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- Last 2026-11-06
- A$3.55
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$1.2B
- EV
- A$1.3B
- Cash
- A$114.8M
- Debt
- A$116.7M
5 newer ASX announcements not yet reflected in this valuation
- Quarterly Appendix 5B Cash Flow Report - September 2026Latest Four Cash Flow Reports
- Quarterly Activities Report - September 2026Latest Four Activities Reports
- Update - Notification regarding unquoted securities - DVPPost Cash Checkpoint Security Event
- Notification of cessation of securities - DVPPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - DVPPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 15All sources ▸- Annual Report to shareholdersResults
- Quarterly Activities ReportOperations
- June 2026 Appendix 5B cash flowFinancing
- Final investment decisions and Trafigura financingStudy
- Pioneer Dome grade-control drilling and DSO project updateOperations
- Quarterly Activities ReportOperations
- Half Yearly Report and AccountsResults
- Quarterly Activities Report - December 2025Operations
- Quarterly Activities ReportOperations
- Updated Yitirrti Definitive Feasibility StudyStudy
- Annual Report to shareholdersResults
- Quarterly Activities ReportOperations
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter | Pioneer Dome first DSO production and sales | Production | Company Guided | High | Tests product realization, recovery and whether receipts precede peak construction payments. |
| Expected by March 2027 per annual note 17 | Woodlawn capped silver burden completion | Economic Arrangement | Company Guided | High | Improves retained silver cash flow after the cap, while other royalties continue. |
| 19 November 2026, 10am AWST | Annual General Meeting and warrant ratification | Governance | Confirmed | Medium | Warrants already issued; ratification creates no exercise cash. New proposed incentives remain conditional. |
| March 2027 FID schedule; later September 2026 target passed unconfirmed | Conditional Pioneer Dome Stage II evaluation | Study | Company Guided | High | Conditional on lithium economics, updated study and funding; conflicting company timing remains at risk. |
Executive roster
As of 2026-10-13Background checks ▸Annual executive and company-secretary roster reconciled with the July2026 CFO change. Non-executive directors excluded; undisclosed operational appointments not invented.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| William (Bill) Beament | Managing Director | Executive Director · Chief Executive | — | Annual Report to shareholders |
| Felicity Hughes | Interim Chief Financial Officer | Finance | 2026-07-01 | Annual Report to shareholders · Quarterly Activities Report |
| Elle Farris | Company Secretary · General Counsel | Company Secretary · Senior Management | — | Annual Report to shareholders · 2026 Notice of Annual General Meeting |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Woodlawn copper-zinc mine
Australia
Producer100% ownedCopperZincLeadSilverGold
100% owned through Tarago Operations and Heron. Commercial production achieved in March 2026; proposed DM15 mine life extension is not yet a 15-year reserve-supported plan.
- Production annualised (attributable)
- 6.3k td
- Production (last FY, 100%)
- 4.8k t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- NM
- Reserve life
- 18.8 yrsd
- Head grade
- 1.2%
Published study economicsIssuer or study metrics
NPVA$728M7% discount
Initial capexA$78MPublished capital estimate
Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.
Resources & reserves7
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 1.3M t | 2.1%Cu;5.2%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Mineral Resource | Indicated | 6.8M t | 1.8%Cu;4.7%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Mineral Resource | Inferred | 3.1M t | 1.6%Cu;8.5%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Mineral Resource | Total | 11.3M t | 1.8%Cu;5.8%Zn;2.1%Pb;46g/tAg;0.5g/tAu | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Ore Reserve | Proved | 1.2M t | 1.7%Cu;4.5%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Ore Reserve | Probable | 4.8M t | 1.4%Cu;3.4%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
| Ore Reserve | Total | 6M t | 1.5%Cu;3.6%Zn | Copper · Zinc · Lead · Silver · Gold | 2026-06-30 |
Tenements1
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Woodlawn revisedrestartstudyAugust2024 | Operating Plan | Reaffirmed | 2024-08-02 | Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided. |
Core asset
Yitirrti (formerly Sulphur Springs)
Australia
Construction100% ownedCopperZincSilver
Yitirrti is the renamed Sulphur Springs project. FID in June 2026, A$450m construction budget including A$275m plant EPC. Kangaroo Caves is regional resource inventory without a separate base mine-plan value.
- Study
- June2026 FID based on October2025 UpdatedDFS with May2026 FEED costs
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- 37%s
- Initial capex (100%)
- A$450.0ms
- Capital intensity
- A$49,315/(t/yr)d
- LoM AISC
- —
- Mine life
- 8.0 yrss
Published study economicsIssuer or study metrics
NPVA$811M8% discount
IRR37%Published return
Initial capexA$450MPublished capital estimate
Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.
