OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
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

Disclosed activity

Insider transactions

Reviewed 2026-11-02 11:49 UTC
Reset
Cash purchases · 8 tradesAUD 81,611,441.34
Cash sales · 3 tradesAUD 129,370,700.00
Trading activity20 buys · 3 sells shownNet cash last 12 months −A$47.8mShow chartHide chart
A$1.75A$2.88A$4.01Jan 26Apr 26Jul 26Oct 26Cash/moA$84.2mDec 2025 · sold A$21.6mMar 2026 · bought A$4.5mMay 2026 · sold A$23.6mJun 2026 · bought A$55.7mJul 2026 · sold A$84.2mAug 2026 · bought A$21.3m2025-12-08 · Victor Smorgon Group · Other · 2.6m securities2025-12-08 · Victor Smorgon Group · Other · 420.9k securities2025-12-08 · Victor Smorgon Group · Other · 3.0m securities2025-12-12 · Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities · Other · 15.2m securities2026-01-16 · Victor Smorgon Group · Transfer out · 9.2m securities2026-07-02 · BMC (UK) No.1 Limited · Sale · 29,534,808 shares · A$84.17m · @ A$2.852026-06-30 · L1 Capital Pty Ltd · Purchase · 19,561,134 shares · A$55.75m · @ A$2.852026-05-18 · OMF Fund III (Bi) LP · Sale · 7,383,241 shares · A$23.63m · @ A$3.202025-12-16 · OMF Fund III (Bi) LP · Sale · 10,785,063 shares · A$21.57m · @ A$2.002026-08-20 · L1 Capital Pty Ltd · Purchase · 7,383,241 shares · A$19.86m · @ A$2.692026-03-16 · L1 Capital Pty Ltd · Purchase · 1,293,561 shares · A$2.98m · @ A$2.302026-08-21 · L1 Capital Pty Ltd · Purchase · 551,029 shares · A$1.49m · @ A$2.702026-03-12 · L1 Capital Pty Ltd · Purchase · 509,301 shares · A$1.18m · @ A$2.332026-03-11 · L1 Capital Pty Ltd · Purchase · 124,734 shares · A$295.62k · @ A$2.372026-03-05 · L1 Capital Pty Ltd · Purchase · 23,302 shares · A$55.45k · @ A$2.382026-03-13 · L1 Capital Pty Ltd · Purchase · 1,000 shares · A$2.30k · @ A$2.302025-12-01 · Victor Smorgon Group · Purchase · 523,784 shares2025-12-01 · Victor Smorgon Group · Purchase · 1,076,587 shares2025-12-01 · Victor Smorgon Group · Purchase · 19,921 shares2025-12-01 · Victor Smorgon Group · Purchase · 1,640,471 shares2026-06-01 · Victor Smorgon Group · Purchase · 360,117 shares2026-06-01 · Victor Smorgon Group · Purchase · 374,673 shares2026-06-01 · Victor Smorgon Group · Purchase · 195,507 shares2026-06-01 · Victor Smorgon Group · Purchase · 1,850,883 shares2026-09-15 · L1 Capital Pty Ltd · Purchase · 3,272 shares2026-09-21 · L1 Capital Pty Ltd · Purchase · 750,000 shares2026-09-23 · Victor Smorgon Group · Purchase · 500,000 shares2026-09-23 · L1 Capital Pty Ltd · Purchase · 2,000,150 shares
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month

Major-holder activity

28 reviewed events · Newest first

Reviewed Major Holders events in BMC
DatePerson / accountActivity / securityQuantityCash considerationPriceHolding after
2026-06-01to 2026-09-30Victor Smorgon GroupEvolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund
Details & evidence for Victor Smorgon Group on 2026-06-01

Form 604 Annexure A names Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund as the holder of relevant interest. The group reports aggregate power; exact registered-account routing and consideration are not fully allocated to this purchase row. The disclosed month range is preserved as 2026-06-01 to 2026-09-30; exact days are not given.

