- Last 2026-11-06
- A$2.42
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Investor Presentation - Updated 2026 Feasibility StudyLatest Operating Presentation
- Updated 2026 Feasibility StudyRecent Project Economic Study
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 19All sources ▸- Rhyolite Peak Exploration UpdateOperations
- September 2026 Appendix 5BResults
- September 2026 Quarterly Activities ReportOperations
- Notice of Annual General Meeting 2026Governance
- BMC Extends Polymetallic Mineralization at Rhyolite PeakOperations
- Annual Report 2026 (year to 30 June 2026)Results
- Corporate Presentation (September 2026)Presentation
- June 2026 Appendix 5BResults
- BMC Receives Type B Water and KZK Exploration LicencesPermitting
- BMC UK Partial Sell DownCorporate Action
- BMC Advances Drill Program with High-Grade Results at FuegoOperations
- March 2026 Appendix 5BResults
Event calendar · next 12 months
9 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Guided for September 2026; not released by 31 October | Revised ABM Economic Update | Study | Inferred | High | Re-prices capex and opex from the June-2023 base and resets the study deck; the single largest swing factor for our capex and cost assumptions. |
| Nov-Dec 2026 (guided for end-October) | Remaining Rhyolite Peak assay results | Exploration | Company Guided | Medium | Six holes outstanding; tests whether Rhyolite Peak can become near-mine resource tonnes 1.2 km along strike. |
| 18 November 2026 | Annual General Meeting (Perth) | Governance | Confirmed | Medium | First AGM since listing; board election and incentive resolutions; likely venue for an update on the delayed Economic Update. |
| 10 December 2026 | Voluntary escrow release of 22.16M CDIs | Corporate Action | Confirmed | Medium | About 8% of capital becomes tradable; potential supply overhang given thin liquidity. |
| Targeted by end-2027 | Type A Water Licence and Quartz Mining Licence decisions | Permitting | Company Guided | High | The remaining critical-path approvals; receipt also triggers the US$15M Wheaton deposit and the Teck milestone payment. |
| Late January 2027 | December 2026 quarterly report and Appendix 5B | Results | Inferred | Medium | Cash runway check: about US$33M expected at end-December at the current US$8.7M quarterly burn. |
| Early March 2027 | Half-year financial report to 31 December 2026 | Results | Inferred | Medium | Updates the Wheaton stream fair value and the cash position. |
| 10 June 2027 | Voluntary escrow release of 22.15M CDIs | Corporate Action | Confirmed | Medium | Second voluntary escrow release; BMC UK mandatory escrow runs to December 2027. |
| Late 2027 | Final Investment Decision and construction financing | Financing | Company Guided | High | Sets the funding mix and the dilution borne by existing holders; our base case assumes 55% debt and an equity raise at A$2.30. |
Executive roster
As of 2026-10-31Background checks ▸Executive KMP and company secretary from the FY2026 annual report, plus vice presidents and group engineer from the local management assessment; non-executive directors excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Michael McClelland | President, Chief Executive Officer and Managing Director | Executive Director · Chief Executive | 2025-06-09 | Annual Report 2026 (year to 30 June 2026) |
| James Paterson | Chief Financial Officer | Finance | 2025-09-02 | Annual Report 2026 (year to 30 June 2026) |
| Neil Martin | SVP Exploration and Development | Technical · Senior Management | 2025-12-12 | Annual Report 2026 (year to 30 June 2026) |
| Karen Logan | Company Secretary | Company Secretary | 2025-12-05 | Annual Report 2026 (year to 30 June 2026) |
| Robin Black | Vice President, Exploration | Technical | — | BMC management assessment and background checks |
| Allan Nixon | Vice President, External Affairs | Senior Management | — | BMC management assessment and background checks |
| Kelli Bergh | Vice President, Environment and Permitting | Senior Management | — | BMC management assessment and background checks |
| George Smith | Group Engineer | Technical | — | Annual Report 2026 (year to 30 June 2026) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Kudz Ze Kayah Project - ABM Mine (ABM and Krakatoa zones)
CA
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.
- 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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 18.3M t | 148 g/t Ag, 1.4 g/t Au, 6.3% Zn, 0.9% Cu, 1.9% Pb | Silver · Zinc · Copper · Gold · Lead | 2025-01-03 |
| Mineral Resource | Inferred | 800K t | 143 g/t Ag, 1.2 g/t Au, 7.2% Zn, 1.0% Cu, 1.7% Pb | Silver · Zinc · Copper · Gold · Lead | 2025-01-03 |
| Mineral Resource | Indicated and Inferred | 19.1M t | 148 g/t Ag, 1.4 g/t Au, 6.3% Zn, 0.9% Cu, 1.9% Pb | Silver · Zinc · Copper · Gold · Lead | 2025-01-03 |
| Ore Reserve | Probable (open pit) | 14M t | 136 g/t Ag, 1.3 g/t Au, 5.9% Zn, 0.9% Cu, 1.6% Pb | Silver · Zinc · Copper · Gold · Lead | 2023-10-30 |
| Ore Reserve | Probable (underground, Krakatoa) | 1.7M t | 147 g/t Ag, 1.3 g/t Au, 5.0% Zn, 0.4% Cu, 2.3% Pb | Silver · Zinc · Copper · Gold · Lead | 2023-10-30 |
| Ore Reserve | Probable (total) | 15.7M t | 138 g/t Ag, 1.3 g/t Au, 5.8% Zn, 0.9% Cu, 1.7% Pb | Silver · Zinc · Copper · Gold · Lead | 2023-10-30 |
Tenements1
Milestones5
- Positive Decision Document (YESAA) for the ABM Mine
Achieved · High materiality
- Type B Water Licence and Class 3 Quartz Mining Land Use Approval
Achieved · Medium materiality
- Revised Economic Update (guided for September 2026, not released by the cutoff)
Delayed · High materiality
- Type A Water Licence and Quartz Mining Licence
Pending · High materiality
- Final Investment Decision on the ABM Mine
Pending · High materiality
Permits & approvals6
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| YESAA Decision Document (Yukon, NRCan, DFO) | Yukon / Canada | Granted | — | Yes |
| Type B Water Licence (camp water, 25 years) | Yukon | Granted | — | No |
| Class 3 Quartz Mining Land Use Approval (exploration, five years) | Yukon | Granted | — | No |
| Type A Water Licence (Waters Act) | Yukon | Pending | — | Yes |
| Quartz Mining Licence (Quartz Mining Act) | Yukon | Pending | — | Yes |
| Fisheries Act Authorization | Canada | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| 2023 economic update of the 2019/2020 Feasibility Study (2025 NI 43-101 Technical Report) | Updated Feasibility | Current | 2025-12-10 | June-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
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.
