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2026-11-06
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Beacon Minerals Limited

Ramping Producer · Gold · AU Rating locked: sign in to view v8.1 · bcn-20261104t223132-full
Last 2026-11-06
A$2.73
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$317.7M
EV
A$297.9M
Cash
A$27.7M
Debt
A$7.9M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$27.7MFY25A: 14,380,643FY26A: 9,883,561 Self Funding
Debt A$7.9MFY25A: 8,319,135FY26A: 9,293,150 Net cash A$19.8M
Basic shares 116.4MFY25A: 105,642,449FY26A: 114,887,953 2026-10-30
Runway Self Funding Sept qtr net mine cash flow +A$21.6m before corporate costs and dividends; the company is cash generative, so runway is not a constraint.

Liquidity

Financial position

A$27.69m cash at 30 Sep 2026 against A$7.89m asset finance and no corporate debt; the A$19.2m of capital commitments at 30 Jun 2026 (mill tank farm, Geko water) is largely funded from operating cash flow, with A$5.6m income tax paid in the quarter.

Inventory composition3

Bullion of 3,181 oz (1,635 in transit, 1,546 at Perth Mint) is valued at spot in the bridge; ROM stocks are within the reserve value of the projects and are not added again.

Gold bullion in transit to Perth Mint, 1,635 oz at 30 Sep 2026
— carrying · 1,635 oz
Gold bullion held in Beacon metal account at Perth Mint, 1,546 oz
— carrying · 1,546 oz
ROM ore stockpiles (Jaurdi 122 kt, Geko 391 kt, Iguana 119 kt) and Iguana mineralised stockpile 511 kt not planned
— carrying · 1,143,000 t

Capital structure

Ownership and dilution

Ordinary shares
116.4M
Fully diluted
119M

Ordinary shares: 105,642,449 at 30 Jun 2025 (restated after 40:1 consolidation, p47) + 9,245,504 issued in FY26 option exercises = 114,887,953 at 30 Jun 2026 (p47); + 1,467,600 options exercised in Sept qtr and 6,003 on 30 Oct 2026 = 116,379,991 (Sept qtr p11; Appendix 2A 2 Nov 2026). Fully diluted adds 2,623,994 listed options; 3,250,000 unlisted options at A$3.51-6.11 are excluded because they are out of the money.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issueOrdinary Share116.4M——
Listed options (BCNO), exercise A$0.03, expiry 5 Nov 2029; included in fully diluted count, exercise cash in bridgeOption2.6MA$0.032029-11-05
Unlisted options (strikes A$3.51 to A$6.11, expiry 2029-2030); out of the money at every scenario value and excludedOption3.2M—2030-03-24

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Gold production (100% basis)oz—24,854
Unit costs
Cash operating cost (A$/oz)AUD/oz—3,485
AISC incl. royalties and capex (A$/oz)AUD/oz—4,285
Profit and loss
Revenue (attributable, A$)AUDmFY25A: 92,369,154 AUDFY26A: 126,585,308 AUD92.4126.6
Operating costs, royalties and corporate (A$)AUDmFY25A: 79,919,094 AUDFY26A: 63,836,358 AUD79.963.8
EBITDA (A$)AUDmFY25A: 12,450,060 AUDFY26A: 62,748,950 AUD12.562.7
Net profit after tax (A$)AUDmFY25A: -14,002,193 AUDFY26A: 45,475,982 AUD(14.0)45.5
Cash flow
Operating cash flow after tax (A$)AUDmFY25A: 12,169,034 AUDFY26A: 37,063,367 AUD12.237.1
Capex (A$)AUDmFY25A: 10,807,104 AUDFY26A: 41,913,854 AUD10.841.9
Free cash flow (A$)AUDmFY25A: 1,361,930 AUDFY26A: -4,850,487 AUD1.4(4.9)
Balance sheet
Cash (A$, end of period)AUDmFY25A: 14,380,643 AUDFY26A: 9,883,561 AUD14.49.9
Debt (asset finance, A$)AUDmFY25A: 8,319,135 AUDFY26A: 9,293,150 AUD8.39.3
Net debt / (net cash) (A$)AUDmFY25A: -6,061,508 AUDFY26A: -590,411 AUD(6.1)(0.6)
Per share
Shares outstanding (number)m sharesFY25A: 105,642,449 sharesFY26A: 114,887,953 shares105.6114.9
Dividends declared per share (A$, cash)AUD/shareFY25A: 0.00 AUD/shareFY26A: 0.15 AUD/share0.000.15
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: 19.44 xFY26A: 3.86 x19.43.9
P / E (x, current market cap)xFY25A: -18.70 xFY26A: 5.76 x(18.7)5.8
FCF yield (current market cap)%FY25A: 0.01 fractionFY26A: -0.02 fraction0.5%-1.9%
EBITDA margin%FY25A: 0.13 fractionFY26A: 0.50 fraction13.5%49.6%
Net debt / EBITDA (x)xFY25A: -0.49 xFY26A: -0.01 x(0.5)(0.0)

