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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$41.8M2025-06-30: 4,722,000 US$2025-12-31: 64,873,000 US$2026-03-31: 59,938,000 US$2026-06-30: 50,328,000 US$2026-09-30: 41,793,000 US$ Finite
Debt US$02025-06-30: 25,070,000 US$2026-06-30: 0.00 US$2026-09-30: 0.00 US$ Net cash US$41.8M
Basic shares 274.6MFY25A: 201,239,844FY26A: 274,639,795 2026-08-31
Runway 4.8 quarters US$41.8M cash at 30 September 2026 divided by the September-quarter net operating and investing outflow of US$8.74M; the company reports five quarters.

Liquidity

Financial position

Funded for the 2026-27 drilling, permitting and engineering programme into late 2027 but not for construction: the US$492M (2023 basis) build, an equity raise and project debt are required at FID. The Wheaton stream liability (US$110.8M fair value) is settled in metal, not cash, and is secured over the project.

Capital structure

Ownership and dilution

Ordinary shares
274.6M
Fully diluted
280M

201,239,844 shares at 30 June 2025 (post 2:1 split) + 1,829,826 pre-IPO subscription + 21,570,125 Orion note conversion + 50,000,000 IPO CDIs = 274,639,795 at 30 June 2026, unchanged at 31 August 2026; fully diluted adds 5,389,334 options (all but 343,121 nil-priced).

Security classes7
ClassTypeQuantityStrikeExpiry
Fully paid common shares / CDIsOrdinary Share274.6M——
Historical Retention Options (nil exercise)Option1MA$02028-12-08
Relative TSR Options (nil exercise, performance vesting)Option693.6KA$02030-12-08
Employee Growth Options (A$2.00)Option343.1KA$22030-12-08
Project Incentive Options (nil exercise, milestone vesting)Option1.8MA$02030-12-08
Non-Executive Director Options (nil exercise)Option630KA$02030-12-08
Chair ATSR Options (nil exercise)Option900KA$02030-12-08

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
RevenueAUDm0.00.0
Revenue - SilverAUDm0.00.0
Revenue - ZincAUDm0.00.0
Revenue - GoldAUDm0.00.0
Revenue - CopperAUDm0.00.0
Revenue - LeadAUDm0.00.0
Site, TC/RC, freight, First Nations and stream costsAUDm0.00.0
Yukon net-profits royaltyAUDm0.00.0
Corporate, exploration and study costsAUDmFY25A: 20,916,187 AUDFY26A: 35,095,730 AUD20.935.1
EBITDAAUDmFY25A: -20,916,187 AUDFY26A: -35,095,730 AUD(20.9)(35.1)
Depreciation and amortisationAUDmFY25A: 561,550 AUDFY26A: 670,553 AUD0.60.7
EBITAUDmFY25A: -21,477,737 AUDFY26A: -35,766,283 AUD(21.5)(35.8)
Net finance costAUDmFY25A: 2,571,713 AUDFY26A: 2,453,783 AUD2.62.5
Income taxAUDmFY25A: 129,588 AUDFY26A: -1,040,463 AUD0.1(1.0)
Net profit after taxAUDmFY25A: -37,997,175 AUDFY26A: -126,400,040 AUD(38.0)(126.4)
Cash flow
Operating cash flowAUDmFY25A: -20,456,457 AUDFY26A: -27,612,060 AUD(20.5)(27.6)
Sustaining capexAUDm0.00.0
Growth and development capexAUDmFY25A: 3,100,866 AUDFY26A: 487,809 AUD3.10.5
Total capexAUDmFY25A: 3,100,866 AUDFY26A: 487,809 AUD3.10.5
Free cash flowAUDmFY25A: -23,557,323 AUDFY26A: -28,099,869 AUD(23.6)(28.1)
Equity raised (net)AUDmFY25A: 15,044,598 AUDFY26A: 95,477,952 AUD15.095.5
Debt drawn less repaidAUDmFY25A: 0.00 AUDFY26A: 3,684,359 AUD0.03.7
Balance sheet
CashAUDmFY25A: 7,231,268 AUDFY26A: 73,075,867 AUD7.273.1
DebtAUDmFY25A: 38,392,181 AUDFY26A: 0.00 AUD38.40.0
Net debt (cash)AUDmFY25A: 31,160,913 AUDFY26A: -73,075,867 AUD31.2(73.1)
Shareholders equity (deficiency)AUDmFY25A: -39,029,243 AUDFY26A: -18,146,999 AUD(39.0)(18.1)
Per share
Shares on issue (year end)m sharesFY25A: 201,239,844 sharesFY26A: 274,639,795 shares201.2274.6
Earnings per shareAUD/shareFY25A: -0.19 AUD/shareFY26A: -0.46 AUD/share(0.19)(0.46)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -30.90 xFY26A: -18.42 x(30.9)(18.4)
P / E (x, current market cap)xFY25A: -18.58 xFY26A: -5.58 x(18.6)(5.6)
FCF yield (current market cap)%FY25A: -0.03 fractionFY26A: -0.04 fraction-3.3%-4.0%
EBITDA margin%——
Net debt / EBITDA (x)xFY25A: -1.49 xFY26A: 2.08 x(1.5)2.1