- 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
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 2.1M t | 1.6% Cu, 0.8 g/t Au, 4 g/t Ag | Copper · Gold · Silver | 2025-06-30 |
| Mineral Resource | Inferred | 6.7M t | 1.7% Cu, 0.6 g/t Au, 4 g/t Ag | Copper · Gold · Silver | 2025-06-30 |
| Mineral Resource | Indicated and Inferred | 8.8M t | 1.7% Cu, 0.7 g/t Au, 4 g/t Ag | Copper · Gold · Silver | 2025-06-30 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Class 1 exploration notification (Kona and Pelly claims) through 2027 | Yukon | Granted | 2027-12-31 | No |
Material
KZK near-mine exploration (Rhyolite Peak, Fuego, GP4F, Krakatoa extensions)
CA
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.
- 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
- Remaining Rhyolite Peak 2026 assays
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Class 3 Quartz Mining Land Use Approval (exploration) | Yukon | Granted | — | No |
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
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid common shares / CDIs | Ordinary Share | 274.6M | — | — |
| Historical Retention Options (nil exercise) | Option | 1M | A$0 | 2028-12-08 |
| Relative TSR Options (nil exercise, performance vesting) | Option | 693.6K | A$0 | 2030-12-08 |
| Employee Growth Options (A$2.00) | Option | 343.1K | A$2 | 2030-12-08 |
| Project Incentive Options (nil exercise, milestone vesting) | Option | 1.8M | A$0 | 2030-12-08 |
| Non-Executive Director Options (nil exercise) | Option | 630K | A$0 | 2030-12-08 |
| Chair ATSR Options (nil exercise) | Option | 900K | A$0 | 2030-12-08 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Revenue - Silver | AUDm | 0.0 | 0.0 | |
| Revenue - Zinc | AUDm | 0.0 | 0.0 | |
| Revenue - Gold | AUDm | 0.0 | 0.0 | |
| Revenue - Copper | AUDm | 0.0 | 0.0 | |
| Revenue - Lead | AUDm | 0.0 | 0.0 | |
| Site, TC/RC, freight, First Nations and stream costs | AUDm | 0.0 | 0.0 | |
| Yukon net-profits royalty | AUDm | 0.0 | 0.0 | |
| Corporate, exploration and study costs | AUDm | 20.9 | 35.1 | |
| EBITDA | AUDm | (20.9) | (35.1) | |
| Depreciation and amortisation | AUDm | 0.6 | 0.7 | |
| EBIT | AUDm | (21.5) | (35.8) | |
| Net finance cost | AUDm | 2.6 | 2.5 | |
| Income tax | AUDm | 0.1 | (1.0) | |
| Net profit after tax | AUDm | (38.0) | (126.4) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (20.5) | (27.6) | |
| Sustaining capex | AUDm | 0.0 | 0.0 | |
| Growth and development capex | AUDm | 3.1 | 0.5 | |
| Total capex | AUDm | 3.1 | 0.5 | |
| Free cash flow | AUDm | (23.6) | (28.1) | |
| Equity raised (net) | AUDm | 15.0 | 95.5 | |
| Debt drawn less repaid | AUDm | 0.0 | 3.7 | |
| Balance sheet | ||||
| Cash | AUDm | 7.2 | 73.1 | |
| Debt | AUDm | 38.4 | 0.0 | |
| Net debt (cash) | AUDm | 31.2 | (73.1) | |
| Shareholders equity (deficiency) | AUDm | (39.0) | (18.1) | |
| Per share | ||||
| Shares on issue (year end) | m shares | 201.2 | 274.6 | |
| Earnings per share | AUD/share | (0.19) | (0.46) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (30.9) | (18.4) | |
| P / E (x, current market cap) | x | (18.6) | (5.6) | |
| FCF yield (current market cap) | % | -3.3% | -4.0% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | (1.5) | 2.1 | |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | USD | 64,873,000 | 59,938,000 | 50,328,000 | 41,793,000 | |
| Net operating and investing cash outflow | USD | 2,254,000 | 4,045,000 | 8,717,000 | 8,740,000 |
Operating metric source table11
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents | Company | 30 Jun 2025 | Point In Time | 4,722,000 USD | Reported |
| Cash and cash equivalents | Company | 31 Dec 2025 | Point In Time | 64,873,000 USD | Reported |
| Cash and cash equivalents | Company | 31 Mar 2026 | Point In Time | 59,938,000 USD | Reported |
| Cash and cash equivalents | Company | 30 Jun 2026 | Point In Time | 50,328,000 USD | Reported |
| Cash and cash equivalents | Company | 30 Sep 2026 | Point In Time | 41,793,000 USD | Reported |
| Net operating and investing cash outflow | Company | Dec 2025 quarter | Quarter | 2,254,000 USD | Source Derived |
| Net operating and investing cash outflow | Company | Mar 2026 quarter | Quarter | 4,045,000 USD | Source Derived |
| Net operating and investing cash outflow | Company | Jun 2026 quarter | Quarter | 8,717,000 USD | Source Derived |
| Net operating and investing cash outflow | Company | Sep 2026 quarter | Quarter | 8,740,000 USD | Source Derived |
| Convertible note (fair value) | Company | 30 Jun 2025 | Point In Time | 25,070,000 USD | Reported |
| Convertible note (fair value) | Company | 30 Jun 2026 | Point In Time | 0 USD | Reported |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Final Investment Decision | kzk_abm | Late 2027 | — | — date | Current |
| 2026 Diamond Drilling | kzk_exploration | Calendar 2026 | 20,000 | 20,000 m | Current |
| Revised Economic Update Release | kzk_abm | September 2026 | — | — date | Missed |
| Two Year Use Of Ipo Funds | Company | December 2025 - December 2027 | 69.9 | 69.9 USD M | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-12-05Ann. 2025-12-10 | RaisingCdis | A$100M | 50M | A$2 | Completed | A$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. 2025-12-10 | RaisingCdis | US$28.2M | 21.6M | — | Completed | Orion 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 |
| 2025-10-08 | Debt | US$2.5M | — | — | Completed | Additional PMPA deposit of US$2.5M received; a further US$15M is due on receipt of certain licences.Wheaton Precious Metals |
| 2025-09-30 | Raising | US$2M | 1.8M | — | Completed | — |
| 2024-08-31 | Raising | US$9.8M | 10.4M | — | 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.
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
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
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
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)
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
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
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
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)
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Management background checks
BMC’s 2026-11-02 updated feasibility study strengthens the disclosed project case, and its October exploration releases report continued Rhyolite Peak results. The project remains pre-construction: the Type A Water Licence, Quartz Mining Licence, Fisheries authorization and ancillary permits, financing and FID remain outstanding; the company targets late 2027 FID subject to approvals and further studies. The court-ordered consultation process ended with a positive April 2026 decision, but no court finding reviewed attributes the earlier Crown consultation breach to BMC or an executive. The report covers the eight people in the selected 2026-10-31 V8.1 roster and adds Josh Moncrieff separately because BMC’s current page lists him but the roster does not. Current forecasts are issuer estimates and individual attribution remains partial.
