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2026-11-06
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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
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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$2.1B
EV
A$2.3B
Cash
A$10.5M
Debt
A$143M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$10.5M2025-06-30: 24,394,000 A$2025-12-31: 7,167,000 A$2026-06-30: 10,512,000 A$ Self Funding
Debt A$143M2025-06-30: 295,000,000 A$2025-12-31: 156,000,000 A$2026-06-30: 143,000,000 A$ Net cash A$-132.5M
Basic shares 531.8M 2026-09-22
Runway Self Funding Positive audited operating cash flow ofA$169.542m inFY26 supports a self-funding royalty business. A cash-burn runway is not meaningful.

Liquidity

Financial position

Reported June cash A$10.512m and debt A$143m, A$357m undrawn. Santa Cruz US$74.15m purchase uses debt. Cutoff cash/debt are estimated separately in valuation, with all known distributions and settlement claims reconciled.

Capital structure

Ownership and dilution

Ordinary shares
531.8M
Fully diluted
532.7M

529,456,506 ordinary shares at June and July2026 +49,569 employee conversions on20August +2,262,384 DRP shares on22September =531,768,459. September Appendix2A confirms231,517 share rights and678,330 performance rights after238,463 lapses and55,214 newly issued rights. Maximum fully diluted shares:532,678,306. Future DRP shares and hypothetical buybacks are excluded.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share531.8M——
Unquoted share rightsPerformance Right231.5KA$0—
Unquoted performance rightsPerformance Right678.3KA$0—

KPI history

Operating metrics · Mining Area C royalty

BHP MAC gross operator production shown
011,116,00022,232,00033,348,00044,464,000Q2 2025: 38,600,000 wmtQ2 2025Q3 2025: 34,600,000 wmtQ3 2025Q4 2025: 38,000,000 wmtQ4 2025Q1 2026: 39,500,000 wmtQ1 2026Q2 2026: 39,700,000 wmtQ2 2026
MetricUnitTrendQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026
BHP MAC gross operator productionwmtQ2 2025: 38,600,000 wmtQ3 2025: 34,600,000 wmtQ4 2025: 38,000,000 wmtQ1 2026: 39,500,000 wmtQ2 2026: 39,700,000 wmt38,600,00034,600,00038,000,00039,500,00039,700,000
BHP MAC gross operator dry salesdmtQ2 2025: 35,100,000 dmtQ3 2025: 32,400,000 dmtQ4 2025: 35,300,000 dmtQ1 2026: 35,000,000 dmtQ2 2026: 37,500,000 dmt35,100,00032,400,00035,300,00035,000,00037,500,000
MAC gross operator realised FOB priceAUD/dmtQ2 2025: 139 AUD/dmtQ3 2025: 135 AUD/dmtQ4 2025: 143 AUD/dmtQ1 2026: 131 AUD/dmtQ2 2026: 134 AUD/dmt139.0135.2142.8131.2133.9
Operating metric source table23
MetricProjectPeriodPeriod typeValueStatus
BHP MAC gross operator productionP MacQ2 2025Quarter38,600,000 wmtReported
BHP MAC gross operator dry salesP MacQ2 2025Quarter35,100,000 dmtReported
MAC gross operator realised FOB priceP MacQ2 2025Quarter139 AUD/dmtReported
BHP MAC gross operator productionP MacQ3 2025Quarter34,600,000 wmtReported
BHP MAC gross operator dry salesP MacQ3 2025Quarter32,400,000 dmtReported
MAC gross operator realised FOB priceP MacQ3 2025Quarter135.2 AUD/dmtReported
BHP MAC gross operator productionP MacQ4 2025Quarter38,000,000 wmtReported
BHP MAC gross operator dry salesP MacQ4 2025Quarter35,300,000 dmtReported
MAC gross operator realised FOB priceP MacQ4 2025Quarter142.8 AUD/dmtReported
BHP MAC gross operator productionP MacQ1 2026Quarter39,500,000 wmtReported
BHP MAC gross operator dry salesP MacQ1 2026Quarter35,000,000 dmtReported
MAC gross operator realised FOB priceP MacQ1 2026Quarter131.2 AUD/dmtReported
BHP MAC gross operator productionP MacQ2 2026Quarter39,700,000 wmtReported
BHP MAC gross operator dry salesP MacQ2 2026Quarter37,500,000 dmtReported
MAC gross operator realised FOB priceP MacQ2 2026Quarter133.9 AUD/dmtReported
Group cash balanceCompanyBalance 2025-06-30Point In Time24,394,000 AUDReported
Group debt balanceCompanyBalance 2025-06-30Point In Time295,000,000 AUDReported
Group cash balanceCompanyBalance 2025-12-31Point In Time7,167,000 AUDReported
Group debt balanceCompanyBalance 2025-12-31Point In Time156,000,000 AUDReported
Group cash balanceCompanyBalance 2026-06-30Point In Time10,512,000 AUDReported
Group debt balanceCompanyBalance 2026-06-30Point In Time143,000,000 AUDReported
Deterra MAC royalty revenue excluding capacity paymentsP MacFY2025Year219,334,000 AUDReported
Deterra MAC royalty revenue excluding capacity paymentsP MacFY2026Year234,428,000 AUDReported