As disclosed: Various dates between June 2026 and Sept 2026; on-market purchases; Ordinary shares; +360,117

Interest
Indirect
Registered account
Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash amount or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 3 · Annexure A, on-market purchase row for Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund

PurchaseOrdinary shares360,117—Not Disclosed——
2026-06-01to 2026-09-30Victor Smorgon GroupVBS Exchange Pty Ltd
Details & evidence for Victor Smorgon Group on 2026-06-01

Form 604 Annexure A names VBS Exchange Pty Ltd as the holder of relevant interest. The group reports aggregate power; exact registered-account routing and consideration are not fully allocated to this purchase row. The disclosed month range is preserved as 2026-06-01 to 2026-09-30; exact days are not given.

As disclosed: Various dates between June 2026 and Sept 2026; on-market purchases; Ordinary shares; +374,673

Interest
Indirect
Registered account
VBS Exchange Pty Ltd
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash amount or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 3 · Annexure A, on-market purchase row for VBS Exchange Pty Ltd

PurchaseOrdinary shares374,673—Not Disclosed——
2026-06-01to 2026-09-30Victor Smorgon GroupComo Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund
Details & evidence for Victor Smorgon Group on 2026-06-01

Form 604 Annexure A names Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund as the holder of relevant interest. The group reports aggregate power; exact registered-account routing and consideration are not fully allocated to this purchase row. The disclosed month range is preserved as 2026-06-01 to 2026-09-30; exact days are not given.

As disclosed: Various dates between June 2026 and Sept 2026; on-market purchases; Ordinary shares; +195,507

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash amount or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 3 · Annexure A, on-market purchase row for Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund

PurchaseOrdinary shares195,507—Not Disclosed——
2026-06-01to 2026-09-30Victor Smorgon GroupComo Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Details & evidence for Victor Smorgon Group on 2026-06-01

Form 604 Annexure A names Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund as the holder of relevant interest. The group reports aggregate power; exact registered-account routing and consideration are not fully allocated to this purchase row. The disclosed month range is preserved as 2026-06-01 to 2026-09-30; exact days are not given.

As disclosed: Various dates between June 2026 and Sept 2026; on-market purchases; Ordinary shares; +1,850,883

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash amount or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 3 · Annexure A, on-market purchase row for Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund

PurchaseOrdinary shares1,850,883—Not Disclosed——
2026-09-23Victor Smorgon GroupComo Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund
Details & evidence for Victor Smorgon Group on 2026-09-23

Form 604 Annexure A names Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund as the holder of relevant interest. The group reports aggregate power; exact registered-account routing and consideration are not fully allocated to this purchase row.

As disclosed: 23/09/2026; on-market purchases; Ordinary shares; +500,000

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash amount or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 3 · Annexure A, on-market purchase row for Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund

PurchaseOrdinary shares500,000—Not Disclosed——
2026-09-23L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-09-23

Consideration amount is reported with "$"; the filing does not name a currency. No currency or unit price is inferred.

As disclosed: On-Market Purchase; consideration $5,900,434.58; 2,000,150 FPO shares

Interest
Indirect
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Form 604 states $5,900,434.58; currency not specified.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-09-25 17:00 AEST · PDF page 3 · Annexure A, corresponding dated L1 Capital on-market purchase row

PurchaseFPO2,000,150———
2026-09-21L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-09-21

Consideration amount is reported with "$"; the filing does not name a currency. No currency or unit price is inferred.

As disclosed: On-Market Purchase; consideration $2,175,000.00; 750,000 FPO shares

Interest
Indirect
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Form 604 states $2,175,000.00; currency not specified.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-09-25 17:00 AEST · PDF page 3 · Annexure A, corresponding dated L1 Capital on-market purchase row

PurchaseFPO750,000———
2026-09-15L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-09-15

Consideration amount is reported with "$"; the filing does not name a currency. No currency or unit price is inferred.

