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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
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1M
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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

People, delivery and responsibility

Management background checks

Evidence through 2026-10-31

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

Deterra’s interim chief executive and finance, legal and technical staff have relevant mining and transaction backgrounds. The CEO search remains underway. TMAC’s historic impairment and pre-tenure environmental reporting offence, and Deterra’s resolved inadvertent ASIC filing omissions, are qualified by their distinct timelines and court findings. Some staff careers and credentials remain thinly corroborated.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Jason Neal

Interim Managing Director and Chief Executive Officer

Current
FailureIssuer Reported · High materiality

TMAC impairment and blocked proposed sale

TMAC reported a C$620.6m non-cash after-tax impairment for 2019 and a C$611.6m net loss for the year. Its proposed 2020 sale to Shandong did not receive Canadian approval amid approaching debt maturity; a 2021 Agnico transaction followed. These are company outcomes, not proof of individual error.

Role overlaps event; causation unproven · Neal was TMAC CEO during these outcomes; no source establishes individual causal responsibility.

TMAC Q4 2019 financial results · Q4 financial highlights
TMAC to be acquired by Agnico Eagle · transaction background
Feds reject sale of TMAC Resources to China’s Shandong Gold · 22 December 2020, transaction rejection and financing paragraphs
EnvironmentDocumented · High materiality

TMAC pleaded guilty after pre-tenure federal reporting non-compliance

TMAC pleaded guilty in October 2019 and was fined C$50,000 in connection with 2015 effluent discharges at Hope Bay. The updated Canadian government notice says the discharge complied with the existing water licence, but required sampling and testing results were not reported to Environment and Climate Change Canada. The offenders registry explains that failure to submit required federal information meant the company lacked authority to discharge under the federal regulations. TMAC described an administrative misunderstanding and reported paying the fine. The 2015 conduct predates Neal becoming CEO in 2018.

Employer context; no individual link established · The conduct predates Neal’s tenure. The plea occurred during his CEO tenure; no personal conduct or responsibility is established.

TMAC Resources Inc. conviction information 2019-10-02 · case details, reporting requirements, charge and sentence
TMAC 2019 management discussion and analysis · printed pp. 5 and 22, issuer explanation and fine payment
EducationIssuer Reported · Medium materiality

Issuer-reported business qualification

Deterra reports a Bachelor of Business Administration from Simon Fraser University; the degree was not independently verified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Role FitAnalyst Inference · Medium materiality

Mining finance and company leadership experience

Deterra and a former employer report substantial mining investment-banking experience and executive roles at TMAC and Kirkland Lake. This background is relevant to royalty transactions, while historic outcomes cannot be attributed solely to one executive.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Evidence gaps · 3
  • Independently verified degree and full investment-banking transaction responsibility are unavailable.
  • Full TMAC operational safety and environmental record and individual contribution to the 2021 transaction are not independently established.
  • The permanent Deterra CEO selection remained ongoing in the 29 October 2026 quarterly.

Full background report

Jason Neal

Interim Managing Director and Chief Executive Officer

Career chronology

Education and qualifications

Issuer-reported business qualification

Undated · issuer reported · medium materiality

Deterra reports a Bachelor of Business Administration from Simon Fraser University; the degree was not independently verified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Appointment of independent non-executive director (p.1)

Business failures and setbacks

TMAC impairment and blocked proposed sale

2019–2021 · issuer reported · high materiality

TMAC reported a C$620.6m non-cash after-tax impairment for 2019 and a C$611.6m net loss for the year. Its proposed 2020 sale to Shandong did not receive Canadian approval amid approaching debt maturity; a 2021 Agnico transaction followed. These are company outcomes, not proof of individual error.

Attribution: Role overlaps event; causation unproven. Neal was TMAC CEO during these outcomes; no source establishes individual causal responsibility.

Relevance: Documents both a material capital setback and subsequent transaction.

