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- Last 2026-11-06
- A$0.615
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$448.3M
- EV
- A$414.4M
- Cash
- A$53.5M
- Debt
- A$0
1 newer ASX announcement not yet reflected in this valuation
- RGL: Strategic Acq Surrounding Northern Zone Gold ProjectMaterial Corporate Transaction
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Sign in or enter a guest codeAnnouncements
Latest 12 of 30All sources ▸- Annual General Meeting - Notice and Proxy FormGovernance
- Quarterly Activities ReportOperations
- Becoming a substantial holderGovernance
- 2026 Annual ReportGovernance
- Annual Mineral Resource and Ore Reserve StatementResource Update
- FY27 Guidance & OutlookGuidance
- Appointment of Acting Managing DirectorLeadership
- Board Changes - Managing Director TerminationLeadership
- Director AppointmentLeadership
- Appendix 4E and Annual Financial StatementsResults
- FY26 Financial ResultsResults
- Diggers and Dealers Mining Forum - PresentationPresentation
Event calendar · next 12 months
11 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter | End of committed third-party toll treating at Lakewood | Production | Company Guided | High | Frees Lakewood capacity for higher-margin BC8 ore and is the start of the guided H2 FY27 cash-flow uplift. |
| Remainder of FY27 | Coyote data review and updated resource | Resource Or Reserve | Company Guided | Medium | Determines whether Coyote can be re-studied as a third hub. |
| 25 November 2026 | 2026 annual general meeting, including a non-board-endorsed director candidate | Governance | Confirmed | Medium | Shareholders vote on Chris Stone's election, the remuneration report and an external board candidate after the managing director change. |
| January 2027 | Second underground rig at Paulsens tests hanging-wall extensions | Exploration | Company Guided | Medium | Drilling needed to convert Paulsens resources beyond the 57koz reserve. |
| Late January 2027 | December 2026 quarterly activities report | Production | Inferred | High | First test of the H1 FY27 production run-rate against 80-90koz guidance after the weak September quarter at Kal East. |
| February 2027 | Half-year results to 31 December 2026 | Results | Inferred | Medium | First statutory read of FY27 margins and tax payments. |
| June 2027 quarter | Life-of-mine plan refresh finalised | Study | Company Guided | High | Sets the mine life the market can underwrite beyond the 272koz reserve and the Lakewood expansion case. |
| August-September 2027 | FY27 results and FY28 guidance | Results | Inferred | High | Delivery against FY27 guidance and the first multi-year outlook from the new leadership. |
| September 2027 | Annual resource and reserve statement at 30 June 2027 | Resource Or Reserve | Inferred | High | Shows whether FY27 drilling replaced depletion after the 2026 downgrade. |
| Timed to the Fingals and Majestic ramp-up | Decision to commission the Lakewood 1.5Mtpa expansion | Construction Or Commissioning | Company Guided | Medium | Adds about 25% plant capacity for modest capital once ore supply supports it. |
| Not dated; acting arrangement until a permanent appointment | Permanent managing director appointment | Governance | Confirmed | Medium | Leadership stability after two managing director changes in seven months. |
Executive roster
As of 2026-10-31Background checks ▸Executive director, CFO, COO and joint company secretaries named in issuer releases to 23 October 2026; other senior managers are not listed in the documents read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Chris Stone | Acting Managing Director | Executive Director · Chief Executive | 2026-09-08 | Appointment of Acting Managing Director · Quarterly Activities Report |
| Nick Dwyer | Chief Financial Officer | Finance | 2024-03-18 | Board Changes - Managing Director Termination · Local management assessment (management/BC8/summary.md, background-check.json) |
| Tim Mason | Chief Operating Officer | Operations | 2025-06-20 | Local management assessment (management/BC8/summary.md, background-check.json) |
| Mark Pitts | Joint Company Secretary | Company Secretary | 2017-11-09 | Appendix 4E and Annual Financial Statements |
| Aaron Gates | Joint Company Secretary | Company Secretary | 2026-06-26 | Company Secretary Appointment · Appendix 4E and Annual Financial Statements |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Paulsens Gold Operation
AU
Producer100% ownedGold
Operating underground mine and 450ktpa CIL plant in the Pilbara, 180km west of Paranburdoo; restarted in 2024 and paid back its A$106M acquisition and restart cost in FY26.
- Production annualised (attributable)
- 41.7k ozd
- Production (last FY, 100%)
- 34.8k oz
- AISC (latest quarter)
- A$3,418/ozd
- AISC margin at spot
- 41.6%m
- Delivery vs guidance
- —
- Reserve life
- 1.6 yrsd
- Head grade
- 3.1 g/t Au
Project location
Approximate location
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© 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 & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 1.8M t | 5.4 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | inferred | 2M t | 2.3 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | total | 3.7M t | 3.7 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | probable | 616K t | 2.9 g/t Au | Gold | 2026-06-30 |
Milestones2
- Second underground drill rig mobilised to test Galileo, Voyager and Apollo hanging-wall extensions
Pending · Medium materiality
- Underground cooling plant and tailings dam lift (FY27 growth projects)
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Paulsens restart study update (May 2024) | Scoping Study | Superseded | 2024-05-15 | 177koz initial production target at 4.1g/t over 4.2 years, AISC A$1,882/oz, A$201M operating cash flow at A$3,500/oz; superseded by operations (FY26 site cost proxy about A$3,400/oz). |
Core asset
Kal East Gold Operation and Lakewood Processing Facility
AU
Ramping Producer100% ownedGold
Ramping hub east of Kalgoorlie: Fingals open pit and Majestic underground feed the 1.2Mtpa Lakewood CIL plant (approved for 1.5Mtpa); committed third-party toll treatment ends in the December 2026 quarter.
- Production annualised (attributable)
- 25.3k ozd
- Production (last FY, 100%)
- 31.5k oz
- AISC (latest quarter)
- A$4,934/ozd
- AISC margin at spot
- 15.7%m
- Delivery vs guidance
- —
- Reserve life
- 6.8 yrsd
- Head grade
- 1.1 g/t Au
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 & reserves5
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 13K t | 3.2 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | indicated | 10.2M t | 1.7 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | inferred | 12.7M t | 1.6 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | total | 22.9M t | 1.7 g/t Au | Gold | 2026-06-30 |
| Ore Reserve | probable | 4.6M t | 1.4 g/t Au | Gold | 2026-06-30 |
Milestones3
- Committed third-party toll treating at Lakewood ends
Pending · High materiality
- Lakewood expansion to 1.5Mtpa (long-lead items bought, approvals received)
Pending · High materiality
- Fingals and Majestic reach full commercial production
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Lakewood throughput approval to 1.5Mtpa | Western Australia | Granted | — | No |
| Imperial open-pit approvals (approved as underground only) | Western Australia | Required | — | No |
Material
Coyote Gold Operation
AU
Care And Maintenance100% ownedGold
Care and maintenance since 2013 (Tanami Gold produced 211koz at 8.0g/t, 2006-2013); acquired from Northern Star in 2022; 300ktpa plant on site; FY27 drilling A$4-5M and an updated scoping study planned.
- Nameplate capacity
- 700.0k t/yrs
- Restart capex
- A$56.0ms
- Contained metal (attributable)
- 645.0k ozd
- Last production year
- 2,013 year
- Target restart
- —
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
Initial capexA$56MPublished capital estimate
Operating cost1,613AUD/oz
Maximum cash drawdown, not capex; AISC at May 2024 costs; no NPV disclosed.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 1.8M t | 5.3 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | inferred | 1.8M t | 5.7 g/t Au | Gold | 2026-06-30 |
| Mineral Resource | total | 3.7M t | 5.5 g/t Au | Gold | 2026-06-30 |
Milestones1
- Updated Coyote scoping study and resource
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Coyote scoping study update (May 2024) | Scoping Study | Current | 2024-05-15 | About 200koz at 3.7g/t (31% Inferred), 46kozpa for 27 months then campaign milling, AISC about A$1,613/oz, A$56M maximum drawdown, A$295M pre-tax operating cash flow at A$3,500/oz; no NPV. |
Other
Mt Clement Antimony Project
AU
Resource Stage100% ownedOthersSilverLeadGold
Antimony-silver-lead-gold resource about 30km from Paulsens; 6,904m drilled in FY26, technical and metallurgical studies continuing; no new work in the September 2026 quarter.
- Contained metal (attributable)
- 26.5k td
- Resource grade
- 1.02% Sbd
- % Measured + Indicated
- —
- Resource tonnes
- 2.60 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
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 | 2.6M t | 26.5kt Sb contained (about 1.0% Sb); 2,198koz Ag; 39kt Pb; 53koz Au | Others · Silver · Lead · Gold | 2026-08-03 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- Gold dore from conventional gravity and CIL circuit
- Nameplate capacity
- 1.2m t/yr
- Throughput (12M)
- 1.2m t
- Utilisation
- 100%d
- Capital intensity (capex / tpa)
- A$70.83/(t/yr)d
- Feed source
- Captive Kal East ore (Fingals, Majestic) plus committed third-party toll ore to the December 2026 quarter
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Debt-free with A$77.6M of cash, bullion and listed investments and an undrawn A$30M CBA asset facility. The September quarter outflow of A$27.7M reflects A$39M of Kal East growth capital; once toll treating ends in the December 2026 quarter and Fingals and Majestic reach commercial production, the company expects a material uplift in H2 FY27 cash flow. A further shortfall in Kal East grades would leave little buffer before the facility or equity is needed.
Inventory composition4
Bullion A$21.7M at market and listed investments A$2.4M sit beside cash of A$53.5M (total A$77.6M); stockpiles and gold in circuit hold 6,462oz that FY27 production guidance already includes.
- Gold bullion on hand (3,608oz, valued at quarter-end spot)
- — carrying · 3,608 oz
- Run-of-mine ore stockpiles (210,036t at 0.7g/t, 4,495oz contained)
- — carrying · 4,495 oz
- Gold in circuit at Paulsens and Lakewood (1,968oz)
- — carrying · 1,968 oz
- Listed investment in Dreadnought Resources (about 202.5M shares)
- — carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 728.9M
- Fully diluted
- 751.5M
728,874,974 shares at 30 June 2026 (707,546,922 at 30 June 2025 after 19.0M option exercises, 2.25M rights exercised and 61,954 shares for a tenement) plus 53,000 option exercises at A$0.51 in July 2026 = 728,927,974 at 30 September 2026; 51,724 rights converted per the quarterly were part of the 30 June count adjustment; 2,258,621 rights cancelled and 500,000 A$1.65 options issued to Chris Stone in the quarter. Fully diluted 751,490,819 including 14.79M options and 7.38M performance rights.
