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

Narrative and provenance

Research & Sources

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The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

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Chronological 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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts104
f-cash-fy26cash

50328000 USD

2026-06-30
f-cash-fy25cash

4722000 USD

2025-06-30
f-debt-fy26debt

0 USD

2026-06-30
f-debt-fy25debt

25070000 USD

2025-06-30
f-lease-fy26lease liabilities

52000 USD

2026-06-30
f-equity-fy26book equity

-12498000 USD

2026-06-30
f-npat-fy26npat

-85768000 USD

2026-06-30
f-npat-fy25npat

-24630000 USD

2025-06-30
f-ocf-fy26operating cash flow

-18736000 USD

2026-06-30
f-ocf-fy25operating cash flow

-13260000 USD

2025-06-30
f-capex-fy26capex

331000 USD

2026-06-30
f-capex-fy25capex

2010000 USD

2025-06-30
f-shares-aug26shares basic

274639795 shares

2026-08-31
f-shares-fy25shares basic

201239844 shares

2025-06-30
f-shares-fdshares fully diluted

280029129 shares

2026-08-31
f-dps-ttmdividends per share ttm

0 USD/share

2026-10-31
f-abm-ownownership pct

100 %

2026-06-30
f-abm-permitpermitting status

Decision 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

2026-09-11
f-abm-rsv-treserve tonnes

15700000.0 t

2023-10-30
f-abm-rsv-g-agreserve grade

138 g/t

2023-10-30
f-abm-rsv-c-agreserve contained

70000000.0 oz

2023-10-30
f-abm-rsv-g-znreserve grade

5.8 %

2023-10-30
f-abm-rsv-c-znreserve contained

915000.0 t

2023-10-30
f-abm-rsv-g-cureserve grade

0.9 %

2023-10-30
f-abm-rsv-c-cureserve contained

136000.0 t

2023-10-30
f-abm-rsv-g-pbreserve grade

1.7 %

2023-10-30
f-abm-rsv-c-pbreserve contained

266000.0 t

2023-10-30
f-abm-rsv-g-aureserve grade

1.3 g/t

2023-10-30
f-abm-rsv-c-aureserve contained

666000.0 oz

2023-10-30
f-abm-res-t-indicatedresource tonnes

18300000.0 t

2025-01-03
f-abm-res-g-ag-indicatedresource grade

148 g/t

2025-01-03
f-abm-res-c-ag-indicatedresource contained

87000000.0 oz

2025-01-03
f-abm-res-g-zn-indicatedresource grade

6.3 %

2025-01-03
f-abm-res-c-zn-indicatedresource contained

1153000.0 t

2025-01-03
f-abm-res-g-cu-indicatedresource grade

0.9 %

2025-01-03
f-abm-res-c-cu-indicatedresource contained

164000.0 t

2025-01-03
f-abm-res-g-pb-indicatedresource grade

1.9 %

2025-01-03
f-abm-res-c-pb-indicatedresource contained

346000.0 t

2025-01-03
f-abm-res-g-au-indicatedresource grade

1.4 g/t

2025-01-03
f-abm-res-c-au-indicatedresource contained

827000.0 oz

2025-01-03
f-abm-res-t-inferredresource tonnes

800000.0 t

2025-01-03
f-abm-res-g-ag-inferredresource grade

143 g/t

2025-01-03
f-abm-res-c-ag-inferredresource contained

4000000.0 oz

2025-01-03
f-abm-res-g-zn-inferredresource grade

7.2 %

2025-01-03
f-abm-res-c-zn-inferredresource contained

58000.0 t

2025-01-03
f-abm-res-g-cu-inferredresource grade

1.0 %

2025-01-03
f-abm-res-c-cu-inferredresource contained

8000.0 t

2025-01-03
f-abm-res-g-pb-inferredresource grade

1.7 %

2025-01-03
f-abm-res-c-pb-inferredresource contained

13000.0 t

2025-01-03
f-abm-res-g-au-inferredresource grade

1.2 g/t

2025-01-03
f-abm-res-c-au-inferredresource contained

30000.0 oz

2025-01-03
