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2026-11-06
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Benz Mining Corp.

Discovery Drill Stage · Gold · AU · CA Rating locked: sign in to view v8.1 · bnz-20261031t172754-full
Last 2026-11-06
A$4.1
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.6B
EV
A$1.4B
Cash
A$83.5M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-04-30
Cash A$83.5MFY2025A (Apr): 13,287,714FY2026A (Apr): 83,452,481 Finite
Debt A$0 Net cash A$83.5M
Basic shares 379.3M 2026-08-31
Runway 13 quarters Reported cash plus the A$150M placement (about A$233M) over the quarter-to-April-2026 operating loss of C$17.5M (A$18.0M); the planned 14-rig, 450,000 m program will run faster, so the real runway is nearer 6 to 8 quarters of the accelerated program.

Liquidity

Financial position

Reported cash at 30 Apr 2026 was C$81,249,324 (C$14.8M cash plus a C$66.4M term deposit), shown here converted at 1.027116 AUD per CAD (RBA F11.1 rate on 30 April 2026; the 5 Feb 2026 placement implied 1.048). The company has no borrowings, lease liabilities of C$107,117 and trade payables of C$8.2M. After the balance date it raised a further A$150M gross (settled 28-31 Aug 2026). Quarterly cash use is rising steeply (operating loss C$3.7M, 9.4M, 10.8M and 17.5M across FY2026), and the 14-rig plan lifts it further, so another raising is likely within about 18 months unless a resource-driven re-rating funds it.

Capital structure

Ownership and dilution

Ordinary shares
379.3M
Fully diluted
390.8M

Shares at 30 Apr 2026 were 333,857,248 (annual report equity statement). 5,037,815 shares were issued on 26 Jun 2026 after the net exercise of 6,000,000 options, giving 338,895,063 at the 29 Jul 2026 MD&A date. The 40,431,267 CDIs placed at A$3.71 on 31 Aug 2026 bring the total to 379,326,330, equal to 332,364,740 quoted CDIs plus 46,961,590 unquoted ordinary shares in the Appendix 2A. The fully diluted count adds the 125,000 options and 11,355,000 PSUs (a ceiling: the PSUs vest only at 2, 4 and 6 Moz resources). The 222,857 shares held in escrow for Tusk Exploration are included in issued shares and are to be cancelled.

Security classes4
ClassTypeQuantityStrikeExpiry
Common shares including CDIs (1:1)Ordinary Share379.3M——
Unquoted options exercisable at C$0.265 to 31 Aug 2027Option125KA$0.2652027-08-31
Performance share units issued to employees and management on 6 May 2026; vest one-third each at published gold resources of 2, 4 and 6 Moz (0.15 g/t cut-off) by 5 May 2031Performance Right7.8M—2031-05-05
Performance share units for directors (Cranston 3,000,000; four non-executives 150,000 each) approved 17 Aug 2026 and not yet issued; same milestonesPerformance Right3.6M—2031-05-05

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025A (Apr)AFY2026A (Apr)A
Operations
Metres drilled (Glenburgh, RC and diamond)m—200,000
Profit and loss
RevenueAUDm0.00.0
Exploration and evaluation costs expensedAUDmFY2025A (Apr): 3,318,722 AUDFY2026A (Apr): 42,123,460 AUD3.342.1
Corporate costs (G&A and reclamation provision change)AUDmFY2025A (Apr): 4,904,047 AUDFY2026A (Apr): 2,715,209 AUD4.92.7
EBITDAAUDmFY2025A (Apr): -8,222,769 AUDFY2026A (Apr): -44,838,669 AUD(8.2)(44.8)
DepreciationAUDmFY2025A (Apr): 10,409 AUDFY2026A (Apr): 111,184 AUD0.00.1
Interest income, net of finance costsAUDmFY2025A (Apr): 75,773 AUDFY2026A (Apr): 1,098,120 AUD0.11.1
Net profit after taxAUDmFY2025A (Apr): -8,277,623 AUDFY2026A (Apr): -43,910,977 AUD(8.3)(43.9)
Cash flow
Operating cash flowAUDmFY2025A (Apr): -3,621,463 AUDFY2026A (Apr): -36,348,629 AUD(3.6)(36.3)
Capital expenditure (E&E assets and equipment)AUDmFY2025A (Apr): 1,054,369 AUDFY2026A (Apr): 1,974,810 AUD1.12.0
Free cash flowAUDmFY2025A (Apr): -4,675,832 AUDFY2026A (Apr): -38,323,438 AUD(4.7)(38.3)
Equity raised, net of costsAUDmFY2025A (Apr): 14,466,956 AUDFY2026A (Apr): 112,485,191 AUD14.5112.5
Balance sheet
Cash and equivalentsAUDmFY2025A (Apr): 13,287,714 AUDFY2026A (Apr): 83,452,481 AUD13.383.5
Borrowings (excluding leases)AUDm0.00.0
Net debt (negative is net cash)AUDmFY2025A (Apr): -13,287,714 AUDFY2026A (Apr): -83,452,481 AUD(13.3)(83.5)
Total equityAUDmFY2025A (Apr): 25,808,119 AUDFY2026A (Apr): 92,804,590 AUD25.892.8
Per share
Shares on issue at period endm sharesFY2025A (Apr): 252,757,614 sharesFY2026A (Apr): 333,857,248 shares252.8333.9
Loss per shareAUD/shareFY2025A (Apr): -0.04 AUD/shareFY2026A (Apr): -0.15 AUD/share(0.04)(0.15)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A (Apr): -172 xFY2026A (Apr): -31.49 x(171.7)(31.5)
P / E (x, current market cap)xFY2025A (Apr): -192 xFY2026A (Apr): -36.20 x(192.0)(36.2)
FCF yield (current market cap)%FY2025A (Apr): -0.00 fractionFY2026A (Apr): -0.02 fraction-0.3%-2.4%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A (Apr): 1.62 xFY2026A (Apr): 1.86 x1.61.9