Security classes20
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares | Ordinary Share | 728.9M | — | — |
| Unlisted options exercisable at A$0.55 expiring 2027-02-21 | Option | 180K | A$0.55 | 2027-02-21 |
| Unlisted options exercisable at A$0.52 expiring 2027-03-21 | Option | 190K | A$0.52 | 2027-03-21 |
| Unlisted options exercisable at A$0.5 expiring 2027-07-31 | Option | 1.2M | A$0.5 | 2027-07-31 |
| Unlisted options exercisable at A$0.5 expiring 2027-08-31 | Option | 1.8M | A$0.5 | 2027-08-31 |
| Unlisted options exercisable at A$0.32 expiring 2028-02-08 | Option | 390K | A$0.32 | 2028-02-08 |
| Unlisted options exercisable at A$0.405 expiring 2028-04-18 | Option | 300K | A$0.405 | 2028-04-18 |
| Unlisted options exercisable at A$0.655 expiring 2028-09-30 | Option | 500K | A$0.655 | 2028-09-30 |
| Unlisted options exercisable at A$0.794 expiring 2028-10-14 | Option | 500K | A$0.794 | 2028-10-14 |
| Unlisted options exercisable at A$0.886 expiring 2028-12-20 | Option | 5.4M | A$0.886 | 2028-12-20 |
| Unlisted options exercisable at A$1.237 expiring 2029-05-20 | Option | 2.2M | A$1.237 | 2029-05-20 |
| Unlisted options exercisable at A$1.205 expiring 2029-07-16 | Option | 1.2M | A$1.205 | 2029-07-16 |
| Unlisted options exercisable at A$1.35 expiring 2029-08-28 | Option | 325K | A$1.35 | 2029-08-28 |
| Unlisted options exercisable at A$1.46 expiring 2029-09-02 | Option | 500K | A$1.46 | 2029-09-02 |
| Unlisted options exercisable at A$1.65 expiring 2030-09-07 | Option | 500K | A$1.65 | 2030-09-07 |
| Performance rights expiring 2027-06-30 | Performance Right | 4M | — | 2027-06-30 |
| Performance rights expiring 2028-06-30 | Performance Right | 146.8K | — | 2028-06-30 |
| Performance rights expiring 2030-11-11 | Performance Right | 2.9M | — | 2030-11-11 |
| Performance rights expiring 2030-12-15 | Performance Right | 33.5K | — | 2030-12-15 |
| Performance rights expiring 2031-06-19 | Performance Right | 287.4K | — | 2031-06-19 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Operations | ||||
| Gold produced - Paulsens | oz | — | 34,787 | |
| Gold produced - Kal East (BC8 ore) | oz | — | 31,509 | |
| Gold produced - BC8 ore | oz | 33,657 | 66,296 | |
| Profit and loss | ||||
| Revenue | AUDm | 37.3 | 374.3 | |
| Site operating costs (cost of sales excluding D&A and royalties) | AUDm | 27.5 | 158.4 | |
| Royalties | AUDm | 3.2 | 8.9 | |
| Corporate, exploration write-off and other costs | AUDm | 10.5 | 24.4 | |
| EBITDA | AUDm | (3.9) | 182.5 | |
| Depreciation and amortisation | AUDm | 19.8 | 63.1 | |
| EBIT | AUDm | (23.7) | 119.4 | |
| Net interest and finance costs | AUDm | (2.3) | (1.8) | |
| Profit before tax | AUDm | (25.9) | 117.6 | |
| Income tax expense | AUDm | 0.0 | 31.1 | |
| Net profit after tax | AUDm | (25.9) | 86.5 | |
| Cash flow | ||||
| Cash tax paid | AUDm | 0.0 | 0.0 | |
| Operating cash flow | AUDm | (12.8) | 225.4 | |
| Sustaining capital | AUDm | — | 24.8 | |
| Growth capital, mine development and drilling | AUDm | — | 135.9 | |
| Capital expenditure | AUDm | 55.3 | 160.7 | |
| Free cash flow | AUDm | (68.0) | 64.7 | |
| Lease principal paid | AUDm | — | 6.1 | |
| Balance sheet | ||||
| Cash (excluding bullion) | AUDm | 34.1 | 73.7 | |
| Debt | AUDm | 0.0 | 0.0 | |
| Net debt (negative = net cash) | AUDm | (34.1) | (73.7) | |
| Per share | ||||
| Shares (FY25-26 basic; forecast diluted) | m shares | 707.5 | 728.9 | |
| EPS | AUD/share | (0.04) | 0.12 | |
| DPS | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (98.2) | 2.1 | |
| P / E (x, current market cap) | x | (16.2) | 4.8 | |
| FCF yield (current market cap) | % | -16.2% | 15.4% | |
| EBITDA margin | % | -10.5% | 48.8% | |
| Net debt / EBITDA (x) | x | 8.7 | (0.4) | |
KPI history
Operating metrics · Kal East Gold Operation and Lakewood Processing Facility
| Metric | Unit | Trend | Sep-25 | Dec-25 | Mar-26 | Jun-26 | Sep-26 |
|---|---|---|---|---|---|---|---|
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | oz | 10,043 | 5,967 | 5,289 | 10,210 | 6,323 | |
| Third-party gold produced at Lakewood (toll treatment) | oz | 2,754 | 10,230 | 11,553 | 0 | 2,414 | |
| Kal East BC8 ore head grade | g/t Au | 1.6 | 1.6 | 2.0 | 1.1 | 1.1 |
KPI history
Operating metrics · Paulsens Gold Operation
| Metric | Unit | Trend | Sep-25 | Dec-25 | Mar-26 | Jun-26 | Sep-26 |
|---|---|---|---|---|---|---|---|
| Paulsens gold produced | oz | 7,744 | 9,313 | 7,110 | 10,620 | 10,417 | |
| Paulsens head grade | g/t Au | 2.6 | 3.7 | 2.4 | 3.1 | 3.1 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Sep-25 | Dec-25 | Mar-26 | Jun-26 | Sep-26 |
|---|---|---|---|---|---|---|---|
| Realised gold price | AUD/oz | 5,227 | 6,325 | 6,817 | 6,261 | 6,065 | |
| Cash, bullion and listed investments | AUD | 89,600,000 | 90,900,000 | 91,700,000 | 105,300,000 | 77,600,000 | |
| Cash on hand | AUD | 52,700,000 | 54,100,000 | 52,600,000 | 73,700,000 | 53,500,000 | |
| Project and growth capital spent | AUD | 11,300,000 | 30,800,000 | 45,700,000 | 43,500,000 | 39,200,000 |
Operating metric source table62
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Paulsens gold produced | Paulsens | Sep-25 quarter | Quarter | 7,744 oz | Reported |
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | Kal East | Sep-25 quarter | Quarter | 10,043 oz | Reported |
| Third-party gold produced at Lakewood (toll treatment) | Kal East | Sep-25 quarter | Quarter | 2,754 oz | Reported |
| Paulsens head grade | Paulsens | Sep-25 quarter | Quarter | 2.6 g/t Au | Reported |
| Kal East BC8 ore head grade | Kal East | Sep-25 quarter | Quarter | 1.6 g/t Au | Reported |
| Realised gold price | Company | Sep-25 quarter | Quarter | 5,227 AUD/oz | Reported |
| Cash, bullion and listed investments | Company | Sep-25 | Point In Time | 89,600,000 AUD | Source Derived |
| Cash on hand | Company | Sep-25 | Point In Time | 52,700,000 AUD | Reported |
| Project and growth capital spent | Company | Sep-25 quarter | Quarter | 11,300,000 AUD | Reported |
| Paulsens gold produced | Paulsens | Dec-25 quarter | Quarter | 9,313 oz | Reported |
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | Kal East | Dec-25 quarter | Quarter | 5,967 oz | Reported |
| Third-party gold produced at Lakewood (toll treatment) | Kal East | Dec-25 quarter | Quarter | 10,230 oz | Reported |
| Paulsens head grade | Paulsens | Dec-25 quarter | Quarter | 3.7 g/t Au | Reported |
| Kal East BC8 ore head grade | Kal East | Dec-25 quarter | Quarter | 1.6 g/t Au | Reported |
| Realised gold price | Company | Dec-25 quarter | Quarter | 6,325 AUD/oz | Reported |
| Cash, bullion and listed investments | Company | Dec-25 | Point In Time | 90,900,000 AUD | Source Derived |
| Cash on hand | Company | Dec-25 | Point In Time | 54,100,000 AUD | Reported |
| Project and growth capital spent | Company | Dec-25 quarter | Quarter | 30,800,000 AUD | Reported |
| Paulsens gold produced | Paulsens | Mar-26 quarter | Quarter | 7,110 oz | Reported |
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | Kal East | Mar-26 quarter | Quarter | 5,289 oz | Reported |
| Third-party gold produced at Lakewood (toll treatment) | Kal East | Mar-26 quarter | Quarter | 11,553 oz | Reported |
| Paulsens head grade | Paulsens | Mar-26 quarter | Quarter | 2.4 g/t Au | Reported |
| Kal East BC8 ore head grade | Kal East | Mar-26 quarter | Quarter | 2 g/t Au | Reported |
| Realised gold price | Company | Mar-26 quarter | Quarter | 6,817 AUD/oz | Reported |
| Cash, bullion and listed investments | Company | Mar-26 | Point In Time | 91,700,000 AUD | Source Derived |
| Cash on hand | Company | Mar-26 | Point In Time | 52,600,000 AUD | Reported |
| Project and growth capital spent | Company | Mar-26 quarter | Quarter | 45,700,000 AUD | Reported |
| Paulsens gold produced | Paulsens | Jun-26 quarter | Quarter | 10,620 oz | Reported |
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | Kal East | Jun-26 quarter | Quarter | 10,210 oz | Reported |
| Third-party gold produced at Lakewood (toll treatment) | Kal East | Jun-26 quarter | Quarter | 0 oz | Reported |
| Paulsens head grade | Paulsens | Jun-26 quarter | Quarter | 3.1 g/t Au | Reported |
| Kal East BC8 ore head grade | Kal East | Jun-26 quarter | Quarter | 1.1 g/t Au | Reported |
| Realised gold price | Company | Jun-26 quarter | Quarter | 6,261 AUD/oz | Reported |
| Cash, bullion and listed investments | Company | Jun-26 | Point In Time | 105,300,000 AUD | Source Derived |
| Cash on hand | Company | Jun-26 | Point In Time | 73,700,000 AUD | Reported |
| Project and growth capital spent | Company | Jun-26 quarter | Quarter | 43,500,000 AUD | Reported |
| Paulsens gold produced | Paulsens | Sep-26 quarter | Quarter | 10,417 oz | Reported |
| Kal East gold produced from BC8 ore (excludes third-party toll ounces) | Kal East | Sep-26 quarter | Quarter | 6,323 oz | Reported |
| Third-party gold produced at Lakewood (toll treatment) | Kal East | Sep-26 quarter | Quarter | 2,414 oz | Reported |
| Paulsens head grade | Paulsens | Sep-26 quarter | Quarter | 3.1 g/t Au | Reported |
| Kal East BC8 ore head grade | Kal East | Sep-26 quarter | Quarter | 1.1 g/t Au | Reported |
| Realised gold price | Company | Sep-26 quarter | Quarter | 6,065 AUD/oz | Reported |
| Cash, bullion and listed investments | Company | Sep-26 | Point In Time | 77,600,000 AUD | Source Derived |
| Cash on hand | Company | Sep-26 | Point In Time | 53,500,000 AUD | Reported |
| Project and growth capital spent | Company | Sep-26 quarter | Quarter | 39,200,000 AUD | Reported |
| Cash, bullion and listed investments | Company | Jun-25 | Point In Time | 56,300,000 AUD | Source Derived |
| Cash on hand | Company | Jun-25 | Point In Time | 34,100,000 AUD | Reported |