Decision-relevant facts
Material summary
Michael McClelland
President, Chief Executive Officer and Managing Director
KZK approval was set aside for a limited consultation remedy; a new positive decision followed
The Supreme Court of Yukon found that the governments had not fulfilled their duty to consult on a specific June 14, 2022 Kaska submission and set aside the 2022 Decision Document for a limited purpose of further consultation. The Court of Appeal later ordered further consultation on economic viability. This was a finding about Crown conduct, not misconduct by BMC or McClelland. He joined BMC as CFO on April 9, 2024, before the December 2024 appeal ruling; BMC reports that consultation concluded with a positive Decision Document in April 2026. As of the issuer project page and Yukon licensing index accessed October 9, 2026, Quartz Mining and Type A/B Water licences remained to be advanced/reviewed. In a separate procedural step, BMC applied in March 2025 for court-set consultation and decision deadlines; the Court of Appeal dismissed the application without prejudice to seeking reopening before the panel. In April 2026, the government issued a positive new Decision Document after further consultation. BMC’s September 2026 annual report subsequently disclosed receipt of a Type B Water Licence and a five-year Class 3 Quartz Mining Land Use Approval after year-end. BMC’s 2 November 2026 updated feasibility study now forecasts after-tax NPV5 of US$1.696 billion, 54% IRR and 1.4-year payback from processing, but those are issuer forecasts and no construction decision or funding is in place. The 25-year Type B Water Licence and five-year Class 3 land-use approval were received in July; the Type A Water Licence, Quartz Mining Licence, Fisheries authorization and ancillary permits remain, financing and FID are pending, and the issuer targets late 2027 FID subject to permits and further technical studies.
Role overlaps event; causation unproven · McClelland was BMC CFO during the appellate development; the courts’ duty-to-consult finding was against government decision bodies and the cited decisions do not identify personal fault by him.
BMC completed a A$100 million IPO and reached a new assessment decision
BMC’s annual report states it completed a A$100 million IPO and ASX listing in December 2025. The issuer also reports a positive April 2026 Decision Document after additional consultation, which permits progression to remaining licences but does not itself authorize construction. McClelland became interim CEO in April 2025, President/CEO in June 2025, and MD/director in December 2025; these were corporate milestones during his management tenure, not individual production outcomes.
Role overlaps event; causation unproven · The filing establishes company milestones during his CFO/CEO tenure but does not isolate his personal contribution.
Updated feasibility study strengthens the project case while funding and key permits remain outstanding
BMC’s 2 November 2026 study forecasts after-tax NPV5 of US$1.696 billion, IRR of 54%, life-of-mine after-tax cash flow of US$2.380 billion and a 1.4-year payback from processing. It reports pre-production capital of US$665 million including contingency but excluding expected lease-financed equipment, and US$909 million pre-production plus sustaining capital. These are issuer forecasts under the disclosed assumptions, not achieved operating results. The Type A Water Licence, Quartz Mining Licence, Fisheries authorization and other permits, financing and FID remain pending; late 2027 is a target subject to permits and further studies. The study is a company milestone during McClelland’s CEO tenure and does not isolate his personal contribution.
Role overlaps event; causation unproven · The study is a BMC disclosure and forecast. It does not establish individual authorship, financing completion, construction authorization or personal delivery by McClelland.
Evidence gaps · 5
- Full prior-employer chronology and exact dates are not independently established beyond the cited issuer biographies.
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- 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.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
James Paterson
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 6
- Full prior-employer chronology and exact dates are not independently established beyond the cited issuer biographies.
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- 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.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Full prior-employer chronology and external validation of BComm, Graduate Diploma and CA status are not established by the reviewed sources.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
Neil Martin
SVP Exploration and Development
Technical disclosure and current exploration progress are documented; individual discovery attribution remains limited
BMC’s 26 October 2026 quarterly report identifies Martin as the Competent Person who reviewed the technical information. The 30 October update reports 15 Rhyolite Peak drill holes, 10 with massive-sulphide intersections and additional assay results; mineralization remains open and the company says further drilling is needed. The separate quarterly report records approximately 19,000 m of a 20,000 m 2026 program completed by 30 September and FID targeted for late 2027 subject to permits and technical studies. These records document technical review and project progress, not sole discovery credit, construction or mine production.
Individual involvement documented · The quarterly report directly documents Martin’s technical review. The disclosures do not assign him sole responsibility for discovery, exploration results, permitting, financing or the future project decision.
KZK court challenge produced a limited consultation remedy, later followed by a positive assessment decision
The Yukon Supreme Court found a limited Crown duty-to-consult failure concerning a June 2022 submission and set aside the project Decision Document for further consultation on that issue. The Yukon Court of Appeal later ordered further consultation on the project’s economic viability. These were findings about government consultation duties; they do not establish a breach or personal wrongdoing by BMC or Martin. Martin is documented as a founding BMC director and long-serving technical leader, so the dispute overlapped company leadership, but no individual causal role was found. BMC reports a positive April 2026 Decision Document; remaining licences are still required. In a separate procedural step, BMC applied in March 2025 for court-set consultation and decision deadlines; the Court of Appeal dismissed the application without prejudice to seeking reopening before the panel. In April 2026, the government issued a positive new Decision Document after further consultation. BMC’s September 2026 annual report subsequently disclosed receipt of a Type B Water Licence and a five-year Class 3 Quartz Mining Land Use Approval after year-end. BMC’s 2 November 2026 updated feasibility study now forecasts after-tax NPV5 of US$1.696 billion, 54% IRR and 1.4-year payback from processing, but those are issuer forecasts and no construction decision or funding is in place. The 25-year Type B Water Licence and five-year Class 3 land-use approval were received in July; the Type A Water Licence, Quartz Mining Licence, Fisheries authorization and ancillary permits remain, financing and FID are pending, and the issuer targets late 2027 FID subject to permits and further technical studies.
Role overlaps event; causation unproven · The courts identify Crown decision bodies’ consultation failure; the available decisions do not assign responsibility to Martin.
Evidence gaps · 5
- Full prior-employer chronology and exact dates are not independently established beyond the cited issuer biographies.
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- 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.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
Karen Logan
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 6
- Full prior-employer chronology and exact dates are not independently established beyond the cited issuer biographies.
- Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.
- 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.
- For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.
