- Last 2026-11-06
- A$2.73
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$317.7M
- EV
- A$297.9M
- Cash
- A$27.7M
- Debt
- A$7.9M
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 0All sources ▸- No announcements are linked to this research.
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q2 FY27, company guided | Maiden Lizard resource (scheduled for the December 2026 quarter) | Resource Or Reserve | Company Guided | Medium | Adds a new non-Iguana resource feeding the Jaurdi mill. |
| November 2026, company guided | Jaurdi tank farm expansion (A$11.5m) commissioning, targeted for November 2026 | Construction Or Commissioning | Company Guided | High | Plant capacity needed for the 1.2 Mtpa Iguana ore rate; a slip delays Iguana ramp-up. |
| First half of FY27, company guided | Iguana mineral resource update (expected in the first half of FY27) | Resource Or Reserve | Company Guided | High | Post-drilling resource update of the 533 koz Iguana resource that underpins the reserve and mine life. |
| Quarter ends 31 Dec 2026; report late January 2027 | December 2026 quarter production and cost report (guidance 5,500-6,500 oz) | Production | Company Guided | High | First full quarter after the tank farm commissioning; tests the 5,500-6,500 oz guidance and cost base. |
| ASX Listing Rule deadline 28 Feb 2027 | Half-year report for the six months to 31 Dec 2026 (ASX deadline 28 Feb 2027) | Results | Confirmed | High | First half FY27 results, cash, costs and the Iguana ramp-up. |
| March 2027, company guided | Geko paleochannel water pipeline commissioning (planned March 2027) | Construction Or Commissioning | Company Guided | Medium | Secures better-quality process water at 60 l/s and rests the Jaurdi paleochannel aquifer. |
| Q4 FY27, company guided | Mt Dimer prospect drilling (Q4 FY27, after heritage surveys) | Exploration | Company Guided | Medium | Tests the non-reserve Mt Dimer resource that underpins the resource calibration. |
Executive roster
As of 2026-11-04Background checks ▸Directors and key management personnel per note 25 of the FY26 annual report, plus the company secretary; the general manager (Darren Gaby) retired on 31 Aug 2026 and is excluded; non-executive directors other than the company secretary are not listed.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Graham McGarry | Executive Chairman / Managing Director | Executive Director · Chief Executive | 2012-03-19 | Beacon Minerals Annual Report 2026 (year to 30 June 2026) |
| Sarah Shipway | Company Secretary (also non-executive director) | Company Secretary | 2012-03-19 | Beacon Minerals Annual Report 2026 (year to 30 June 2026) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Lady Ida JV: Iguana deposit (Beacon 50% JV economics until 72,500 oz recovered, then 100% with 4% NSR to GL)
AU
Open-pit mining and Jaurdi milling since Apr 2026; 4,566 oz JV production Apr-Jun 2026; PFS Aug 2026; the 50% GL share before transfer is a bridge claim.
- Production annualised (attributable)
- 12.5k ozd
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- 1.20 g/ts
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Study: A$5,500/oz, 100% basis, pre-tax, undiscounted cash flow A$841m; NPV at 8% not published. Analyst cash flows reproduce the undiscounted figure within A$1m.
Resources & reserves5
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 130K t | 0.87 g/t Au (4 koz) | Gold | 2026-06-30 |
| Mineral Resource | indicated | 10.1M t | 1.41 g/t Au (457 koz) | Gold | 2026-06-30 |
| Mineral Resource | inferred | 1.3M t | 1.71 g/t Au (73 koz) | Gold | 2026-06-30 |
| Ore Reserve | proved | 135K t | 0.80 g/t Au (3.5 koz) | Gold | 2026-06-30 |
| Ore Reserve | probable | 10.9M t | 1.21 g/t Au (426.8 koz) | Gold | 2026-08-20 |
Tenements1
Milestones1
- Transfer of 100% title to Beacon after 72,500 oz recovered through the Jaurdi mill (about 1.7 years at study rates)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Iguana mining approvals (ore reserve states key mining approvals granted) | Western Australia | Granted | — | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Iguana Pre-Feasibility Study (Aug 2026, 100% basis) | PFS | Current | 2026-08-20 | 9-year open-pit mine, 11.06 Mt ore at 1.20 g/t, 88.1% recovery, 379,190 oz; A$5,500/oz; pre-tax undiscounted cash flow A$841m; AISC A$3,283/oz; establishment capital A$2.5m; 8% discount rate; NPV not published. |
| Iguana Pre-Feasibility Study (Feb 2025, superseded) | PFS | Superseded | 2025-02-24 | 3.4 Mt reserve, 132 koz; A$3,600/oz; undiscounted A$177.1m; superseded by the Aug 2026 study. |
Core asset
Jaurdi processing hub (Jaurdi mill, Geko, Black Cat South, Golden Slipper, Lightning and stockpiles)
AU
Operating mill at about 1.05 Mtpa run rate with tank farm expansion commissioning (Oct-Nov 2026); mill also processes JV ore; Geko water pipeline under construction.
