mongolian exploration leadership
The combination of mining education, Mongolian/Canadian underground work, exploration/finance background, prior board experience and current leadership at a Mongolian explorer is relevant to Azzuro’s exploration-stage work. This is an analyst inference; published evidence does not quantify project economics, attributable discovery impact or a delivered mine.
Responsibility not applicable · Inference based on cited qualifications, company tenure, discovery activity and prior board service.
Annual Report 2025 · p. 9, director profile
Aspire Mining Annual Report 2013 · p. 5, director profile
Interim Financial Report, six months ended 30 June 2026 · p. 4, Review of Operations
Evidence gaps · 7
- Older Aspire Mining appointment dates and the exact start/end of several Mongolian private-sector roles were not established from primary sources.
- No public evidence reviewed independently verifies education credentials or AusIMM membership.
- No personal contribution to the existing Khukh Tag graphite resource estimate, a delivered operating mine, a project economic study or a specific capital-allocation outcome has been established.
- The Oyu Tolgoi tax and environmental review scope does not establish a personal adverse finding; external regulator and community records were not comprehensively accessible.
- The former Canadian mine, earlier role titles, and separately claimed 2016–2018 Aspire board dates were not independently established from the cited historic source.
- The June 2026 interim report’s Red Hill drilling count and metres do not reconcile directly to the September-quarter phase 1 totals; differences in program scope are not established.
- The outcome of the Oyu Tolgoi tax arbitration after the company’s March 2026 statement is not independently verified.
Phil Rundell
Chief Financial Officer and Company Secretary
EducationIssuer Reported · Medium materiality
Accounting qualifications and professional status
The Azzuro 2024 annual report lists a Diploma of Business Studies (Accounting) and Chartered Accountant status. The listed credentials are issuer-reported and have not been independently checked against a credential register.
Individual involvement documented · Issuer profile explicitly identifies the qualifications; independent credential status was not confirmed.
Annual Report 2024 · printed p. 9, Phil Rundell Company Secretary profile
Personal SuccessIssuer Reported · Medium materiality
Finance, company-secretarial and restructuring experience
The Azzuro 2024 and Peak 2025 annual reports list prior partnership at Coopers & Lybrand, a director role at Ferrier Hodgson, and listed-company finance and secretarial roles. Aspire confirms resignation as its company secretary effective 6 December 2022; Peak confirms his CFO/company secretary appointment on 16 December 2020 and lists him in its September 2025 annual report. These are career credentials, not proof of individual employer outcomes.
Individual involvement documented · Issuer records and approved profile document the roles; no individual success contribution is claimed.
Annual Report 2024 · printed p. 9, Phil Rundell profile
Quarterly Activities Report, December 2022 · p. 7, Board and Management
Annual Financial Report, year ended 30 June 2025 · p. 4, Company Secretary and CFO profile
Company SuccessDocumented · Medium materiality
ASX secretarial duties documented across listed-company tenure
Issuer announcements and filings identify Rundell authorising or signing company-secretarial disclosures, including AZ9 AGM poll results. These establish function and continuity, not proof that all compliance outcomes were successful.
Individual involvement documented · Company Secretary identified as authorising the 2025 ASX filing; issuer annual and interim reports list his ongoing role.
Results of Annual General Meeting, 27 June 2025 · p. 1, issuer release authorised by Phil Rundell
Annual Report 2025 · p. 8, Company Secretary appointment and change
Interim Financial Report, six months ended 30 June 2026 · p. 2, Company Information
Azzuro Resources PLC officers · active Secretary appointment
Role FitAnalyst Inference · Medium materiality
Role fit for finance and company-secretarial responsibilities
Accounting training, CA status, prior CFO and company-secretary roles, and restructuring experience are relevant to AZ9’s finance and governance remit. This inference is bounded by the absence of public evidence quantifying his work product or independent credential verification.
Responsibility not applicable · Analyst inference from reported credentials and employment history; no claim of individual employer performance.
Azzuro Resources Management Team · Management Team, Phil Rundell biography
Annual Report 2025 · p. 8, Company Secretary appointment
About Azzuro Resources · Management & Technical Team, Phil Rundell listed as CFO / Company Secretary
Annual Report 2024 · printed p. 9, Phil Rundell profile
Evidence gaps · 5
- Earlier role dates at Coopers & Lybrand/PwC and Ferrier Hodgson were not found.