As disclosed: On-Market Purchase; consideration $8,480.70; 3,272 FPO shares

Interest
Indirect
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Form 604 states $8,480.70; currency not specified.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-09-25 17:00 AEST · PDF page 3 · Annexure A, corresponding dated L1 Capital on-market purchase row

PurchaseFPO3,272———
2026-08-21L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-08-21

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 551,029 FPO shares for A$1,487,700.06.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-08-24 17:25 AEST · PDF page 3 · Annexure A, Changes in relevant interests, 21 August 2026 row

PurchaseFully paid ordinary shares (FPO)551,029AUD 1,487,700.06AUD 2.699858Calculated average—
2026-08-20L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-08-20

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 7,383,241 FPO shares for A$19,860,918.29.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-08-24 17:25 AEST · PDF page 3 · Annexure A, Changes in relevant interests, 20 August 2026 row

PurchaseFully paid ordinary shares (FPO)7,383,241AUD 19,860,918.29AUD 2.69Calculated average—
2026-07-02BMC (UK) No.1 Limited
Details & evidence for BMC (UK) No.1 Limited on 2026-07-02

The sale is by BMC (UK) No.1 Limited. The two director notices describe overlapping indirect interests in this same BMC UK sale; their director-view rows share this economic event ID and do not represent additional blocks.

As disclosed: BMC UK entered into an underwritten block trade agreement to sell 29,534,808 CDIs at A$2.85 per CDI. The trade completed on 2 July 2026. The director notices describe the sale as by way of special crossings on ASX.

Interest
Direct
Registered account
Not separately disclosed
Holding before
177,644,896
Holding after
148,110,088
Market
On Market
Consideration
A$2.85 per CDI; cash amount calculated as 29,534,808 x A$2.85.
Contractual interest
Underwritten block trade; completed 2 July 2026.

initial substantial holder · Start not disclosed

BMC (UK) Limited · 100% owned by

Notice of Change of Substantial Holder ↗
Published 2026-07-02 17:38 AEST · PDF page 1 · Date of change and note 2, BMC UK block trade

Change of Directors' Interest Notices ↗
Published 2026-06-30 09:06 AEST · PDF page 3 · Scott Donaldson Appendix 3Y, nature of change: sale by special crossings on ASX

Change of Directors' Interest Notices ↗
Published 2026-06-30 09:06 AEST · PDF page 6 · David Ellis Appendix 3Y, same BMC UK sale by special crossings on ASX

SaleCHESS Depositary Interests (CDIs)29,534,808AUD 84,174,202.80AUD 2.85Disclosed price148,110,088
2025-12-01to 2026-06-30Victor Smorgon GroupEvolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund
Details & evidence for Victor Smorgon Group on 2025-12-01

The form gives only the month range December 2025 to June 2026; date bounds are month boundaries and do not claim daily precision.

As disclosed: Various dates between Dec 2025 and June 2026; acquisition of 523,784 ordinary shares by Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund; on-market purchases.

Interest
Indirect
Registered account
Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash consideration, price or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, Global Equities Fund on-market purchase row

PurchaseOrdinary shares523,784—Not Disclosed——
2025-12-01to 2026-06-30Victor Smorgon GroupVBS Exchange Pty Ltd
Details & evidence for Victor Smorgon Group on 2025-12-01

The form gives only the month range December 2025 to June 2026; date bounds are month boundaries and do not claim daily precision.

As disclosed: Various dates between Dec 2025 and June 2026; acquisition of 1,076,587 ordinary shares by VBS Exchange Pty Ltd; on-market purchases.

Interest
Indirect
Registered account
VBS Exchange Pty Ltd
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash consideration, price or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, VBS Exchange on-market purchase row

PurchaseOrdinary shares1,076,587—Not Disclosed——
2025-12-01to 2026-06-30Victor Smorgon GroupComo Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund
Details & evidence for Victor Smorgon Group on 2025-12-01

The form gives only the month range December 2025 to June 2026; date bounds are month boundaries and do not claim daily precision.

As disclosed: Various dates between Dec 2025 and June 2026; acquisition of 19,921 ordinary shares by Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund; on-market purchases.

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash consideration, price or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, Resources Scarcity Fund on-market purchase row

PurchaseOrdinary shares19,921—Not Disclosed——
2025-12-01to 2026-06-30Victor Smorgon GroupComo Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Details & evidence for Victor Smorgon Group on 2025-12-01

The form gives only the month range December 2025 to June 2026; date bounds are month boundaries and do not claim daily precision.

As disclosed: Various dates between Dec 2025 and June 2026; acquisition of 1,640,471 ordinary shares by Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund; on-market purchases.