| Group AISC on BC8-owned ounces (first disclosed) | Company | Sep-26 quarter | Quarter | 3,735 AUD/oz | Reported |
| Gold produced from BC8 ore | Company | FY26 | Year | 66,296 oz | Reported |
| Gold produced from BC8 ore | Company | FY25 | Year | 33,657 oz | Reported |
| Statutory revenue | Company | FY26 | Year | 374,289,000 AUD | Reported |
| Statutory revenue | Company | FY25 | Year | 37,317,000 AUD | Reported |
| EBITDA (operating profit plus D&A) | Company | FY26 | Year | 182,510,000 AUD | Source Derived |
| Lakewood ore processed (BC8 751kt plus third-party 449kt) | Kal East | FY26 | Year | 1,200,000 t | Reported |
| Lakewood ore processed | Kal East | Sep-26 quarter | Quarter | 250,000 t | Reported |
| Paulsens ore milled | Paulsens | Sep-26 quarter | Quarter | 112,000 t | Reported |
| Paulsens recovery | Paulsens | Sep-26 quarter | Quarter | 92 % | Reported |
| Lakewood recovery on BC8 ore | Kal East | Sep-26 quarter | Quarter | 90.5 % | Reported |
| Paulsens gold sold | Paulsens | Sep-26 quarter | Quarter | 11,500 oz | Reported |
| Kal East gold sold | Kal East | Sep-26 quarter | Quarter | 6,500 oz | Reported |
| Paulsens notional operating cash flow after capital | Paulsens | Sep-26 quarter | Quarter | 23,100,000 AUD | Reported |
| Kal East notional operating cash flow after capital | Kal East | Sep-26 quarter | Quarter | -27,900,000 AUD | Reported |
Company guidance9
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production Including 4 10Koz Third Party Toll Ounces | Company | FY27 (year to 30 June 2027) | 80,000 | 90,000 oz | Current |
| All In Sustaining Cost (Per Ounce Sold) | Company | FY27 (year to 30 June 2027) | 3,500 | 3,900 AUD/oz | Current |
| Gold Production | paulsens | FY27 (year to 30 June 2027) | 36,000 | 42,000 oz | Current |
| Gold Production Including 4 10Koz Third Party | kal-east | FY27 (year to 30 June 2027) | 44,000 | 48,000 oz | Current |
| Third Party Toll Ounces Within Kal East Guidance | kal-east | FY27 (year to 30 June 2027) | 4,000 | 10,000 oz | Current |
| Resource And Extension Drilling Allocation | paulsens | FY27 (year to 30 June 2027) | 13,000,000 | 15,000,000 AUD | Current |
| Resource And Extension Drilling Allocation | kal-east | FY27 (year to 30 June 2027) | 13,000,000 | 15,000,000 AUD | Current |
| Drilling Allocation | coyote | FY27 (year to 30 June 2027) | 4,000,000 | 5,000,000 AUD | Current |
| Cash Improvement Programme Target | Company | FY27 (year to 30 June 2027) | 30,000,000 | 30,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-31 | Debt | A$30M | — | — | Ongoing | — |
| 2026-06-30Ann. 2025-07-01 | Raising | A$6.6M | 19M | — | Completed | — |
| 2025-05-13Ann. 2025-03-14 | RaisingOrdinary Shares | A$152.4M | 304.6M | — | Completed | FY25 placements funding Paulsens restart and Kal East acceleration.FY25 equity raises in total, net of costs (statement of changes in equity) · Holder approval required |
| 2025-03-31Ann. 2025-02-25 | Raising | A$19M | 19.7M | — | 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.
Royalties and contingent consideration from FY26 note 28, toll and joint arrangements from transaction releases; no hedging, streams or offtake prepayments are disclosed.
Statutory WA gold royalty of 2.5%, applied in the reserves and in our project cash flows.
Royalty · Active- Counterparties
- State of Western Australia
- Applies to
- Paulsens Gold Operation · Kal East Gold Operation and Lakewood Processing Facility · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Royalty rate: 2.5 % of gold revenue
How it affects our valuation
No valuation treatment is available for this arrangement.
Third-party royalties of 1-1.5% on parts of Kal East; combined with the state royalty we model 3.0% of revenue.
Royalty · Active- Counterparties
- Various former tenement holders
- Applies to
- Kal East Gold Operation and Lakewood Processing Facility · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Gross revenue royalties: 1 %
Gross royalty: 1.5 %
NSR after A$250k NPI cap: 1 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Tenement royalties on parts of the Paulsens field and Mt Clement; Paulsens site royalties ran at about 2.7% of revenue in the September 2026 quarter, which we model as 2.75%.
Royalty · Active- Counterparties
- Various former tenement holders
- Applies to
- Paulsens Gold Operation · Mt Clement Antimony Project · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- NSR on E08/1649: 2.5 %
Gross royalty on E08/1650: 1.75 %
NSR on Mt Clement leases: 1 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Royalties on Coyote leases; relevant only on restart.
Royalty · Active- Counterparties
- Various former tenement holders
- Applies to
- Coyote Gold Operation · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Gross royalty: 1.75 %
Gross royalty on M80/0563: 1.5 %
How it affects our valuation
No valuation treatment is available for this arrangement.
A$5M contingent consideration to the vendor on Coyote production milestones; fair value nil while restart is uncertain.
Other · Active- Counterparties
- Northern Star Resources
- Applies to
- Coyote Gold Operation · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Payment on 5,000oz produced at Coyote: 2,500,000 AUD
Payment on 50,000oz produced at Coyote: 2,500,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Lakewood toll-treating agreement entered on the Lakewood purchase; it brings lower-margin third-party ore through the plant until the December 2026 quarter.
Tolling Or Processing · Active- Counterparties
- Westgold Resources
- Applies to
- Kal East Gold Operation and Lakewood Processing Facility · Gold
- Economic direction
- Mixed
- Period
- 2025-03-31 to 2027-03-31
- Key terms
- Priority toll capacity: 200,000 t/yr
Expected end of committed toll treating: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Heads of agreement to mine Star of Mangaroon (Dreadnought scoping study: 24koz at 8.3g/t) and process the ore at Paulsens; conditional on approvals (due by 30 April 2026) and a decision to mine within 18 months; no update on approvals in later releases.
Joint Venture · Conditional- Counterparties
- Dreadnought Resources
- Applies to
- Paulsens Gold Operation · Gold
- Economic direction
- Benefit
- Period
- 2025-12-02 to 2027-09-30
- Key terms
- BC8 sole-funding cap: 10,000,000 AUD
Surplus cash share to BC8: 50 %
Maximum ore processed at Paulsens: 110,000 t
How it affects our valuation
No valuation treatment is available for this arrangement.
Myhree and Boundary joint operation funded by MMS; mining and processing completed during FY26.
Joint Venture · Expired- Counterparties
- Mineral Mining Services
- Applies to
- Kal East Gold Operation and Lakewood Processing Facility · Gold
- Economic direction
- Mixed
- Period
- Through 2026-06-30; start date not stated
- Key terms
- BC8 share of first net profits: 30,000,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Management background checks
The selected 31 October V8.1 roster has the same five leaders as the prior report. Nick Dwyer's prior Mandalay financing contribution remains directly credited. Black Cat's FY26 Annual Report now confirms 90,833oz total production (+132%, including 66,296oz wholly owned) and A$86.455m profit versus a FY25 loss of A$25.946m; those company results overlap Dwyer's full CFO year and Mason's COO tenure from June 2025, without individual attribution. The September 2026 quarter report records 19,153oz total production, A$39.4m operating cashflow before capital, but A$27.7m negative after capital and corporate costs, with liquid assets at A$77.6m. Stone had been Acting MD for 23 days of that quarter. On 27 October, Stone said the mines were about six months behind plan and described Kal East grade pressure; he and Dwyer discussed the A$30m cost-improvement program and future targets, none of which is demonstrated as achieved. The FY26 report records five LTIs while TRIFR improved 25%; the October quarter report separately discloses a July Lakewood serious injury with investigation complete and actions in progress. These events overlap Mason's COO tenure but do not establish personal causation. Stone's BHP suspension and Mt Keith emissions findings remain role-overlap/signatory context, not personal causation. Black Cat is the plaintiff in an early-stage Barclays matter; the 30 October daily-list reprint confirms scheduling only, with no outcome or individual link. Evidence remains mixed because chronologies, independent credential verification and broad adverse-record coverage are incomplete.
Decision-relevant facts
Material summary
Chris Stone
Acting Managing Director
FailureIssuer Reported · Medium materiality
BHP suspended Western Australia Nickel during Stone’s senior tenure
BHP’s July 2024 release said Western Australia Nickel had recorded negative cash flow each year since FY2020, expected an approximately US$300 million FY2024 underlying EBITDA loss, and would temporarily suspend operations from October 2024. BHP attributed the decision to global nickel oversupply and lower prices. Stone’s senior WA Nickel roles overlap with this period: BHP identified him as General Manager Northern Operations in 2019 and he signed a December 2024 Nickel West letter as Vice President. The sources do not identify him as the decision-maker or establish personal causation, negligence or misconduct; this is employer-level outcome context only.
Role overlaps event; causation unproven · Stone held senior WA Nickel roles during the period, but BHP attributed suspension to market oversupply and price weakness; no source establishes his personal responsibility for the business outcome.