Resources & reserves8
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | SulphurSprings Indicated | 12.4M t | 1.2%Cu;5.6%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Mineral Resource | SulphurSprings Inferred | 1.4M t | 0.2%Cu;6.4%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Mineral Resource | SulphurSprings Total | 13.8M t | 1.1%Cu;5.7%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Mineral Resource | KangarooCaves Indicated | 2.3M t | 0.9%Cu;5.7%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Mineral Resource | KangarooCaves Inferred | 1.3M t | 0.5%Cu;6.5%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Mineral Resource | KangarooCaves Total | 3.6M t | 0.8%Cu;6.0%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Ore Reserve | Probable | 8.8M t | 1.1%Cu;5.4%Zn | Copper · Zinc · Silver | 2026-06-30 |
| Ore Reserve | Total | 8.8M t | 1.1%Cu;5.4%Zn | Copper · Zinc · Silver | 2026-06-30 |
Tenements1
Milestones2
- Final investment decision
Achieved · High materiality
- First saleable concentrate
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Majorenvironmentalandminingapprovals | WesternAustralia | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| June2026FIDwithupdatedFEEDcosts | Feed | Current | 2026-06-10 | Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided. |
Core asset
Pioneer Dome Stage I DSO
Australia
Construction100% ownedLithium
Stage I approved850kt DSO target,94% Indicated and6% Inferred. Stage II is conditional. Its value is not established as zero: full project option quantified in upside limitation rather than unsupported operating schedule.
- Study
- StageI DSO Final Investment Decision
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- 55%s
- Initial capex (100%)
- A$40.0ms
- Capital intensity
- A$3,922/(t/yr)d
- LoM AISC
- —
- Mine life
- 1.0 yrsd
Published study economicsIssuer or study metrics
IRR55%Published return
Initial capexA$40MPublished capital estimate
Reportedpre-taxstudy. Woodlawn historicalNPVcontextonly;YitirrtiFID811mreplacesOctober2025921m;PioneerStageIpre-taxFCF201misnotNPV.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 8.6M t | 1.23%Li2O;105,000tcontainedLi2O | Lithium | 2026-06-30 |
| Mineral Resource | Inferred | 2.6M t | 0.92%Li2O;24,000tcontainedLi2O | Lithium | 2026-06-30 |
| Mineral Resource | Total | 11.2M t | 1.2%Li2O;129,000tcontainedLi2O | Lithium | 2026-06-30 |
Tenements1
Milestones2
- Stage I DSO final investment decision
Achieved · High materiality
- First DSO production and sales
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Majorenvironmentalandminingapprovals | WesternAustralia | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| June2026StageIDSOFID | Operating Plan | Current | 2026-06-10 | Sourcepre-taxfinancials;assumptionskeptdistinctfromanalystvaluation. No currentaftertaxscheduleprovided. |
Core asset
Develop Mining Services
Australia · New Zealand
Producer100% ownedOthers
Continuing external underground services. Client metal is not owned by Develop. Internal work and profit eliminated. Contracts support an estimated131m mature external revenue base, with replacement fleet and working capital funded.
- Revenue
- A$226.9m
- EBITDA margin
- 13.6%d
- Utilisation
- —
- Order book
- —
- Top customer share
- 95.3%d
Other
Whim Creek JV
Australia
DFS Unfunded Developer20% ownedCopperZinc
20% interest free carried to a decision to mine; partner Anax holds 80% and is pursuing funding.
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Tenements1
Other
Alchemy regional JV
Australia
Early Explorer20% ownedCopperGold
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 20%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Sky Metals regional JV
Australia
Early Explorer20% ownedCopperGold
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 20%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Golden Ridge mineral rights
Australia
Early Explorer25% ownedNickel
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 25%
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Balagundi farm-out
Australia
Early Explorer25% ownedGold
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 25%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Kangan gold and precious metals JV
Australia
Early Explorer30% ownedGold
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 30%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Maggie Hays Hill JV
Australia
Early Explorer20% ownedNickel
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 20%
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Wattle Dam nickel rights
Australia
Early Explorer20% ownedNickel
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 20%
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Other
Larkinville West JV
Australia
Early Explorer25% ownedGoldNickel
Beneficial interest disclosed in the June 2026 tenement schedule. No current funded plan or reliable economic anchor supports positive value; the interest remains in the ledger.
- Ownership
- 25%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Contained metal (attributable)
- 28.8k td
- Resource grade
- 0.8%
- % Measured + Indicated
- 71.9%d
- Resource tonnes
- 3.60 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Audited 30 June cash A$114.812m and borrowing carrying value A$116.670m. Nominal claims restore the warrant accounting discount; leases are separate. Cutoff cash and debt are frozen analyst bridges, not reported balances. Capital and service commitments are included once in relevant forecast budgets.
Inventory composition2
Consumables A$17.618m, ROM ore A$3.410m and site concentrates A$12.113m total A$33.141m. Concentrate product tonnes differ from contained metal. Working capital remains embedded in project values; inventory is not added twice.