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Holding before
—
Holding after
—
Market
On Market
Consideration
No cash consideration, price or currency disclosed.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, Global Multi-Strategy Fund on-market purchase row

PurchaseOrdinary shares1,640,471—Not Disclosed——
2026-06-30L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-06-30

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 19,561,134 CDIs for A$55,749,231.90.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 30 June 2026 row

PurchaseCHESS Depositary Interests (CDI)19,561,134AUD 55,749,231.90AUD 2.85Calculated average—
2026-05-18OMF Fund III (Bi) LP
Details & evidence for OMF Fund III (Bi) LP on 2026-05-18

OMF retained 7,383,241 CDIs after the sale; it did not dispose of its full BMC position.

As disclosed: Orion entered into a block trade agreement to sell 7,383,241 CDIs at A$3.20 per CDI. The trade completed on 18 May 2026.

Interest
Direct
Registered account
Not separately disclosed
Holding before
14,766,482
Holding after
7,383,241
Market
Not Disclosed
Consideration
A$3.20 per CDI; cash amount calculated as 7,383,241 x A$3.20.
Contractual interest
Block trade.

initial substantial holder · Start not disclosed

Notice of Ceasing to be a Substantial Holder ↗
Published 2026-05-18 16:51 AEST · PDF page 1 · Date of change table and note 2, May 2026 OMF block sale

SaleCHESS Depositary Interests (CDIs)7,383,241AUD 23,626,371.20AUD 3.2Disclosed price7,383,241
2026-03-16L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-03-16

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 1,293,561 CDIs for A$2,976,095.79.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 16 March 2026 row

PurchaseCHESS Depositary Interests (CDI)1,293,561AUD 2,976,095.79AUD 2.3007Calculated average—
2026-03-13L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-03-13

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 1,000 CDIs for A$2,300.00.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 13 March 2026 row

PurchaseCHESS Depositary Interests (CDI)1,000AUD 2,300.00AUD 2.3Calculated average—
2026-03-12L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-03-12

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 509,301 CDIs for A$1,184,124.83.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 12 March 2026 row

PurchaseCHESS Depositary Interests (CDI)509,301AUD 1,184,124.83AUD 2.325Calculated average—
2026-03-11L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-03-11

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 124,734 CDIs for A$295,619.58.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 11 March 2026 row

PurchaseCHESS Depositary Interests (CDI)124,734AUD 295,619.58AUD 2.37Calculated average—
2026-03-05L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-03-05

The disclosure reports the transaction at L1 Capital level but does not allocate it among the registered-holder accounts.

As disclosed: On-market purchase of 23,302 CDIs for A$55,450.89.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
—
Market
On Market
Consideration
Transaction-specific on-market cash consideration disclosed in the substantial-holder notice.

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 4 · Annexure B, Changes in relevant interests, 5 March 2026 row

PurchaseCHESS Depositary Interests (CDI)23,302AUD 55,450.89AUD 2.379662Calculated average—
2026-01-16Victor Smorgon GroupComo Tower Pty Ltd
Details & evidence for Victor Smorgon Group on 2026-01-16

Single non-cash transfer event from Como Tower Pty Ltd to VBS Exchange Pty Ltd, both associates; the transfer does not change Victor Smorgon Group's aggregate holding.

As disclosed: 16/01/2026; Como Tower Pty Ltd transferred 9,244,740 ordinary shares off-market to VBS Exchange Pty Ltd (associate), as shown by the paired transfer-out and transfer-in rows.

Interest
Indirect
Registered account
Como Tower Pty Ltd
Holding before
9,244,740
Holding after
0
Market
Off Market
Consideration
Off-market transfer between associates; no cash consideration disclosed.
Contractual interest
Internal associate transfer.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, paired Como Tower transfer-out and VBS Exchange transfer-in rows

Transfer OutOrdinary shares9,244,740—Non Cash—0
2025-12-16OMF Fund III (Bi) LP
Details & evidence for OMF Fund III (Bi) LP on 2025-12-16

The 14,766,482-CDI position after this sale is the opening balance reported before the May 2026 sale.

As disclosed: Orion entered into a block trade agreement with the Joint Lead Managers to the IPO to sell 10,785,063 CDIs at A$2.00 per CDI. The trade completed on 16 December 2025.