Western Australia Nickel to temporarily suspend operations · 11 July 2024 exchange release; negative cash flow, expected FY2024 EBITDA loss, suspension and stated market cause
First female winder makes history · BHP article; Stone identified as GM Northern Operations in November 2019
2023–24 — 30% Explanation Letter — NMK01 Nickel West Mt Keith Facility · 6 December 2024 letter signed by Stone as VP Nickel West
Black Cat Syndicate – About and management · Leadership Team biography; WMC/BHP career culminating as VP WA Nickel
EnvironmentDocumented · Medium materiality
Stone signed a FY2024 Mt Keith emissions explanation after a baseline exceedance
A 6 December 2024 letter submitted by BHP Nickel West to the Clean Energy Regulator states that the Mt Keith facility exceeded its FY2024 emissions baseline by more than 30%, triggering a written explanation under the Safeguard Mechanism Rule. The company cited higher diesel use and haulage distances, limited commercial fleet-decarbonisation technology, and the planned suspension of Nickel West. The letter is signed by Stone as Vice President Nickel West. It documents his signatory role and a material facility-level environmental outcome; it does not state that Stone caused the exceedance, identify a breach or penalty, or make a personal wrongdoing finding.
Individual involvement documented · Stone is directly documented as the signatory to the company explanation; the letter does not attribute operational causation or legal breach to him.
2023–24 — 30% Explanation Letter — NMK01 Nickel West Mt Keith Facility · Page 1; Rule 72C explanation, >30% FY2024 baseline exceedance, company reasons and signature by Stone as VP Nickel West
Company SuccessIssuer Reported · Medium materiality
September-quarter production overlapped Stone's first 23 days as Acting MD
BC8's 23 October 2026 report records 19,153oz consolidated production, including 16,740oz from wholly owned operations, and AISC of A$3,735/oz. It reports A$39.4m operating cashflow before capital, but A$27.7m negative cashflow after capital and corporate costs, with cash and liquid assets decreasing from A$105.3m to A$77.6m. The report labels figures unaudited/non-IFRS where applicable and attributes lower cashflow to lower-margin toll ore, fewer processed tonnes after Lakewood bearing repairs and lower-grade tonnes. Stone's appointment began 8 September, so only 23 days of this quarter overlap his role; no source attributes the quarter's output or cash movement to him.
Role overlaps event; causation unproven · Stone's role overlapped only the final 23 days of the reporting quarter; the company report does not establish his personal causal contribution.
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 1; operating highlights, cash-flow outlook and Managing Director remarks
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 2; consolidated production, gold sold and cash/liquid assets
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 3; cash flow before/after capital and corporate costs
FailureSelf Reported · Medium materiality
Stone disclosed a six-month mine-plan delay and Kal East grade pressure
In the 27 October 2026 webcast transcript, Stone said the mines were about six months behind plan, described the Kal East grade decline as a stumbling block, and said the Lakewood expansion decision would await updated life-of-mine work and an investment-return case. He had been Acting MD for seven weeks, and also said he had not been at Black Cat previously. This is a self-reported company schedule and operating challenge during a short period in his role; the transcript does not establish that Stone caused the delay or grade issue.
Role overlaps event; causation unproven · Stone directly made the disclosure, but the source does not connect him to the original plan, the delay's cause, or the geological issue.
Black Cat Syndicate Limited Q1 2027 Investor Webcast Transcript · 27 October webcast transcript, Q31–46; Stone's statements on schedule, Kal East grades, cash and capital
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 1; operating highlights, cash-flow outlook and Managing Director remarks
Evidence gaps · 8
- No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.
- Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV.
- Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility.
- Exact start and end dates for Stone’s WMC/BHP roles and his earlier Black Cat planning engagement are not disclosed; the reviewed sources establish only dated role observations and broad sequencing.
- The BHP Nickel West suspension is role-overlap employer context; no reviewed source establishes Stone’s personal decision-making responsibility or causation.
- The Clean Energy Regulator-hosted BHP letter documents the Mt Keith baseline exceedance and Stone’s signature, but does not establish personal operational causation, enforcement or a penalty.
- The 27 October webcast transcript and 23 October quarterly report provide only early role-overlap context; Stone served as Acting MD for 23 days of the quarter, and no personal operating contribution is established.
- The FY26 Annual Report is now reviewed, but its results are company-wide and no individual post-appointment operating contribution is established. Stone served as Acting MD for 23 days of the September quarter; the October webcast is partial and self-reported.
Nick Dwyer
Chief Financial Officer
Company SuccessIssuer Reported · Medium materiality
Mandalay financing and refinancing work during CFO tenure
Mandalay’s CEO credited Dwyer with a significant role in the 2019 financing that supported the company’s subsequent turnaround and with refinancing senior credit arrangements during his CFO tenure (2018–early 2024). Mandalay reported 2023 revenue of US$173.3m and adjusted EBITDA of US$60.3m while Dwyer remained CFO; this is employer performance, with the financing contribution specifically credited by the CEO.
Individual involvement documented · The CEO’s contemporaneous statement directly credits Dwyer for financing work; it does not establish sole authorship of Mandalay’s turnaround or operating results.
Mandalay Resources Announces Financial Results for the Third Quarter 2023 · CFO transition notice; CEO quote on 2019 financing and refinancing
Mandalay Resources Announces Financial Results for Fourth Quarter and Year Ended 2023 · 2023 financial results, CFO commentary
Appointment of Chief Financial Officer · Black Cat appointment biography: >A$500m bank funding programs
Company SuccessIssuer Reported · Medium materiality
Record FY26 growth overlapped Dwyer's full CFO year
Black Cat's 2026 Annual Report describes record operating and financial outcomes: total gold production of 90,833oz including third-party ore, up 132% from 39,169oz in FY25; wholly owned production was 66,296oz, up 97%. Profit attributable to shareholders was A$86.455m versus a FY25 loss of A$25.946m. The report identifies Dwyer as CFO and KMP for the full financial year. These issuer-reported company results overlap his CFO tenure but do not attribute the operating or financial outcomes to him individually.
Role overlaps event; causation unproven · Dwyer was CFO throughout FY26; the annual report does not connect him personally to specific operating or financial decisions behind the result.
2026 Annual Report · Page 8; FY26 production and health-and-safety outcomes
2026 Annual Report · Page 71; profit attributable to shareholders and annual share-price comparison
2026 Annual Report · Page 74; KMP roles and appointment dates
Evidence gaps · 5
- No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.
- Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV.
- No exhaustive criminal, sanctions, litigation, safety, environmental, or professional-registration search was conducted. The topic logs describe only documented public search scope.
- Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility.
- Black Cat's FY26 and September-quarter outcomes are issuer-reported role-overlap context; no source attributes those group results to Dwyer. The A$30m improvement program he leads is a target and no realized savings had been reported by the cutoff.
Tim Mason
Chief Operating Officer
Company SuccessIssuer Reported · Medium materiality
Record FY26 production and profit overlapped Mason's COO tenure
Black Cat's 2026 Annual Report describes record operating and financial outcomes: total gold production of 90,833oz including third-party ore, up 132% from 39,169oz in FY25; wholly owned production was 66,296oz, up 97%. Profit attributable to shareholders was A$86.455m versus a FY25 loss of A$25.946m. The report states Mason was appointed COO on 16 June 2025, before FY26 began. These issuer-reported company results overlap his operations role but are not attributed to him individually.
Role overlaps event; causation unproven · Mason's COO tenure overlaps FY26; the report does not establish his personal causal contribution to production, profit or capital allocation.
2026 Annual Report · Page 8; FY26 production and health-and-safety outcomes
2026 Annual Report · Page 71; profit attributable to shareholders and annual share-price comparison
2026 Annual Report · Page 74; KMP roles and appointment dates
FailureIssuer Reported · Medium materiality
Kal East's geology, grade and mine-plan challenges overlapped Mason's COO tenure
The 23 October quarter report says the 2025 Lakewood purchase occurred ahead of mine-operating plans and resulted in less-than-optimal geological knowledge and mine performance at Kal East in the September quarter; the company says it reset mine plans at quarter end. On 27 October, Stone said the mines were about six months behind plan and that Kal East's grade decline remained a challenge. Mason had been COO since June 2025, so the later operating issues overlap his role; the 2025 acquisition preceded his appointment and no source connects him to the purchase, its due diligence, the grade decline or the delay's cause.
Role overlaps event; causation unproven · The company links the geological-knowledge and mine-performance shortfall to acquisition timing; Mason joined after the acquisition and no personal decision or causal responsibility is established.
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 1; operating highlights, cash-flow outlook and Managing Director remarks
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 7; Lakewood July serious injury and Kal East operating performance
Black Cat Syndicate Limited Q1 2027 Investor Webcast Transcript · 27 October webcast transcript, Q31–46; Stone's statements on schedule, Kal East grades, cash and capital
SafetyIssuer Reported · Medium materiality
Five FY26 LTIs and a July Lakewood serious injury overlapped Mason's COO tenure
The June 2026 quarterly report recorded two lost-time injuries at Paulsens during April–June. Black Cat's FY26 Annual Report reports five LTIs for the full year and an annual TRIFR that improved 25% to 16.64; the June-quarter events fall within that annual period and are not additional to the five. The 23 October 2026 quarterly report separately says a Lakewood mill process operator fell from height in July 2026, was expected to return to work in October, and that the investigation was complete with actions still in progress. The new report does not name Mason or establish his personal causal responsibility. A search through 2 November found no later public confirmation of the worker's actual return or action close-out.
Role overlaps event; causation unproven · Mason's COO tenure overlapped the disclosed operating periods, but the company reports do not identify personal causation or his role in either investigation. TRIFR improvement is a company-reported measure; actual return-to-work and action close-out remain unverified.
Activities Report for the Quarter Ended 30 June 2026 · Activities Report, Highlights and Paulsens operation: two LTIs and actions
2026 Annual Report · Page 8; FY26 production and health-and-safety outcomes
Quarterly Activities Report for the Quarter Ended 30 September 2026 · Page 7; Lakewood July serious injury and Kal East operating performance
Evidence gaps · 5
- No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.
- Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV.
- Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility.
- The selected roster records 20 June 2025 as the COO appointment date, while the FY26 Annual Report says 16 June; the 20 June announcement does not state a separate commencement date, so the conflict remains unresolved.
- FY26 and September-quarter operating outcomes are issuer-reported role-overlap context. The July Lakewood injury investigation was complete with actions in progress; no later public return-to-work or action close-out record was located by 2 November.
Mark Pitts
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.
- Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV.
- No exhaustive criminal, sanctions, litigation, safety, environmental, or professional-registration search was conducted. The topic logs describe only documented public search scope.
- Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility.
Aaron Gates
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.
- Career dates are incomplete where cited issuer biographies give experience but no exact start/end dates; the listed chronology is not a complete CV.