TMAC Q4 2019 financial results (Q4 financial highlights); TMAC 2019 management discussion and analysis (printed pp. 2–4); TMAC to be acquired by Agnico Eagle (transaction background); Kirkland Lake Gold management appointments (p.1); Feds reject sale of TMAC Resources to China’s Shandong Gold (22 December 2020, transaction rejection and financing paragraphs)

Environmental record

TMAC pleaded guilty after pre-tenure federal reporting non-compliance

2015 offence; 2019 plea · documented · high materiality

TMAC pleaded guilty in October 2019 and was fined C$50,000 in connection with 2015 effluent discharges at Hope Bay. The updated Canadian government notice says the discharge complied with the existing water licence, but required sampling and testing results were not reported to Environment and Climate Change Canada. The offenders registry explains that failure to submit required federal information meant the company lacked authority to discharge under the federal regulations. TMAC described an administrative misunderstanding and reported paying the fine. The 2015 conduct predates Neal becoming CEO in 2018.

Attribution: Employer context; no individual link established. The conduct predates Neal’s tenure. The plea occurred during his CEO tenure; no personal conduct or responsibility is established.

Relevance: Shows an environmental compliance outcome and distinct event/plea timelines.

TMAC Resources Inc. conviction information 2019-10-02 (case details, reporting requirements, charge and sentence); Update: Nunavut-based mining company fined for failure to comply with Metal Mining Effluent Regulations (paragraphs 2–3, water-licence compliance and reporting failure); TMAC 2019 management discussion and analysis (printed pp. 5 and 22, issuer explanation and fine payment)

Suitability for the current role

Mining finance and company leadership experience

Assessment through 31 October 2026 · analyst inference · medium materiality

Deterra and a former employer report substantial mining investment-banking experience and executive roles at TMAC and Kirkland Lake. This background is relevant to royalty transactions, while historic outcomes cannot be attributed solely to one executive.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Appointment of independent non-executive director (p.1); Kirkland Lake Gold management appointments (p.1); September 2026 quarterly portfolio update (pp.1–2)

Evidence gaps

  • Independently verified degree and full investment-banking transaction responsibility are unavailable.

  • Full TMAC operational safety and environmental record and individual contribution to the 2021 transaction are not independently established.

  • The permanent Deterra CEO selection remained ongoing in the 29 October 2026 quarterly.

Jason Clifton

Chief Financial Officer, Joint Company Secretary

Current
FailureIssuer Reported · Medium materiality

Former employer reported FY2023 loss

ASM reported an FY2023 net loss attributable to owners of A$26.303m, versus A$24.257m in FY2022, while Clifton was CFO. ASM also advanced its Korean metals plant during the period. This is an early-stage company result and not proof of individual causation.

Role overlaps event; causation unproven · CFO role overlapped the financial periods; individual responsibility for the company results was not established.

Annual financial report 2023 · printed pp. 4–7, 26–28
EducationIssuer Reported · Medium materiality

Issuer-reported finance qualifications

Deterra reports a UWA Bachelor of Commerce, chartered-accountant fellowship, Financial Services Institute fellowship and AICD membership. These have not been independently verified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Role FitAnalyst Inference · Medium materiality

Finance experience relevant to royalty investment

His reported resources, energy and banking finance roles provide relevant financial background; individual deal-level capital-allocation contribution remains unquantified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Evidence gaps · 2
  • Independent credential confirmation and exact tenure at prior banking and energy employers are unavailable.
  • Individual contribution to capital-allocation outcomes is not independently quantified.

Full background report

Jason Clifton

Chief Financial Officer, Joint Company Secretary

Career chronology

Education and qualifications

Issuer-reported finance qualifications

Undated · issuer reported · medium materiality

Deterra reports a UWA Bachelor of Commerce, chartered-accountant fellowship, Financial Services Institute fellowship and AICD membership. These have not been independently verified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Executive management changes (p.1)

Business failures and setbacks

Former employer reported FY2023 loss

FY2022–FY2023 · issuer reported · medium materiality

ASM reported an FY2023 net loss attributable to owners of A$26.303m, versus A$24.257m in FY2022, while Clifton was CFO. ASM also advanced its Korean metals plant during the period. This is an early-stage company result and not proof of individual causation.