- Exact prior-employer dates and standing of the listed governance memberships were not independently checked.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
Robin Black
Vice President, Exploration
Technical reporting role is documented; personal discovery attribution remains limited
BMC’s FY2026 annual report identifies Black as a Competent Person for exploration results and mineral-resource reporting. The 30 October 2026 Rhyolite Peak update reports 15 completed holes, 10 massive-sulphide intersections and additional assays; it leaves mineralization open and does not credit Black with individual discoveries. The 26 October quarterly report instead identifies Neil Martin as the Competent Person who reviewed the technical information. This supports a continuing exploration-reporting context but not personal discovery attribution or an operating outcome.
Role overlaps event; causation unproven · Black is documented as a Competent Person in FY2026 reporting, but the latest release names Martin as the technical reviewer; no source attributes the disclosed Rhyolite Peak intersections to Black personally.
Evidence gaps · 6
- Full prior-career chronology and dates were not established in the issuer source reviewed.
- Credentials are not independently verified.
- No exhaustive regulator, court, safety, environmental, sanctions or criminal-record sweep was completed.
- Exact dates by employer and independent verification of MSc/PGeo standing are not established.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
- BMC appointment date and duration in the current VP Exploration role are not established by opened sources; an older newsletter search result was inaccessible and excluded.
Allan Nixon
Vice President, External Affairs
KZK consultation case required a further process, with a positive decision issued in 2026
The Yukon Supreme Court and Court of Appeal required additional consultation following a limited Crown duty-to-consult failure and later directed further consultation on economic viability. The courts’ findings concerned government decision bodies, not Nixon or BMC misconduct. Nixon’s role as BMC external-affairs lead dates to 2019 and therefore overlaps the project process; the current issuer page reports a positive decision in April 2026 after consultation, while key licences remain pending. This is a material stakeholder and permitting outcome relevant to his remit, but personal fault is not established. In a separate procedural step, BMC applied in March 2025 for court-set consultation and decision deadlines; the Court of Appeal dismissed the application without prejudice to seeking reopening before the panel. In April 2026, the government issued a positive new Decision Document after further consultation. BMC’s September 2026 annual report subsequently disclosed receipt of a Type B Water Licence and a five-year Class 3 Quartz Mining Land Use Approval after year-end. BMC’s 2 November 2026 updated feasibility study now forecasts after-tax NPV5 of US$1.696 billion, 54% IRR and 1.4-year payback from processing, but those are issuer forecasts and no construction decision or funding is in place. The 25-year Type B Water Licence and five-year Class 3 land-use approval were received in July; the Type A Water Licence, Quartz Mining Licence, Fisheries authorization and ancillary permits remain, financing and FID are pending, and the issuer targets late 2027 FID subject to permits and further technical studies.
Role overlaps event; causation unproven · His employer-facing role overlapped the project’s Indigenous consultation and external-relations process; court findings do not attribute responsibility to him.
Evidence gaps · 5
- Full prior-career chronology and dates were not established in the issuer source reviewed.
- Credentials are not independently verified.
- No exhaustive regulator, court, safety, environmental, sanctions or criminal-record sweep was completed.
- Exact Yukon Government and Borealis start/end dates, MBA award verification, and project-specific engagement outcomes are not established.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
Kelli Bergh
Vice President, Environment and Permitting
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 6
- Full prior-career chronology and dates were not established in the issuer source reviewed.
- Credentials are not independently verified.
- No exhaustive regulator, court, safety, environmental, sanctions or criminal-record sweep was completed.
- The Yukon licensing index does not expose complete inspection/reporting histories; independent verification of qualifications, enforcement history and personal compliance responsibility was not completed.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
- Exact BMC appointment and degree dates and current professional-registration standing were not independently verified; inaccessible newsletter material is excluded.
George Smith
Group Engineer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- Full prior-career chronology and dates were not established in the issuer source reviewed.
- Credentials are not independently verified.
- No exhaustive regulator, court, safety, environmental, sanctions or criminal-record sweep was completed.
- Exact previous-employer dates, institution for MSc, and current FAusIMM membership standing were not independently verified.
- Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.
Josh Moncrieff
Vice President, Project Development
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- Exact start date for BMC and the date/title change from Senior Manager, Environment and Permitting to Vice President, Project Development are not disclosed.
- Exact Capstone employment start and end dates and any intervening employment chronology are not established.
- Current P.Eng./P.Geo. standing and education records were not independently verified; LinkedIn credential data is self-reported.
- No personal involvement in the 2021 contractor fatality, investigation or 2022 off-site security fatality was established.
- No exhaustive criminal, civil, sanctions, environmental-enforcement or professional-discipline check was completed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-31 · 274,639,795 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 53.93% | 148,110,087 | |
| 2 | 11.14% | 30,583,153 | |
| 3 | 5.55% | 15,250,000 | |
| 4 | 4.65% | 12,772,580 | |
| 5 | 3.89% | 10,689,438 | |
| 6 | 3.89% | 10,687,963 | |
| 7 | 3.21% | 8,814,897 | |
| 8 | 2.00% | 5,483,598 | |
| 9 | 1.33% | 3,643,732 | |
| 10 | 1.24% | 3,403,619 | |
| 11 | 1.22% | 3,354,143 | |
| 12 | 1.18% | 3,250,000 | |
| 13 | 0.92% | 2,517,467 | |
| 14 | 0.79% | 2,176,315 | |
| 15 | 0.55% | 1,509,176 | |
| 16 | 0.34% | 921,764 | |
| 17 | 0.32% | 871,850 | |
| 18 | 0.24% | 666,101 | |
| 19 | 0.21% | 584,014 | |
| 20 | 0.18% | 500,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 53.93%Issued shares | 2026-10-08 | |
| 15.94%Issued shares | 2026-10-08 | |
| 12.37%Issued shares | 2026-10-08 | |
| 5.55%Issued shares | 2026-08-31 |
Sources & review notesEvidence checked through 2026-11-02
Coverage and limitations
- The ranked table lists registered accounts, not a complete or live beneficial-owner register. Nominee and custodian accounts may represent multiple investors.
- The substantial-holder summary reflects issuer disclosures; group beneficial interests can overlap registered accounts. No beneficial look-through beyond the cited filings is claimed.
- The August 31 top-20 registered-holder table is unchanged. The AGM circular provides only groups at or above 10% as of October 8; Tembo and smaller holders are not re-stated there and remain dated to August 31.
- The September L1 notice states dollar consideration without naming currency. The Victor Smorgon notice’s four aggregated purchase rows disclose month range rather than exact days; no more precise transaction dates are inferred.
Sources
- Annual Report
BMC Minerals Ltd. / ASX · Published 2026-09-11 · Accessed 2026-11-02
Top-20 registered holder table, ordinary-share/CDI account names, quantities and disclosed percentages.