- Woodlawn ROM ore on hand
- A$3.4M carrying · 34,074 t dryore
- Unsold Woodlawn copper, zinc and lead concentrates on site
- A$12.1M carrying · 9,937 t concentrateproduct
Capital structure
Ownership and dilution
- Ordinary shares
- 329.9M
- Fully diluted
- 349.2M
Later 7 September ordinary distribution total 329,919,225, versus 329,985,475 at June including trust shares. Latest rights10,627,135 and835,000 employee options plus7,833,792 warrants retained separately. The maximum fully diluted register is not the unconditional scenario denominator. Various employee strikes and June/September option split remain a small source uncertainty.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Quoted ordinary shares at 7 September 2026 | Ordinary Share | 329.9M | — | — |
| Disclosed performance rights; model assumes full vesting | Performance Right | 10.6M | A$0 | — |
| 835,000 employee options; strike proxy bounded because latest aggregate and June class split differ | Option | 835K | — | — |
| 7,833,792 Trafigura warrants; A$9.105 strike and22 June2031 expiry | Option | 7.8M | A$9.105 | 2031-06-22 |
KPI history
Operating metrics · Woodlawn copper-zinc mine
| Metric | Unit | Trend | September 2025 | December 2025 | March 2026 | June 2026 |
|---|---|---|---|---|---|---|
| Contained metal in concentrates: Cu | t | 725 | 853 | 1,641 | 1,579 | |
| Contained metal in concentrates: Zn | t | 1,546 | 2,062 | 2,946 | 5,455 | |
| Contained metal in concentrates: CuEq (FY26 deck) | t | 1,456 | 1,674 | 3,147 | 4,625 | |
| Dry ore processed | t | 144,600 | 141,009 | 176,550 | 172,283 |
Operating metric source table22
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Contained metal in concentrates: Cu | Woodlawn | September 2025 quarter | Quarter | 725 t | Reported |
| Contained metal in concentrates: Zn | Woodlawn | September 2025 quarter | Quarter | 1,546 t | Reported |
| Contained metal in concentrates: CuEq (FY26 deck) | Woodlawn | September 2025 quarter | Quarter | 1,456 t | Reported |
| Dry ore processed | Woodlawn | September 2025 quarter | Quarter | 144,600 t | Reported |
| Contained metal in concentrates: Cu | Woodlawn | December 2025 quarter | Quarter | 853 t | Reported |
| Contained metal in concentrates: Zn | Woodlawn | December 2025 quarter | Quarter | 2,062 t | Reported |
| Contained metal in concentrates: CuEq (FY26 deck) | Woodlawn | December 2025 quarter | Quarter | 1,674 t | Reported |
| Dry ore processed | Woodlawn | December 2025 quarter | Quarter | 141,009 t | Reported |
| Contained metal in concentrates: Cu | Woodlawn | March 2026 quarter | Quarter | 1,641 t | Reported |
| Contained metal in concentrates: Zn | Woodlawn | March 2026 quarter | Quarter | 2,946 t | Reported |
| Contained metal in concentrates: CuEq (FY26 deck) | Woodlawn | March 2026 quarter | Quarter | 3,147 t | Reported |
| Dry ore processed | Woodlawn | March 2026 quarter | Quarter | 176,550 t | Reported |
| Contained metal in concentrates: Cu | Woodlawn | June 2026 quarter | Quarter | 1,579 t | Reported |
| Contained metal in concentrates: Zn | Woodlawn | June 2026 quarter | Quarter | 5,455 t | Reported |
| Contained metal in concentrates: CuEq (FY26 deck) | Woodlawn | June 2026 quarter | Quarter | 4,625 t | Reported |
| Dry ore processed | Woodlawn | June 2026 quarter | Quarter | 172,283 t | Reported |
| Reported cash balance; audited or half-year reviewed | Company | Balance as at 2024-12-31 | Point In Time | 112,896,829 AUD | Reported |
| Reported cash balance; audited or half-year reviewed | Company | Balance as at 2025-06-30 | Point In Time | 54,626,000 AUD | Reported |
| Reported cash balance; audited or half-year reviewed | Company | Balance as at 2025-12-31 | Point In Time | 180,391,164 AUD | Reported |
| Reported cash balance; audited or half-year reviewed | Company | Balance as at 2026-06-30 | Point In Time | 114,812,000 AUD | Reported |
| Reported borrowing carrying value | Company | Balance as at 2025-12-31 | Point In Time | 129,827,668 AUD | Reported |
| Reported borrowing carrying value | Company | Balance as at 2026-06-30 | Point In Time | 116,670,000 AUD | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Ore Processed At2.7%Cueq, Before Recovery | woodlawn | FY27 | 775,000 | 875,000 t ore | Current |
| Dso Ore Mined At1.2%Li2O; Not Elemental Lithium Metal | pioneer-dome | FY27 | 650,000 | 750,000 t DSOore | Current |
| External Contract Mining Revenue | dms | FY27 | 100,000,000 | 110,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-22Ann. 2026-06-10 | Debt | US$350M | — | — | Ongoing | — |
| 2025-07-02Ann. 2025-06-25 | Raising | A$180M | 40M | — | 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.
Latest annual, June FID appendices and quarterly tenement notes were reconciled. Detailed Toho allocation, DSO formula and floor, stream-counterparty succession, regional full contracts and the interest capitalisation conflict remain unresolved.