- The public record reviewed does not provide an exact departure date from Peak Rare Earths; the company-approved profile states through 2025.
- No independent check of CA membership or academic credentials was available.
- A prior draft claimed specific ASIC 2004 liquidation appointments without citing the notices; those specifics are withheld because the primary notices were not verified.
- A prior draft attributed a B.Com to the subject on insufficient cited support; the degree is withheld pending an identity-matched primary source.
Bob Dennis
Technical Advisor
EducationIssuer Reported · Medium materiality
Geological training and professional status
The issuer’s 2024 appointment notice reports a first-class geology honours degree from the University of Queensland and AIG membership; no independent credential-register check was obtained.
Individual involvement documented · The issuer identifies the qualifications and member status.
Commencement of phase 1 drilling program at Oval · pp. 2–3: appointment and qualifications
Personal SuccessDocumented · High materiality
Independent graphite resource and later technical consultancy
RPMGlobal’s 2024 geologist report states that Dennis supervised the Khukh Tag graphite mineral resource estimate prepared by RPM geologists. The issuer later appointed him as a technical consultant; its October 2026 quarterly identifies him as estimator of the conceptual Red Hill exploration target. A graphite resource is distinct from a copper exploration target; neither is proof of a producing mine.
Individual involvement documented · The independent geologist report and issuer filing identify his work and specify the RPM team; the later target is conceptual.
Independent Geologist Report, Doriemus Battery Minerals Project · Independent Geologist Report pp. 6–7: responsibilities and competent person statement
September 2026 quarterly activities and cash flow report · p. 5: Red Hill exploration target
Evidence gaps · 3
- Appointment date and continuing status before the undated issuer-page snapshot are not established.
- Prior-employer history, independent credentials and complete local-language court, regulator, safety and environmental records remain incomplete.
- The exact current consultancy scope, working arrangements and independent AIG status are not established.
Batkhurel Battulga
Exploration Superintendent
Role FitAnalyst Inference · Medium materiality
Exploration superintendent role
Azzuro identifies Batkhurel Battulga as exploration superintendent. The role is relevant to an exploration-stage company, but the public record reviewed does not establish specific personal project contributions or dates.
Responsibility not applicable · The issuer lists the position; assessment of role relevance is analytical, not attribution of exploration success.
About Azzuro Resources · Management & Technical Team: Batkhurel Battulga
Evidence gaps · 3
- Appointment date and continuing status before the undated issuer-page snapshot are not established.
- Prior-employer history, independent credentials and complete local-language court, regulator, safety and environmental records remain incomplete.
- Independent verification of previous employers, academic degrees and individual contributions was not available.
Purevdorj Dorjsuren
Business Development Manager
Role FitAnalyst Inference · Medium materiality
Business development role
Azzuro lists Purevdorj Dorjsuren as business development manager. The position is relevant to opportunity sourcing; independently attributable transactions and past roles were not established in the sources reviewed.
Responsibility not applicable · Issuer identifies the position; the role-fit comment is an inference, not evidence of transaction responsibility.
About Azzuro Resources · Management & Technical Team: Purevdorj Dorjsuren
Evidence gaps · 3
- Appointment date and continuing status before the undated issuer-page snapshot are not established.
- Prior-employer history, independent credentials and complete local-language court, regulator, safety and environmental records remain incomplete.
- Previous employment, qualifications and transaction responsibilities were not verified.
Solongo Batchuluun
Chief Accountant / IR coordinator
Role FitAnalyst Inference · Medium materiality
Accounting and investor-relations role
Azzuro lists Solongo Batchuluun as chief accountant and investor-relations coordinator. Those responsibilities are relevant to reporting and investor communications, but independent work history and specific responsibilities remain unverified.
Responsibility not applicable · The source identifies the role; relevance is an analyst inference, not an assessment of the person’s individual work.
About Azzuro Resources · Management & Technical Team: Solongo Batchuluun
Evidence gaps · 3
- Appointment date and continuing status before the undated issuer-page snapshot are not established.
- Prior-employer history, independent credentials and complete local-language court, regulator, safety and environmental records remain incomplete.