2026/2026-09-11_Annual Report_65c590c66f0a87fa.pdf; PDF pages 108-109, Additional Shareholder Information
- Change in substantial holding — Victor Smorgon Group / Como Services
BMC Minerals Ltd. / ASX · Published 2026-09-25 · Accessed 2026-11-02
Form 604 states change date 23 September 2026 and reports Victor Smorgon Group’s holdings increasing from 30,704,117 (11.18%) to 33,985,297 (12.37%). Annexure A shows five on-market purchase rows totaling 3,281,180; four are dated only as various dates between June and September 2026 and one is 23 September. A parser left one table line unreadable; the transactions and totals were manually checked against the visually reviewed page.
ASX announcement 2924-03139920-6A1345703; PDF pp. 1, 3-4. Official ASX PDF SHA-256 d3eb71a65b43fdbfe0d78a659cf4b01826c8dd330b280abb70f60b3f637ef222; pages visually reviewed from the official issuer copy.
- Change in substantial holding — L1 Capital Pty Ltd
BMC Minerals Ltd. / ASX · Published 2026-09-25 · Accessed 2026-11-02
Form 604 reports a change on 23 September 2026, from 41,032,365 (14.94%) to 43,785,787 (15.94%). Three on-market purchases on 15, 21 and 23 September total 2,753,422 shares. The annexure gives consideration as dollar amounts but does not state currency.
ASX announcement 2924-03140139-6A1345805; PDF pp. 1, 3-4. Official ASX PDF SHA-256 f8781c5f41d332bc1025c6aa76b1af6e530669880df2b085e3858b96383aaa13.
- Notice of Annual General Meeting and Information Circular
BMC Minerals Ltd. / ASX · Published 2026-10-15 · Accessed 2026-11-02
The circular states 274,639,795 common shares outstanding as of the 8 October 2026 Record Date for Notice and lists the three groups known to directors and executive officers to hold/control at least 10%: BMC (UK) No.1 Limited 148,110,088 (53.93%), L1 Capital Pty Ltd 43,785,787 (15.94%), and Victor Smorgon Group 33,985,297 (12.37%). It is not a full top-20 register and omits groups below 10%.
ASX announcement 2924-03148869-6A1349420; PDF pp. 11-12 (information circular pp. 9-10). Official ASX PDF SHA-256 c1a8be57d5470b3a6feea9aa1c94e90c4c6041edaf41cc9f6051dd9ba0bdf437.
Disclosed activity
Insider transactions
Trading activity0 buys · 1 sell shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-07-02 | Scott DonaldsonBMC (UK) No.1 Limited
Details & evidence for Scott Donaldson on 2026-07-02This single director-view event represents the same BMC UK sale reported as an indirect relevant interest by both Scott Donaldson and David Ellis. Both Appendix 3Y page references are retained; the two notices do not represent separate trades. As disclosed: Number disposed 29,534,808 CDIs; value/consideration $2.85 per CDI; sale by way of special crossings on ASX to sophisticated, professional and institutional investors.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Change of Directors' Interest Notices ↗ Change of Directors' Interest Notices ↗ Notice of Change of Substantial Holder ↗ | SaleCHESS Depositary Interests (CDIs) | 29,534,808 | — | AUD 2.85Disclosed price | 148,110,088 |
Disclosed holding observations18 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 |
|---|---|---|---|---|
| 2026-07-02 | David Ellis
Details & evidence for David Ellis on 2026-07-02Indirect relevant interest in BMC UK No.1 Limited's 148,110,088-CDI holding; this is an overlapping company-level position also reported by Scott Donaldson, not an additional block of securities.
director · 2025-05-28 BMC (UK) No.1 Limited · relevant indirect interest in BMC UK No.1 Limited through relationship with Northwharf Nominees Limited, a shareholder of BMC (UK) Limited Northwharf Nominees Limited · source of Mr Ellis's relevant interest in BMC UK through its shareholding in BMC (UK) Limited Change of Directors' Interest Notices ↗ | FinalCHESS Depositary Interests (CDIs) | 148,110,088 | — |
| 2026-07-02 | Scott Donaldson
Details & evidence for Scott Donaldson on 2026-07-02Indirect relevant interest in BMC UK No.1 Limited's 148,110,088-CDI holding; this is an overlapping company-level position also reported by David Ellis, not an additional block of securities.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Change of Directors' Interest Notices ↗ | FinalCHESS Depositary Interests (CDIs) | 148,110,088 | — |
| 2025-12-12 | Alex Christopher
Details & evidence for Alex Christopher on 2025-12-12Directly held option position; no option transaction is reported by this initial-interest notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialNon-Executive Director Options | 120,000 | — |
| 2025-12-12 | David Ellis
Details & evidence for David Ellis on 2025-12-12177,644,896 shares/CDIs held by BMC UK No.1; Mr Ellis reports an indirect relevant interest through his relationship with Northwharf Nominees Limited, which is a shareholder of BMC (UK) Limited. This is the same company position reported by Scott Donaldson.
director · 2025-05-28 BMC (UK) No.1 Limited · relevant indirect interest in BMC UK No.1 Limited through relationship with Northwharf Nominees Limited, a shareholder of BMC (UK) Limited Northwharf Nominees Limited · source of Mr Ellis's relevant interest in BMC UK through its shareholding in BMC (UK) Limited Initial Directors' Interest Notices ↗ Initial Directors' Interest Notices ↗ | InitialFully paid common shares / CHESS Depositary Interests (CDIs) | 177,644,896 | — |
| 2025-12-12 | Ivan Mullany
Details & evidence for Ivan Mullany on 2025-12-1225,000 CDIs held indirectly through Koula Alloy Inc., for which Mr Mullany is the sole director and shareholder.
director · 2025-12-05 Koula Alloy Inc. · indirect interest through Koula Alloy Inc.; Mr Mullany is its sole director and shareholder Initial Directors' Interest Notices ↗ | InitialCHESS Depositary Interests (CDIs) | 25,000 | — |
| 2025-12-12 | Ivan Mullany
Details & evidence for Ivan Mullany on 2025-12-12120,000 options held indirectly through Koula Alloy Inc.; terms are not repeated in the notice.