US$350m senior secured facility at SOFR plus 3.5%. Repayment starts 18 months after the 22 June 2026 refinancing: US$10m initially, then quarterly 1/14 of the outstanding balance. DSCR1.2x applies from December2028; project-life cover1.5x and debt/equity1.75x from18months. Six versus eighteen months of interest capitalisation remains unresolved.
Other · Active- Counterparties
- Trafigura Pte Ltd
- Applies to
- Woodlawn copper-zinc mine · Yitirrti (formerly Sulphur Springs) · Pioneer Dome Stage I DSO
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Facility commitment: 350,000,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
100% of Woodlawn concentrates, with 187,500DMT added to the original650,000DMT commitment. Market-standard treatment, refining, payability and deductions;90% provisional payment within five business days of shipping documents. Ends when delivery quantity is fulfilled.
Offtake · Active- Counterparties
- Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
- Applies to
- Woodlawn copper-zinc mine
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Copper and zinc concentrates excluding the separate Toho allocation. Trafigura minimum delivery1,250,000DMT, approximately seven forecast years, CIFChina;90% provisional payment within five business days.
Offtake · Active- Counterparties
- Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
- Applies to
- Yitirrti (formerly Sulphur Springs)
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Separate Toho agreement expressly excluded from Trafigura volumes. The2019 origin is identified, but current allocation and payability terms are not reconciled from current filings. No termination is assumed.
Offtake · Active- Counterparties
- Toho Zinc Co. Ltd
- Applies to
- Yitirrti (formerly Sulphur Springs)
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
All Pioneer DSO except up to30kt auction sales. Initial obligation ends at the earlier of750kt delivered and30September2027, followed by a12month last right of refusal. Price uses carbonate, product grade and recovery. Floor only for the first two months/max150kt; numerical floor unavailable.
Offtake · Active- Counterparties
- Trafigura Pte Ltd · Trafigura Asia Trading Pte Ltd
- Applies to
- Pioneer Dome Stage I DSO
- Economic direction
- Mixed
- Period
- Through 2028-09-30; start date not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
A$27m capped burden; A$19.9m remaining expected FY27 at30 June. Frozen cutoff estimate A$16m remains after assumed A$3.9m interim delivery. Paid once as a dated equity-bridge claim; group tax deduction carried at payment.
Stream · Active- Counterparties
- Sandstorm Gold Ltd (issuer named counterparty)
- Applies to
- Woodlawn copper-zinc mine
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
A$1m per1Mt of Woodlawn tailings treated, capped atA$10m. Current LOM excludes tailings treatment; no base charge or invented tailings production.
Stream · Active- Counterparties
- Sandstorm Gold Ltd (issuer named counterparty)
- Applies to
- Woodlawn copper-zinc mine
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
A$275m plant EPC awarded to GR Engineering inAugust2026 within the totalA$450m Yitirrti construction budget. No extra double deduction.
Other · Active- Counterparties
- GR Engineering Services Limited
- Applies to
- Yitirrti (formerly Sulphur Springs)
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Approximately A$70m twelve-month Pioneer Dome mining/crushing contract. Expense as work is performed inFY27; not wholly additional upfront capex.
Other · Active- Counterparties
- MLG Oz Limited
- Applies to
- Pioneer Dome Stage I DSO
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
A$274m three-year underground services contract with Core Lithium, plus a two-year extension option. Client owns BP33 ore and production; contract amount is revenue opportunity rather than profit.
Other · Active- Counterparties
- Core Lithium Limited
- Applies to
- Develop Mining Services
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Approximately A$200m five-year portal and tunnelling services at OceanaGold Waihi North. Work startedMay2026; client retains gold resources and output.
Other · Active- Counterparties
- OceanaGold Corporation
- Applies to
- Develop Mining Services
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Binding cooperation on potential acquisition, funding and offtake opportunities. No completed new asset or quantifiable dealflow value admitted.
Strategic Partnership · Active- Counterparties
- Trafigura Pte Ltd
- Applies to
- Woodlawn copper-zinc mine · Yitirrti (formerly Sulphur Springs) · Pioneer Dome Stage I DSO
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Anax80%,DVP20%,free carried to a decision to mine. Partner continues seeking a funding solution.
Joint Venture · Active- Counterparties
- Anax Metals Limited
- Applies to
- Whim Creek JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Alchemy regional JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Sky Metals regional JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Golden Ridge mineral rights
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Balagundi farm-out
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Kangan gold and precious metals JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Maggie Hays Hill JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Wattle Dam nickel rights
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Retained beneficial JV or mineral-right interest as disclosed in the June2026 tenement schedule. No current economic study or funding anchor supports positive base value.
Joint Venture · Active- Counterparties
- Counterparty as disclosed in June2026 tenement notes
- Applies to
- Larkinville West JV
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Material commercial terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Remaining A$40m vendor milestones per annual note19. Modeled as dated nominal cash claims, separately from operating project cash flows.
