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2026-11-06
◂ Monitor BMC ASX

BMC Minerals Ltd.

DFS Unfunded Developer · Silver · Zinc · Copper · Gold · CA Rating locked: sign in to view v8.1 · bmc-20261031t211346-full
Last 2026-11-06
A$2.42
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$664.6M
EV
A$605.2M
Cash
US$41.8M
Debt
US$0
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones)

CA

DFS Unfunded Developer100% ownedSilverZincCopperGoldLead

Feasibility-stage open pit and underground VHMS polymetallic development, 260 km east of Whitehorse, Yukon. Positive Decision Document April 2026; Type A Water Licence, Quartz Mining Licence and Fisheries Act authorisation outstanding; FID targeted for late 2027; no construction funding arranged.

Developer · DFS unfunded developer
Study
Feasibility Study (October 2023 economic update, 2025 NI 43-101 report)
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
42%s
Initial capex (100%)
US$492.0ms
Capital intensity
US$65.81/(oz/yr)d
LoM AISC
A$-23.17/ozs
Mine life
8.8 yrsd

Project location

Approximate location

Loading 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.

Published study economicsIssuer or study metrics
NPVUS$835M7% discount
IRR42%Published return
Initial capexUS$492MPublished capital estimate
Operating cost170.41USD/t ore

Before-tax, real, 100% basis at the study consensus deck; operating cost includes TC/RCs, freight, royalties, First Nations payments and the PMPA cash cost.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated18.3M t148 g/t Ag, 1.4 g/t Au, 6.3% Zn, 0.9% Cu, 1.9% PbSilver · Zinc · Copper · Gold · Lead2025-01-03
Mineral ResourceInferred800K t143 g/t Ag, 1.2 g/t Au, 7.2% Zn, 1.0% Cu, 1.7% PbSilver · Zinc · Copper · Gold · Lead2025-01-03
Mineral ResourceIndicated and Inferred19.1M t148 g/t Ag, 1.4 g/t Au, 6.3% Zn, 0.9% Cu, 1.9% PbSilver · Zinc · Copper · Gold · Lead2025-01-03
Ore ReserveProbable (open pit)14M t136 g/t Ag, 1.3 g/t Au, 5.9% Zn, 0.9% Cu, 1.6% PbSilver · Zinc · Copper · Gold · Lead2023-10-30
Ore ReserveProbable (underground, Krakatoa)1.7M t147 g/t Ag, 1.3 g/t Au, 5.0% Zn, 0.4% Cu, 2.3% PbSilver · Zinc · Copper · Gold · Lead2023-10-30
Ore ReserveProbable (total)15.7M t138 g/t Ag, 1.3 g/t Au, 5.8% Zn, 0.9% Cu, 1.7% PbSilver · Zinc · Copper · Gold · Lead2023-10-30
Tenements1
kzk-claimsGranted372 km2 · No expiry supplied
Milestones5
  1. Positive Decision Document (YESAA) for the ABM Mine

    Achieved · High materiality

  2. Type B Water Licence and Class 3 Quartz Mining Land Use Approval

    Achieved · Medium materiality

  3. Revised Economic Update (guided for September 2026, not released by the cutoff)

    Delayed · High materiality

  4. Type A Water Licence and Quartz Mining Licence

    Pending · High materiality

  5. Final Investment Decision on the ABM Mine

    Pending · High materiality

Permits & approvals6
PermitJurisdictionStatusExpiryCritical path
YESAA Decision Document (Yukon, NRCan, DFO)Yukon / CanadaGranted—Yes
Type B Water Licence (camp water, 25 years)YukonGranted—No
Class 3 Quartz Mining Land Use Approval (exploration, five years)YukonGranted—No
Type A Water Licence (Waters Act)YukonPending—Yes
Quartz Mining Licence (Quartz Mining Act)YukonPending—Yes
Fisheries Act AuthorizationCanadaPending—Yes
Economic studies1
StudyStageStatusDateSummary
2023 economic update of the 2019/2020 Feasibility Study (2025 NI 43-101 Technical Report)Updated FeasibilityCurrent2025-12-10June-2023 cost base: 15.7 Mt processed at a nominal 2.0 Mtpa over 8.75 years, pre-production capex US$492M, sustaining and closure US$200M, opex US$170.4/t, before-tax NPV7 US$835M and IRR 42% at Ag US$22.60/oz, Au US$1,700/oz, Zn US$1.20/lb, Cu US$3.80/lb, Pb US$0.95/lb; no after-tax NPV published. A revised Economic Update guided for September 2026 had not been released by the cutoff.

Material

Kona copper-gold deposit (Finlayson Copper Ltd)

CA

Resource Stage100% ownedCopperGoldSilver

Indicated and Inferred copper-gold resource about 20 km from the ABM site area; not in any feasibility study; preliminary underground studies treat it as a satellite feed to the KZK plant.

Resource / scoping · Resource stage
Contained metal (attributable)
150.0k td
Resource grade
1.7%
% Measured + Indicated
22%d
Resource tonnes
8.80 Mt
Our value per attrib. contained unit
Locked
Mining method
Underground satellite operation feeding the KZK plant (preliminary studies)

Project location

Approximate location

Loading 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 & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated2.1M t1.6% Cu, 0.8 g/t Au, 4 g/t AgCopper · Gold · Silver2025-06-30
Mineral ResourceInferred6.7M t1.7% Cu, 0.6 g/t Au, 4 g/t AgCopper · Gold · Silver2025-06-30
Mineral ResourceIndicated and Inferred8.8M t1.7% Cu, 0.7 g/t Au, 4 g/t AgCopper · Gold · Silver2025-06-30
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Class 1 exploration notification (Kona and Pelly claims) through 2027YukonGranted2027-12-31No

Material

KZK near-mine exploration (Rhyolite Peak, Fuego, GP4F, Krakatoa extensions)

CA

Discovery Drill Stage100% ownedSilverZincCopperGoldLead

About 19,000 m of a 20,000 m 2026 programme drilled within 5 km of the planned pit; massive sulfide intercepts at Krakatoa (outside the reserve), Fuego and Rhyolite Peak; no resource estimate yet on the new prospects.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Agr
Country
CAr
Best recent intercept (grade x width)
4,518 g/t*md
Metres drilled (12M)
1.9e+04 m
Exploration spend (12M)
US$15.2m
Milestones1
  1. Remaining Rhyolite Peak 2026 assays

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Class 3 Quartz Mining Land Use Approval (exploration)YukonGranted—No

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)