director · 2025-12-05 Koula Alloy Inc. · indirect interest through Koula Alloy Inc.; Mr Mullany is its sole director and shareholder Initial Directors' Interest Notices ↗ | InitialNon-Executive Director Options | 120,000 | — |
| 2025-12-12 | Michael McClelland
Details & evidence for Michael McClelland on 2025-12-12Directly held relevant-interest position disclosed in the initial notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialCHESS Depositary Interests (CDIs) | 27,778 | — |
| 2025-12-12 | Michael McClelland
Details & evidence for Michael McClelland on 2025-12-12Directly held option position; no option transaction is reported by this initial-interest notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialEmployee Growth Options | 117,135 | — |
| 2025-12-12 | Michael McClelland
Details & evidence for Michael McClelland on 2025-12-12Directly held option position; no option transaction is reported by this initial-interest notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialProject Incentive Options | 622,221 | — |
| 2025-12-12 | Michael McClelland
Details & evidence for Michael McClelland on 2025-12-12Directly held option position; no option transaction is reported by this initial-interest notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialRelative Total Shareholder Return Options | 236,766 | — |
| 2025-12-12 | Natalia Streltsova
Details & evidence for Natalia Streltsova on 2025-12-12Directly held option position; no option transaction is reported by this initial-interest notice.
director · 2025-12-05 Initial Directors' Interest Notices ↗ | InitialNon-Executive Director Options | 120,000 | — |
| 2025-12-12 | Scott Donaldson
Details & evidence for Scott Donaldson on 2025-12-12177,644,896 shares/CDIs held by BMC UK No.1; Mr Donaldson reports an indirect relevant interest through entities controlled by him and a relevant agreement influencing BMC (UK) Limited's board composition. This is the same company position reported by David Ellis.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Initial Directors' Interest Notices ↗ | InitialFully paid common shares / CHESS Depositary Interests (CDIs) | 177,644,896 | — |
| 2025-12-12 | Scott Donaldson
Details & evidence for Scott Donaldson on 2025-12-1262,500 CDIs reported through Leedale, which holds them as trustee for the Donaldson Superannuation Fund.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Initial Directors' Interest Notices ↗ | InitialCHESS Depositary Interests (CDIs) | 62,500 | — |
| 2025-12-12 | Scott Donaldson
Details & evidence for Scott Donaldson on 2025-12-1287,500 CDIs reported indirectly through WAMMES Pty Ltd.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Initial Directors' Interest Notices ↗ | InitialCHESS Depositary Interests (CDIs) | 87,500 | — |
| 2025-12-12 | Scott Donaldson
Details & evidence for Scott Donaldson on 2025-12-12120,000 Non-Executive Director Options reported indirectly through WAMMES Pty Ltd; no option event is reported.
director · 2014-09-22 Leedale Pty Ltd · controlled entity holding CDIs as trustee for the Donaldson Superannuation Fund WAMMES Pty Ltd · controlled entity holding CDIs and Non-Executive Director Options BMC (UK) No.1 Limited · relevant indirect interest through BMC (UK) Limited and a shareholder agreement influencing its board composition Initial Directors' Interest Notices ↗ | InitialNon-Executive Director Options | 120,000 | — |
| 2025-12-12 | Steven Michael
Details & evidence for Steven Michael on 2025-12-1250,000 CDIs reported indirectly through Chasing Summer Super Fund Pty Ltd as trustee; the notice says Mr Michael and spouse are directors/shareholders and fund beneficiaries.
director · 2025-06-16 Chasing Summer Super Fund Pty Ltd · indirect interest through company acting as trustee of the Chasing Summer Super Fund; Mr Michael and spouse are directors/shareholders and beneficiaries Initial Directors' Interest Notices ↗ | InitialCHESS Depositary Interests (CDIs) | 50,000 | — |
| 2025-12-12 | Steven Michael
Details & evidence for Steven Michael on 2025-12-12Directly held option position; terms are in the referenced prospectus and were not inferred from the Appendix 3X.
director · 2025-06-16 Chasing Summer Super Fund Pty Ltd · indirect interest through company acting as trustee of the Chasing Summer Super Fund; Mr Michael and spouse are directors/shareholders and beneficiaries Initial Directors' Interest Notices ↗ | InitialChair Absolute Total Shareholder Return Options | 900,000 | — |
| 2025-12-12 | Steven Michael
Details & evidence for Steven Michael on 2025-12-12Directly held option position; the notice does not give grant, exercise-price or expiry detail.
director · 2025-06-16 Chasing Summer Super Fund Pty Ltd · indirect interest through company acting as trustee of the Chasing Summer Super Fund; Mr Michael and spouse are directors/shareholders and beneficiaries Initial Directors' Interest Notices ↗ | InitialNon-Executive Director Options | 150,000 | — |
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 inventory28 documents
Insider transactions database query for BMCGovernance · MediumExtracted
python -m miners.insider_transactions show BMC: status partial; no director on-market dealings recorded since listing; entity map links BMC (UK) No.1 to BMC (UK) Limited.
- Document ID
- insider-database
- Published UTC
- 2026-10-31T00:00:00Z
- Projects
- —
- Commodities
- —
Rhyolite Peak Exploration UpdateOperations · LowExtracted
Field observations from the remaining 2026 Rhyolite Peak holes, with ten holes intersecting massive sulfide; assays pending.
- Document ID
- rhyolite-update
- Published UTC
- 2026-10-29T22:28:20Z
- Projects
- kzk_exploration
- Commodities
- silver · zinc
BMC ASX closing price 30 October 2026Market Data · MediumExtracted
Local ASX close (miners.reference_price): A$2.57 on 30 October 2026, volume 44,036, one ASX BMC CDI over one common share; 1 day old at the cutoff.
- Document ID
- asx-close-20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- —
Market snapshot at the cutoff (price performance, liquidity, commodity spot and trailing averages)Market Data · MediumExtracted
python -m miners.v8db.market_snapshot BMC --cutoff 2026-10-31: 52-week range A$1.905-3.85, 1/3/6-month returns -9.2%/-4.8%/-14.9%, 20-day traded value A$0.40M; spot 29 Oct 2026 Ag US$52.19/oz, Au US$4,031/oz, Zn US$4,194/t, Cu US$14,509/t, AUD/USD 0.7025; 1-year averages Ag US$69.09, Au US$4,454, Zn US$2,929/t, Cu US$13,290/t.
- Document ID
- market-snapshot-20261031
- Published UTC
- 2026-10-30T06:00:00Z
- Projects
- —
- Commodities
- —
Peer rows from the V8 stock database (published research and daily recompute)Market Data · MediumExtracted
v_stock_screen rows at 30 October 2026 for BML, DVP, FFM, KGL and MC2: price, market cap, EV, net cash, P/NAV against each stock's own published fair value, and 12-month return.
- Document ID
- peer-database-20261030
- Published UTC
- 2026-10-30T06:00:00Z
- Projects
- —
- Commodities
- —
September 2026 Appendix 5BResults · HighExtracted
Quarterly cash flow report: operating outflow US$8.6M, investing US$0.2M, cash US$41.8M at 30 September 2026; no loan facilities; PMPA deposits US$47.5M received with US$15M due on licences.