- Academic qualifications, professional membership, prior employment and extent of accounting authority were not independently verified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-12 · 820,666,895 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 7.72% | 63,384,421 | |
| 2 | 7.30% | 59,907,433 | |
| 3 | 6.74% | 55,314,641 | |
| 4 | 4.95% | 40,584,134 | |
| 5 | 3.32% | 27,282,823 | |
| 6 | 2.83% | 23,245,144 | |
| 7 | 2.54% | 20,811,252 | |
| 8 | 2.21% | 18,145,692 | |
| 9 | 1.95% | 16,000,000 | |
| 10 | 1.90% | 15,568,008 | |
| 11 | 1.90% | 15,457,436 | |
| 12 | 1.70% | 13,973,654 | |
| 13 | 1.70% | 13,950,964 | |
| 14 | 1.64% | 13,472,694 | |
| 15 | 1.47% | 12,097,128 | |
| 16 | 1.47% | 12,097,128 | |
| 17 | 1.38% | 11,324,546 | |
| 18 | 1.22% | 10,044,285 | |
| 19 | 1.04% | 8,541,427 | |
| 20 | — | 23,245,133 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 9.00%Voting power | 2025-10-28 | |
| 8.51%Voting power | 2025-10-28 | |
| 8.21%Voting power | 2025-10-28 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Asian Battery Metals is incorporated in England and Wales and does not fall under the Australian Corporations Act substantial-holder forms. The issuer replicates disclosure to the best of its knowledge. The annual report’s substantial-holder section contains a table whose values are not extractable from the downloaded PDF text, so group totals are retained from the latest complete 28 October 2025 company announcement.
- The issuer states that many or most substantial group holdings are escrowed to 26 June 2026. The cited report does not confirm post-escrow changes. Nominee accounts do not identify beneficial owners.
- The top-20 table reports Equity Trustees Limited at 23,245,133 units and 2.59%; the share count divided by total CDIs on issue is 2.83%, so the percentage is withheld.
Sources
- Annual Report and Financial Statements 2025
Asian Battery Metals PLC / ASX · Published 2026-03-27 · Accessed 2026-10-09
Reports 820,666,895 CDIs, where one CDI represents one fully paid share, and the top twenty holders as at 12 March 2026.
PDF pages 56-57 (printed pages 55-56) and page 63 (printed page 62), CDI capital and top twenty shareholders as at 12 March 2026
- Change in Substantial Shareholders Interests
Asian Battery Metals PLC / ASX · Published 2025-10-28 · Accessed 2026-10-09
Provides the last complete quantified substantial-holder group totals in the cache for Gan-Ochir Zunduisuren, Amgalan Sandag and Stephen Roux groups.
table “Substantial Shareholders”, post-placement 28 October 2025
Disclosed activity
Insider transactions
Trading activity3 buys · 1 sell shownNet cash last 12 months A$3.1mShow 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 |
|---|---|---|---|---|---|---|
| 2026-01-01to 2026-10-15 | Stephen RouxListeners Pty Ltd
Details & evidence for Stephen Roux on 2026-01-01Issuer table reports aggregate on-market reduction of 6,743,611 CDIs for Listeners between 31 December 2025 and 15 October 2026; exact trades and dates are not disclosed. As disclosed: Issuer table reports aggregate on-market reduction of 6,743,611 CDIs for Listeners between 31 December 2025 and 15 October 2026; exact trades and dates are not disclosed.
substantial holder · Start not disclosed Change in Substantial Shareholders Interests ↗ | SaleCHESS Depositary Interests | 6,743,611 | —Not Disclosed | — | — |
| 2026-01-01to 2026-10-15 | Stephen RouxDTC Nominees Pty Ltd <DTC Trust>
Details & evidence for Stephen Roux on 2026-01-01Issuer table reports aggregate on-market increase of 9,343,611 CDIs for DTC Nominees between 31 December 2025 and 15 October 2026; exact trades and dates are not disclosed. As disclosed: Issuer table reports aggregate on-market increase of 9,343,611 CDIs for DTC Nominees between 31 December 2025 and 15 October 2026; exact trades and dates are not disclosed.
substantial holder · Start not disclosed Change in Substantial Shareholders Interests ↗ | PurchaseCHESS Depositary Interests | 9,343,611 | —Not Disclosed | — | — |
| 2026-10-15 | Kerry Resources Logistics (Hong Kong) LimitedKerry Resources Logistics (Hong Kong) Limited
Details & evidence for Kerry Resources Logistics (Hong Kong) Limited on 2026-10-15203,875,000 CDIs issued under placement for A$3,058,125, as disclosed in annexure. As disclosed: 203,875,000 CDIs issued under placement for A$3,058,125, as disclosed in annexure.