Interest
Direct
Registered account
Not separately disclosed
Holding before
25,551,545
Holding after
14,766,482
Market
Not Disclosed
Consideration
A$2.00 per CDI; cash amount calculated as 10,785,063 x A$2.00.
Contractual interest
Block trade with the IPO Joint Lead Managers.

initial substantial holder · Start not disclosed

Notice of Change of Substantial Holder ↗
Published 2025-12-22 09:49 AEDT · PDF page 1 · Date of change table and note 2, December 2025 OMF block sale

SaleCHESS Depositary Interests (CDIs)10,785,063AUD 21,570,126.00AUD 2Disclosed price14,766,482
2025-12-12Tembo Capital Holdings IV Guernsey Ltd and Tembo Group EntitiesTembo Capital Holdings IV Guernsey Ltd
Details & evidence for Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities on 2025-12-12

The form reports a dated cash acquisition but does not state whether it was a market purchase or IPO subscription; the classification is kept as other.

As disclosed: Tembo; 12/12/2025; Cash – $2.00 per share; 15,250,000 ordinary shares.

Interest
Control
Registered account
Tembo Capital Holdings IV Guernsey Ltd
Holding before
—
Holding after
—
Market
Not Disclosed
Consideration
Form states 'Cash – $2.00 per share'; currency is unspecified, so no cash amount or currency is normalized.
Contractual interest
The form does not identify the acquisition as an IPO subscription or market purchase.

initial substantial-holder reporting group · Start not disclosed

Tembo Capital Holdings IV Guernsey Ltd · named substantial holder and registered holder of the reported 15,250,000 shares

Tembo Capital Mining Fund IV LP · listed as a Tembo Group Entity in Annexure A

Becoming a substantial holder ↗
Published 2025-12-19 09:41 AEDT · PDF page 2 · Section 5, Tembo consideration and acquisition row

Becoming a substantial holder ↗
Published 2025-12-19 09:41 AEDT · PDF page 1 · Sections 1-3, initial substantial-holder position and relevant interest

OtherOrdinary shares15,250,000—AUD 2Disclosed price—
2025-12-08Victor Smorgon GroupVBS Exchange Pty Ltd
Details & evidence for Victor Smorgon Group on 2025-12-08

The source identifies a dated cash acquisition but does not state whether it was an IPO subscription or market purchase; the record preserves that uncertainty.

As disclosed: VBS Exchange Pty Ltd; 8/12/2025; Cash AU$2.00 per share; 2,586,743 ordinary shares.

Interest
Indirect
Registered account
VBS Exchange Pty Ltd
Holding before
—
Holding after
—
Market
Not Disclosed
Consideration
AU$2.00 per share is disclosed; the form does not classify the acquisition as a market purchase or IPO subscription.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 4 · Annexure A, consideration row for VBS Exchange Pty Ltd

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, registered-holder table for VBS Exchange

OtherOrdinary shares2,586,743AUD 5,173,486.00AUD 2Disclosed price—
2025-12-08Victor Smorgon GroupGannet Capital Pty Ltd ATF Resources Scarcity Fund
Details & evidence for Victor Smorgon Group on 2025-12-08

The source identifies a dated cash acquisition but does not state whether it was an IPO subscription or market purchase; the record preserves that uncertainty.

As disclosed: Gannet Capital Pty Ltd ATF Resources Scarcity Fund; 8/12/2025; Cash AU$2.00 per share; 420,882 ordinary shares.

Interest
Indirect
Registered account
Gannet Capital Pty Ltd ATF Resources Scarcity Fund
Holding before
—
Holding after
—
Market
Not Disclosed
Consideration
AU$2.00 per share is disclosed; the form does not classify the acquisition as a market purchase or IPO subscription.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 4 · Annexure A, consideration row for Resources Scarcity Fund

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, registered-holder table for the same fund

OtherOrdinary shares420,882AUD 841,764.00AUD 2Disclosed price—
2025-12-08Victor Smorgon GroupGannet Capital Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Details & evidence for Victor Smorgon Group on 2025-12-08

The source identifies a dated cash acquisition but does not state whether it was an IPO subscription or market purchase; the record preserves that uncertainty.