Other · Active- Counterparties
- Orion
- Applies to
- Woodlawn copper-zinc mine
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Remaining continuous commercial production milestones: 40,000,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Consolidated50% owned services subsidiary. Minority share is a separate after-tax distribution claim calibrated at0.892m/226.9m consolidated external revenue.
Joint Venture · Active- Counterparties
- Tjiwarl Develop Pty Ltd minority owners
- Applies to
- Develop Mining Services
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Economic subsidiary ownership: 50 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Management background checks
Develop combines former Northern Star leadership with reported mining-services finance, processing and legal experience. Woodlawn reported a restarted operating mine and increased quarterly throughput; Yitirrti and Pioneer Dome remain development projects. Historical company safety convictions, disclosed related-party dealing and a separate neighbouring-landfill pollution investigation are material context without findings of personal wrongdoing.
Decision-relevant facts
Material summary
William (Bill) Beament
Managing Director
Company SuccessIssuer Reported · High materiality
Northern Star merger and Woodlawn restart
Northern Star’s FY2021 report records completion of its Saracen merger and FY2021 underlying profit of A$372m. Develop reported Woodlawn processed 201,130 tonnes in the September 2026 quarter and declared steady state in April 2026. These outcomes reflect teams, acquisitions and market conditions.
Role overlaps event; causation unproven · Beament held senior leadership during both periods; the results do not isolate his personal contribution.
Northern Star 2021 annual report · chair letter, FY2021 results
September 2026 quarterly report · pp.1–4 and Woodlawn table
SafetyDocumented · High materiality
Northern Star fined after Paulsens fatality
Western Australia’s mines department says Northern Star pleaded guilty and was fined A$90,000 in 2017 after a worker died of heat stroke underground in 2015. The regulator cited ventilation and heat-management failures.
Role overlaps event; causation unproven · Beament was a Northern Star senior leader; the company was convicted and no personal culpability is established.
WA mines department 2016–17 annual report · printed p.36
Metals Acquisition Corp registration statement: advisor biography · Our Advisors, printed pp.7–8
SafetyDocumented · High materiality
Northern Star fined after Millennium injuries
WA government reports Northern Star was fined A$150,000 in March 2021 following a 2017 underground vehicle collision that injured two workers. The report identifies inadequate training and risk assessment.
Role overlaps event; causation unproven · The fine was against Northern Star; it does not establish his personal responsibility.
Gold miner fined after workers injured driving underground · 2021 incident and fine
Metals Acquisition Corp registration statement: advisor biography · Our Advisors, printed pp.7–8
GovernanceIssuer Reported · Medium materiality
Develop disclosed related-party equipment purchase
The FY2026 report says Develop incurred A$1.685m to buy a drill rig at cost from Underground Rising, in which Beament had an indirect 50% interest. The board described the amount as immaterial to both parties.
Individual involvement documented · The interest and transaction are disclosed; no improper conduct or breach is asserted.
Develop 2026 annual report · printed pp.20–22, 48–49 and note 24
EnvironmentDocumented · Medium materiality
Woodlawn leachate investigation concerned neighbouring landfill
In May 2026 the NSW EPA ordered Veolia to investigate pollutants in groundwater at the Develop-operated mine, with a possible pathway from Veolia’s landfill. The investigation and source determination remained pending in that dated notice; Veolia described related investigative work in an August-labelled presentation.
Role overlaps event; causation unproven · The notice went to Veolia, not Develop or Beament; it does not establish his personal responsibility or the final source.
Veolia issued clean-up notice · 27 May 2026 news release
Woodlawn corporate update, August 2026 · slides 19–22
Role FitAnalyst Inference · Medium materiality
Operating and acquisition experience fits hybrid model
Northern Star executive leadership, prior contractor operations and Develop’s operating mine provide relevant sector experience, though results reflect wider teams and do not establish outcomes for planned new mines.
Responsibility not applicable · A professional judgment based on the roles and reported company outcomes.
Metals Acquisition Corp registration statement: advisor biography · Our Advisors, printed pp.7–8
September 2026 quarterly report · pp.1–4 and Woodlawn table
Evidence gaps · 4
- Independent degree and professional membership confirmation not obtained.
- Company safety convictions do not establish individual fault.
- Final outcome of Veolia groundwater source and remediation investigation not established; its August-labelled presentation discusses continuing investigative work.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Felicity Hughes
Former Interim Chief Financial Officer
GovernanceDocumented · Medium materiality
Interim CFO contract ended 29 October
Develop states Hughes stepped down at contract completion on 29 October 2026 and David Lonsdale assumed interim CFO duties the same day.
Individual involvement documented · The issuer identifies her departure; no negative reason is stated.
Company SuccessSelf Reported · Medium materiality
Newmont finance and integration experience
Newmont’s 2018 presentation identifies her as Australian regional CFO, while Hughes later reported leading finance integration after the Newcrest acquisition. The individual contribution and realised integration benefits are not independently quantified.
Individual involvement documented · CFO role is independently corroborated by the employer; integration details are self-reported.