Attribution: Role overlaps event; causation unproven. CFO role overlapped the financial periods; individual responsibility for the company results was not established.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Annual financial report 2023 (printed pp. 4–7, 26–28)

Suitability for the current role

Finance experience relevant to royalty investment

Assessment through 31 October 2026 · analyst inference · medium materiality

His reported resources, energy and banking finance roles provide relevant financial background; individual deal-level capital-allocation contribution remains unquantified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Executive management changes (p.1); Annual financial report 2023 (key management personnel)

Evidence gaps

  • Independent credential confirmation and exact tenure at prior banking and energy employers are unavailable.

  • Individual contribution to capital-allocation outcomes is not independently quantified.

Bronwyn Kerr

General Counsel, Joint Company Secretary

Current
GovernanceDocumented · High materiality

Court granted relief after inadvertent late ASIC notices

In August 2024 the Federal Court addressed late ASIC notices concerning a 2023 share issue and the March 2024 resignation of a director. The court found Deterra and secretary Kerr acted honestly, the non-compliance was inadvertent, and she acted promptly to rectify it and adopted a new practice. The court granted relief from civil liability.

Individual involvement documented · The judgment identifies Kerr’s direct administrative role and expressly finds honesty and inadvertence; no dishonesty or other misconduct is implied.

Deterra Royalties Limited [2024] FCA 891 · orders and reasons [13]–[18], [26]–[37]
EducationIssuer Reported · Medium materiality

Issuer-reported legal and governance credentials

Deterra reports LLB with honours and BA, post-graduate finance and governance qualifications, and admission to practice in Western Australia. Independent institution and current practising-status checks were not obtained.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

2025 annual report · printed p.34
Board and team · Bronwyn Kerr biography
Role FitAnalyst Inference · Medium materiality

Legal and company-secretarial experience

Issuer-reported mining and transaction legal experience and the documented 2024 compliance response are relevant to the role; the court episode limits any claim of error-free administration.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

2025 annual report · printed p.34
Evidence gaps · 2
  • Independent degree and current practising-status confirmation were not obtained.
  • Exact Atlas Iron tenure and full prior-employer transaction responsibilities remain unverified.

Full background report

Bronwyn Kerr

General Counsel, Joint Company Secretary

Career chronology

  • General Counsel from 27 October and company secretary from 8 November 2021: Deterra Royalties — General Counsel and joint company secretary. 2025 annual report (printed p.34)

  • Before joining Deterra; precise dates unavailable: Atlas Iron — In-house legal executive. Board and team (Bronwyn Kerr biography); 2025 annual report (printed p.34)

Education and qualifications

Issuer-reported legal and governance credentials

Undated · issuer reported · medium materiality

Deterra reports LLB with honours and BA, post-graduate finance and governance qualifications, and admission to practice in Western Australia. Independent institution and current practising-status checks were not obtained.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

2025 annual report (printed p.34); Board and team (Bronwyn Kerr biography)

Governance and interests

Court granted relief after inadvertent late ASIC notices

2023–2024 · documented · high materiality

In August 2024 the Federal Court addressed late ASIC notices concerning a 2023 share issue and the March 2024 resignation of a director. The court found Deterra and secretary Kerr acted honestly, the non-compliance was inadvertent, and she acted promptly to rectify it and adopted a new practice. The court granted relief from civil liability.

Attribution: Individual involvement documented. The judgment identifies Kerr’s direct administrative role and expressly finds honesty and inadvertence; no dishonesty or other misconduct is implied.

Relevance: Relevant, resolved governance-control episode and documented corrective action.