- Production annualised (attributable)
- 1.4k ozd
- Production (last FY, 100%)
- 24.9k oz
- AISC (latest quarter)
- A$4,531/oz
- AISC margin at spot
- 22.6%m
- Delivery vs guidance
- —
- Reserve life
- 1.9 yrsd
- Head grade
- 0.97 g/t
Project location
Approximate location
© 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 & reserves7
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 925K t | 1.28 g/t Au (38 koz) | Gold | 2026-06-30 |
| Mineral Resource | indicated | 268K t | 1.29 g/t Au (11 koz) | Gold | 2026-06-30 |
| Mineral Resource | inferred | 185K t | 1.34 g/t Au (8 koz) | Gold | 2026-06-30 |
| Mineral Resource | indicated | 629K t | 1.35 g/t Au (27 koz) | Gold | 2026-06-30 |
| Mineral Resource | inferred | 389K t | 1.24 g/t Au (16 koz) | Gold | 2026-06-30 |
| Ore Reserve | proved | 1.5M t | 1.00 g/t Au (48.1 koz) | Gold | 2026-06-30 |
| Ore Reserve | probable | 656K t | 1.97 g/t Au (41.5 koz) | Gold | 2026-06-30 |
Tenements1
Milestones2
- Jaurdi tank farm expansion commissioning (wet commissioning from 13 Oct 2026)
Pending · High materiality
- Geko paleochannel water pipeline commissioning
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Geko water road and pipeline approval (received; construction commenced) | Western Australia | Granted | — | No |
Material
Mt Dimer (Golden Slipper and Lightning reserves carried in Jaurdi hub)
AU
Resource-stage; non-core tenements sold to FRS (Dec 2025); drilling of new prospects planned Q4 FY27 after heritage surveys.
- Contained metal (attributable)
- 51.0k ozd
- Resource grade
- 3.65 g/t
- % Measured + Indicated
- 56.9%d
- Resource tonnes
- 0.44 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 215K t | 4.25 g/t Au (29 koz) | Gold | 2026-06-30 |
| Mineral Resource | inferred | 226K t | 3.07 g/t Au (22 koz) | Gold | 2026-06-30 |
Tenements1
Milestones1
- Mt Dimer drilling program (after heritage surveys in Q3 FY27)
Pending · Medium materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares on issue | Ordinary Share | 116.4M | — | — |
| Listed options (BCNO), exercise A$0.03, expiry 5 Nov 2029; included in fully diluted count, exercise cash in bridge | Option | 2.6M | A$0.03 | 2029-11-05 |
| Unlisted options (strikes A$3.51 to A$6.11, expiry 2029-2030); out of the money at every scenario value and excluded | Option | 3.2M | — | 2030-03-24 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Operations | ||||
| Gold production (100% basis) | oz | — | 24,854 | |
| Unit costs | ||||
| Cash operating cost (A$/oz) | AUD/oz | — | 3,485 | |
| AISC incl. royalties and capex (A$/oz) | AUD/oz | — | 4,285 | |
| Profit and loss | ||||
| Revenue (attributable, A$) | AUDm | 92.4 | 126.6 | |
| Operating costs, royalties and corporate (A$) | AUDm | 79.9 | 63.8 | |
| EBITDA (A$) | AUDm | 12.5 | 62.7 | |
| Net profit after tax (A$) | AUDm | (14.0) | 45.5 | |
| Cash flow | ||||
| Operating cash flow after tax (A$) | AUDm | 12.2 | 37.1 | |
| Capex (A$) | AUDm | 10.8 | 41.9 | |
| Free cash flow (A$) | AUDm | 1.4 | (4.9) | |
| Balance sheet | ||||
| Cash (A$, end of period) | AUDm | 14.4 | 9.9 | |
| Debt (asset finance, A$) | AUDm | 8.3 | 9.3 | |
| Net debt / (net cash) (A$) | AUDm | (6.1) | (0.6) | |
| Per share | ||||
| Shares outstanding (number) | m shares | 105.6 | 114.9 | |
| Dividends declared per share (A$, cash) | AUD/share | 0.00 | 0.15 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 19.4 | 3.9 | |
| P / E (x, current market cap) | x | (18.7) | 5.8 | |
| FCF yield (current market cap) | % | 0.5% | -1.9% | |
| EBITDA margin | % | 13.5% | 49.6% | |
| Net debt / EBITDA (x) | x | (0.5) | (0.0) | |
KPI history
Operating metrics
Operating metric source table14