As disclosed: Gannet Capital Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund; 8/12/2025; Cash AU$2.00 per share; 2,992,375 ordinary shares.

Interest
Indirect
Registered account
Gannet Capital Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Holding before
—
Holding after
—
Market
Not Disclosed
Consideration
AU$2.00 per share is disclosed; the form does not classify the acquisition as a market purchase or IPO subscription.

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 4 · Annexure A, consideration row for Global Multi-Strategy Fund

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, registered-holder table for the same fund

OtherOrdinary shares2,992,375AUD 5,984,750.00AUD 2Disclosed price—
Disclosed holding observations21 dated positions

Initial, final and threshold notices describe positions; these are not counted as purchases or sales.

Holding atPerson / groupType / securityQuantityPercentage
2026-09-23L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-09-23

Three purchase rows total 2,753,422, matching the movement from 41,032,365 to 43,785,787; the notice states voting power is based on 274,639,795 issued shares.

Interest
Indirect
Registered account
Not separately disclosed
Holding before
41,032,365
Holding after
43,785,787

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-09-25 17:00 AEST · PDF page 1 · Form 604 section 2, present notice; prior voting power also shown on page 1

FinalFPO43,785,78715.94%Issued Shares
2026-09-23Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-09-23

Five Annexure A purchase rows total 3,281,180, matching the increase from 30,704,117 to 33,985,297; voting power is disclosed as 12.37%.

Interest
Indirect
Registered account
Not separately disclosed
Holding before
30,704,117
Holding after
33,985,297

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-09-25 11:41 AEST · PDF page 1 · Form 604 section 2, previous and present voting power

FinalOrdinary shares33,985,29712.37%Issued Shares
2026-08-31Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities
Details & evidence for Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities on 2026-08-31

The report states the Security Holder Information is current as of 31 August 2026. The top-20 table names Tembo Capital Holdings IV Guernsey Ltd at 15,250,000 shares; the substantial-holder table lists Tembo and its associates at the same 15,250,000. This confirms the group's reported initial position, without identifying a transaction between the Form 603 and this snapshot.

Interest
Control
Registered account
Tembo Capital Holdings IV Guernsey Ltd
Holding before
—
Holding after
—

initial substantial-holder reporting group · Start not disclosed

Tembo Capital Holdings IV Guernsey Ltd · named substantial holder and registered holder of the reported 15,250,000 shares

Tembo Capital Mining Fund IV LP · listed as a Tembo Group Entity in Annexure A

Annual Report ↗
Published 2026-09-11 12:46 AEST · PDF page 108 · Security Holder Information, 20 largest registered holders, Tembo Capital Holdings IV Guernsey Ltd row

Annual Report ↗
Published 2026-09-11 12:46 AEST · PDF page 109 · Substantial Holders, Tembo Capital Holdings IV Guernsey Ltd and its associates

PositionOrdinary shares15,250,0005.55%Voting Power
2026-08-21L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-08-21

Aggregate L1 Capital relevant interest across four registered holders. The two disclosed purchases total 7,934,270 shares since the previous 33,098,095-share holding.

Interest
Control
Registered account
Not separately disclosed
Holding before
33,098,095
Holding after
41,032,365

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Change in substantial holding ↗
Published 2026-08-24 17:25 AEST · PDF page 1 · Form 604 section 2, present voting power; Annexure B account totals

FinalFully paid ordinary shares (FPO)41,032,36514.94%Voting Power
2026-07-02BMC (UK) No.1 Limited
Details & evidence for BMC (UK) No.1 Limited on 2026-07-02

Direct BMC UK position after the completed block trade.

Interest
Direct
Registered account
Not separately disclosed
Holding before
177,644,896
Holding after
148,110,088

initial substantial holder · Start not disclosed

BMC (UK) Limited · 100% owned by

Notice of Change of Substantial Holder ↗
Published 2026-07-02 17:38 AEST · PDF page 1 · Previous and present notice, BMC UK CDI position

FinalCHESS Depositary Interests (CDIs)148,110,08853.93%Voting Power
2026-06-30L1 Capital Pty Ltd
Details & evidence for L1 Capital Pty Ltd on 2026-06-30

Aggregate L1 Capital relevant interest; Annexure A lists four registered holders.