- Document ID
- sep26-5b
- Published UTC
- 2026-10-26T00:17:16Z
- Projects
- —
- Commodities
- —
September 2026 Quarterly Activities ReportOperations · HighExtracted
Quarter to 30 September 2026: ~19,000 m of the 20,000 m 2026 programme drilled, Rhyolite Peak step-out drilling, Type B Water Licence and Class 3 land-use approval received, metallurgical testwork for years 1-2 complete, FID still targeted for late 2027; cash US$41.8M.
- Document ID
- sep26-qar
- Published UTC
- 2026-10-26T00:21:16Z
- Projects
- kzk_abm · kzk_exploration
- Commodities
- silver · zinc · copper · gold · lead
ILZSG sees global zinc, lead markets in surplus in 2027 (Engineering News / Reuters)Commodity Data · MediumExtracted
Report of the October 2026 ILZSG forecast: refined zinc to move from an 88 kt deficit in 2026 to a 25 kt surplus in 2027 as demand grows 1.2% to 14.19 Mt; refined lead surplus widening to 163 kt.
- Document ID
- ilzsg-oct2026
- Published UTC
- 2026-10-19T00:00:00Z
- Projects
- —
- Commodities
- —
Notice of Annual General Meeting 2026Governance · LowExtracted
Annual General Meeting to be held in Perth at 10:00 am on Wednesday 18 November 2026.
- Document ID
- agm-notice
- Published UTC
- 2026-10-15T05:14:14Z
- Projects
- —
- Commodities
- —
Silver market deficit expected to widen again this year (Engineering News)Commodity Data · MediumExtracted
Report on the Silver Institute / Metals Focus outlook: a sixth consecutive annual silver market deficit in 2026 (World Silver Survey 2026 put it at about 46 Moz), with cumulative drawdown of roughly 762 Moz since 2021.
- Document ID
- silver-deficit-oct2026
- Published UTC
- 2026-10-12T00:00:00Z
- Projects
- —
- Commodities
- —
BMC management assessment and background checksGovernance · MediumExtracted
Local management research product (management/BMC/summary.md and background-check.json, cutoff 9 October 2026): relevant finance, technical and permitting experience; the KZK court rulings concerned Crown consultation duties, not executive misconduct; limited independently corroborated delivery outcomes.
- Document ID
- management-assessment
- Published UTC
- 2026-10-09T00:00:00Z
- Projects
- —
- Commodities
- —
BMC investor register (top-20 and substantial holders)Governance · MediumExtracted
Local ownership product (ownership/BMC/investors.json): register and substantial holders at 31 August 2026 from the annual report; BMC (UK) No.1 53.93%, L1 Capital 14.94%, Victor Smorgon Partners 11.18%, Tembo 5.55%.
- Document ID
- ownership-register
- Published UTC
- 2026-10-09T00:00:00Z
- Projects
- —
- Commodities
- —
BMC Extends Polymetallic Mineralization at Rhyolite PeakOperations · MediumExtracted
Nine of fifteen 2026 Rhyolite Peak holes returned massive sulfide intervals 2.3-7.2 m true width, 1.2 km along strike from the ABM pit.
- Document ID
- rhyolite-peak
- Published UTC
- 2026-10-04T21:18:54Z
- Projects
- kzk_exploration
- Commodities
- silver · zinc · gold · copper · lead
Annual Report 2026 (year to 30 June 2026)Results · HighExtracted
Audited FY2026 accounts (US$): cash US$50.3M, no borrowings, Wheaton precious metals financing liability US$110.8M at fair value, net loss US$85.8M driven by a US$57.4M fair-value loss on the stream; 274.6M CDIs and 5.39M options; resource and reserve statement unchanged; board, KMP, top-20 and substantial holders at 31 August 2026.
- Document ID
- ar-2026
- Published UTC
- 2026-09-11T02:46:13Z
- Projects
- kzk_abm · kona · kzk_exploration
- Commodities
- silver · zinc · copper · gold · lead
Corporate Presentation (September 2026)Presentation · MediumExtracted
Investor presentation restating the 2023 study (pre-tax NPV7 US$835M at study deck), the permitting pathway to an FID in late 2027 and the study price deck against consensus and spot.
- Document ID
- presentation-sep26
- Published UTC
- 2026-09-01T00:20:09Z
- Projects
- kzk_abm
- Commodities
- silver · zinc
June 2026 Appendix 5BResults · MediumExtracted
Quarterly cash flow report: operating outflow US$8.6M in the June 2026 quarter, cash US$50.3M at 30 June 2026.
- Document ID
- jun26-5b
- Published UTC
- 2026-07-29T02:57:35Z
- Projects
- —
- Commodities
- —
BMC Receives Type B Water and KZK Exploration LicencesPermitting · MediumExtracted
Receipt of a 25-year Type B Water Licence and a five-year Class 3 Quartz Mining Land Use Approval; Type A Water Licence and Quartz Mining Licence remain.
- Document ID
- type-b-licence
- Published UTC
- 2026-07-20T23:06:58Z
- Projects
- kzk_abm
- Commodities
- silver · zinc
BMC UK Partial Sell DownCorporate Action · MediumExtracted
Major shareholder BMC (UK) No.1 sold 29.5M CDIs (10.8% of capital) at A$2.85 in an underwritten block trade, retaining 53.9% under escrow.
- Document ID
- bmc-uk-selldown
- Published UTC
- 2026-06-29T23:04:55Z
- Projects
- —
- Commodities
- —
BMC Advances Drill Program with High-Grade Results at FuegoOperations · MediumExtracted
Near-surface massive sulfide intercepts at Fuego, interpreted as a feeder zone adjacent to the proposed ABM pit.
- Document ID
- fuego-drilling
- Published UTC
- 2026-06-14T22:22:54Z
- Projects
- kzk_exploration
- Commodities
- silver · zinc · copper
March 2026 Appendix 5BResults · MediumExtracted
Quarterly cash flow report: cash US$59.9M at 31 March 2026.
- Document ID
- mar26-5b
- Published UTC
- 2026-04-26T22:26:33Z
- Projects
- —
- Commodities
- —
Drilling Hits High-Grade Massive Sulphides at KrakatoaOperations · MediumExtracted
First 2026 results at the Krakatoa Zone outside the Ore Reserve, including K26-560 with 25.1 m of high-grade massive sulfide.
- Document ID
- krakatoa-drilling
- Published UTC
- 2026-04-19T22:52:39Z
- Projects
- kzk_exploration
- Commodities
- silver · zinc
BMC analyst forecast page (StockAnalysis, S&P Global consensus)Market Data · MediumExtracted
Publicly accessible consensus: two analysts, Strong Buy, average price target about A$6.03, last updated 14 April 2026 (used only to test the thesis, not as an anchor).