Change in Substantial Shareholders Interests ↗ Change in Substantial Shareholders Interests ↗ | SubscriptionCHESS Depositary Interests | 203,875,000 | AUD 3,058,125.00 | AUD 0.015Disclosed price | — |
| 2025-03-04to 2025-10-28 | Stephen Roux
Details & evidence for Stephen Roux on 2025-03-04Issuer table reports aggregate purchases between comparison dates for the group. It does not disclose individual trade dates, prices, cash consideration or allocation by account; this record preserves only the stated group quantity. As disclosed: Movement table reports 10,562,114 CDIs in on-market purchases for the Stephen Roux group.
substantial holder · Start not disclosed Change in Substantial Shareholders Interests ↗ | PurchaseCHESS Depositary Interests (CDI) | 10,562,114 | —Not Disclosed | — | — |
| 2024-04-02 | Jay Evan Dale HughesJay and Linda Hughes <Inkese Super A/C>
Details & evidence for Jay Evan Dale Hughes on 2024-04-02Capital reconstruction adjustment; not described as a trade and no consideration was reported. As disclosed: Form 605 reports a reconstruction adjustment of -140,000 ordinary shares.
former substantial holder · Start not disclosed Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 140,000 | —Not Disclosed | — | — |
| 2024-04-02 | Jay Evan Dale HughesInkese Family A/C
Details & evidence for Jay Evan Dale Hughes on 2024-04-02Capital reconstruction adjustment; not described as a trade and no consideration was reported. As disclosed: Form 605 reports a reconstruction adjustment of -910,000 ordinary shares.
former substantial holder · Start not disclosed Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 910,000 | —Not Disclosed | — | — |
Disclosed holding observations20 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 |
|---|---|---|---|---|
| 2026-10-15 | Gan-Ochir Zunduisuren
Details & evidence for Gan-Ochir Zunduisuren on 2026-10-15Aggregate issuer-reported position: Gan-Ochir 63,384,421 and Achbal LLC 6,421,805 CDIs; do not add the aggregate to its components.
director and substantial holder · Start not disclosed Change in Substantial Shareholders Interests ↗ | PositionCHESS Depositary Interests | 69,806,226 | 6.81%Voting Power |
| 2026-10-15 | Kerry Resources Logistics (Hong Kong) Limited
Details & evidence for Kerry Resources Logistics (Hong Kong) Limited on 2026-10-15Kerry group overlapping control interests all refer to this same 203,875,000-CDI holding; do not add the five group interests.
Change in Substantial Shareholders Interests ↗ | PositionCHESS Depositary Interests | 203,875,000 | 19.90%Voting Power |
| 2026-10-15 | Stephen Roux
Details & evidence for Stephen Roux on 2026-10-15Aggregate issuer-reported position: Asia Ventures 23,245,144, Dragon Tree Capital 18,145,692, Listeners 6,464,752, DTC Nominees 28,643,611 CDIs; do not add the aggregate to its components.
substantial holder · Start not disclosed Change in Substantial Shareholders Interests ↗ | PositionCHESS Depositary Interests | 76,499,199 | 7.47%Voting Power |
| 2026-10-15 | Amgalan Sandag
Details & evidence for Amgalan Sandag on 2026-10-15Aggregate issuer-reported position: Amgalan Sandag 55,314,641 and Green Dragon LLC 12,097,128 CDIs; do not add the aggregate to its components.
substantial holder · Start not disclosed Green Dragon LLC · Includes relevant interests through Green Dragon LLC Change in Substantial Shareholders Interests ↗ | PositionCHESS Depositary Interests | 67,411,769 | 6.58%Voting Power |
| 2026-03-12 | Amgalan Sandag
Details & evidence for Amgalan Sandag on 2026-03-12Issuer states these are group substantial-holder relevant-interest totals to its best knowledge. They are group-level totals and must not be added to registered-account positions.
substantial holder · Start not disclosed Green Dragon LLC · Includes relevant interests through Green Dragon LLC Annual Report and Financial Statements 2025 ↗ | PositionCHESS Depositary Interests (CDI) | 67,411,769 | 8.21%Issued Shares |
| 2026-03-12 | Gan-Ochir Zunduisuren
Details & evidence for Gan-Ochir Zunduisuren on 2026-03-12Issuer states these are group substantial-holder relevant-interest totals to its best knowledge. They are group-level totals and must not be added to registered-account positions.