Interest
Control
Registered account
Not separately disclosed
Holding before
—
Holding after
33,098,095

substantial holder and discretionary investment manager · Start not disclosed

JPMorgan Chase Bank, N.A. · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Goldman Sachs International · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Morgan Stanley & Co. International PLC · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Merrill Lynch (Australia) Nominees Pty Ltd · registered holder of shares over which L1 Capital reported relevant interest and investment-management voting/disposal powers

Becoming a substantial holder ↗
Published 2026-07-02 16:30 AEST · PDF page 1 · Form 603 section 2, voting power and number of securities; aggregate across Annexure A registered holders

InitialCHESS Depositary Interests (CDI)33,098,09512.05%Voting Power
2026-06-30Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-06-30

Present reported account position, equal to the new 523,784-share holding reported in Annexure A.

Interest
Indirect
Registered account
Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 4 · Section 4, present relevant interest for Global Equities Fund

PositionOrdinary shares523,784—
2026-06-30Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-06-30

Section 4's 4,632,846 Northern Trust holding and 10,689,438 trustee-account holding sum to 15,322,284.

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 4 · Section 4, present relevant interest for Global Multi-Strategy Fund

PositionOrdinary shares15,322,284—
2026-06-30Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-06-30

Aggregate group position after the disclosed activities; the January transfer between associates nets to zero at group level.

Interest
Indirect
Registered account
Not separately disclosed
Holding before
27,443,354
Holding after
30,704,117

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 1 · Form 604 section 2, previous and present voting power

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 3 · Annexure A, four purchase rows and two transfer rows

FinalOrdinary shares30,704,11711.18%Voting Power
2026-06-30Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-06-30

Section 4's 440,803 Northern Trust holding and 1,509,176 trustee-account holding sum to 1,949,979.

Interest
Indirect
Registered account
Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 4 · Section 4, present relevant interest for Resources Scarcity Fund

PositionOrdinary shares1,949,979—
2026-06-30Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2026-06-30

Present reported account position after the January 2026 associate transfer and the on-market purchases disclosed in Annexure A.

Interest
Indirect
Registered account
VBS Exchange Pty Ltd
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Change in substantial holding ↗
Published 2026-07-02 14:04 AEST · PDF page 4 · Section 4, present relevant interest for VBS Exchange Pty Ltd

PositionOrdinary shares12,908,070—
2026-05-18OMF Fund III (Bi) LP
Details & evidence for OMF Fund III (Bi) LP on 2026-05-18

Final position after the 18 May 2026 block sale.

Interest
Direct
Registered account
Not separately disclosed
Holding before
14,766,482
Holding after
7,383,241

initial substantial holder · Start not disclosed

Notice of Ceasing to be a Substantial Holder ↗
Published 2026-05-18 16:51 AEST · PDF page 1 · Previous and present notice, OMF CDI holding and voting power

FinalCHESS Depositary Interests (CDIs)7,383,2412.69%Voting Power
2025-12-16OMF Fund III (Bi) LP
Details & evidence for OMF Fund III (Bi) LP on 2025-12-16

Final position after the 16 December 2025 block sale.

Interest
Direct
Registered account
Not separately disclosed
Holding before
25,551,545
Holding after
14,766,482

initial substantial holder · Start not disclosed

Notice of Change of Substantial Holder ↗
Published 2025-12-22 09:49 AEDT · PDF page 1 · Previous and present notice, OMF CDI holding and voting power

FinalCHESS Depositary Interests (CDIs)14,766,4825.38%Voting Power
2025-12-12Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities
Details & evidence for Tembo Capital Holdings IV Guernsey Ltd and Tembo Group Entities on 2025-12-12

Initial reported group position; Tembo is the registered holder and the Tembo Group Entities' interest arises through control.