- No exhaustive criminal, sanctions, litigation, safety, environmental, or professional-registration search was conducted. The topic logs describe only documented public search scope.
- Employer outcomes are attributed to an individual only where the source explicitly connects that person to the action or responsibility.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-01 · 728,927,974 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 12.71% | 92,663,282 | |
| 2 | 12.06% | 87,915,808 | |
| 3 | 9.94% | 72,432,860 | |
| 4 | 5.77% | 42,092,661 | |
| 5 | 5.26% | 38,318,977 | |
| 6 | 2.31% | 16,859,216 | |
| 7 | 1.77% | 12,927,851 | |
| 8 | 1.28% | 9,358,299 | |
| 9 | 1.12% | 8,159,129 | |
| 10 | 1.01% | 7,370,000 | |
| 11 | 0.99% | 7,213,924 | |
| 12 | 0.76% | 5,551,075 | |
| 13 | 0.76% | 5,510,178 | |
| 14 | 0.61% | 4,420,913 | |
| 15 | 0.57% | 4,139,594 | |
| 16 | 0.57% | 4,133,806 | |
| 17 | 0.55% | 4,039,471 | |
| 18 | 0.51% | 3,750,000 | |
| 19 | 0.49% | 3,540,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.90%Issued shares | 2026-09-01 | |
| 6.80%Issued shares | 2026-09-01 | |
| 5.31%Voting power | 2026-10-08 |
Sources & review notesEvidence checked through 2026-11-02
Coverage and limitations
- The top-20 table is a list of registered holders as at 1 September 2026, not a complete beneficial-owner register; nominee accounts do not identify their underlying clients.
- The annual report repeats Hongkong Ausino Investment Limited twice without account labels. The snapshot combines the two listed amounts under the same registered name; it does not claim that the entries were the same account.
- The annual report lists Kongwell and Franklin as substantial-holder groups at 1 September 2026. State Street’s later Form 603 reports a 5.31% voting-power position at 8 October; these group disclosures and registered-account rows can overlap and must not be summed.
- The State Street Form 603 includes a securities-lending relevant interest. The reported voting power does not establish direct beneficial ownership by State Street Corporation.
Sources
- 2026 Annual Report
Black Cat Syndicate Limited via ASX · Published 2026-09-30 · Accessed 2026-11-02
Official ASX PDF SHA-256 1cdc63c8cb8d164bb8873025a2b7ab06ffa54195515d96b58b5f88550f7e77ae. Page 132 states 728,927,974 ordinary shares and lists the 20 largest registered holders; the same page reports Kongwell Management and Franklin Advisers as substantial holders.
PDF pages 132-133, ASX Additional Information; shareholder information applicable as at 1 September 2026
- Form 603 - Notice of initial substantial holder
State Street Corporation via ASX · Published 2026-10-12 · Accessed 2026-11-02
Official ASX PDF SHA-256 8aca6d6d682b90e3e8a6af4bf252eb95aa7250d39a83bd00c4e1db3950534f9c. State Street Corporation and named subsidiaries report 38,699,614 ordinary shares and 5.31% voting power when becoming substantial on 8 October 2026; includes a securities-lending relevant interest and is not a direct beneficial-ownership statement.
PDF pages 1-4, Form 603 sections 2-7 and Annexures A-B
Disclosed activity
Insider transactions
Trading activity13 buys · 1 sell 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 |
|---|---|---|---|---|---|---|
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 08/10/2026 | Cash n/a | Non-cash n/a | 5,838,669 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 5,838,669 | —Not Disclosed | — | — |
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 08/10/2026 | Cash n/a | Non-cash n/a | 2,600,000 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 2,600,000 | —Not Disclosed | — | — |
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 08/10/2026 | Cash n/a | Non-cash n/a | 1 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 1 | —Not Disclosed | — | — |
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 08/10/2026 | Cash n/a | Non-cash n/a | 59,094 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 59,094 | —Not Disclosed | — | — |
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 08/10/2026 | Cash n/a | Non-cash n/a | 102,236 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 102,236 | —Not Disclosed | — | — |
| 2026-10-05 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-05The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 05/10/2026 | Cash n/a | Non-cash n/a | -227,703 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 227,703 | —Not Disclosed | — | — |
| 2026-10-01 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-01The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 01/10/2026 | Cash n/a | Non-cash n/a | 183,176 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 183,176 | —Not Disclosed | — | — |
| 2026-10-01 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-01The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 01/10/2026 | Cash n/a | Non-cash n/a | -183,176 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 183,176 | —Not Disclosed | — | — |
| 2026-09-21 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-09-21The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 21/09/2026 | Cash n/a | Non-cash n/a | -80,182 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 80,182 | —Not Disclosed | — | — |
| 2026-09-21 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-09-21The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 21/09/2026 | Cash n/a | Non-cash n/a | -1,185,800 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 1,185,800 | —Not Disclosed | — | — |
| 2026-09-21 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-09-21The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 21/09/2026 | Cash n/a | Non-cash n/a | -12,018 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 12,018 | —Not Disclosed | — | — |
| 2026-09-18 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-09-18The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 18/09/2026 | Cash 1.03 | Non-cash n/a | -6,631 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 6,631 | —Not Disclosed | — | — |
| 2026-09-16 | State Street Corporation and subsidiaries named in the Form 603SSGA Funds Management, Inc.
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-09-16The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: SSGA FUNDS MANAGEMENT, INC. | 16/09/2026 | Cash 1.01 | Non-cash n/a | 74,594 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 74,594 | —Not Disclosed | — | — |
| 2026-08-20 | State Street Corporation and subsidiaries named in the Form 603SSGA Funds Management, Inc.
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-08-20The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: SSGA FUNDS MANAGEMENT, INC. | 20/08/2026 | Cash 1.14 | Non-cash n/a | 1,960 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 1,960 | —Not Disclosed | — | — |
| 2026-08-19 | State Street Corporation and subsidiaries named in the Form 603SSGA Funds Management, Inc.
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-08-19The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: SSGA FUNDS MANAGEMENT, INC. | 19/08/2026 | Cash 1.07 | Non-cash n/a | 1,961 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 1,961 | —Not Disclosed | — | — |
| 2026-08-06 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-08-06The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 06/08/2026 | Cash 1.05 | Non-cash n/a | 3,694 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 3,694 | —Not Disclosed | — | — |
| 2026-07-27 | State Street Corporation and subsidiaries named in the Form 603SSGA Funds Management, Inc.
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-07-27The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: SSGA FUNDS MANAGEMENT, INC. | 27/07/2026 | Cash 0.91 | Non-cash n/a | 1,964 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 1,964 | —Not Disclosed | — | — |
| 2026-06-26 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-26The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 26/06/2026 | Cash 0.93 | Non-cash n/a | -4,738 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 4,738 | —Not Disclosed | — | — |
| 2026-06-18 | State Street Corporation and subsidiaries named in the Form 603SSGA Funds Management, Inc.
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-18The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: SSGA FUNDS MANAGEMENT, INC. | 18/06/2026 | Cash 1.06 | Non-cash n/a | 5,967 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 5,967 | —Not Disclosed | — | — |
| 2026-06-15 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-15The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 15/06/2026 | Cash 1.05 | Non-cash n/a | -13,603 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 13,603 | —Not Disclosed | — | — |
| 2026-06-12 | State Street Corporation and subsidiaries named in the Form 603State Street Bank and Trust Company
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-12The form reports a signed change; nature, counterparty and consideration are not specified. Annexure B describes lending agreements for this affiliate but does not link this row to a particular loan or transfer. As disclosed: STATE STREET BANK AND TRUST COMPANY | 12/06/2026 | Cash n/a | Non-cash n/a | -1,000,000 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | OtherOrdinary shares | 1,000,000 | —Not Disclosed | — | — |
| 2026-06-10 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-10The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 10/06/2026 | Cash 0.92 | Non-cash n/a | -13,603 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 13,603 | —Not Disclosed | — | — |
| 2026-06-10 | State Street Corporation and subsidiaries named in the Form 603State Street Global Advisors, Australia, Limited
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-06-10The form reports a signed change in relevant interest but does not identify the transaction type. The cash-column figure is retained in original wording; no price or cash total is inferred. As disclosed: STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED | 10/06/2026 | Cash 0.92 | Non-cash n/a | 13,603 Ordinary
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ | OtherOrdinary shares | 13,603 | —Not Disclosed | — | — |
| 2025-06-27 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-06-27Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-06-27: other of 270,000 ordinary shares for A$211,275.
Change in substantial holding ↗ | OtherOrdinary shares | 270,000 | AUD 211,275.00 | — | 44,236,689 |
| 2025-06-19 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-06-19Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-06-19: other of 250,000 ordinary shares for A$216,600.
Change in substantial holding ↗ | OtherOrdinary shares | 250,000 | AUD 216,600.00 | — | 43,966,689 |
| 2025-06-17 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-06-17Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-06-17: other of 350,000 ordinary shares for A$320,565.
Change in substantial holding ↗ | OtherOrdinary shares | 350,000 | AUD 320,565.00 | — | 43,716,689 |
| 2025-05-14 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-05-14Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-05-14: other of 300,000 ordinary shares for A$254,970.
Change in substantial holding ↗ | OtherOrdinary shares | 300,000 | AUD 254,970.00 | — | 43,366,689 |
| 2025-05-13 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-05-13Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-05-13: subscription of 1,385,739 ordinary shares for A$1,053,162.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 1,385,739 | AUD 1,053,162.00 | — | 43,066,689 |
| 2025-04-28 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-04-28Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-04-28: other of 250,000 ordinary shares for A$246,975.
Change in substantial holding ↗ | OtherOrdinary shares | 250,000 | AUD 246,975.00 | — | 41,680,950 |
| 2025-04-04 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-04-04Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-04-04: other of 300,000 ordinary shares for A$276,930.
Change in substantial holding ↗ | OtherOrdinary shares | 300,000 | AUD 276,930.00 | — | 41,430,950 |
| 2025-04-02 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-04-02Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-04-02: other of 380,000 ordinary shares for A$371,450.
Change in substantial holding ↗ | OtherOrdinary shares | 380,000 | AUD 371,450.00 | — | 41,130,950 |
| 2025-03-28 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-28Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. This row is dated one day after the stated substantial-holder date; its relationship to the threshold position is unresolved. As disclosed: 2025-03-28: cash A$352,170; 390,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 390,000 | AUD 352,170.00 | — | — |
| 2025-03-24 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-24Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-03-24: cash A$422,760; 520,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 520,000 | AUD 422,760.00 | — | — |
| 2025-03-21 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-21Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-03-21: cash A$12,379,861; 16,289,291 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 16,289,291 | AUD 12,379,861.00 | — | — |
| 2025-03-21 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-21Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-03-21: cash A$535,166; 629,756 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 629,756 | AUD 535,166.00 | — | — |
| 2025-03-21 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-03-21Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-03-21: subscription of 6,614,261 ordinary shares for A$5,026,838.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 6,614,261 | AUD 5,026,838.00 | — | 40,750,950 |
| 2025-03-20 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-20Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-03-20: cash A$71,974; 85,684 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 85,684 | AUD 71,974.00 | — | — |
| 2025-03-06 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-06Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-03-06: cash A$238,150; 270,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 270,000 | AUD 238,150.00 | — | — |
| 2025-02-11 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-02-11Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 11 February 2025: sale; source reports (A$502,724) and (680,000) ordinary shares.