director and substantial holder · Start not disclosed Annual Report and Financial Statements 2025 ↗ | PositionCHESS Depositary Interests (CDI) | 69,806,226 | 8.51%Issued Shares |
| 2026-03-12 | Stephen Roux
Details & evidence for Stephen Roux on 2026-03-12Issuer states these are group substantial-holder relevant-interest totals to its best knowledge. They are group-level totals and must not be added to registered-account positions.
substantial holder · Start not disclosed Annual Report and Financial Statements 2025 ↗ | PositionCHESS Depositary Interests (CDI) | 73,899,199 | 9.00%Issued Shares |
| 2025-03-04 | Amgalan Sandag
Details & evidence for Amgalan Sandag on 2025-03-04Group total of Amgalan Sandag (55,314,641) and Green Dragon LLC (12,097,128); the report says the percentage reduction is due to placement dilution and the quantity is unchanged; do not add this total to its components.
substantial holder · Start not disclosed Green Dragon LLC · Includes relevant interests through Green Dragon LLC Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 67,411,769 | 9.97%Issued Shares |
| 2025-03-04 | Gan-Ochir Zunduisuren
Details & evidence for Gan-Ochir Zunduisuren on 2025-03-04Group total of Gan-Ochir Zunduisuren (63,384,421) and Achbal LLC (6,421,805); the report says the percentage reduction is due to placement dilution and the quantity is unchanged; do not add this total to its components.
director and substantial holder · Start not disclosed Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 69,806,226 | 10.32%Issued Shares |
| 2025-03-04 | Stephen Roux
Details & evidence for Stephen Roux on 2025-03-04Issuer-reported Roux group total of 63,337,085 CDIs, including Asia Ventures 29,436,344, Dragon Tree Capital Holdings 18,145,692, Listeners 13,208,363, Dragon Tree Capital 2,222,222 and DTC Nominees 324,464. The table shows a group increase of 2,690,297 from 26 Jun 2024 but gives no exact dates, nature or cash value; no purchase or sale event is inferred. Do not add this group total to component accounts.
substantial holder · Start not disclosed Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 63,337,085 | 9.37%Issued Shares |
| 2024-06-26 | Amgalan Sandag
Details & evidence for Amgalan Sandag on 2024-06-26Group total of Amgalan Sandag (55,314,641) and Green Dragon LLC (12,097,128); do not add this group total to its components.
substantial holder · Start not disclosed Green Dragon LLC · Includes relevant interests through Green Dragon LLC Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 67,411,769 | 11.46%Issued Shares |
| 2024-06-26 | Gan-Ochir Zunduisuren
Details & evidence for Gan-Ochir Zunduisuren on 2024-06-26Group total of Gan-Ochir Zunduisuren (63,384,421) and Achbal LLC (6,421,805); do not add this group total to its components.
director and substantial holder · Start not disclosed Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 69,806,226 | 11.87%Issued Shares |
| 2024-06-26 | Stephen Roux
Details & evidence for Stephen Roux on 2024-06-26Issuer-reported Roux group total across the accounts listed beneath his name in the table; do not add it to its component accounts.
substantial holder · Start not disclosed Annual Report and Financial Statements Dec 2024 ↗ | PositionCHESS Depositary Interests (CDI) | 60,646,788 | 10.31%Issued Shares |
| 2024-06-21 | Inyati Fund Pty Ltd
Details & evidence for Inyati Fund Pty Ltd on 2024-06-21Threshold notice reports cessation due to dilution, with 8,326,363 shares affected/held at the reported date. Cessation does not mean a zero balance.
former substantial holder · Start not disclosed Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | 8,326,363 | — |
| 2024-03-13 | Inyati Fund Pty Ltd
Details & evidence for Inyati Fund Pty Ltd on 2024-03-13The report gives the same CDI quantity in the registered top-20 row and notice-derived substantial-holder row; the reported percentages differ slightly (8.04% and 8.05%).
former substantial holder · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | PositionCHESS Depositary Interests (CDI) | 9,681,818 | 8.05%Issued Shares |
| 2024-03-13 | Jay Evan Dale Hughes
Details & evidence for Jay Evan Dale Hughes on 2024-03-13Registered-account snapshot, distinct from the same report's notice-derived substantial-holder figure; do not sum the two reported interests or treat their difference as a trade.
