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2026-11-06
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Brockman Mining Limited

DFS Unfunded Developer · Iron Ore · Australia Rating locked: sign in to view v6.2
Last 2026-11-05
A$0.01
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$92.8M
EV
A$115.5M
Cash
HKD 3.9M
Debt
HKD 126.8M
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash HKD 3.9M Finite
Debt HKD 126.8M Net cash HKD -122.8M
Basic shares 9.3B 2026-06-30
Runway 7.19 quarters Appendix 5B item 8.7 divides HK$29.712 million of cash plus undrawn facilities by HK$4.135 million of quarterly relevant outgoings.

Liquidity

Financial position

Audited cash was HK$3.922m and borrowings HK$126.753m at June 2026. A further shareholder draw after year-end and HK$61.750m Marillana joint-operation payable increase claim risk; the HK$6.101m Ophthalmia payable was discharged in July. Undrawn capacity supports the disclosed June-quarter runway, but 17% shareholder borrowing is expensive.

Capital structure

Ownership and dilution

Ordinary shares
9.3B
Fully diluted
9.3B

FY2026 annual ASX register at 11 September records 9,280,232,131 ordinary shares; no changes since June 2025. The 83 million legacy options expired without exercise in December 2024. No currently outstanding dilutive security was identified.

Security classes1
ClassTypeQuantityStrikeExpiry
Quoted ordinary fully paid sharesOrdinary Share9.3B——

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-07-30DebtHKD 103.2M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 audited annual report and August Ophthalmia termination reconciled with the 2023 agreement summary and recent quarterlies; no live commodity or FX hedge was disclosed.

Polaris holds half of Marillana and manages the joint operation; Brockman receives half of attributable ore economics and bears half of JV capital and operating commitments.

Joint Venture · Active
Counterparties
Polaris Metals Pty Ltd · Mineral Resources Limited
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Mixed
Period
From 2021-04-22; no end date stated
Key terms
Brockman interest: 50 %
Polaris interest: 50 %
forward cost share: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

MinRes is expected to fund joint operators project capital through loans repayable from Brockman share of net project revenue if development proceeds; no currently executable project schedule or final amount.

Other · Conditional
Counterparties
Mineral Resources Limited
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Mixed
Period
From 2021-04-22; no end date stated
Key terms
initial project loan expectation: 676,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

MinRes is responsible for a port export solution and may own and operate non-process infrastructure; future service tariffs remain undisclosed.

Tolling Or Processing · Conditional
Counterparties
Mineral Resources Limited
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Mixed
Period
From 2021-04-22; no end date stated
Key terms
non-process infrastructure: build-own-operate
mine-to-ship logistics: MinRes responsibility
How it affects our valuation

No valuation treatment is available for this arrangement.

Secured Polaris loan is repayable from Brockman share of Marillana net product-sale revenue. It is included in reported borrowings and deducted once in the equity bridge.

Other · Active
Counterparties
Polaris Metals Pty Ltd
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Burden
Period
From 2019-11-18; no end date stated
Key terms
original advances: 10,000,000 AUD
interest: 0 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Brockman share of joint-operation expenditure owed to MinRes is separately reported from borrowings and is deducted once in the equity bridge.

Other · Active
Counterparties
Mineral Resources Limited
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
joint-operation payable: 61,750,000 HKD
repayment date: 2027-09-30
How it affects our valuation

No valuation treatment is available for this arrangement.

HanMin and Roy Hill are working on rail and port services for the proposed Marillana export chain; Brockman has no disclosed economic interest in that infrastructure JV.

Strategic Partnership · Conditional
Counterparties
Mineral Resources Limited · Hancock Prospecting Pty Ltd · Roy Hill Holdings Pty Ltd
Applies to
Marillana Iron Ore Project · Iron Ore
Economic direction
Benefit
Period
From 2021-11-29; no end date stated
Key terms
port capacity: allocated
final investment decision: pending
How it affects our valuation

No valuation treatment is available for this arrangement.

The Ophthalmia JV ended effective 1 July 2026; Brockman regained full ownership and the associated project loan was discharged.

Joint Venture · Terminated
Counterparties
Polaris Metals Pty Ltd · Mineral Resources Limited
Applies to
Ophthalmia Iron Ore Project · Iron Ore
Economic direction
Mixed
Period
From 2021-11-30; no end date stated
Key terms
former Polaris interest: 50 %
loan discharge: 1,128,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Unsecured related-party working-capital finance supports liquidity at a 17% annual rate, creating material funding cost and refinancing risk.

Other · Active
Counterparties
Substantial shareholder
Applies to
Company-wide
Economic direction
Burden
Period
From 2023-03-01; no end date stated
Key terms
interest: 17 % per annum
maturity: 2027-12-31
facility: 8,700,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority joint venture investment in port and related infrastructure; not a direct claim on Marillana economics.

Joint Venture · Active
Counterparties
NWIOA Ops. Pty Ltd
Applies to
Company-wide
Economic direction
Benefit
Period
Dates not stated
Key terms
ownership: 37 %
carrying value: 647,000 HKD
How it affects our valuation

No valuation treatment is available for this arrangement.