Change in substantial holding ↗ | SaleOrdinary shares | 680,000 | AUD 502,724.00 | — | 34,136,689 |
| 2025-01-22 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-22Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-22: cash A$92,990; 129,014 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 129,014 | AUD 92,990.00 | — | — |
| 2025-01-21 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-21Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-21: cash A$217,530; 310,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 310,000 | AUD 217,530.00 | — | — |
| 2025-01-20 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-20Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-20: cash A$199,800; 280,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 280,000 | AUD 199,800.00 | — | — |
| 2025-01-13 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-13Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-13: cash A$505,250; 690,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 690,000 | AUD 505,250.00 | — | — |
| 2025-01-08 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-01-08Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2025-01-08: other of 350,000 ordinary shares for A$213,360.
Change in substantial holding ↗ | OtherOrdinary shares | 350,000 | AUD 213,360.00 | — | 34,816,689 |
| 2025-01-06 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-06Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-06: cash A$174,600; 300,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 300,000 | AUD 174,600.00 | — | — |
| 2025-01-03 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-03Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-03: cash A$131,550; 220,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 220,000 | AUD 131,550.00 | — | — |
| 2025-01-02 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-01-02Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2025-01-02: cash A$160,558; 284,137 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 284,137 | AUD 160,558.00 | — | — |
| 2024-12-31 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2024-12-31Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2024-12-31: cash A$108,570; 190,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 190,000 | AUD 108,570.00 | — | — |
| 2024-12-30 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2024-12-30Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2024-12-30: cash A$191,875; 320,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 320,000 | AUD 191,875.00 | — | — |
| 2024-12-27 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2024-12-27Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2024-12-27: cash A$195,400; 320,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 320,000 | AUD 195,400.00 | — | — |
| 2024-12-24 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2024-12-24Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2024-12-24: cash A$63,500; 110,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 110,000 | AUD 63,500.00 | — | — |
| 2024-12-18 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2024-12-18Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2024-12-18: subscription of 3,906,370 ordinary shares for A$2,031,312.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 3,906,370 | AUD 2,031,312.00 | — | 34,466,689 |
| 2024-12-12 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2024-12-12Form 603 Appendix A reports acquisition date, cash consideration and ordinary shares; it does not specify on-market versus placement. As disclosed: 2024-12-12: cash A$137,000; 200,000 ordinary shares acquired.
Becoming a substantial holder ↗ | OtherOrdinary shares | 200,000 | AUD 137,000.00 | — | — |
| 2024-11-04 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2024-11-04Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2024-11-04: subscription of 6,093,630 ordinary shares for A$3,168,688.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 6,093,630 | AUD 3,168,688.00 | — | 30,560,319 |
| 2024-07-31 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2024-07-31Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2024-07-31: subscription of 3,764,352 ordinary shares for A$1,016,375.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 3,764,352 | AUD 1,016,375.00 | — | 24,466,689 |
| 2024-07-16 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)Collins St Special Situation Fund No.2
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2024-07-16Notice reports a placement for Collins St Special Situation Fund No.2 at A$0.27 per share. As disclosed: 3,678,241 shares acquired by placement for A$993,125.07.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 3,678,241 | AUD 993,125.07 | AUD 0.27Disclosed price | — |
| 2024-06-13 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2024-06-13Form 604 Annexure B reports this transaction by Franklin Advisers, Inc.; cash and share quantity are recorded as disclosed. As disclosed: 2024-06-13: subscription of 4,939,352 ordinary shares for A$1,333,625.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 4,939,352 | AUD 1,333,625.00 | — | 20,702,337 |
| 2023-09-06 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)Collins St Value Fund
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-09-06Placement at A$0.225 per share; account increased from 12,500,000 to 17,211,111 shares. As disclosed: 4,711,111 shares acquired via placement at A$0.225 per share.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 4,711,111 | — | AUD 0.225Disclosed price | 17,211,111 |
| 2023-09-06 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)Collins St Special Situation Fund No.2
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-09-06Placement at A$0.225 per share; account increased from 2,285,149 to 2,596,260 shares. As disclosed: 311,111 shares acquired via placement at A$0.225 per share.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 311,111 | — | AUD 0.225Disclosed price | 2,596,260 |
| 2023-04-14to 2023-06-26 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)Collins St Special Situation Fund No.2
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-04-14Cumulative purchase period; the filing gives no venue or per-share price. As disclosed: 14 April–26 June 2023 purchases: A$922,575.38 for 2,285,149 ordinary shares.
Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,285,149 | AUD 922,575.38 | — | — |
| 2023-01-27 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)Collins St Value Fund
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-01-27Placement for Collins St Value Fund at A$0.40 per share. As disclosed: 27 January 2023 placement: A$5,000,000 for 12,500,000 ordinary shares.
Becoming a substantial holder ↗ | SubscriptionOrdinary shares | 12,500,000 | AUD 5,000,000.00 | AUD 0.4Disclosed price | 12,500,000 |
| 2022-06-06 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2022-06-06Franklin Advisers, Inc. share placement; registered holder on reported aggregate position is JPMorgan Chase Bank, N.A. As disclosed: 6 June 2022: A$1,463,000 cash consideration for 2,660,000 ordinary shares.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 2,660,000 | AUD 1,463,000.00 | — | — |
| 2022-04-28 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2022-04-28Franklin Advisers, Inc. share placement; registered holder on reported aggregate position is JPMorgan Chase Bank, N.A. As disclosed: 28 April 2022: A$2,035,000 cash consideration for 3,700,000 ordinary shares.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 3,700,000 | AUD 2,035,000.00 | — | — |
Disclosed holding observations16 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 |
|---|---|---|---|---|
| 2026-10-08 | State Street Corporation and subsidiaries named in the Form 603
Details & evidence for State Street Corporation and subsidiaries named in the Form 603 on 2026-10-08Group-level relevant-interest position. The affiliate amounts in paragraph 3 (12,916,957; 467,930; and 25,314,727) are included in this total and are not separately added as group holdings. The Bank and Trust amount includes securities reported as lent; the voting-power disclosure is not a direct beneficial-ownership statement.
State Street Bank and Trust Company · Subsidiary and associate identified in Form 603 paragraph 6 SSGA Funds Management, Inc. · Subsidiary and associate identified in Form 603 paragraph 6 State Street Global Advisors, Australia, Limited · Subsidiary and associate identified in Form 603 paragraph 6 Becoming a substantial holder ↗ Becoming a substantial holder ↗ | InitialOrdinary shares | 38,699,614 | 5.31%Voting Power |
| 2026-09-01 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2026-09-01Annual Report 2026 reports this relevant-interest position as at 1 September; percentage is of issued ordinary shares.
2026 Annual Report ↗ | PositionOrdinary shares | 49,593,989 | 6.80%Issued Shares |
| 2026-09-01 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2026-09-01Annual Report 2026 reports this relevant-interest position as at 1 September; percentage is of issued ordinary shares.
2026 Annual Report ↗ | PositionOrdinary shares | 50,195,283 | 6.90%Issued Shares |
| 2025-06-27 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2025-06-27Group-level relevant-interest position as at 27 June 2025.
Change in substantial holding ↗ | PositionOrdinary shares | 44,236,689 | 6.25%Voting Power |
| 2025-03-27 | Kongwell Management Limited
Details & evidence for Kongwell Management Limited on 2025-03-27Threshold-date position as expressly reported; not adjusted for the Appendix A 28 March row.
Becoming a substantial holder ↗ | ThresholdOrdinary shares | 46,747,731 | 6.78%Voting Power |
| 2024-11-07 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2024-11-07Ceased to be substantial on 7 November 2024 due dilution from share issuance; filing does not report a disposal or post-dilution quantity.
Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | — | — |
| 2024-07-16 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2024-07-16Reported aggregate relevant interest after the change.
Change in substantial holding ↗ | PositionOrdinary shares | 21,128,927 | 5.51%Voting Power |
| 2024-07-16 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2024-07-16Current account position reported in notice.
Change in substantial holding ↗ | PositionOrdinary shares | 4,976,371 | — |
| 2024-07-16 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2024-07-16Current account position reported in notice.
Change in substantial holding ↗ | PositionOrdinary shares | 16,152,556 | — |
| 2023-09-06 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-09-06Group relevant interest after disclosed placements.
Change in substantial holding ↗ | PositionOrdinary shares | 19,807,371 | 6.59%Voting Power |
| 2023-09-06 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-09-06
Change in substantial holding ↗ | PositionOrdinary shares | 2,596,260 | — |
| 2023-09-06 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-09-06
Change in substantial holding ↗ | PositionOrdinary shares | 17,211,111 | — |
| 2023-09-06 | Franklin Advisers Inc
Details & evidence for Franklin Advisers Inc on 2023-09-06Aggregate relevant-interest position; registered holder reported as JPMorgan Chase Bank, N.A.
Change in substantial holding ↗ | PositionOrdinary shares | 15,762,985 | 5.24%Voting Power |
| 2023-06-28 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-06-28Aggregate initial substantial-holder position.
Becoming a substantial holder ↗ | ThresholdOrdinary shares | 14,785,149 | 5.50%Voting Power |
| 2023-06-28 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-06-28
Becoming a substantial holder ↗ | PositionOrdinary shares | 2,285,149 | — |
| 2023-06-28 | Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2)
Details & evidence for Collins St Asset Management Pty Ltd (trustee for Collins St Value Fund and Collins St Special Situation Fund No.2) on 2023-06-28
Becoming a substantial holder ↗ | PositionOrdinary shares | 12,500,000 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory42 documents
BC8 closing price 30 October 2026 (local market database)Market Data · MediumExtracted
Latest eligible ASX close on or before the 31 October 2026 cutoff from python -m miners.reference_price BC8 --valuation-date 2026-10-31: A$0.575 (open 0.595, high 0.595, low 0.56), volume 6,446,116, one ASX BC8 ordinary share, market data provider via miners.collect_stock_prices; 1 day old, fresh.