former substantial holder · Start not disclosed Annual Report to shareholders ↗ | PositionShares (including CDIs) | 6,500,000 | 5.40%Issued Shares |
| 2024-03-13 | Jay Evan Dale Hughes
Details & evidence for Jay Evan Dale Hughes on 2024-03-13The report attributes this quantity to the latest substantial-holder notice; it is not equated to the separate Inkese Family registered-account row.
former substantial holder · Start not disclosed Annual Report to shareholders ↗ | PositionCHESS Depositary Interests (CDI) | 3,424,353 | 5.90%Issued Shares |
| 2023-08-11 | Inyati Fund Pty Ltd
Details & evidence for Inyati Fund Pty Ltd on 2023-08-11Reported substantial-holder position; the Top-20 schedule shows the same quantity in the Inyati Fund registered line. The report prints 8.04% in that schedule and 8.05% in the notice-derived table.
former substantial holder · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ | PositionCHESS Depositary Interests (CDI) | 9,681,818 | 8.05%Issued Shares |
| 2023-08-11 | Jay Evan Dale Hughes
Details & evidence for Jay Evan Dale Hughes on 2023-08-11Registered-account snapshot, distinct from the same report's notice-derived substantial-holder figure; do not sum the two reported interests or treat their difference as a trade.
former substantial holder · Start not disclosed Annual Report to shareholders ↗ | PositionShares (including CDIs) | 6,500,000 | 5.40%Issued Shares |
| 2023-08-11 | Jay Evan Dale Hughes
Details & evidence for Jay Evan Dale Hughes on 2023-08-11The report attributes this quantity to the latest substantial-holder notice; it is not equated to the separate Inkese Family registered-account row.
former substantial holder · Start not disclosed Annual Report to shareholders ↗ | PositionCHESS Depositary Interests (CDI) | 3,424,353 | 5.90%Issued Shares |
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Sign in or enter a guest codeChronological evidenceSource-document inventory11 documents
September 2026 corporate presentationPresentation · HighExtracted
Issuer September work program moves maiden resource objectives to H1 2027, with Q4 2026 drilling and metallurgy; it calls the 2026 exploration program fully funded based on June cash.
- Document ID
- presentation20260925
- Published UTC
- 2026-09-24T22:10:00Z
- Projects
- red_hill · yambat
- Commodities
- copper · nickel · gold
AZ9 ASX local closing priceMarket Data · HighExtracted
Latest eligible local database close via miners.reference_price; same AUD 1:1 CDI basis; very low reported volume.
- Document ID
- price20260925
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Interim financial report for six months ended 30 June 2026Results · HighExtracted
Reviewed June 2026 financials, current roster, exploration activity and post-period option expiries.
- Document ID
- halfyear2026
- Published UTC
- 2026-09-09T22:26:00Z
- Projects
- red_hill · yambat · khukh_tag · tsagaan_ders
- Commodities
- copper · nickel · gold · graphite · lithium
High-priority Oval anomalies and Copper Ridge drill resultResults · HighExtracted
Five of nine Oval geophysical anomalies are priority one but await drilling; Copper Ridge CRS05 did not intersect significant copper.
- Document ID
- oval_anomalies202609
- Published UTC
- 2026-09-06T22:23:00Z
- Projects
- yambat
- Commodities
- copper · nickel · gold
Appendix 3H: cessation of AZ9AA optionsCorporate Action · HighExtracted
Expired AZ9AA options; latest ASX issued-capital table establishes 820,670,388 CDIs and 417,170,247 remaining options and rights.
- Document ID
- appendix3h202609
- Published UTC
- 2026-09-03T22:12:00Z
- Projects
- —
- Commodities
- —
Appendix 2A: AZ90 exercise and CDI quotationCorporate Action · HighExtracted
3,493 AZ90 options exercised into 1:1 CDIs, updating quoted ordinary count.
- Document ID
- appendix2a202609
- Published UTC
- 2026-09-02T07:12:00Z
- Projects
- —
- Commodities
- —
Red Hill final Phase 1 assays and Phase 2 startResults · HighExtracted
MU2610A confirms a high-grade copper-gold interval and Phase 2 shallow-gold drilling has begun; one tested southwest hole returned no significant values.
- Document ID
- redhill_assays202609
- Published UTC
- 2026-08-31T22:14:00Z
- Projects
- red_hill
- Commodities
- copper · gold
Maiden exploration targets at Oval and Red HillResource Update · HighExtracted
JORC conceptual Exploration Targets, not Mineral Resources or evidence of economic viability; two deposits must remain separate.
