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2026-11-06
◂ Monitor BHM ASX

Broken Hill Mines Limited

Producer · Silver · Lead · Zinc · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.415
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$164.4M
EV
A$157.2M
Cash
A$33.7M
Debt
A$26.4M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$33.7M Unknown
Debt A$26.4M Net cash A$7.2M
Basic shares 396.2M 2026-09-03
Runway Unknown FY26 operating cash flow was negative A$4.730m, while June-quarter operating cash was positive; after tranche-one placement the runway depends on development expenditure and cash conversion, so a stable quarter count is not inferred.

Liquidity

Financial position

A$33.657m audited June cash plus approximately A$60m gross completed placement proceeds; June debt carrying value was A$26.447m, with A$26.940m customer contract liabilities and substantial development spending. Placement net proceeds and September cash were not disclosed.

Inventory composition1

Audited June balance has A$10.359m finished concentrate; other inventory consists of A$0.341m work-in-process ore and A$6.282m consumables. Only finished concentrate is separately credited in the equity bridge.

Produced zinc and silver-lead concentrate awaiting shipment
A$10.4M carrying

Capital structure

Ownership and dilution

Ordinary shares
396.2M
Fully diluted
496.7M

316,928,381 ordinary shares at 18 August plus 79,232,095 settled first-tranche placement shares = 396,160,476 issued shares. Fully diluted denominator also includes 81,362,996 options, 17,163,615 rights and 2,000,000 contingent Pinnacles shares. Conditional second tranche and withdrawn SPP excluded.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares, quoted and restrictedOrdinary Share396.2M——
Listed and unlisted options across disclosed classesOption81.4M——
Performance rights, including restricted classPerformance Right17.2M——
Two million shares contingent on Pinnacles formal SOAOther2M——

KPI history

Operating metrics

1 periods
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
ThroughputRaspJune 2026 quarterQuarter119,320 tonnesReported
ProductionRaspJune 2026 quarterQuarter95,787 oz silver in concentrateReported
ProductionRaspJune 2026 quarterQuarter2,376 tonnes lead in concentrateReported
ProductionRaspJune 2026 quarterQuarter3,331 tonnes zinc in concentrateReported
Free Cash FlowCompanyJune 2026 quarterQuarter9,133,000 AUD operating cash flowReported
Company guidance2
MetricProjectPeriodLowHighStatus
Tailings Dewatering Plant CommissioningraspQ3 FY2027—— target dateCurrent
Rasp And Pinnacles Mineral Resource UpdatesCompanyend CY2026—— target dateCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-04RaisingA$0——Cancelled—
2026-09-03Ann. 2026-08-28RaisingA$60.2M79.2M—Completed—
2026-08-28RaisingA$24.8M——Announced—

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

FY26 audited contractual and related-party notes, plus original Rasp/Pinnacles transaction terms; public terms remain incomplete for price deductions and farm-in economics.

Related-party royalty payable on Rasp and Pinnacles net smelter returns; Executive Chair has an interest in the counterparty.

Royalty · Active
Counterparties
BHM RoyaltyCo Pty Ltd
Applies to
Rasp Mine · Pinnacles Mine · Silver · Lead · Zinc
Economic direction
Burden
Period
Dates not stated
Key terms
NSR royalty: 2 percent
FY26 royalty incurred: 2,446,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

BHM operates Pinnacles under HOA and retains approximately 70% of operating net smelter returns without owning the tenements; two million shares are contingent on formal SOA.

Joint Venture · Active
Counterparties
Pinnacles Mines Pty Ltd · Broken Hill Pinnacles Pty Ltd
Applies to
Pinnacles Mine · Silver · Lead · Zinc
Economic direction
Mixed
Period
Dates not stated
Key terms
BHM share of operating net smelter returns: 70 percent
counterparty share: 30 percent
SOA contingent issue: 2,000,000 shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Silver-lead concentrate offtake is tied to a secured financing facility; realised-price exposure remains and precise treatment charges are undisclosed.

Offtake · Active
Counterparties
Hartree Partners
Applies to
Rasp Mine · Silver · Lead
Economic direction
Mixed
Period
From 2025-10-01; no end date stated
Key terms
facility headline: 25,000,000 USD
drawn at June: 17,500,000 USD
pricing: 100% underlying commodity price text
How it affects our valuation

No valuation treatment is available for this arrangement.

Kingfisher exploration cooperation and farm-in leaves BHM minority interests in Aragon and several regional tenements; no standalone mine plan is available.

Farm In · Active
Counterparties
Kingfisher Mining
Applies to
Rasp Mine · Silver · Lead · Zinc
Economic direction
Mixed
Period
From 2026-03-01; no end date stated
Key terms
BHM Aragon participating interest: 15 percent
BHM other named tenement interests: 25 percent
How it affects our valuation

No valuation treatment is available for this arrangement.