- Document ID
- bc8-price-ref
- Published UTC
- 2026-10-30T06:10:00Z
- Projects
- —
- Commodities
- gold
Market snapshot as of 2026-10-31 (local databases)Market Data · MediumExtracted
python -m miners.v8db.market_snapshot BC8 --cutoff 2026-10-31 --shares 728927974 --commodities Au,Ag: 52-week range A$0.575-1.59; returns 1m -21.2%, 3m -35.8%, 6m -48.4%, 12m -39.2%, 3y +167%; relative to the mining index 1m -11.1%, 3m -31.3%, 12m -48.0%, 3y +127%; 20-day average traded value A$2.53M, 60-day A$3.80M; gold spot US$4,031/oz (29 Oct 2026), 1y average US$4,454, 3y US$3,306; AUD/USD 0.7024 (1.4236 A$ per US$); peer rows from miners_v8.db stock_daily.
- Document ID
- bc8-market-snapshot
- Published UTC
- 2026-10-30T06:10:00Z
- Projects
- —
- Commodities
- gold
Gold peer metrics from the stock database (miners_v8.db stock_daily)Market Data · MediumExtracted
Peer rows read from data/miners_v8.db stock_daily for published gold producers (CYL, OBM, WGX, VAU, RMS, GMD, RRL, BGL) at their latest dates on or before the cutoff (9 or 30 October 2026): market cap, EV, EV/EBITDA, P/NAV, EV per attributable resource, reserve and annual production ounce, 12-month return. Values are this system's published research and daily recompute, not issuer filings.
- Document ID
- bc8-peer-db
- Published UTC
- 2026-10-30T06:10:00Z
- Projects
- —
- Commodities
- gold
Annual General Meeting - Notice and Proxy FormGovernance · MediumExtracted
Notice of 2026 AGM on 25 November 2026: remuneration report, election of Chris Stone, a non-board-endorsed candidate (Stephen Mayne) and re-approval of the employee incentive plan.
- Document ID
- bc8-agm26
- Published UTC
- 2026-10-23T06:23:47Z
- Projects
- —
- Commodities
- gold
Gold may trade up to USD 5,000/oz over next 12-24 months (newKerala, citing World Gold Council)Commodity Data · MediumMetadata Only
October 2026 report: spot gold about US$4,119/oz on 21 October; World Gold Council projection of about 850t of central bank buying in 2026 versus 863t in 2025.
- Document ID
- bc8-web-gold-oct
- Published UTC
- 2026-10-23T06:10:00Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · HighExtracted
Activities report for the September 2026 quarter: 16,740oz BC8-owned production (Paulsens 10,417oz, Kal East 6,323oz) plus 2,414oz third-party, AISC A$3,735/oz, 18,000oz sold at A$6,065/oz, cash and liquid assets down from A$105.3M to A$77.6M, FY27 guidance unchanged, 728,927,974 shares and 22.56M options and rights on issue, undrawn A$30M CBA asset facility, no hedging.
- Document ID
- bc8-q-sep26
- Published UTC
- 2026-10-22T21:17:45Z
- Projects
- paulsens · kal-east · coyote · mt-clement
- Commodities
- gold
Becoming a substantial holderGovernance · LowExtracted
State Street Corporation became a substantial holder on 8 October 2026 with 5.31% voting power.
- Document ID
- bc8-sub-ssga
- Published UTC
- 2026-10-12T08:35:20Z
- Projects
- —
- Commodities
- gold
Local management assessment (management/BC8/summary.md, background-check.json)Governance · MediumMetadata Only
Repository management assessment for BC8 (executive team 58/100, medium evidence confidence): Chris Stone BHP WA Nickel tenure context, Nick Dwyer financing record at Mandalay, COO Tim Mason since June 2025; inputs checked against issuer releases before use.
- Document ID
- bc8-mgmt-local
- Published UTC
- 2026-10-09T06:10:00Z
- Projects
- —
- Commodities
- —
Local ownership register (ownership/BC8/investors.json)Governance · MediumMetadata Only
Repository investor register for BC8 (top-20 at 19 August 2025, substantial holders Kongwell 7.1% and Franklin 5.52%); superseded here by the 1 September 2026 register in the 2026 annual report.
- Document ID
- bc8-own-local
- Published UTC
- 2026-10-09T06:10:00Z
- Projects
- —
- Commodities
- —
Insider dealings (data/insider-transactions.db via python -m miners.insider_transactions show BC8)Governance · MediumExtracted
Director dealings: Paul Chapman bought 50,000 shares on market at A$0.79 on 30 September 2026; Chris Stone (indirect) bought 49,500 shares at A$0.736 on 2 October 2026; earlier placements participation by Chapman, Bosio, Laufmann (December 2024, A$0.52).
- Document ID
- bc8-insider-local
- Published UTC
- 2026-10-05T06:10:00Z
- Projects
- —
- Commodities
- —
2026 Annual ReportGovernance · MediumExtracted
FY26 annual report: chair letter (debt-free, unhedged), review of operations, resource statement, remuneration report and ASX additional information at 1 September 2026: 7,925 holders, substantial holders Kongwell Management 6.9% and Franklin Advisers 6.8%, top-20 holders 430.4M shares; options 14.68M and performance rights 9.69M with vesting conditions.
- Document ID
- bc8-ar26
- Published UTC
- 2026-09-30T03:44:00Z
- Projects
- paulsens · kal-east · coyote · mt-clement
- Commodities
- gold
Annual Mineral Resource and Ore Reserve StatementResource Update · HighExtracted
Annual Mineral Resource and Ore Reserve statement at 30 June 2026: resources 30.3Mt at 2.4g/t for 2,312koz (down 7% from 2,480koz, 75% from depletion), reserves 5.3Mt at 1.6g/t for 272koz (down from 330koz) at A$4,500/oz; Paulsens resource grade reset to 5.4g/t; maiden Imperial open-pit reserve 32koz; Lakewood 1.5Mtpa approved, TSF life to about 2030.
- Document ID
- bc8-mror26
- Published UTC
- 2026-09-29T22:22:03Z
- Projects
- paulsens · kal-east · coyote · mt-clement
- Commodities
- gold
FY27 Guidance & OutlookGuidance · HighExtracted
FY27 guidance: production 80-90koz (Kal East 44-48koz including 4-10koz third-party toll ounces, Paulsens 36-42koz) at consolidated AISC A$3,500-3,900/oz, higher in H1 during the Fingals and Majestic ramp-up; Lakewood approved for 1.5Mtpa; growth spending on mine development, resource drilling, Lakewood long-lead items and tailings.
- Document ID
- bc8-fy27-guidance
- Published UTC
- 2026-09-29T22:32:00Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Extensional Drilling Grows Trojan FootprintOperations · MediumExtracted
Trojan extensional RC drilling (56 holes, 6,804m) extended mineralisation north down-dip and in shallow south-eastern oxide; best results 3m at 6.88g/t from 142m and 7m at 3.02g/t from 257m.
- Document ID
- bc8-trojan-drill
- Published UTC
- 2026-09-10T02:19:00Z
- Projects
- kal-east
- Commodities
- gold
Appointment of Acting Managing DirectorLeadership · HighExtracted
Chris Stone appointed Acting Managing Director from 8 September 2026 on A$600,000 base salary, indefinite term, until a permanent appointment; he had been engaged to lead life-of-mine planning.
- Document ID
- bc8-acting-md
- Published UTC
- 2026-09-07T22:36:09Z
- Projects
- —
- Commodities
- gold
Board Changes - Managing Director TerminationLeadership · HighExtracted
Managing Director James Bruce departed effective 4 September 2026 after about seven months; paid six months in lieu of notice, unvested rights lapse; CFO Nick Dwyer and company secretary Aaron Gates named as contacts.
- Document ID
- bc8-md-termination
- Published UTC
- 2026-09-06T23:13:30Z
- Projects
- —
- Commodities
- gold
Director AppointmentLeadership · MediumExtracted
Chris Stone (mining engineer, former BHP Vice President WA Nickel) joined the board as non-executive director on 7 September 2026 with 500,000 options at A$1.65 expiring 7 September 2030.
- Document ID
- bc8-director-appt
- Published UTC
- 2026-09-06T23:22:15Z
- Projects
- —
- Commodities
- gold
Appendix 4E and Annual Financial StatementsResults · HighExtracted
Appendix 4E and audited FY26 financial statements (Grant Thornton): revenue A$374.3M, NPAT A$86.5M, operating cash flow A$225.4M, capex A$160.7M, cash A$73.7M, no borrowings, lease liabilities A$19.6M, rehabilitation provision A$29.7M, unused tax losses A$117.1M, 728,874,974 shares at 30 June 2026 (707,546,922 a year earlier), no dividend; royalties and Coyote contingent milestones in note 28.
- Document ID
- bc8-fy26-fs
- Published UTC
- 2026-08-30T22:34:59Z
- Projects
- paulsens · kal-east · coyote
- Commodities
- gold
FY26 Financial ResultsResults · MediumExtracted
FY26 results release: revenue A$374M, NPAT A$86M, operating cash flow A$225M, cash, bullion and investments A$105.3M; FY27 guidance to follow by end of September.
- Document ID
- bc8-fy26-results
- Published UTC
- 2026-08-30T22:35:19Z
- Projects
- —
- Commodities
- gold
Diggers and Dealers Mining Forum - PresentationPresentation · MediumExtracted
Diggers and Dealers presentation (August 2026): Paulsens acquired for A$14M in 2022 with A$92M invested and A$107M cumulative operating cash flow; Kal East A$97M acquired (incl. Lakewood) and A$158M invested; Coyote history (211koz produced 2006-2013 by Tanami Gold, C&M from 2013, 300ktpa plant); Mt Clement antimony resource 2,605kt with 26.5kt Sb, 2,198koz Ag, 39kt Pb, 53koz Au.
- Document ID
- bc8-dd26
- Published UTC
- 2026-08-02T22:42:18Z
- Projects
- paulsens · kal-east · coyote · mt-clement
- Commodities
- gold
Gold: central bank buying offsets ETF outflows (ING via FXStreet)Commodity Data · MediumMetadata Only
ING review of 2Q 2026 demand: central bank purchases balanced weaker ETF demand; revised data imply 2026 central bank buying below 2025 levels.
- Document ID
- bc8-web-ing-cb
- Published UTC
- 2026-07-31T06:10:00Z
- Projects
- —
- Commodities
- gold
Quarterly Activities ReportOperations · HighExtracted
Activities report for the June 2026 quarter: record Paulsens production of 10,620oz, first full quarter of 100% BC8 ore through Lakewood (10,210oz), 21,660oz sold at A$6,261/oz, operating cash flow before capital A$77.2M, cash and liquid assets A$105.3M; FY26 production 90,833oz including 24,537oz third-party.