KPI history

Operating metrics · Company

Cash and cash equivalents shown
018,164,44036,328,88054,493,32072,657,760Dec 2025: 64,873,000 USDDec 2025Mar 2026: 59,938,000 USDMar 2026Jun 2026: 50,328,000 USDJun 2026Sep 2026: 41,793,000 USDSep 2026
MetricUnitTrendDec 2025Mar 2026Jun 2026Sep 2026
Cash and cash equivalentsUSDDec 2025: 64,873,000 USDMar 2026: 59,938,000 USDJun 2026: 50,328,000 USDSep 2026: 41,793,000 USD64,873,00059,938,00050,328,00041,793,000
Net operating and investing cash outflowUSDDec 2025: 2,254,000 USDMar 2026: 4,045,000 USDJun 2026: 8,717,000 USDSep 2026: 8,740,000 USD2,254,0004,045,0008,717,0008,740,000
Operating metric source table11
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompany30 Jun 2025Point In Time4,722,000 USDReported
Cash and cash equivalentsCompany31 Dec 2025Point In Time64,873,000 USDReported
Cash and cash equivalentsCompany31 Mar 2026Point In Time59,938,000 USDReported
Cash and cash equivalentsCompany30 Jun 2026Point In Time50,328,000 USDReported
Cash and cash equivalentsCompany30 Sep 2026Point In Time41,793,000 USDReported
Net operating and investing cash outflowCompanyDec 2025 quarterQuarter2,254,000 USDSource Derived
Net operating and investing cash outflowCompanyMar 2026 quarterQuarter4,045,000 USDSource Derived
Net operating and investing cash outflowCompanyJun 2026 quarterQuarter8,717,000 USDSource Derived
Net operating and investing cash outflowCompanySep 2026 quarterQuarter8,740,000 USDSource Derived
Convertible note (fair value)Company30 Jun 2025Point In Time25,070,000 USDReported
Convertible note (fair value)Company30 Jun 2026Point In Time0 USDReported
Company guidance4
MetricProjectPeriodLowHighStatus
Final Investment Decisionkzk_abmLate 2027—— dateCurrent
2026 Diamond Drillingkzk_explorationCalendar 202620,00020,000 mCurrent
Revised Economic Update Releasekzk_abmSeptember 2026—— dateMissed
Two Year Use Of Ipo FundsCompanyDecember 2025 - December 202769.969.9 USD MCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-12-05Ann. 2025-12-10RaisingCdisA$100M50MA$2CompletedA$100M IPO at A$2.00 per CDI; 40.975M CDIs placed through the institutional bookbuild.Max 50M · Barrenjoey (global coordinator), Argonaut, Morgans
2025-12-05Ann. 2025-12-10RaisingCdisUS$28.2M21.6M—CompletedOrion convertible note converted into 21,570,125 CDIs (fair value US$28.24M); Orion sold half after quotation.Max 21.6M · Conversion of the US$24M Orion convertible note at the IPO
2025-10-08DebtUS$2.5M——CompletedAdditional PMPA deposit of US$2.5M received; a further US$15M is due on receipt of certain licences.Wheaton Precious Metals
2025-09-30RaisingUS$2M1.8M—Completed—
2024-08-31RaisingUS$9.8M10.4M—Completed—

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 2026-10-31

Material contracts in prospectus section 8.8 and note 7 of the FY2026 accounts; no hedges disclosed.

Precious metals purchase agreement over the whole KZK Property: BMC delivers 7.375% (tiered) of refined gold and silver and receives 20% of LBMA price; buy-back option and put right removed in the October 2025 amendment.

