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2026-11-06
◂ Monitor DRR ASX

DETERRA ROYALTIES LIMITED

Producer · Iron Ore · Lithium · Copper · AU · US · ZM · PE · CA · MX · KE Rating locked: sign in to view v8 · drr-20261024t203657-full
Last 2026-11-06
A$3.91
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$2.1B
EV
A$2.3B
Cash
A$10.5M
Debt
A$143M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

15 assets

Core asset

Mining Area C royalty

AU

Producer100% ownedIron Ore

100% participation in the identified royalty contract, not legal mine ownership. 1.232% of AUD FOB sales revenue, paid quarterly. Additional annual capacity payments:A$1m per million dry tonnes above the previous demonstrated annual production level, now140Mdmt. Future capacity payments require new demonstrated annual dry production thresholds.

Royalty / stream · Producing
Royalty type
GRR
Rate
1.2%
Underlying asset and operator
Mining Area C royalty; BHP
Operator's stage
producer
Attrib. royalty units per year
NM
Royalty receipts (12M)
A$234.4m
Our attributable value
Locked

Core asset

Thacker Pass royalty participation

US

Construction60% ownedLithium

60% participation in the identified royalty contract, not legal mine ownership. 60% participation in the underlying8% GRR, effective4.8%, reducing to2.4% afterUS$13.2m attributable royalty payments if no buyback. Expected operator buyback instead paysUS$13.2m and reduces the effective receipt rate to1.05%. No mine equity or capital-funding obligation.

Royalty / stream · Pre production
Royalty type
GRR
Rate
4.8%
Underlying asset and operator
Thacker Pass royalty participation; Lithium Americas
Operator's stage
construction
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory5.8K Mt0.217% LiLithium2024-12-31
Ore ReserveThird-party operator total as disclosed; not Deterra inventory1.1K Mt0.254% LiLithium2024-12-31

Core asset

Santa Cruz copper royalty

US

Construction100% ownedCopper

100% participation in the identified royalty contract, not legal mine ownership. Royalty acquired forUS$74.15m. Modernised rate:1.68% for the first six years after commercial production,1.57% thereafter. Approximately84% reserve-area coverage. Operator may buy back25% for circaUS$20m. The residual0.25% ROFO is unacquired and has no assigned value.

Royalty / stream · Pre production
Royalty type
NSR
Rate
1.7%
Underlying asset and operator
Santa Cruz copper royalty; Ivanhoe Electric
Operator's stage
construction
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore ReserveThird-party total, includes outside royalty area1.5M t contained Cu1.08% CuCopper2026-09-23

Other

Antler royalty

US

PFS Developer100% ownedCopperZincLeadSilverGold

100% participation in the identified royalty contract, not legal mine ownership. 0.9% NSR over the existing project package and five named targets;0.45% over subsequently acquired rights within a5km area of interest. Each may be reduced by one-third forA$9m andA$4m respectively within three months of securing75% of development funding.

Royalty / stream · Pre production
Royalty type
NSR
Rate
0.9%
Underlying asset and operator
Antler royalty; Kinterra Capital
Operator's stage
PFS developer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory14.2 Mt1.8% Cu;4.3% Zn;0.9% Pb;34g/t Ag;0.3g/t AuCopper · Zinc · Lead · Silver · Gold2025-05-12
Ore ReserveThird-party operator total as disclosed; not Deterra inventory11 Mt1.6% Cu;3.7% Zn;0.6% Pb;26g/t Ag;0.3g/t AuCopper · Zinc · Lead · Silver · Gold2024-07-17

Other

Paradox Basin royalty

US

PFS Developer100% ownedLithium

100% participation in the identified royalty contract, not legal mine ownership. 2.5% NSR over Anson projects in the Paradox Basin, including Green River. An alternative2% share of net project-sale proceeds terminates the royalty. Prior contingent acquisition consideration was cancelled forUS$1.25m inOctober2024.

Royalty / stream · Pre production
Royalty type
NSR
Rate
2.5%
Underlying asset and operator
Paradox Basin royalty; Anson Resources
Operator's stage
PFS developer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory2.5K Mt brine112ppm LiLithium2023-10-16

Other

Mimbula copper royalty

ZM

Producer100% ownedCopper

100% participation in the identified royalty contract, not legal mine ownership. 0.3% GRR reducing to0.2% after royalty payments on575,000t of operator copper. Initial operator production10ktpa; expanded capacity20ktpa. The56ktpa Phase2 ambition is operator capacity, not Deterra output.

Royalty / stream · Producing
Royalty type
GRR
Rate
0.3%
Underlying asset and operator
Mimbula copper royalty; Moxico Resources
Operator's stage
producer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory76.4 Mt1.07% CuCopper2024-03-31

Other

Yoongarillup / Yalyalup royalties

AU

Producer100% ownedOthers

100% participation in the identified royalty contract, not legal mine ownership. Two separate contracts with identical2% revenue terms over specified mineral tenements. Yalyalup began production inQ2 2022. Operator output100ktpa HMC; initial4–5year mine life and extensions subject to approvals.

Royalty / stream · Producing
Royalty type
GRR
Rate
2%
Underlying asset and operator
Yoongarillup / Yalyalup royalties; Doral Resources
Operator's stage
producer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked

Other

Wonnerup fixed royalty

AU

Producer100% ownedOthers

100% participation in the identified royalty contract, not legal mine ownership. FixedA$0.70 per tonne of valuable heavy minerals produced on specified tenements. Basket includes zircon, rutile, ilmenite, anatase, leucoxene, monazite and cassiterite. This is not a percentage royalty.