KPI history

Operating metrics · Company

Quarterly operating loss (exploration expensed) shown
04,891,0029,782,00514,673,00719,564,010Q1 FY2025 (Jul 2024): 417,699 CADQ1 FY2025 (Jul 2024)Q2 FY2025 (Oct 2024): 538,757 CADQ2 FY2025 (Oct 2024)Q3 FY2025 (Jan 2025): 2,048,971 CADQ3 FY2025 (Jan 2025)Q4 FY2025 (Apr 2025): 4,458,469 CADQ4 FY2025 (Apr 2025)Q1 FY2026 (Jul 2025): 3,715,347 CADQ1 FY2026 (Jul 2025)Q2 FY2026 (Oct 2025): 9,378,896 CADQ2 FY2026 (Oct 2025)Q3 FY2026 (Jan 2026): 10,827,150 CADQ3 FY2026 (Jan 2026)Q4 FY2026 (Apr 2026): 17,467,866 CADQ4 FY2026 (Apr 2026)
MetricUnitTrendQ1 FY2025 (Jul 2024)Q2 FY2025 (Oct 2024)Q3 FY2025 (Jan 2025)Q4 FY2025 (Apr 2025)Q1 FY2026 (Jul 2025)Q2 FY2026 (Oct 2025)Q3 FY2026 (Jan 2026)Q4 FY2026 (Apr 2026)
Quarterly operating loss (exploration expensed)CADQ1 FY2025 (Jul 2024): 417,699 CADQ2 FY2025 (Oct 2024): 538,757 CADQ3 FY2025 (Jan 2025): 2,048,971 CADQ4 FY2025 (Apr 2025): 4,458,469 CADQ1 FY2026 (Jul 2025): 3,715,347 CADQ2 FY2026 (Oct 2025): 9,378,896 CADQ3 FY2026 (Jan 2026): 10,827,150 CADQ4 FY2026 (Apr 2026): 17,467,866 CAD417,699538,7572,048,9714,458,4693,715,3479,378,89610,827,15017,467,866
Cash and cash equivalentsCADQ4 FY2025 (Apr 2025): 11,787,527 CADQ4 FY2026 (Apr 2026): 81,249,324 CAD———11,787,527———81,249,324
Operating metric source table14
MetricProjectPeriodPeriod typeValueStatus
Quarterly operating loss (exploration expensed)CompanyQ1 FY2025 (Jul 2024)Quarter417,699 CADReported
Quarterly operating loss (exploration expensed)CompanyQ2 FY2025 (Oct 2024)Quarter538,757 CADReported
Quarterly operating loss (exploration expensed)CompanyQ3 FY2025 (Jan 2025)Quarter2,048,971 CADReported
Quarterly operating loss (exploration expensed)CompanyQ4 FY2025 (Apr 2025)Quarter4,458,469 CADReported
Quarterly operating loss (exploration expensed)CompanyQ1 FY2026 (Jul 2025)Quarter3,715,347 CADReported
Quarterly operating loss (exploration expensed)CompanyQ2 FY2026 (Oct 2025)Quarter9,378,896 CADReported
Quarterly operating loss (exploration expensed)CompanyQ3 FY2026 (Jan 2026)Quarter10,827,150 CADReported
Quarterly operating loss (exploration expensed)CompanyQ4 FY2026 (Apr 2026)Quarter17,467,866 CADReported
Cash and cash equivalentsCompany30 Apr 2025Point In Time11,787,527 CADReported
Cash and cash equivalentsCompany30 Apr 2026Point In Time81,249,324 CADReported
Exploration and evaluation costs expensedCompanyFY2025Year3,008,631 CADReported
Exploration and evaluation costs expensedCompanyFY2026Year38,786,752 CADReported
Operating cash flow plus investing cash flowCompanyFY2025Year-4,238,937 CADSource Derived
Operating cash flow plus investing cash flowCompanyFY2026Year-35,287,740 CADSource Derived
Company guidance3
MetricProjectPeriodLowHighStatus
Maiden Glenburgh Mineral Resource EstimateglenburghH1 2027—— dateCurrent
Planned Glenburgh Drillingglenburgh2026 campaign (about 210,000 m done by 3 Aug 2026)450,000450,000 mCurrent
Rigs On Siteglenburghafter the Aug 2026 placement1414 rigsCurrent