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Gold produced, mill total incl. JV ore (FY26) | Jaurdi Hub | FY26 | Year | 24,854 oz | Reported |
| Gold sold (mill total, FY26) | Jaurdi Hub | FY26 | Year | 22,201 oz | Reported |
| Mill throughput FY26 (dry tonnes) | Jaurdi Hub | FY26 | Year | 912,867 t | Reported |
| Cash operating costs (mill basis, excl royalties), FY26 | Jaurdi Hub | FY26 | Year | 3,485 AUD/oz | Reported |
| Project cash operating costs incl. royalties, sustaining capital and HP (mill basis), FY26 | Jaurdi Hub | FY26 | Year | 4,285 AUD/oz | Reported |
| Gold produced, mill total incl. JV ore (Dec 2025 qtr) | Jaurdi Hub | Dec 2025 quarter | Quarter | 7,310 oz | Reported |
| Gold produced, mill total incl. JV ore (Mar 2026 qtr) | Jaurdi Hub | Mar 2026 quarter | Quarter | 5,419 oz | Reported |
| Gold produced, mill total incl. JV ore (Jun 2026 qtr) | Jaurdi Hub | Jun 2026 quarter | Quarter | 5,241 oz | Reported |
| Gold produced, mill total incl. JV ore (Sep qtr) | Jaurdi Hub | Sep 2026 quarter | Quarter | 6,250 oz | Reported |
| Lady Ida JV gold produced, Beacon 50% share (Sep qtr) | Lady Ida Iguana | Sep 2026 quarter | Quarter | 3,303 oz | Reported |
| Project cash operating costs per ounce (mill basis, Sep qtr) | Jaurdi Hub | Sep 2026 quarter | Quarter | 4,531 AUD/oz | Reported |
| Gold sales FY26 (statutory) | Company | FY26 | Year | 126,585,308 AUD | Reported |
| Underlying EBITDA FY26 (derived, excl. disposal and fair value gains) | Company | FY26 | Year | 62,748,950 AUD | Analyst Derived |
| Cash on hand at 30 Sep 2026 | Company | 30 Sep 2026 | Point In Time | 27,690,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production (Oz, Mill Basis) | jaurdi-hub | Sep 2026 quarter | 5,000 | 6,000 oz | Achieved |
| Gold Production (Oz, Mill Basis) | jaurdi-hub | Dec 2026 quarter | 5,500 | 6,500 oz | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30 | Raising | A$9.4M | 9.2M | — | Completed | — |
| 2026-07-21Ann. 2026-06-18 | Dividend | A$11.6M | — | — | Completed | — |
| 2026-08-14Ann. 2026-06-18 | Dividend | A$15.3M | — | — | Completed | — |
| 2025-07-21 | BuybackOrdinary Fully Paid | A$12M | — | — | Cancelled | On-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.
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
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
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
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
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
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
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
This arrangement has ended; no current valuation treatment is required.
Intrinsic value
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Management background checks
Beacon has a long operating record at Jaurdi, including commissioning in 2019 and 200,000 cumulative mill ounces by Q2 FY2026. FY2026 preliminary results reported 24,854 oz (3% below FY2025) alongside higher realized gold prices, revenue and total comprehensive profit; those company results are not individually attributable. McGarry’s disclosed related-party transactions and the company’s auditor-appointment non-compliance are governance matters; the Supreme Court granted curative relief, and the reviewed record does not establish personal wrongdoing by McGarry or Shipway. ASIC’s insider-trading conviction concerned a former project manager, with no source linking the current executives to the offence. Evidence is predominantly issuer-reported, with meaningful gaps in independent credential checks, later environmental and safety records, and the full FY2026 annual report.