f-abm-res-t-totalresource tonnes

19100000.0 t

2025-01-03
f-abm-res-g-ag-totalresource grade

148 g/t

2025-01-03
f-abm-res-c-ag-totalresource contained

91000000.0 oz

2025-01-03
f-abm-res-g-zn-totalresource grade

6.3 %

2025-01-03
f-abm-res-c-zn-totalresource contained

1211000.0 t

2025-01-03
f-abm-res-g-cu-totalresource grade

0.9 %

2025-01-03
f-abm-res-c-cu-totalresource contained

172000.0 t

2025-01-03
f-abm-res-g-pb-totalresource grade

1.9 %

2025-01-03
f-abm-res-c-pb-totalresource contained

359000.0 t

2025-01-03
f-abm-res-g-au-totalresource grade

1.4 g/t

2025-01-03
f-abm-res-c-au-totalresource contained

857000.0 oz

2025-01-03
f-abm-cutoffcutoff grade

NSR US$40/t (open pit) and US$150/t (underground) text

2025-01-03
f-kona-ownownership pct

100 %

2026-06-30
f-kona-res-t-indicatedresource tonnes

2100000.0 t

2025-06-30
f-kona-res-g-cu-indicatedresource grade

1.6 %

2025-06-30
f-kona-res-c-cu-indicatedresource contained

33000.0 t

2025-06-30
f-kona-res-g-au-indicatedresource grade

0.8 g/t

2025-06-30
f-kona-res-c-au-indicatedresource contained

53000.0 oz

2025-06-30
f-kona-res-t-inferredresource tonnes

6700000.0 t

2025-06-30
f-kona-res-g-cu-inferredresource grade

1.7 %

2025-06-30
f-kona-res-c-cu-inferredresource contained

117000.0 t

2025-06-30
f-kona-res-g-au-inferredresource grade

0.6 g/t

2025-06-30
f-kona-res-c-au-inferredresource contained

138000.0 oz

2025-06-30
f-kona-res-t-totalresource tonnes

8800000.0 t

2025-06-30
f-kona-res-g-cu-totalresource grade

1.7 %

2025-06-30
f-kona-res-c-cu-totalresource contained

150000.0 t

2025-06-30
f-kona-res-g-au-totalresource grade

0.7 g/t

2025-06-30
f-kona-res-c-au-totalresource contained

191000.0 oz

2025-06-30
f-kona-cutoffcutoff grade

NSR C$113/t text

2025-06-30
f-kona-methodmining method

Underground satellite operation feeding the KZK plant (preliminary studies) text

2025-06-30
f-expl-best-textbest intercept text

K26-560: 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

2026-04-20
f-expl-best-gxmbest intercept gxm

4518 g/t*m

2026-04-20
f-expl-spendexploration spend 12m

15168000 USD

2026-06-30
f-expl-areatenement area

372 km2

2026-06-30
f-abm-irrstudy irr

42 %

2023-10-30
f-abm-lifemine life

8.75 years

2023-10-30
f-abm-drstudy discount rate

7.0 %

2023-10-30
f-abm-price-agstudy price assumption

22.6 USD/oz

2023-10-30
f-abm-fundingfunding status pct

0 %

2026-09-30
f-abm-studytypestudy type

Feasibility Study (October 2023 economic update, 2025 NI 43-101 report) text

2025-01-03
f-abm-studydatestudy date

2023-10-30 date

2023-10-30
f-abm-capexinitial capex

492000000 USD

2023-10-30
f-abm-aiscaisc lom

-14.77 USD/oz

2023-10-30
f-abm-annual-agannual production lom

7476000 oz/yr

2023-10-30
f-cash-dec25cash

64873000 USD

2025-12-31
f-cash-mar26cash

59938000 USD

2026-03-31
f-cash-sep26cash

41793000 USD

2026-09-30
f-burn-sep26quarterly net burn

8740000 USD

2026-09-30
f-undrawn-sep26undrawn facilities

0 USD

2026-09-30
f-committed-sep26committed funding

0 USD

2026-09-30
f-expl-ownownership pct

100 %

2026-09-30
f-expl-metresmetres drilled 12m

19000 m

2026-10-26
f-expl-nextnext drilling

Heli-supported drilling resumes at Rhyolite Peak from 20 October 2026; programme continues into 2027 text

2026-10-26