Deterra Royalties Limited [2024] FCA 891 (orders and reasons [13]–[18], [26]–[37])

Suitability for the current role

Legal and company-secretarial experience

Assessment through 31 October 2026 · analyst inference · medium materiality

Issuer-reported mining and transaction legal experience and the documented 2024 compliance response are relevant to the role; the court episode limits any claim of error-free administration.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

2025 annual report (printed p.34); Deterra Royalties Limited [2024] FCA 891 (reasons [34]–[36])

Evidence gaps

  • Independent degree and current practising-status confirmation were not obtained.

  • Exact Atlas Iron tenure and full prior-employer transaction responsibilities remain unverified.

Li Li

General Manager, Finance

Current
EducationIssuer Reported · Medium materiality

Issuer reports accountancy qualification

Deterra describes Li as a CPA-qualified accountant; the issuing body, membership status and degree were not independently verified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Li Li biography
Role FitAnalyst Inference · Medium materiality

Finance and reporting experience

The issuer describes financial planning, technical accounting and audit experience; employer names, duration and individual outcomes were not independently established.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Li Li biography
Evidence gaps · 2
  • Full prior-employer identities, tenure and verified professional membership are unavailable.
  • Common-name risk prevents attribution of unrelated search results.

Full background report

Li Li

General Manager, Finance

Career chronology

  • Financial Controller listed 2025; General Manager listed August 2026: Deterra Royalties — General Manager, Finance; previously Financial Controller. 2025 annual report (printed p.13); 2026 annual report and Appendix 4E (printed p.11)

  • Before Deterra; employers and dates not stated: Unspecified accounting and finance employers — Issuer-reported accounting, audit and planning roles. Board and team (Li Li biography)

Education and qualifications

Issuer reports accountancy qualification

Undated · issuer reported · medium materiality

Deterra describes Li as a CPA-qualified accountant; the issuing body, membership status and degree were not independently verified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Li Li biography)

Suitability for the current role

Finance and reporting experience

Assessment through 31 October 2026 · analyst inference · medium materiality

The issuer describes financial planning, technical accounting and audit experience; employer names, duration and individual outcomes were not independently established.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Li Li biography); 2026 annual report and Appendix 4E (printed p.11)

Evidence gaps

  • Full prior-employer identities, tenure and verified professional membership are unavailable.

  • Common-name risk prevents attribution of unrelated search results.

James Thomson

Senior Resource Geologist

Current
EducationIssuer Reported · Medium materiality

Issuer-reported geology and commerce degrees

Deterra reports a UWA BSc with first-class geology honours and BCom and AusIMM membership. These have not been independently verified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · James Thomson biography
Role FitAnalyst Inference · Medium materiality

Resource evaluation background

Deterra reports that Thomson led exploration drilling programs at BHP and Mineral Resources and developed modelling and resource-evaluation skills; no named projects or quantified personal outcomes were independently established.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · James Thomson biography
Evidence gaps · 2
  • Exact prior roles, named projects and contribution outcomes were not independently verified.
  • Degree and professional membership were not checked with the issuing bodies.

Full background report

James Thomson

Senior Resource Geologist

Career chronology

  • Listed in 2025 and 2026 annual reports: Deterra Royalties — Senior Resource Geologist. 2025 annual report (printed p.13); 2026 annual report and Appendix 4E (printed p.11)

  • Before Deterra; exact positions and dates unavailable: BHP and Mineral Resources — Issuer-reported exploration and geological roles. Board and team (James Thomson biography)

Education and qualifications

Issuer-reported geology and commerce degrees

Undated · issuer reported · medium materiality

Deterra reports a UWA BSc with first-class geology honours and BCom and AusIMM membership. These have not been independently verified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (James Thomson biography)

Suitability for the current role

Resource evaluation background

Assessment through 31 October 2026 · analyst inference · medium materiality

Deterra reports that Thomson led exploration drilling programs at BHP and Mineral Resources and developed modelling and resource-evaluation skills; no named projects or quantified personal outcomes were independently established.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (James Thomson biography)

Evidence gaps

  • Exact prior roles, named projects and contribution outcomes were not independently verified.

  • Degree and professional membership were not checked with the issuing bodies.