Decision-relevant facts
Material summary
Graham McGarry
Executive Chairman/Managing Director
Beacon sustained production at a commissioned gold operation
Beacon reports that Jaurdi was commissioned in 2019 and had produced 200,000 cumulative mill ounces by Q2 FY2026; Lost Dog produced more than 100,000 oz over 2017–2023. FY2025 output was 25,639 oz and FY2026 preliminary output 24,854 oz, down 3%; the preliminary FY2026 report also records higher realized price/revenue and A$45.48m total comprehensive profit versus a prior-year loss. These are issuer-reported company outcomes during McGarry’s long tenure, not personal attribution. The FY2026 Appendix 4E is unaudited, and the audited FY2026 annual report, listed 29 September 2026, was not retrievable for review.
Role overlaps event; causation unproven · McGarry led the company during these outcomes, but the source set does not isolate his causal contribution; plant output, gold prices and portfolio transactions affect results.
Connected-party supply and Lady Ida transaction require governance scrutiny
Beacon’s 2025 annual report says McVerde Minerals, whose directors include Graham McGarry and Geoffrey Greenhill, supplied services/equipment hire worth A$1.217m in FY2025, and Mangelsdorf Engineering, also directed by them, supplied repairs/manufacturing worth A$0.294m; the issuer describes both as on ordinary commercial terms. It also says Beacon shareholders approved the Lady Ida earn-in/JV with Geoda and Lamerton, entities controlled by McGarry and Greenhill. These are disclosed related-party interests and transaction structures, not evidence of improper conduct. The reviewed materials do not independently benchmark terms or describe the full approval/recusal process.
Individual involvement documented · McGarry is named as a director/controller in related entities and is the company’s Executive Chairman/Managing Director. The report says ordinary commercial terms and shareholder approval for Lady Ida; no finding of breach or self-dealing is made.
Former project manager convicted of insider trading during issuer tenure
ASIC reports that former Beacon project manager Alexander McCulloch pleaded guilty to insider trading involving 11 million shares acquired by associates in January 2017 while he possessed inside information about Beacon. He was sentenced on 25 August 2026; he is not a current executive. The event overlapped McGarry and Shipway’s disclosed Beacon tenure, but reviewed sources do not connect either to the offence. At the time, ASX queried Beacon about market movements and its 31 January 2017 drilling-results announcement; Beacon replied that it first received final assays on 29 January and stated its disclosure complied with Listing Rule 3.1. Shipway signed that response as NED/Company Secretary. The reply is the issuer’s explanation, not an ASX finding, and no closure assessment was located.
Role overlaps event; causation unproven · Employer-level information-control context only. ASIC identifies McCulloch as the offender; the ASX aware-query letter is Beacon’s issuer response, not a finding against Shipway or McGarry. No personal involvement by either executive is established.
Court cured Beacon’s auditor-appointment non-compliance
The accessible case headnote for Re Beacon Minerals Ltd; Ex Parte Beacon Minerals Ltd [2026] WASC 424 says Beacon sought s1322 relief after an auditor appointment was not approved at the AGM, with non-compliance under Corporations Act ss327B(1)(b) and 328B. It says the Court could validate the appointment where the failure was honest inadvertence, no substantial injustice resulted or was likely, and relief was just and equitable; the case summary records curative orders. Beacon’s 25 November 2025 AGM presentation lists McGarry as Executive Chairman/Managing Director. This is a company-level process failure overlapping his role, not a personal court finding. The full judgment was not available. The case page dates the decision 1 October 2026, while the ASX listing shows a Confirmation of Orders release dated 29 September; sequence is unresolved.
Role overlaps event; causation unproven · McGarry was the serving CEO/Executive Chairman during the 2025 AGM, but the public headnote does not assign personal responsibility. The Court’s reported honest-inadvertence/no-substantial-injustice findings and curative relief materially qualify the company-level lapse.