KPI history

Operating metrics

Source values by period
Operating metric source table14
MetricProjectPeriodPeriod typeValueStatus
Gold produced, mill total incl. JV ore (FY26)Jaurdi HubFY26Year24,854 ozReported
Gold sold (mill total, FY26)Jaurdi HubFY26Year22,201 ozReported
Mill throughput FY26 (dry tonnes)Jaurdi HubFY26Year912,867 tReported
Cash operating costs (mill basis, excl royalties), FY26Jaurdi HubFY26Year3,485 AUD/ozReported
Project cash operating costs incl. royalties, sustaining capital and HP (mill basis), FY26Jaurdi HubFY26Year4,285 AUD/ozReported
Gold produced, mill total incl. JV ore (Dec 2025 qtr)Jaurdi HubDec 2025 quarterQuarter7,310 ozReported
Gold produced, mill total incl. JV ore (Mar 2026 qtr)Jaurdi HubMar 2026 quarterQuarter5,419 ozReported
Gold produced, mill total incl. JV ore (Jun 2026 qtr)Jaurdi HubJun 2026 quarterQuarter5,241 ozReported
Gold produced, mill total incl. JV ore (Sep qtr)Jaurdi HubSep 2026 quarterQuarter6,250 ozReported
Lady Ida JV gold produced, Beacon 50% share (Sep qtr)Lady Ida IguanaSep 2026 quarterQuarter3,303 ozReported
Project cash operating costs per ounce (mill basis, Sep qtr)Jaurdi HubSep 2026 quarterQuarter4,531 AUD/ozReported
Gold sales FY26 (statutory)CompanyFY26Year126,585,308 AUDReported
Underlying EBITDA FY26 (derived, excl. disposal and fair value gains)CompanyFY26Year62,748,950 AUDAnalyst Derived
Cash on hand at 30 Sep 2026Company30 Sep 2026Point In Time27,690,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Gold Production (Oz, Mill Basis)jaurdi-hubSep 2026 quarter5,0006,000 ozAchieved
Gold Production (Oz, Mill Basis)jaurdi-hubDec 2026 quarter5,5006,500 ozCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30RaisingA$9.4M9.2M—Completed—
2026-07-21Ann. 2026-06-18DividendA$11.6M——Completed—
2026-08-14Ann. 2026-06-18DividendA$15.3M——Completed—
2025-07-21BuybackOrdinary Fully PaidA$12M——CancelledOn-market buy-back up to 9,391,920 shares with A$12.0m set aside; cancelled on 20 Oct 2025 with no shares bought (p76).Max 9.4M · From 2025-07-21 · market price at purchase, at the company's discretion

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 2026-11-04

Arrangements disclosed in the FY26 annual report (notes 3, 7, 16, 25, 26, 27 and tenement schedule), the Sept 2026 quarter and the Aug 2026 reserve release; live and terminated arrangements are both listed.

Earn-in JV with GL (companies controlled by the chairman and a director): Beacon holds 25% of tenements and 50% JV economics from 1 Apr 2026; GL receives 50% of JV gold and bears 50% of cash costs until 72,500 oz is recovered, after which title passes to Beacon.

Joint Venture · Active
Counterparties
Geoda Pty Ltd · Lamerton Pty Ltd
Applies to
Lady Ida JV: Iguana deposit (Beacon 50% JV economics until 72,500 oz recovered, then 100% with 4% NSR to GL) · Gold
Economic direction
Mixed
Period
From 2024-09-04; no end date stated
Key terms
Beacon economic share of JV cash flows before transfer: 50 pct
Gold recovered before title transfer: 72,500 oz
Management fee on JV mining cash costs: 5 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

4% NSR on all gold and silver from Lady Ida payable to GL after transfer; modelled in the Iguana royalties from the 72,500 oz point in the study.

Royalty · Conditional
Counterparties
Geoda Pty Ltd · Lamerton Pty Ltd
Applies to
Lady Ida JV: Iguana deposit (Beacon 50% JV economics until 72,500 oz recovered, then 100% with 4% NSR to GL) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter royalty on all Lady Ida gold after transfer: 4 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Geko tenement acquisition royalty and deferred consideration amended in Feb 2024 and fully paid by 31 Dec 2025; no further payments remain.

Royalty · Expired
Counterparties
Geko Pit Pty Ltd
Applies to
Jaurdi processing hub (Jaurdi mill, Geko, Black Cat South, Golden Slipper, Lightning and stockpiles) · Gold
Economic direction
Burden
Period
2022-12-16 to 2025-12-31
Key terms
Geko consideration paid under amended deed: 735,812 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

2% NSR on Mt Dimer gold above 12,000 oz (and 2% on other minerals) payable to Aurumin; no production is in the base case and the royalty is inside the resource risk factor.

Royalty · Active
Counterparties
Aurumin Limited · Aurumin Mt Dimer Pty Ltd
Applies to
Mt Dimer (Golden Slipper and Lightning reserves carried in Jaurdi hub) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR on Mt Dimer gold above 12,000 oz: 2 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Wealth of Nations tenements acquired by settlement (A$1.4m); a 4% NSR to Corinthian applies after 7,000 oz; the tenements have no reserve or study, so the royalty is immaterial to value.

Royalty · Active
Counterparties
Corinthian Mining Pty Ltd · Blue Tiger Mining Pty Ltd
Applies to
Jaurdi processing hub (Jaurdi mill, Geko, Black Cat South, Golden Slipper, Lightning and stockpiles) · Gold
Economic direction
Burden
Period
From 2025-05-27; no end date stated
Key terms
NSR on gold after 7,000 oz from the tenements: 4 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Completed sale of MacPhersons Reward to Forrestania: gain of A$19.7m in FY26 other income; the FRS shares were distributed to shareholders, so no FRS holding remains.

Other · Terminated
Counterparties
Forrestania Resources Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2026-03-30; no end date stated
Key terms
Cash consideration received: 5,000,000 AUD
How it affects our valuation

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

Sale of six Timor-Leste concessions to Tivan completed 13 Feb 2026; no residual interest.

Other · Terminated
Counterparties
Tivan Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2026-02-13; no end date stated
Key terms
Total consideration: 500,000 AUD
How it affects our valuation

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