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-29DebtUS$74.2M——Completed—
2026-09-22Ann. 2026-08-18DividendA$57.2M2.3M—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.

Complete As Disclosed · as of 2026-10-13

All15 current royalty interests and disclosed conditional rates, areas of interest, buybacks, milestone payments and participation rights are captured from the October issuer Asset Book and dated primary releases. Corporate credit facilities, residual disposal settlement and separate core buyback options are registered. Disposed precious-metal contracts are terminated. Operator JVs and offtakes are not treated as Deterra arrangements.

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. No repeat capacity payment is assumed.

Royalty · Active
Counterparties
BHP
Applies to
Mining Area C royalty · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 1.23 %
Contingent and stepdown terms: No disclosed cap or buyback; production and expansion decisions rest with BHP.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Lithium Americas
Applies to
Thacker Pass royalty participation · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 60 %
Royalty rate: 4.8 %
Contingent and stepdown terms: Expected operator partial buyback US$13.2m before first production; postbuyback rate1.05% effective.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Ivanhoe Electric
Applies to
Santa Cruz copper royalty · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 1.68 %
Contingent and stepdown terms: 25% partial buyback circaUS$20m calculated to give10% fixed return on25% purchase cost. ROFO is a future purchase opportunity, not current ownership.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Kinterra Capital
Applies to
Antler royalty · Copper · Zinc · Lead · Silver · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 0.9 %
Contingent and stepdown terms: Conditional one-third buybacks A$9m primary package and A$4m AOI; no exercise or financing assumed.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Anson Resources
Applies to
Paradox Basin royalty · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 2.5 %
Contingent and stepdown terms: Project sale alternative2% net proceeds replaces royalty. No extra canceled consideration payable.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Moxico Resources
Applies to
Mimbula copper royalty · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 0.3 %
Contingent and stepdown terms: Rate reduces to0.2% after575,000t copper royalty base; cumulative progress undisclosed.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Doral Resources
Applies to
Yoongarillup / Yalyalup royalties · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 2 %
Contingent and stepdown terms: No disclosed caps or buybacks; limited initial mine life, no continuation assumed.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Tronox / Cable Sands
Applies to
Wonnerup fixed royalty · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: —
Contingent and stepdown terms: Fixed A$0.70/t valuable heavy minerals; not a percentage rate.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Image Resources
Applies to
Yandanooka royalty · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 1.5 %
Contingent and stepdown terms: No disclosed caps or buybacks.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Haranga Resources
Applies to
Lincoln gold royalty participation · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 50 %
Royalty rate: 1.5 %
Contingent and stepdown terms: US$3m fullroyalty aggregate payment threshold halves rate; cumulative progress undisclosed.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Olympic Precious Metals
Applies to
Pukaqaqa royalty portfolio · Copper · Others · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: —
Contingent and stepdown terms: Separate geographical bases and US$8m conditional milestones; no unconditional receivable assumed.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Silverco Mining
Applies to
Big Kidd royalty · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 3 %
Contingent and stepdown terms: Optional C$2m then C$4m partial buybacks; advance royalty payments creditable, no doubled receipt.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Ganfeng Lithium / third-party royalty holder
Applies to
Sonora royalty and litigation participation · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 20 %
Royalty rate: 3 %
Contingent and stepdown terms: Option reduces participationto10% forUS$1.75m; litigation and royalty receipts unproven.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Yilgarn Iron
Applies to
Koolyanobbing / Deception royalty · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 1.5 %
Contingent and stepdown terms: No disclosed caps; broaderhubshipments cannot be assigned to royaltyfootprint.
How it affects our valuation