Evidence gaps · 7
- Exact dates for the eight-year Amalg Resources tenure and the identities/dates of other projects McGarry says he developed are not stated in the reviewed sources; treatment-plant work is recalled as starting in 1984 or 1985.
- The 2025 issuer annual report styles McGarry “CPA, CD”, but awarding body, qualification dates and education details were not independently verified.
- 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.
- Beacon’s FY2026 audited annual report was listed on 29 September 2026 but could not be retrieved; preliminary FY2026 results here are unaudited.
- The accessible WASC case headnote is secondary and the full judgment/order was not retrieved; the reported 1 October case date conflicts with a 29 September ASX listing for Confirmation of Orders.
- No ASX closure assessment or follow-up to Beacon’s 7 February 2017 aware-query response was located.
- The 2003 Eroc v Amalg source is a secondary reproduction because the official Queensland judgment landing page was inaccessible; it reports no personal dishonesty finding.
Sarah Shipway
Non-Executive Director / Company Secretary
Former project manager convicted of insider trading during issuer tenure
ASIC reports that former Beacon project manager Alexander McCulloch pleaded guilty to insider trading involving 11 million shares acquired by associates in January 2017 while he possessed inside information about Beacon. He was sentenced on 25 August 2026; he is not a current executive. The event overlapped McGarry and Shipway’s disclosed Beacon tenure, but reviewed sources do not connect either to the offence. At the time, ASX queried Beacon about market movements and its 31 January 2017 drilling-results announcement; Beacon replied that it first received final assays on 29 January and stated its disclosure complied with Listing Rule 3.1. Shipway signed that response as NED/Company Secretary. The reply is the issuer’s explanation, not an ASX finding, and no closure assessment was located.
Role overlaps event; causation unproven · Employer-level information-control context only. ASIC identifies McCulloch as the offender; the ASX aware-query letter is Beacon’s issuer response, not a finding against Shipway or McGarry. No personal involvement by either executive is established.
Court cured Beacon’s auditor-appointment non-compliance
The accessible case headnote for Re Beacon Minerals Ltd; Ex Parte Beacon Minerals Ltd [2026] WASC 424 says Beacon sought s1322 relief after an auditor appointment was not approved at the AGM, with non-compliance under Corporations Act ss327B(1)(b) and 328B. It records the Court’s view that honest inadvertence, no substantial injustice and a just-and-equitable outcome could support validation, and reports curative orders. Beacon’s 25 November 2025 AGM presentation lists Shipway as Non-Executive Director/Company Secretary. The public headnote does not assign her personal responsibility; the full judgment was not available. The case page dates the decision 1 October 2026, while the ASX listing shows a Confirmation of Orders release dated 29 September; sequence is unresolved.
Role overlaps event; causation unproven · Shipway was the serving NED/Company Secretary, but the public headnote does not identify her as responsible for the non-compliance. Court-reported honest inadvertence/no substantial injustice and curative relief qualify the company-level lapse.
Evidence gaps · 7
- Exact dates for the former Cardinal Resources secretary role and American West Metals secretary role were not disclosed in sources reviewed; dates for concurrent St George roles are disclosed only to month/day in issuer profiles.
- Issuer sources consistently report a B.Com from Murdoch and CAANZ membership; this review did not verify the award or membership against the university or professional register.
- 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.
- Beacon’s FY2026 audited annual report was listed on 29 September 2026 but could not be retrieved; preliminary FY2026 results cited here are unaudited.
- No ASX closure assessment or follow-up to Beacon’s 7 February 2017 aware-query response was located.
- The accessible WASC auditor-appointment headnote is secondary; full judgment and the underlying confirmation notice were not retrieved, and the case-summary/order-listing dates conflict.
- BMG Resources NED status is reported in St George’s FY2024 annual report from October 2020; sources reviewed do not establish whether the role continued at the October 2026 cutoff.
Darren Gaby
General Manager
Jaurdi reached production and 200,000 cumulative ounces during Gaby’s tenure
Beacon says Gaby managed Jaurdi through first gold after his August 2018 appointment. The issuer project page says the plant was commissioned in 2019, Lost Dog produced more than 100,000 oz between 2017 and 2023, and the Jaurdi mill reached 200,000 cumulative ounces by Q2 FY2026. Beacon’s FY2026 preliminary report states production of 24,854 oz, down 3% from FY2025’s 25,639 oz. This is a meaningful issuer-reported operating outcome during Gaby’s tenure, but it is not an independent review or solely attributable personal achievement.