- Document ID
- targets202608
- Published UTC
- 2026-08-23T22:05:00Z
- Projects
- red_hill · yambat
- Commodities
- copper · nickel · gold · platinum_group_metals
June 2026 quarterly activities and Appendix 5BOperations · HighExtracted
Red Hill 100% acquisition completed, current tenement schedule and June-quarter cash flow.
- Document ID
- quarter2026q2
- Published UTC
- 2026-07-30T22:25:00Z
- Projects
- red_hill · yambat · khukh_tag · tsagaan_ders
- Commodities
- copper · gold · nickel · graphite · lithium
2025 annual report and financial statementsResults · HighExtracted
Audited 2025 baseline: exploration portfolio, executive roster, annual cash and capital structure.
- Document ID
- annual2025
- Published UTC
- 2026-03-26T21:16:00Z
- Projects
- yambat · khukh_tag · tsagaan_ders
- Commodities
- copper · nickel · gold · graphite · lithium
Option exercise and Maikhan Uul acquisition agreementTransaction · HighExtracted
Binding agreement for 100% Red Hill acquisition from Best Resources LLC; cash consideration later paid on completion.
- Document ID
- redhill_agreement
- Published UTC
- 2026-03-12T21:22:00Z
- Projects
- red_hill
- Commodities
- copper · gold
Evidence facts77
Gan-Ochir Zunduisuren None
2026-03-26Phil Rundell None
2026-03-26820666895 shares
2025-12-313975554 AUD
2025-12-312000000 AUD
2025-12-31100 pct
2025-12-31100 pct
2025-12-31100 pct
2025-12-31Best Resources LLC None
2026-03-13890000 USD
2026-03-1389000 USD
2026-03-13801000 USD
2026-03-132853000 AUD
2026-06-302.4 quarters
2026-06-301118406 AUD
2026-06-30100 pct
2026-04-160.79 km2
2026-06-302045 None
2026-06-30106.07 km2
2026-06-3033.27 km2
2026-06-309.54 km2
2026-06-303.14 km2
2026-06-304.29 km2
2026-06-301883.9 metres
2026-06-3015 holes
2026-06-306 Mt
2026-08-2225 Mt
2026-08-220.59 pct
2026-08-221.5 pct
2026-08-2215 Mt
2026-08-2230 Mt
2026-08-220.71 pct
2026-08-220.9 pct
2026-08-225835 metres
2026-08-24True None
2026-08-2489.9 pct
2026-08-242853270 AUD
2026-06-301047928 AUD
2026-06-30820666895 shares
2026-06-301055237 AUD
2026-06-301851884 AUD
2026-06-305963705 AUD
2026-06-30205703 AUD
2026-06-302134849 AUD
2026-06-30972631 AUD
2026-06-30Gan-Ochir Zunduisuren None
2026-09-09Phil Rundell None
2026-09-0928417696 options
2026-09-015160000 options
2026-09-023493 CDIs
2026-09-02820670388 CDIs
2026-09-020.11627907 AUD/CDI
2026-09-015160000 options
2026-09-02820670388 CDIs
2026-09-0418000000 rights
2026-09-04193814533 options
2026-09-0491125000 options
2026-09-0491125000 options
2026-09-048820000 options
2026-09-0414285714 options
2026-09-045.0m at 4.92% Cu and 0.94g/t Au None
2026-09-011.9m at 6.80g/t Au and 67.30g/t Ag None
2026-09-01commenced; initial focus on shallow gold zone None
2026-09-01no significant copper or gold values None
2026-09-019 targets
2026-09-075 targets
2026-09-07no significant copper; 4.0m at 0.30g/t Au None
2026-09-073D IP completion, DHEM integration and drill planning None
2026-09-07fully funded 2026 exploration program None
2026-09-24Phase 2 drilling, geophysics, Red Hill metallurgical testwork None
2026-09-24H1 2027 for Red Hill and Oval None
2026-09-24H1 2027 metallurgical scoping and PEA/CEA None
2026-09-2466.3 pct
2026-09-230.014 AUD/CDI
2026-09-2529 securities
2026-09-25market data provider via miners.collect_stock_prices None
2026-09-25one ASX AZ9 ordinary share/CDI 1:1 None
2026-09-25