Royalty / stream · Producing
Royalty type
Fixed royalty
Rate
—
Underlying asset and operator
Wonnerup fixed royalty; Tronox / Cable Sands
Operator's stage
producer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore ReserveThird-party operator total as disclosed; not Deterra inventory6 Mt5.4%HM; assemblage70.5%ilmenite18.6%rutile9.4%zirconOthers2025-12-31

Other

Yandanooka royalty

AU

PFS Developer100% ownedOthers

100% participation in the identified royalty contract, not legal mine ownership. 1.5% GRR on minerals sold from specified tenements. Operator bankable feasibility work is underway; its2027 first-production target remains subject to approvals and land access.

Royalty / stream · Pre production
Royalty type
GRR
Rate
1.5%
Underlying asset and operator
Yandanooka royalty; Image Resources
Operator's stage
PFS developer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory57 Mt3.1% HMOthers2024-03-30
Ore ReserveThird-party operator total as disclosed; not Deterra inventory30 Mt3.9% HMOthers2024-03-30

Other

Lincoln gold royalty participation

US

Care And Maintenance50% ownedGold

50% participation in the identified royalty contract, not legal mine ownership. 50% participation in a1.5% NSR, initially a net0.75% receipt rate. Full-contract rate falls to0.75%, net0.375%, afterUS$3m aggregate payments. A five-mile area of interest and conditional asset security are retained. Historic2015 resource; restart and JORC conversion are unproven.

Royalty / stream · Pre production
Royalty type
NSR
Rate
1.5%
Underlying asset and operator
Lincoln gold royalty participation; Haranga Resources
Operator's stage
Care and maintenance
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory1 Mt9.3g/t AuGold2015-07-02

Other

Pukaqaqa royalty portfolio

PE

Resource Stage100% ownedCopperOthersGold

100% participation in the identified royalty contract, not legal mine ownership. Separate geographical royalties:Vaaldiam1% NSR plus milestones; Norte1% NSR over the open pit; Sur0.5–1% NSR over the southeast concession. AdditionalUS$8m milestone payments are conditional. Rates are not simply added across all production.

Royalty / stream · Pre production
Royalty type
NSR
Rate
—
Underlying asset and operator
Pukaqaqa royalty portfolio; Olympic Precious Metals
Operator's stage
Resource stage
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory349 Mt0.40% CuCopper2017-07-31

Other

Big Kidd royalty

CA

Early Explorer100% ownedCopper

100% participation in the identified royalty contract, not legal mine ownership. 3% NSR plus a five-kilometre area of interest acquired within five years. Operator may repurchase1% forC$2m and a further1% forC$4m. Credit-able annual advances beginJanuary2028; amount undisclosed. No supported commercial production schedule.

Royalty / stream · Pre production
Royalty type
NSR
Rate
3%
Underlying asset and operator
Big Kidd royalty; Silverco Mining
Operator's stage
Early explorer
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked

Other

Sonora royalty and litigation participation

MX

Care And Maintenance20% ownedLithium

20% participation in the identified royalty contract, not legal mine ownership. 20% participation in a third-party3% GRR and up to20% of certain litigation proceeds. The holder may reduce participation to10% forUS$1.75m beforeNovember2027. Nine concessions cancelled inAugust2023 remain disputed; no unconditional cash receivable is assumed.

Royalty / stream · Pre production
Royalty type
GRR participation
Rate
3%
Underlying asset and operator
Sonora royalty and litigation participation; Ganfeng Lithium / third-party royalty holder
Operator's stage
Care and maintenance
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory559 Mt0.30% LiLithium2017-12-31
Ore ReserveThird-party operator total as disclosed; not Deterra inventory244 Mt0.35% LiLithium2017-12-31

Other

Koolyanobbing / Deception royalty

AU

Care And Maintenance100% ownedIron Ore

100% participation in the identified royalty contract, not legal mine ownership. 1.5% FOB royalty over only part of the Deception pit. Broader Yilgarn Hub shipments resumed inDecember2025 with a4.5Mtpa goal. Paying production inside the Deterra royalty footprint is unconfirmed.

Royalty / stream · Pre production
Royalty type
FOB revenue royalty
Rate
1.5%
Underlying asset and operator
Koolyanobbing / Deception royalty; Yilgarn Iron
Operator's stage
Care and maintenance
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked

Other

Kwale royalty

KE

Care And Maintenance100% ownedOthers

100% participation in the identified royalty contract, not legal mine ownership. 0.25% FOB royalty. Mining ceased inlate2024 and the operation is in closure and rehabilitation. Operator mine assets and closure obligations do not belong to Deterra.

Royalty / stream · Pre production
Royalty type
FOB revenue royalty
Rate
0.2%
Underlying asset and operator
Kwale royalty; Energy Fuels / Base Resources
Operator's stage
Care and maintenance
Attrib. royalty units per year
NM
Royalty receipts (12M)
—
Our attributable value
Locked
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceThird-party operator total as disclosed; not Deterra inventory13.5 Mt1.6% HMOthers2024-06-30
Ore ReserveThird-party operator total as disclosed; not Deterra inventory7.6 Mt1.8% HMOthers2024-06-30

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)