- Document ID
- bc8-q-jun26
- Published UTC
- 2026-07-29T23:01:29Z
- Projects
- paulsens · kal-east
- Commodities
- gold
June 2026 Quarterly Results PresentationPresentation · LowExtracted
June 2026 quarterly results presentation.
- Document ID
- bc8-pres-jun26
- Published UTC
- 2026-07-29T23:03:59Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Wall Street splits on gold as forecasts range from $4,800 to $6,000 (investingLive)Commodity Data · MediumMetadata Only
July 2026 roundup of bank gold forecasts: JPMorgan US$6,000/oz by Q4 2026, UBS and Morgan Stanley US$5,200, Bank of America trimmed to US$4,800.
- Document ID
- bc8-web-gold-banks
- Published UTC
- 2026-07-06T06:10:00Z
- Projects
- —
- Commodities
- gold
Trojan & Imperial Resources Increase to 286ozResource Update · MediumExtracted
Trojan and Imperial resource update (29 June 2026): combined resources up 31% to 286koz; Trojan 5.7Mt at 1.1g/t for 202koz open pit.
- Document ID
- bc8-trojan-res
- Published UTC
- 2026-06-28T22:27:41Z
- Projects
- kal-east
- Commodities
- gold
Company Secretary AppointmentLeadership · LowExtracted
Aaron Gates (Automic Group) appointed joint company secretary on 26 June 2026 alongside Mark Pitts; Daniel Travers resigned.
- Document ID
- bc8-cosec
- Published UTC
- 2026-06-26T07:49:38Z
- Projects
- —
- Commodities
- gold
Investor Presentation - 3Q26 Quarterly UpdatePresentation · LowExtracted
March 2026 quarterly investor presentation.
- Document ID
- bc8-pres-mar26
- Published UTC
- 2026-04-27T22:17:32Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Quarterly Activities Report and Appendix 5BOperations · MediumExtracted
Activities report for the March 2026 quarter: 12,399oz BC8-owned production plus 11,553oz third-party toll ounces, 10,374oz sold at A$6,817/oz; the company said it would start annual AISC and production guidance from 1 July 2026.
- Document ID
- bc8-q-mar26
- Published UTC
- 2026-04-22T22:13:31Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Half-Year Consolidated Financial ReportResults · MediumExtracted
Half-year report to 31 December 2025 (reviewed): first half of FY26 profitability from Paulsens and Kal East ahead of the June-half ramp of Fingals and Majestic.
- Document ID
- bc8-hy26
- Published UTC
- 2026-02-25T21:06:37Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Commencement of New Managing DirectorLeadership · MediumExtracted
James Bruce commenced as managing director on 11 February 2026, succeeding Gareth Solly.
- Document ID
- bc8-md-commence
- Published UTC
- 2026-02-10T21:20:25Z
- Projects
- —
- Commodities
- gold
Completion of Strategic Tenements AcquisitionTransaction · LowExtracted
Completion of the Lakewood strategic tenements acquisition for A$200,000 cash plus shares.
- Document ID
- bc8-tenements-done
- Published UTC
- 2026-02-03T21:21:46Z
- Projects
- kal-east
- Commodities
- gold
Gold Demand Trends full year 2025: supply (World Gold Council)Commodity Data · MediumMetadata Only
World Gold Council full-year 2025 supply review (published with Gold Demand Trends FY2025): total supply up 1% with modest growth in mine output and recycling; initial estimate of record mine production of 3,672t, subject to revision; industry average AISC up 9% year on year to US$1,605/oz in Q3 2025.
- Document ID
- bc8-web-wgc-supply
- Published UTC
- 2026-01-29T06:10:00Z
- Projects
- —
- Commodities
- gold
Quarterly Activities Report and Appendix 5BOperations · MediumExtracted
Activities report for the December 2025 quarter: Paulsens 9,313oz, Kal East 5,967oz BC8-owned plus 10,230oz third-party, realised A$6,325/oz, final A$25M Lakewood payment made; AISC not presented while tolling and ramp-up continued.
- Document ID
- bc8-q-dec25
- Published UTC
- 2026-01-28T21:18:00Z
- Projects
- paulsens · kal-east
- Commodities
- gold
Black Cat Acquires Strategic Tenements Near LakewoodTransaction · LowExtracted
Agreement to acquire 90km2 of tenements near Lakewood for future tailings storage capacity beyond 20 years and the 1.5Mtpa expansion.
- Document ID
- bc8-tenements
- Published UTC
- 2025-12-11T21:25:56Z
- Projects
- kal-east
- Commodities
- gold
Black Cat enters JV to mine Star of MangaroonEconomic Arrangement · MediumExtracted
Binding heads of agreement and ore purchase agreement with Dreadnought Resources for the Star of Mangaroon open pit: BC8 funds up to A$10M of development, surplus cash shared 50/50 to A$80M then 70/30 to Dreadnought, up to 110kt of ore processed at Paulsens until 30 September 2027; subject to approvals and a decision to mine; BC8 holds about 202.5M Dreadnought shares and shares the same chair.
- Document ID
- bc8-dre-jv
- Published UTC
- 2025-12-01T21:23:10Z
- Projects
- paulsens
- Commodities
- gold
Managing Director TransitionLeadership · MediumExtracted
Founding managing director Gareth Solly to step down; James Bruce named successor (November 2025).
- Document ID
- bc8-md-transition
- Published UTC
- 2025-11-23T21:25:13Z
- Projects
- —
- Commodities
- gold
Quarterly Activities Report and Appendix 5BOperations · MediumExtracted
Activities report for the September 2025 quarter: Paulsens 7,744oz and Kal East 10,043oz BC8-owned production, realised A$5,227/oz, cash and liquid assets A$89.6M.
- Document ID
- bc8-q-sep25
- Published UTC
- 2025-10-28T21:18:33Z
- Projects
- paulsens · kal-east
- Commodities
- gold
2025 Annual ReportResults · MediumExtracted
FY25 annual report: first production year, 33,657oz BC8-owned production, Lakewood acquired 31 March 2025, loss of A$25.9M; register at 19 August 2025.
- Document ID
- bc8-ar25
- Published UTC
- 2025-09-28T23:54:37Z
- Projects
- paulsens · kal-east · coyote
- Commodities
- gold
Strongly Supported Placement for Kal East AccelerationFinancing · MediumExtracted
March 2025 placement to accelerate Kal East after the Lakewood acquisition.
- Document ID
- bc8-placement-mar25
- Published UTC
- 2025-03-13T22:26:22Z
- Projects
- —
- Commodities
- gold
Lakewood Acquisition Drives Gold Acceleration StrategyTransaction · HighExtracted
Binding agreement (25 February 2025) to buy the 1.2Mtpa Lakewood mill from Westgold for A$85M: A$70M cash in staged payments over nine months and A$15M in shares at A$0.76 escrowed 12 months; replaces the planned Kal East plant build.
- Document ID
- bc8-lakewood-acq
- Published UTC
- 2025-02-24T21:10:52Z
- Projects
- kal-east
- Commodities
- gold
Black Cat Acquires Lakewood Mill for $85MTransaction · MediumExtracted
Westgold release on the Lakewood sale: A$70M cash and A$15M BC8 scrip, BC8 assumes about A$8M rehabilitation, Westgold keeps priority toll access to up to 200ktpa for two years.
- Document ID
- bc8-lakewood-wgx
- Published UTC
- 2025-02-24T22:05:37Z
- Projects
- kal-east
- Commodities
- gold
Coyote to Generate Strong Returns - Scoping Study UpdateStudy · MediumExtracted
May 2024 Coyote scoping study update: ~200koz production target at 3.7g/t (69% Indicated, 31% Inferred), 46kozpa first 27 months, AISC ~A$1,613/oz, maximum cash drawdown ~A$56M, pre-tax operating cash flow after capital ~A$295M at A$3,500/oz; no NPV published.
- Document ID
- bc8-coyote-study
- Published UTC
- 2024-05-14T22:25:19Z
- Projects
- coyote
- Commodities
- gold
Evidence facts73
16740 oz
2026-09-3010417 oz
2026-09-306323 oz
2026-09-303735 AUD/oz
2026-09-306065 AUD/oz
2026-09-3053500000 AUD
2026-09-3021700000 AUD
2026-09-302400000 AUD
2026-09-3039200000 AUD
2026-09-30728927974 shares
2026-09-30751490819 securities
2026-09-3030000000 AUD
2026-09-3020830 oz
2026-06-306261 AUD/oz
2026-06-30254700000 AUD
2026-06-306817 AUD/oz
2026-03-3125000000 AUD
2025-12-315227 AUD/oz
2025-09-30374289000 AUD
2026-06-3037317000 AUD
2025-06-3086455000 AUD
2026-06-30-25946000 AUD
2025-06-3063119000 AUD
2026-06-30225448000 AUD
2026-06-30160716000 AUD
2026-06-3073706000 AUD
2026-06-3019623000 AUD
2026-06-30367315000 AUD
2026-06-3029692000 AUD
2026-06-30117128701 AUD
2026-06-30728874974 shares
2026-06-30707546922 shares
2025-06-300 AUD/share
2026-06-30105269000 AUD
2026-06-30430397044 shares
2026-09-016.9 %
2026-09-016.8 %
2026-09-012312000 oz
2026-06-30272000 oz
2026-06-304500 AUD/oz
2026-06-301217000 oz
2026-06-30449000 oz
2026-06-30645000 oz
2026-06-30215000 oz
2026-06-3057000 oz
2026-06-3080000 oz
2027-06-3090000 oz
2027-06-303500 AUD/oz
2027-06-303900 AUD/oz
2027-06-30202000 oz
2026-06-2920.64 gram_metres
2026-09-10500000 options
2026-09-07600000 AUD/yr
2026-09-0810000000 AUD
2025-12-02110000 t
2025-12-02200000 AUD
2026-02-0485000000 AUD
2025-02-2570000000 AUD
2025-02-25200000 t/yr
2025-02-2526500 t
2026-08-035.31 %
2026-10-08295000000 AUD
2024-05-1556000000 AUD
2024-05-151613 AUD/oz
2024-05-15195000 oz
2024-05-150.575 AUD/share
2026-10-306446116 shares
2026-10-304031.4 USD/oz
2026-10-294454.0 USD/oz
2026-10-291.4236 AUD/USD
2026-10-292533914 AUD
2026-10-30136.9 AUD/oz
2026-10-3050000 shares
2026-09-30Conflicts requiring judgment1
- Mt Clement antimony resource grade
The presentation shows 2,605kt with 26.5kt Sb, implying about 1.02% Sb; the stated 1.2% Sb and the annual report shorthand of 25kt at 1.2% do not tie, so tonnes and contained antimony are used and grade is derived.