Australia site tour presentation · slide 29
Felicity Hughes career reflection · opening post
SafetyIssuer Reported · Medium materiality
Newmont reported Boddington silicosis detection
Newmont’s 2023 sustainability report says a routine health check found early-stage silicosis at Boddington and it reviewed its health-surveillance programs. Hughes became Newmont Australia regional CFO in 2018 and later reported leaving Newmont in late 2025, but her precise role in 2023 and the worker’s exposure timeline are not established.
Employer context; no individual link established · The issuer records a company health matter; there is no evidence of her individual involvement or operational fault.
Newmont 2023 sustainability report · workplace exposures section
Australia site tour presentation · slide 29
Evidence gaps · 5
- Exact transition from Australian CFO to Newmont global finance role not independently dated.
- No independent confirmation of degrees or current accounting membership.
- Boddington exposure cause and individual responsibilities not established.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
- Her specific Newmont role and duties at the 2023 Boddington detection date are unverified.
Elle Farris
General Counsel and Company Secretary
GovernanceDocumented · Medium materiality
Conflicting dates for appointment
The 18 May 2023 appointment announcement said Farris would be general counsel and company secretary from 26 June. Develop’s 2026 annual report dates general counsel from 12 June and company secretary from 2 October; its October 2023 quarterly says she replaced Steven Wood as sole secretary on 2 October.
Individual involvement documented · Issuer sources conflict on dates; the quarterly explicitly identifies the sole-secretary transition.
Develop 2026 annual report · printed pp.20–22, 48–49 and note 24
EducationDocumented · Medium materiality
Law and arts degrees corroborated
A 2017 Curtin University conference biography reports a UWA law degree with distinction and a UWA arts degree, completed in November 2016; Develop also reports both degrees.
Responsibility not applicable · Conference biography corroborates issuer reporting; not a university registrar check.
Property law conference speaker biographies · Elle Farris biography
Develop 2026 annual report · printed pp.20–22, 48–49 and note 24
Company SuccessSelf Reported · Medium materiality
Farris named in financing team
Perry describes working alongside Farris and Beament on the June 2026 Trafigura funding and offtake arrangements. His individual account does not independently quantify her role or establish eventual project returns.
Role overlaps event; causation unproven · Self-report names Farris as a collaborator; transaction outcomes depend on many parties.
Fraser Perry on Trafigura transaction · opening post
Role FitAnalyst Inference · Medium materiality
Legal and disclosure experience
Her former Newmont corporate counsel and Develop governance responsibilities are relevant to listed company operations, although specific personal legal outcomes are not independently quantified.
Responsibility not applicable · Analytical assessment using sourced roles.
Develop 2026 annual report · printed pp.20–22, 48–49 and note 24
Evidence gaps · 3
- Issuer sources conflict on her June 2023 commencement; 2 October sole-secretary transition is separately documented.
- Current professional practising certificate and complete prior-employment dates were not independently confirmed.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
David Lonsdale
Interim Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Interim CFO has mining-services finance experience
Develop reports that Lonsdale spent ten years at Byrnecut, including leading finance for Australian divisions from 2020. The issuer says those divisions and consulting business had combined turnover above A$2.5bn, without specifying a measurement year.
Responsibility not applicable · The role-fit conclusion uses issuer-reported career history; turnover is employer-level, with period unspecified.
SafetyDocumented · High materiality
Byrnecut fined over a 2020 fatality
WorkSafe WA reports contractor Byrnecut pleaded guilty and was fined A$850,000 after a worker died at Carosue Dam in July 2020. Develop states Lonsdale led finance for Byrnecut Australian mining-services divisions from 2020, but exact incident-date role overlap and site responsibilities are not established.
Employer context; no individual link established · The conviction was against Byrnecut. No personal involvement or operational decision by Lonsdale is established.
ThinkSafe: safety prosecution updates · safety prosecution updates, Carosue Dam
Evidence gaps · 4
- Exact dates and scope of Byrnecut roles, and whether he had any responsibility for Carosue Dam, remain unverified.
- Qualifications, professional memberships, and additional material employers were not independently established.
- Several unrelated UK-based namesakes appear in searches and were not attributed.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Nathan Stoitis
General Manager, Processing and Metallurgy
GovernanceIssuer Reported · Medium materiality
Concurrent Rox board seat and nominee status
Rox’s 2026 annual report identifies Stoitis as a director and says he was not independent because he was a nominee for Hawke’s Point. Develop also reports his technical executive role.
Individual involvement documented · These are disclosed roles and classifications, not an allegation of misconduct.
Rox Resources 2026 annual report · corporate governance statement and directors report
Role FitAnalyst Inference · Medium materiality
Processing and consulting experience
The issuer reports a history of metallurgical consulting, including mine acquisitions and processing work. The evidence supports relevant experience but does not quantify his personal contribution to Woodlawn commissioning.
Responsibility not applicable · Inference from disclosed experience; individual operating outcome unquantified.
Rox Resources 2026 annual report · Nathan Stoitis biography
Evidence gaps · 4
- Rox says the Develop role began in July 2025; the October 2025 Develop appointment announcement does not specify the start date.