- Document ID
- consensus-stockanalysis
- Published UTC
- 2026-04-14T00:00:00Z
- Projects
- —
- Commodities
- —
BMC Receives Positive Decision Document for the KZK ProjectPermitting · HighExtracted
Yukon and federal Decision Bodies issued a positive Decision Document with 52 terms and conditions after additional consultation with Kaska First Nations; BMC targets FID in late 2027 subject to permits.
- Document ID
- decision-document
- Published UTC
- 2026-04-12T22:53:21Z
- Projects
- kzk_abm
- Commodities
- silver · zinc
December 2025 Appendix 5BResults · MediumExtracted
Quarterly cash flow report: cash US$64.9M at 31 December 2025 after IPO proceeds.
- Document ID
- dec25-5b
- Published UTC
- 2026-01-28T05:56:20Z
- Projects
- —
- Commodities
- —
Consolidated Financial Statements, years ended 30 June 2024 and 2023Results · LowExtracted
KPMG-audited FY2024 statements lodged at listing: cash US$12.2M, convertible note US$23.3M and precious metals financing US$46.9M at fair value, FY2024 net loss US$25.4M.
- Document ID
- fs-fy2024
- Published UTC
- 2025-12-10T07:43:43Z
- Projects
- kzk_abm
- Commodities
- silver · zinc · copper · gold · lead
IPO Prospectus dated 10 November 2025 (incl. Annexures A and B)Financing · HighExtracted
IPO disclosure of the 2023 Feasibility Study economic update: 15.7 Mt Probable Reserve, 2.0 Mtpa, ~9-year life, pre-production capex US$492M, pre-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; material contracts including the Teck milestone payment, Toe-On royalty, SEPA, offtake contracts and the Wheaton PMPA.
- Document ID
- prospectus
- Published UTC
- 2025-12-10T07:36:18Z
- Projects
- kzk_abm · kona
- Commodities
- silver · zinc · copper · gold · lead
Prospectus Annexure C: Independent Technical Assessment Report (ERM)Study · HighExtracted
ERM technical assessment summarising the 2025 NI 43-101 report: processing schedule, capital (US$492M pre-production, US$200M sustaining and closure), annual operating costs, concentrate and metal production by year, consensus price deck, tax pools of US$168.9M, C1/AISC by metal and before-tax economics.
- Document ID
- prospectus-annex-c
- Published UTC
- 2025-12-10T07:37:18Z
- Projects
- kzk_abm
- Commodities
- silver · zinc · copper · gold · lead
Pre-Quotation DisclosureFinancing · HighExtracted
Completion of the A$100M IPO: 50.0M CDIs at A$2.00, 21.57M CDIs to Orion on note conversion, 274.64M CDIs and 5.39M options on issue at admission, escrow schedule and top-20 holders at listing.
- Document ID
- prequotation
- Published UTC
- 2025-12-10T07:48:29Z
- Projects
- —
- Commodities
- silver · zinc
Evidence facts104
50328000 USD
2026-06-304722000 USD
2025-06-300 USD
2026-06-3025070000 USD
2025-06-3052000 USD
2026-06-30-12498000 USD
2026-06-30-85768000 USD
2026-06-30-24630000 USD
2025-06-30-18736000 USD
2026-06-30-13260000 USD
2025-06-30331000 USD
2026-06-302010000 USD
2025-06-30274639795 shares
2026-08-31201239844 shares
2025-06-30280029129 shares
2026-08-310 USD/share
2026-10-31100 %
2026-06-30Decision Document issued April 2026; Type B Water Licence and Class 3 land-use approval received July 2026; Type A Water Licence and Quartz Mining Licence outstanding text
2026-09-1115700000.0 t
2023-10-30138 g/t
2023-10-3070000000.0 oz
2023-10-305.8 %
2023-10-30915000.0 t
2023-10-300.9 %
2023-10-30136000.0 t
2023-10-301.7 %
2023-10-30266000.0 t
2023-10-301.3 g/t
2023-10-30666000.0 oz
2023-10-3018300000.0 t
2025-01-03148 g/t
2025-01-0387000000.0 oz
2025-01-036.3 %
2025-01-031153000.0 t
2025-01-030.9 %
2025-01-03164000.0 t
2025-01-031.9 %
2025-01-03346000.0 t
2025-01-031.4 g/t
2025-01-03827000.0 oz
2025-01-03800000.0 t
2025-01-03143 g/t
2025-01-034000000.0 oz
2025-01-037.2 %
2025-01-0358000.0 t
2025-01-031.0 %
2025-01-038000.0 t
2025-01-031.7 %
2025-01-0313000.0 t
2025-01-031.2 g/t
2025-01-0330000.0 oz
2025-01-0319100000.0 t
2025-01-03148 g/t
2025-01-0391000000.0 oz
2025-01-036.3 %
2025-01-031211000.0 t
2025-01-030.9 %
2025-01-03172000.0 t
2025-01-031.9 %
2025-01-03359000.0 t
2025-01-031.4 g/t
2025-01-03857000.0 oz
2025-01-03NSR US$40/t (open pit) and US$150/t (underground) text
2025-01-03100 %
2026-06-302100000.0 t
2025-06-301.6 %
2025-06-3033000.0 t
2025-06-300.8 g/t
2025-06-3053000.0 oz
2025-06-306700000.0 t
2025-06-301.7 %
2025-06-30117000.0 t
2025-06-300.6 g/t
2025-06-30138000.0 oz
2025-06-308800000.0 t
2025-06-301.7 %
2025-06-30150000.0 t
2025-06-300.7 g/t
2025-06-30191000.0 oz
2025-06-30NSR C$113/t text
2025-06-30Underground satellite operation feeding the KZK plant (preliminary studies) text
2025-06-30K26-560: 25.1 m @ 180 g/t Ag, 9.7% Zn, 1.0 g/t Au, 0.3% Cu, 3.4% Pb from 327.5 m (Krakatoa Zone, outside the Ore Reserve) text
2026-04-204518 g/t*m
2026-04-2015168000 USD
2026-06-30372 km2
2026-06-3042 %
2023-10-308.75 years
2023-10-307.0 %
2023-10-3022.6 USD/oz
2023-10-300 %
2026-09-30Feasibility Study (October 2023 economic update, 2025 NI 43-101 report) text
2025-01-032023-10-30 date
2023-10-30492000000 USD
2023-10-30-14.77 USD/oz
2023-10-307476000 oz/yr
2023-10-3064873000 USD
2025-12-3159938000 USD
2026-03-3141793000 USD
2026-09-308740000 USD
2026-09-300 USD
2026-09-300 USD
2026-09-30100 %
2026-09-3019000 m
2026-10-26Heli-supported drilling resumes at Rhyolite Peak from 20 October 2026; programme continues into 2027 text
2026-10-26