Stream · Active
Counterparties
Wheaton Precious Metals Corp. (assigned from Orion, February 2024)
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · KZK near-mine exploration (Rhyolite Peak, Fuego, GP4F, Krakatoa extensions) · Gold · Silver
Economic direction
Burden
Period
From 2021-12-22; no end date stated
Key terms
Designated percentage of gold and silver (first tier): 7.38 %
Ongoing cash price received: 20 % of LBMA price
Deposit received: 47.5 USD M
Further deposit due on licences: 15 USD M
Term: 40 years
Fair value of liability at 30 June 2026: 110.8 USD M
Security: General security and debenture over the KZK Property
How it affects our valuation

No valuation treatment is available for this arrangement.

Life-of-contract concentrate sales for copper and half the zinc concentrate on benchmark terms, conditional on full permitting by December 2028.

Offtake · Conditional
Counterparties
Glencore AG
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · Copper · Zinc · Gold · Silver
Economic direction
Mixed
Period
From 2020-12-22; no end date stated
Key terms
Volume: 100% of copper concentrate and 50% of zinc concentrate
Condition: All permits by 22 December 2028
Pricing: LME/LBMA averages less benchmark treatment and refining charges
How it affects our valuation

No valuation treatment is available for this arrangement.

HPM and zinc concentrate offtake on benchmark terms, linked to a conditional US$10M CDI subscription by a Trafigura subsidiary.

Offtake · Conditional
Counterparties
Trafigura Pte Ltd · Union Holdings (Malta) Limited
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · Lead · Zinc · Gold · Silver
Economic direction
Mixed
Period
From 2021-09-30; no end date stated
Key terms
Volume: 100% of HPM concentrate less 10,000 dmt/yr and 50% of zinc concentrate less 20,000 dmt/yr
Linked equity subscription: 10 USD M
Condition: Project financing secured by 30 June 2029
How it affects our valuation

No valuation treatment is available for this arrangement.

Remaining HPM and zinc concentrate sales contracts covering the balance of the first five years.

Offtake · Conditional
Counterparties
MRI Trading AG · Korea Zinc Co. Ltd.
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · Lead · Zinc · Silver · Gold
Economic direction
Mixed
Period
From 2021-03-26; no end date stated
Key terms
Volume: Fixed annual HPM tonnage (MRI) and part of the zinc concentrate (Korea Zinc)
How it affects our valuation

No valuation treatment is available for this arrangement.

Deferred acquisition consideration to Teck: US$10M indexed, payable when the mine is fully permitted or on a change of control; earlier US$25M contingent payments are paid and the 1.5% NSR was repurchased.

Other · Active
Counterparties
Teck Resources Limited
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · Zinc · Silver
Economic direction
Burden
Period
From 2015-01-14; no end date stated
Key terms
Milestone payment: 10 USD M
Trigger: Within 45 days of all construction permits, or on sale of the claims or a change of control
Security: First-priority security over the KZK assets, subordinated to the stream holder
How it affects our valuation

No valuation treatment is available for this arrangement.

0.75% NSR to Teck on the Toe-On claims east of the planned mine; the Nyrstar and Atna shares were repurchased.

Royalty · Active
Counterparties
Teck Metals Ltd.
Applies to
KZK near-mine exploration (Rhyolite Peak, Fuego, GP4F, Krakatoa extensions) · Zinc · Copper · Lead · Silver · Gold
Economic direction
Burden
Period
From 2015-01-14; no end date stated
Key terms
Royalty rate: 0.75 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Socio-economic participation agreement covering the mine footprint; modernisation still under negotiation and a key social-licence item.

Strategic Partnership · Active
Counterparties
Ross River Dena Council (for the Kaska Nations) · Liard First Nation
Applies to
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones) · Zinc · Silver · Copper · Gold · Lead
Economic direction
Burden
Period
From 2004-04-01; no end date stated
Key terms
Study payments: 48.5 CAD M
Status of modernisation: Incomplete
How it affects our valuation

No valuation treatment is available for this arrangement.

1% gross overriding royalty on gemstone sales from the Tsa Da Glisza claims; no gemstone production is planned.

Royalty · Active
Counterparties
TGX Energy & Resources Inc.
Applies to
Company-wide · Others
Economic direction
Burden
Period
From 2018-03-06; no end date stated
Key terms
Royalty: 1 % gross overriding (gemstones only)
How it affects our valuation

No valuation treatment is available for this arrangement.