- Independent degree and fellowship confirmation unavailable.
- Specific personal contributions to individual projects not independently quantified.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Fraser Perry
General Manager, Business Development
Personal SuccessSelf Reported · Medium materiality
Reported lead of Trafigura commercial work
Perry states he led commercial workstreams on the June 2026 Trafigura package. Develop reported a US$350m loan facility, US$50m warrant package and binding offtake; facilities and warrants have distinct economics and future mine outcomes remain unproven.
Individual involvement documented · His claimed personal role is self-reported; financing is an issuer-announced transaction, not delivery of future mines.
Fraser Perry on Trafigura transaction · opening post
Role FitAnalyst Inference · Medium materiality
Investment and mining background fits growth role
The disclosed engineering and five-year investment-manager background is relevant to negotiating project finance and assessing acquisitions. The track record of specific investments and realised returns is not independently quantified.
Responsibility not applicable · Judgment from reported roles, not a verified individual return history.
Evidence gaps · 4
- Named project-financing role is self-reported; independent transaction responsibility and economics are not established.
- Individual investment outcomes and precise dates of pre-RCF roles are unavailable.
- Degrees and membership were not independently verified.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Guy Singleton
Chief External Affairs Officer
EnvironmentDocumented · Medium materiality
External affairs remit and Veolia notice
Central Desert identifies Singleton’s Develop remit as sustainability, Indigenous peoples, environment and external relations. The NSW EPA ordered neighbouring landfill operator Veolia to investigate possible leachate found in the Develop-operated mine. The notice did not establish the source or personal fault.
Role overlaps event; causation unproven · His general remit is documented, but no personal connection to the pollution or response is established; the notice was directed to Veolia.
Director profile · executive profile
Veolia issued clean-up notice · 27 May 2026 news release
Role FitAnalyst Inference · Medium materiality
Native-title and stakeholder experience
His executive environmental remit and Central Desert chair role align with stakeholder engagement; outcome and conflict-management effectiveness are not independently established.
Responsibility not applicable · Inference from named roles; no causal claim about decisions.
Investor site visit and organisation chart · corporate leadership
Director profile · chair biography
Evidence gaps · 4
- Degree confirmation and consultancy mandate details are unavailable.
- No individual causal connection to the Woodlawn leachate matter is established.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
- The issuer management page is undated, so continued role at the historical cutoff is based on its state when accessed and is not corroborated by a dated October filing.
Chris Taylor
Woodlawn General Manager (current role unconfirmed)
Company SuccessIssuer Reported · Medium materiality
Woodlawn output after restart
Develop reported mine restart in 2025 and 201,130 tonnes processed at Woodlawn in the September 2026 quarter. Taylor was identified as mine GM in 2024 and 2025; independent dated confirmation of his role at the September 2026 quarter was not found.
Responsibility unresolved · Site-level company output cannot be attributed individually; later role continuity remains unconfirmed.
Woodlawn rehabilitation cost estimation · signed general manager page
September 2026 quarterly report · pp.1–4 and Woodlawn table
EnvironmentDocumented · Medium materiality
Woodlawn groundwater investigation
The NSW EPA issued a clean-up notice to adjacent operator Veolia after pollutants consistent with leachate were found in groundwater within the Develop-operated mine. Taylor was named as mine GM in dated 2024 and 2025 documents; his later role and the investigation’s final conclusions are not established.
Responsibility unresolved · The notice is directed to Veolia, not Taylor or Develop. No personal responsibility for pollution is established.
Veolia issued clean-up notice · 27 May 2026 news release
Woodlawn rehabilitation cost estimation · signed general manager page
Role FitAnalyst Inference · Medium materiality
Operational and emergency-response experience
Develop’s plan identifies Taylor as mine general manager responsible for pollution-incident response notifications. This role indicates relevant site oversight experience; no assumption is made about the outcome of the separate leachate inquiry.
Responsibility not applicable · Assessment draws on a dated corporate plan and does not establish incident responsibility.
Woodlawn rehabilitation cost estimation · signed general manager page
Evidence gaps · 4
- Identity is based on role and employer; common-name court and regulatory results could not be safely matched.
- Independent dated confirmation of his current role after July 2025 and qualifications was not located.
- Veolia investigation final source, extent and remediation outcome are unknown.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Rhys Watkins
Technical Services General Manager (identity and current role unconfirmed)
Role FitAnalyst Inference · Medium materiality
Underground technical experience
Mining Plus identified a Rhys Watkins as area manager of its Australian underground team in 2022. A third-party profile attributes a later Develop technical-services role to a person of that name, but the identity match and role continuity remain unconfirmed.
Responsibility not applicable · Relevant role history supports a tentative skills assessment; identity and employment dates beyond Mining Plus remain partially corroborated.
Mining Plus underground team post · 2022 team post
Rhys Watkins technical services profile · work experience
Evidence gaps · 5
- Develop title and exact role dates rely on an undated secondary profile, not a dated issuer announcement.
- Degree and professional memberships not independently verified.
