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2026-11-06
◂ Monitor CUF ASX

CuFe Ltd

Scoping Study Developer · Gold · Copper · Others · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.052
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$107.8M
EV
A$88.8M
Cash
A$19M
Debt
A$0
7 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$19M Finite
Debt A$0 Net cash A$19M
Basic shares 2.1B 2026-08-07
Runway 15 quarters Audited A$19.034726m cash divided by June-quarter operating outflow A$1.273m; does not finance A$77.55m CuFe share of Orlando preproduction capex or eliminate A$4.909278m sole-funding commitment.

Liquidity

Financial position

Near-term study programme financed at recent burn; mine construction funding remains uncommitted. A$0.557m trade payables and A$4.909m remaining Tennant sole-funding commitment require attention.

Capital structure

Ownership and dilution

Ordinary shares
2.1B
Fully diluted
2.4B

30 June 2026: 2,065,298,398 shares; 8,166,667 performance-right conversions on 8 July and 144,000 option exercises on 23 July bring issued shares to 2,073,609,065, confirmed by the 7 August register. Fully diluted adds remaining options and rights without speculative exercise cash.

Security classes6
ClassTypeQuantityStrikeExpiry
ASX CUF ordinary sharesOrdinary Share2.1B——
CUFO listed optionsOption132MA$0.0252027-06-13
Unlisted placement optionsOption158.8MA$0.052027-11-30
Unlisted director optionsOption20MA$0.0092026-11-27
Unlisted director optionsOption10MA$0.0572027-11-26
Performance rights, conditional vestingPerformance Right20M——

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
Free Cash FlowCompanyJune 2026 quarterQuarter-1,273,000 AUD operating cash flow proxyReported
OtherCompanyFY2026Year-5,137,006 AUD consolidated net lossReported

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-05-22RaisingA$15.4M307M—Completed—
2025-10-20Ann. 2025-10-15RaisingA$5.4M317.6M—Completed—

Contracts and ownership

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

Partial · as of 2026-09-26

FY2026 annual report baseline reconciled through September conditional Nullagine sale. Tennant sole funding, Yarram DTM payment and Bryah free carries disclosed; no live executed offtake, tolling or hedge terms identified.

CuFe receives 55% of Tennant Creek cash flows but must sole fund the initial A$10m JV spend; A$4.909m remained at 30 June 2026 before the 45% partner begins to contribute.

Joint Venture · Active
Counterparties
Gecko Mining Company Pty Ltd / Gold Valley Group
Applies to
Orlando copper-gold-bismuth · Gecko copper-gold-bismuth · Copper · Gold · Others · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
CuFe interest: 55 %
JV partner interest: 45 %
Initial CuFe sole funding cap: 10,000,000 AUD
Sole funding remaining: 4,909,278 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

CuFe holds 50% of Yarram iron rights and owes A$1m in cash or shares to Gold Valley on a decision to mine; the option valuation is net of this conditional payment.

Joint Venture · Active
Counterparties
Gold Valley Iron and Manganese Pty Ltd / Gold Valley Group
Applies to
Yarram iron ore · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
CuFe economic interest: 50 %
Decision-to-mine payment: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Tennant Creek Copper Alliance investigates a shared multi-user plant with A$600k government grants to be matched by members; binding plant capex and throughput allocations are not disclosed.

Strategic Partnership · Active
Counterparties
Emmerson Resources · Tennant Minerals
Applies to
Orlando copper-gold-bismuth · Gecko copper-gold-bismuth · Copper · Gold · Others
Economic direction
Mixed
Period
From 2025-12-19; no end date stated
Key terms
CuFe alliance company equity: 33.33 %
Aggregate grant funding: 600,000 AUD
Member matching commitment: match grant funding
How it affects our valuation

No valuation treatment is available for this arrangement.

Jackson Minerals has a 20% interest free carried to decision to mine across relevant Bryah JV tenements; no operator activity was material in the June quarter.

Free Carry · Active
Counterparties
Catalyst Metals · Alchemy Resources · Auris Minerals
Applies to
Bryah Basin interests · Copper · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
CuFe rights: 20 %
Free carry end point: decision to mine
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional Nullagine gold tenement sale to Helix for A$50,000 cash and A$200,000 Helix shares; CuFe retains a 1% NSR if settled. Shareholder approval is outstanding.

Other · Conditional
Counterparties
Helix Resources Limited
Applies to
Pilbara gold and Tambourah · Gold
Economic direction
Benefit
Period
2026-09-15 to 2026-11-30
Key terms
Cash consideration: 50,000 AUD
Helix share consideration: 200,000 AUD
Retained NSR: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Former 2% Crossroads royalty sold for A$4m in November 2024; no remaining future royalty receipt is valued.

Royalty · Terminated
Counterparties
Northern Star
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Through 2024-11-20; start date not stated
Key terms
Sale proceeds: 4,000,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

JWD mining rights disposed of in November 2024; residual creditors settled by June 2026.

Other · Terminated
Counterparties
Newcam Minerals
Applies to
Company-wide · Iron Ore
Economic direction
Mixed
Period
2024-11-01 to 2024-11-01
Key terms
Sale proceeds: 12,000,000 AUD
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.