Role overlaps event; causation unproven · Issuer states direct project management through first gold; cumulative production includes company, geological and workforce contributions and is not solely assigned to Gaby.
Evidence gaps · 8
- The exact start/end dates at prior employers and job titles at Alacer, Avoca, Harmony and Barrick are not disclosed.
- Diplomas and quarry manager credential are issuer-reported; no independent issuing-register verification was completed.
- Focused public searches did not find a reliable person-specific legal, fraud, safety, or later-period environmental record. Search coverage is incomplete and not a clearance.
- No independent operational review or attributable performance measure isolating Gaby’s contribution was located.
- DWER-hosted clearing compliance material covers only specified permit periods through 2021; other permits and subsequent years were not independently reconciled.
- Beacon’s FY2026 audited annual report was listed on 29 September 2026 but could not be retrieved; cited FY2026 production is preliminary and unaudited.
- DWER lists Jaurdi annual audit-compliance reports for 2022–23 through 2024–25, but their contents were not retrieved. The previously reviewed clearing report is company-submitted and covers only periods through 2021.
- Targeted WorkSafe searches and open-web environmental searches are limited; they are not a complete regulator, incident or safety-record review.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-09-05
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | — | 1,493,411 | |
| 2 | — | 1,250,000 | |
| 3 | — | 947,480 | |
| 4 | — | 911,323 | |
| 5 | — | 746,615 | |
| 6 | — | 744,892 | |
| 7 | — | 405,493 | |
| 8 | — | 375,580 | |
| 9 | — | 296,450 | |
| 10 | — | 285,000 | |
| 11 | — | 254,580 | |
| 12 | — | 237,273 | |
| 13 | — | 213,974 | |
| 14 | — | 210,794 | |
| 15 | — | 192,604 | |
| 16 | — | 146,357 | |
| 17 | — | 133,253 | |
| 18 | — | 128,906 | |
| 19 | — | 125,000 | |
| 20 | — | 125,000 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- Annual Report to shareholders
ASX / Beacon Minerals Limited · Published 2025-09-05 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2025/2025-09-05_Annual Report to shareholders.pdf, PDF page 71; shareholder register section
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
Disclosed holding observations1 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 |
|---|---|---|---|---|
| 2026-07-30 | Graham McGarry
Details & evidence for Graham McGarry on 2026-07-30Form 604 reports present relevant interest after the listed events; detailed holdings by account and the reported voting power are provided in the same filing.
director · 2023-01-01 Mac’s Super Fund A/C · director/shareholder/trustee and indirect relevant interest Lamerton Pty Ltd · director and shareholder; direct company account Alina Luce Pty Ltd · director/shareholder; estate transfer recipient Iluska Pty Ltd · director/shareholder; estate transfer recipient Change in substantial holding ↗ | PositionOrdinary Fully Paid Shares | 17,986,439 | 15.46%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory9 documents
Reference price: BCN close on 4 November 2026 (local market database)Market Data · HighMetadata Only
python -m miners.reference_price BCN --valuation-date 2026-11-04: close A$2.25 on 4 Nov 2026, volume 4,501, price status fresh (0 days), eligible local ASX close. Used as the reference price.
- Document ID
- mkt-ref-price
- Published UTC
- 2026-11-04T06:00:00Z
- Projects
- —
- Commodities
- gold
Gold peer metrics at 4 November 2026 (stock database, published research runs)Market Data · MediumMetadata Only
miners_v8.db companies and stock_daily rows for gold peers (primary commodity Au) at 4 Nov 2026: market cap, EV, EV/EBITDA, P/NAV, EV per attributable resource and 12-month return. Peers taken from the stock database; each row is the peer's own latest published run.
- Document ID
- peer-db-snapshot
- Published UTC
- 2026-11-03T22:00:00Z
- Projects
- —
- Commodities
- gold
Gold spot and AUD exchange rate at the cutoff (commodity and FX market data)Commodity Data · HighMetadata Only
Local commodity series (yahoo_futures:gc via miners.v8db.market_snapshot): gold USD 3,940.40/oz on 3 Nov 2026; trailing 1-year average USD 4,451.51, 3-year average USD 3,314.26; AUD per USD 1.4236. Spot in A$ = 5,609.6/oz.