Interest
Control
Registered account
Tembo Capital Holdings IV Guernsey Ltd
Holding before
—
Holding after
15,250,000

initial substantial-holder reporting group · Start not disclosed

Tembo Capital Holdings IV Guernsey Ltd · named substantial holder and registered holder of the reported 15,250,000 shares

Tembo Capital Mining Fund IV LP · listed as a Tembo Group Entity in Annexure A

Becoming a substantial holder ↗
Published 2025-12-19 09:41 AEDT · PDF page 1 · Sections 1 and 2, holder date and voting power

Becoming a substantial holder ↗
Published 2025-12-19 09:41 AEDT · PDF page 4 · Annexure A, Tembo Group Entities

InitialOrdinary shares15,250,0005.55%Voting Power
2025-12-10OMF Fund III (Bi) LP
Details & evidence for OMF Fund III (Bi) LP on 2025-12-10

Issuer announcement does not identify its registered account or disaggregate common shares and CDIs.

Interest
Not Disclosed
Registered account
Not separately disclosed
Holding before
—
Holding after
25,551,545

initial substantial holder · Start not disclosed

Notice of Initial Substantial Shareholders ↗
Published 2025-12-12 19:47 AEDT · PDF page 1 · Initial substantial shareholders table, OMF Fund III (Bi) LP row and note 1

InitialFully paid common shares and/or CHESS Depositary Interests; class not disaggregated25,551,5459.30%Voting Power
2025-12-10BMC (UK) No.1 Limited
Details & evidence for BMC (UK) No.1 Limited on 2025-12-10

Issuer announcement identifies 100% parent as BMC (UK) Limited.

Interest
Not Disclosed
Registered account
Not separately disclosed
Holding before
—
Holding after
177,644,896

initial substantial holder · Start not disclosed

BMC (UK) Limited · 100% owned by

Notice of Initial Substantial Shareholders ↗
Published 2025-12-12 19:47 AEDT · PDF page 1 · Initial substantial shareholders table, BMC (UK) No.1 Limited row and note 1

InitialFully paid common shares and/or CHESS Depositary Interests; class not disaggregated177,644,89664.68%Voting Power
2025-12-08Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2025-12-08

Como Tower Pty Ltd is identified as the beneficial owner of this associate-held position.

Interest
Indirect
Registered account
Como Tower Pty Ltd
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, Como Tower beneficial-holder row

InitialOrdinary shares9,244,740—
2025-12-08Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2025-12-08

13,681,813-share beneficial interest, comprising 2,992,375 registered to Titan Settlement & Custody Limited and 10,689,438 registered to Gannet Capital ATF the fund.

Interest
Indirect
Registered account
Gannet Capital Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, Global Multi-Strategy beneficial interest and registered-holder rows

InitialOrdinary shares13,681,813—
2025-12-08Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2025-12-08

Initial reported Victor Smorgon Group position; the form states the group became substantial on 8 December 2025.

Interest
Indirect
Registered account
Not separately disclosed
Holding before
—
Holding after
27,443,354

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 1 · Form 603 sections 1 and 2, date became substantial and aggregate voting power

InitialOrdinary shares27,443,3549.99%Voting Power
2025-12-08Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2025-12-08

1,930,058-share beneficial interest, comprising 420,882 registered to Titan Settlement & Custody Limited and 1,509,176 registered to Gannet Capital ATF the fund.

Interest
Indirect
Registered account
Gannet Capital Pty Ltd ATF Resources Scarcity Fund
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, Resources Scarcity beneficial interest and registered-holder rows

InitialOrdinary shares1,930,058—
2025-12-08Victor Smorgon Group
Details & evidence for Victor Smorgon Group on 2025-12-08

VBS Exchange Pty Ltd is identified as beneficial owner and registered holder.

Interest
Indirect
Registered account
VBS Exchange Pty Ltd
Holding before
—
Holding after
—

substantial-holder reporting group · Start not disclosed

Como Services Pty Ltd ATF Victor Smorgon Partners Global Multi-Strategy Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Scarcity Fund · included in the group’s reported relevant interests

VBS Exchange Pty Ltd · included in the group’s reported relevant interests

Evolution Trustees Ltd ATF Victor Smorgon Partners Global Equities Fund · included in the group’s reported relevant interests

Como Services Pty Ltd ATF Victor Smorgon Partners Resources Gold Fund · included in the group’s reported relevant interests

Becoming a substantial holder ↗
Published 2025-12-12 10:30 AEDT · PDF page 3 · Annexure A, VBS Exchange beneficial-holder and registered-holder rows

InitialOrdinary shares2,586,743—