Phoebe Mather

Senior Legal Counsel

Current
EducationIssuer Reported · Medium materiality

Issuer-reported legal qualification

Deterra reports a University of Notre Dame law degree with first-class honours and admission to practise in Western Australia. Independent award and practising-status checks were not obtained.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Phoebe Mather biography
Role FitAnalyst Inference · Medium materiality

Mining and transactional legal background

Deterra describes prior legal and compliance work spanning mining, energy and financial institutions, relevant to royalty contracts; employer dates and specific transaction responsibilities remain unverified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Phoebe Mather biography
Evidence gaps · 2
  • Named prior employer, exact tenure and deal-level responsibility are not verified.
  • Degree and current practising status were not independently checked.

Full background report

Phoebe Mather

Senior Legal Counsel

Career chronology

  • Lawyer listed in 2025 and Senior Legal Counsel in 2026: Deterra Royalties — Senior Legal Counsel; previously lawyer. 2025 annual report (printed p.13); 2026 annual report and Appendix 4E (printed p.11)

  • Before Deterra; dates not independently established: Undisclosed international law firm — Legal roles. Board and team (Phoebe Mather biography)

Education and qualifications

Issuer-reported legal qualification

Undated · issuer reported · medium materiality

Deterra reports a University of Notre Dame law degree with first-class honours and admission to practise in Western Australia. Independent award and practising-status checks were not obtained.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Phoebe Mather biography)

Suitability for the current role

Mining and transactional legal background

Assessment through 31 October 2026 · analyst inference · medium materiality

Deterra describes prior legal and compliance work spanning mining, energy and financial institutions, relevant to royalty contracts; employer dates and specific transaction responsibilities remain unverified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Phoebe Mather biography); 2026 annual report and Appendix 4E (printed p.11)

Evidence gaps

  • Named prior employer, exact tenure and deal-level responsibility are not verified.

  • Degree and current practising status were not independently checked.

Annika Godwin

Senior Finance Manager

Current
EducationIssuer Reported · Medium materiality

Issuer-reported chartered accountancy qualification

Deterra describes Godwin as a qualified Chartered Accountant. Professional membership and educational awards were not independently verified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Annika Godwin biography
Role FitAnalyst Inference · Medium materiality

Group reporting background

Deterra reports experience in group financial reporting across mining and investment sectors; prior employers, tenure and individual reporting outcomes remain unverified.

Responsibility not applicable · The source supports the described role, not an attribution of other actions.

Board and team · Annika Godwin biography
Evidence gaps · 2
  • Prior employers, tenure and individual financial reporting outcomes are not independently established.
  • Professional accountancy status was not verified with its issuing body.

Full background report

Annika Godwin

Senior Finance Manager

Career chronology

  • Listed as Finance Manager in 2025 and Senior Finance Manager in 2026: Deterra Royalties — Senior Finance Manager; previously Finance Manager. 2025 annual report (printed p.13); 2026 annual report and Appendix 4E (printed p.11)

  • Before Deterra; employers and dates unstated: Undisclosed mining and investment employers — Issuer-reported group reporting roles. Board and team (Annika Godwin biography)

Education and qualifications

Issuer-reported chartered accountancy qualification

Undated · issuer reported · medium materiality

Deterra describes Godwin as a qualified Chartered Accountant. Professional membership and educational awards were not independently verified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Annika Godwin biography)

Suitability for the current role

Group reporting background

Assessment through 31 October 2026 · analyst inference · medium materiality

Deterra reports experience in group financial reporting across mining and investment sectors; prior employers, tenure and individual reporting outcomes remain unverified.

Attribution: Responsibility not applicable. The source supports the described role, not an attribution of other actions.

Relevance: Relevant to assessment of the person’s role and evidence quality.

Board and team (Annika Godwin biography); 2026 annual report and Appendix 4E (printed p.11)

Evidence gaps

  • Prior employers, tenure and individual financial reporting outcomes are not independently established.

  • Professional accountancy status was not verified with its issuing body.