No valuation treatment is available for this arrangement.

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 · Active
Counterparties
Energy Fuels / Base Resources
Applies to
Kwale royalty · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty contract participation: 100 %
Royalty rate: 0.25 %
Contingent and stepdown terms: No disclosed caps or buybacks; no future payingvolume assumed.
How it affects our valuation

No valuation treatment is available for this arrangement.

A$500m bilateral facilities; A$143m drawn at June 2026, A$345m expiring2029 and A$155m2030. Santa Cruz purchase funded through facilities; current posttransaction balance not reported.

Other · Active
Counterparties
Five bilateral banks
Applies to
Company-wide
Economic direction
Burden
Period
Dates not stated
Key terms
Total facilities: 500,000,000 AUD
Drawn at30June: 143,000,000 AUD
Santa Cruz funding: 74,150,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

US$8.75m Avino receivable due25August2026 and US$1m Coeur obligation payable upon receipt. Subsequent settlement confirmation unavailable.

Other · Active
Counterparties
Avino Silver & Gold Mines · Coeur Mining
Applies to
Company-wide · Silver
Economic direction
Mixed
Period
From 2025-08-25; no end date stated
Key terms
Deferredproceeds: 8,750,000 USD
Residualvendorpayment: 1,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Operator may pay US$22m full-contract, US$13.2m Deterra attributable, before first production to reduce the GRR from8% to1.75% full-contract, effective1.05% to Deterra.

Other · Conditional
Counterparties
Lithium Americas
Applies to
Thacker Pass royalty participation · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Receipt ifexercised: 13,200,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Operator may repurchase25% at a price giving10% fixed return on relevant original cost. Additional0.25% ROFO requires a new purchase and is not currently acquired.

Other · Conditional
Counterparties
Ivanhoe Electric · Residual royalty sellers
Applies to
Santa Cruz copper royalty · Copper
Economic direction
Mixed
Period
From 2026-09-29; no end date stated
Key terms
Optionalbuybackfraction: 25 %
ROFOresidual: 0.25 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Gold offtake portfolio disposed; historical revenue and sale gains excluded from prospective royalty income. Separate residual settlement obligation retained.

Offtake · Terminated
Counterparties
Third-party purchasers
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Through 2025-09-29; start date not stated
How it affects our valuation

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

St Ives and Dandoko royalties disposed; historical revenue and sale gains excluded from prospective royalty income. Separate residual settlement obligation retained.

Royalty · Terminated
Counterparties
Third-party purchasers
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Through 2025-09-29; start date not stated
How it affects our valuation

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

La Preciosa royalty and milestone disposed; historical revenue and sale gains excluded from prospective royalty income. Separate residual settlement obligation retained.

Royalty · Terminated
Counterparties
Third-party purchasers
Applies to
Company-wide · Silver
Economic direction
Benefit
Period
Through 2025-08-25; start date not stated
How it affects our valuation

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