- Document ID
- mkt-gold-spot
- Published UTC
- 2026-11-03T06:00:00Z
- Projects
- —
- Commodities
- gold
Appendix 2A: 6,003 ordinary shares issued on exercise of options (2 November 2026)Corporate Action · LowExtracted
Appendix 2A notice: 6,003 ordinary shares quoted on 30 October 2026 from exercise of BCNOD options; confirms the 30 October 2026 share count used in the capital structure.
- Document ID
- a2a-nov26
- Published UTC
- 2026-11-02T00:00:00Z
- Projects
- —
- Commodities
- gold
Beacon Minerals September 2026 Quarterly Activities ReportResults · HighExtracted
September 2026 quarter: 6,250 oz gold produced (Beacon 50% share of JV ore 3,303 oz), AISC A$4,531/oz, sales 8,300 oz at A$5,998/oz, cash A$27.69m at 30 Sep 2026, asset finance A$7.89m, 116,379,991 shares at 30 Oct 2026, 2,623,994 listed options; Iguana ore reserve restated in the 20 Aug 2026 release.
- Document ID
- q-sep26
- Published UTC
- 2026-10-30T00:00:00Z
- Projects
- lady-ida-iguana · jaurdi-hub
- Commodities
- gold
Beacon Minerals Annual Report 2026 (year to 30 June 2026)Results · HighPartial
Audited FY26 statements (year to 30 June 2026): gold sales 126.6m, NPAT 45.5m, operating cash flow 37.1m, cash 9.9m, term deposits 14.1m, loan facility 9.3m, rehabilitation provision 24.0m; 30 June 2026 Mineral Resource and Ore Reserve table; Lady Ida JV terms; shareholder register at 29 September 2026; directors and key management.
- Document ID
- ar-fy26
- Published UTC
- 2026-09-29T00:00:00Z
- Projects
- lady-ida-iguana · jaurdi-hub · mt-dimer
- Commodities
- gold
Ore Reserve Statement - Iguana Deposit (ASX release 20 August 2026)Reserve Update · HighExtracted
Iguana ore reserve 11.0 Mt at 1.20 g/t for 430.2 koz (100% basis, Lady Ida JV); updated 100% pre-feasibility study on the reserve: pre-tax undiscounted cash flow A$841m at A$5,500/oz, A$1,085m at spot A$6,190/oz, 9-year life, AISC A$3,283/oz, establishment capital A$2.5m, 8% discount rate; mineral resource 11.5 Mt at 1.4 g/t for 533 koz.
- Document ID
- ors-aug26
- Published UTC
- 2026-08-20T00:00:00Z
- Projects
- lady-ida-iguana
- Commodities
- gold
Beacon Minerals June 2026 Quarterly Activities ReportResults · MediumExtracted
June 2026 quarter operating and corporate update; September 2026 quarter production guidance 5,000 to 6,000 oz.
- Document ID
- q-jun26
- Published UTC
- 2026-07-30T00:00:00Z
- Projects
- lady-ida-iguana · jaurdi-hub
- Commodities
- gold
Iguana Pre-Feasibility Study and Ore Reserve (ASX release 24 February 2025)Study · MediumExtracted
Superseded February 2025 Iguana PFS: 3.43 Mt reserve at 1.20 g/t for 132.2 koz; pre-tax undiscounted cash flow A$177.1m at A$3,600/oz; AISC A$2,111/oz; no discount rate applied.
- Document ID
- pfs-feb25
- Published UTC
- 2025-02-24T00:00:00Z
- Projects
- lady-ida-iguana
- Commodities
- gold
Conflicts requiring judgment2
- iguana proved reserve tonnes
The 20 Aug 2026 release states 100 kt proved at 0.79 g/t with 3.4 koz, which does not tie (100 kt x 0.79 g/t = 2.5 koz); the annual report table (135 kt at 0.8 g/t = 3.5 koz) ties and matches the 11.06 Mt study ore, so it is selected for proved; probable is taken from the 20 Aug release.
- in-specie distribution per share
The annual report (directors report 0.12 per share; note 17 0.13 per share on A$15.3m) and the quarterly (12 cents) differ by rounding of the per-share basis; the distribution is non-cash and is excluded from the cash dividend metric.