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-31Ann. 2026-08-24RaisingChess Depositary InterestsA$150M40.4MA$3.71CompletedA$150M institutional placement at 0% to the last close, using LR 7.1 capacity; Canaccord Genuity global coordinator and bookrunner, 4% fee.Max 40.4M
2026-06-26Raising—5M—Completed—
2026-02-05Ann. 2026-01-29RaisingChess Depositary InterestsA$75M32.3MA$2.32CompletedA$75M bought deal; plus 646,552 CDIs (A$1.5M) issued to the lead manager as placement fees.Max 32.3M
2025-08-21Ann. 2025-08-13RaisingChess Depositary InterestsA$30M30.4MA$0.985CompletedTranche 1 of a A$30M bought deal to accelerate Glenburgh drilling (50,762 CDIs for A$50,000 followed on 17 Dec 2025).Max 30.4M
2025-04-23Ann. 2025-04-16RaisingChess Depositary InterestsA$11.5M28.7MA$0.4CompletedFirst tranche of a A$13.5M placement (second tranche 5,028,750 CDIs at A$0.40 closed 24 Jul 2025 for A$2,011,500).Max 28.7M
2024-11-14Ann. 2024-11-06RaisingChess Depositary InterestsA$4M18.2MA$0.22CompletedPlacement to fund the Spartan acquisition and Glenburgh drilling at a 10.97% discount to the 5-day VWAP; Euroz Hartleys lead manager, 6% fee.Max 18.2M

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-08-31

Annual Report 2026 note 5 lists every royalty, milestone payment and vendor term inherited with Glenburgh, Mt Egerton, Eastmain and Ruby Hill; no streams, offtake, tolling, hedges or farm-ins are disclosed.

Franco-Nevada is entitled to 1.5% of net profits from certain Glenburgh tenements; inherited with Gascoyne Resources.

Royalty · Active
Counterparties
Franco-Nevada Australia Pty Ltd
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Net profit royalty: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

0.42% gross revenue royalty on Glenburgh and Mt Egerton products.

Royalty · Active
Counterparties
Taurus Mining Royalty Fund LP
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Mt Egerton Gold Project (Hibernian, Kilkenny) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gross revenue royalty: 0.42 %
How it affects our valuation

No valuation treatment is available for this arrangement.

1.08% gross revenue royalty on Glenburgh and Mt Egerton products.

Royalty · Active
Counterparties
Tembo Capital Mining Fund III funds
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Mt Egerton Gold Project (Hibernian, Kilkenny) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gross revenue royalty: 1.08 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Native title royalty tied to gold produced from Glenburgh tenements.

Royalty · Active
Counterparties
Wajarri Yamatji Native Title Claim Group
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate, first four quarters: 0.5 %
Royalty rate thereafter, low: 0.25 %
Royalty rate thereafter, high: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory gold royalty under the Mining Act 1978.

Royalty · Active
Counterparties
State of Western Australia
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Mt Egerton Gold Project (Hibernian, Kilkenny) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 2.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

0.75% NSR granted when Benz exercised its option over four tenements.

Royalty · Active
Counterparties
Mining Equities Pty Ltd
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Mt Egerton Gold Project (Hibernian, Kilkenny) · Gold
Economic direction
Burden
Period
From 2025-02-14; no end date stated
Key terms
NSR royalty: 0.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Three A$2M contingent payments to Spartan tied to published resources of 0.5, 1.0 and 1.5 Moz at a 2.0 g/t cut-off.

Other · Conditional
Counterparties
Spartan Resources Limited (now Ramelius Resources)
Applies to
Glenburgh Gold Project (Hurricane, Icon and Thunderbolt camps) · Mt Egerton Gold Project (Hibernian, Kilkenny) · Gold
Economic direction
Burden
Period
From 2025-01-14; no end date stated
Key terms
Milestone payment 1 at 0.5 Moz resource: 2,000,000 AUD
Milestone payment 2 at 1.0 Moz: 2,000,000 AUD
Milestone payment 3 at 1.5 Moz: 2,000,000 AUD
Payable in CDIs at Benz option: 1 flag
How it affects our valuation

No valuation treatment is available for this arrangement.

Fury Gold keeps a 2% NSR on Eastmain and is owed C$1.5M at commercial production; Benz owns 100% after the 27 Oct 2025 payment.

Royalty · Active
Counterparties
Fury Gold Mines Limited
Applies to
Eastmain and Ruby Hill Gold Project (James Bay, Quebec) · Gold
Economic direction
Burden
Period
From 2025-10-27; no end date stated
Key terms
NSR royalty: 2 %
Payment at commercial production: 1,500,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

1% NSR on the Ruby Hill properties.

Royalty · Active
Counterparties
Fury Gold Mines Limited
Applies to
Eastmain and Ruby Hill Gold Project (James Bay, Quebec) · Gold
Economic direction
Burden
Period
From 2025-10-27; no end date stated
Key terms
NSR royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.