- Several other people share this name; unrelated results were not attributed.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
- The connection between the Mining Plus manager and the Develop profile is not independently proven; third-party profile dates overlap.
Shannon Bunn
Operations executive; exact current title unconfirmed
SafetyDocumented · Medium materiality
Byrnecut fined after Carosue Dam fatality
WorkSafe WA states Byrnecut was fined A$850,000 following a July 2020 worker fatality at Carosue Dam. Beament described Bunn as previously working in Byrnecut offshore operations but did not supply dates; his role, tenure overlap and any involvement in the Australian mine incident were not established.
Employer context; no individual link established · The corporate fine does not establish Bunn’s involvement or responsibility, and his exact tenure is unknown.
ThinkSafe: safety prosecution updates · safety prosecution updates
Develop Q2 2026 earnings call transcript · mining-services discussion
Role FitAnalyst Inference · Medium materiality
Underground contracting management experience
Develop identified Bunn as operations general manager in 2023, and Beament described his earlier Byrnecut offshore leadership in January 2026. His current title and individual contribution to operating results remain unverified.
Responsibility not applicable · Fit assessment is based on named roles, not individual outcome attribution.
Investor site visit and organisation chart · organisation chart
Develop Q2 2026 earnings call transcript · mining-services discussion
Evidence gaps · 4
- The precise current title and continuation after January 2026 have not been established from a later dated issuer record.
- Exact Byrnecut tenure, sites and responsibilities, education and qualifications remain unverified.
- No personal responsibility or established role overlap in the Carosue Dam fatality.
- Broad name-and-employer searches were reused across adverse topics; dedicated individual checks across each regulator, court and past employer were not completed.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 5.07%Voting power | 2026-10-21 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The 2026 annual report top-20 table is internally inconsistent: for example, 35,789,033 shares are shown as 7.06%, although the table reports 329,919,225 shares outstanding. Multiple later rows also conflict with their percentages. The table is withheld pending an accurate source; values were not silently corrected.
- Substantial-holder coverage is partial. The annual report identifies other substantial holders based on older notices, but this snapshot has not independently reconciled their latest notices and subsequent changes.
- Fund manager and securities-lending relevant interests may overlap with registered nominee accounts; positions should not be added.
Sources
- Becoming a substantial holder
State Street Corporation via ASX · Published 2026-10-23 · Accessed 2026-10-31
State Street Corporation and subsidiaries report 16,728,265 shares and 5.07% voting power at 21 October 2026.
downloads/DVP/2026/2026-10-23_Becoming a substantial holder_3429b4371445a34d.pdf, page 1
- Annual report 2026
Develop Global Limited via ASX · Published 2026-09-29 · Accessed 2026-10-31
Top-20 table at 7 September 2026 and older substantial holders; source counts and percentages conflict in several rows.
downloads/DVP/2026/2026-09-29_Annual Report to shareholders_6e8a1e8777bdfc41.pdf, PDF pages 100–101
Disclosed activity
Insider transactions
Trading activity394 buys · 116 sells shownNet cash last 12 months −A$1.8mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-09-02 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-09-02The form labels this a negative 'Collateral received' quantity. It is recorded as an other relevant-interest change, not a sale; Annexure B describes securities-lending/collateral interests. No separate consideration is stated. As disclosed: Collateral received; -11 ordinary shares; consideration n/a.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 11 | —Non Cash | — | — |
| 2026-09-02 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-09-02The form labels this a negative 'Collateral received' quantity. It is recorded as an other relevant-interest change, not a sale; Annexure B describes securities-lending/collateral interests. No separate consideration is stated. As disclosed: Collateral received; -999 ordinary shares; consideration n/a.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 999 | —Non Cash | — | — |
| 2026-09-02 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-09-02The form labels this a negative 'Collateral received' quantity. It is recorded as an other relevant-interest change, not a sale; Annexure B describes securities-lending/collateral interests. No separate consideration is stated. As disclosed: Collateral received; -506,169 ordinary shares; consideration n/a.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 506,169 | —Non Cash | — | — |
| 2026-09-01 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-09-01As disclosed: BUY; consideration 5.50; Ordinary; quantity 3,240.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 3,240 | — | AUD 5.5Disclosed price | — |
| 2026-09-01 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-09-01As disclosed: BUY; consideration 5.50; Ordinary; quantity 1,620.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,620 | — | AUD 5.5Disclosed price | — |
| 2026-08-31 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-31As disclosed: SELL; consideration 5.41; Ordinary; quantity 38,328 disposed.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | SaleOrdinary shares | 38,328 | — | AUD 5.41Disclosed price | — |
| 2026-08-06to 2026-08-31 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-08-06Month-level aggregate acquisition; range follows the date of the previous notice (5 August) and the month shown. The source does not disclose exact trade dates or account allocation. As disclosed: DVP Aug-26 volume 565,000; value -$2,987,691.89; average price $5.29.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Change in substantial holding ↗ | PurchaseOrdinary shares | 565,000 | AUD 2,987,691.89 | AUD 5.29Disclosed price | — |
| 2026-08-06to 2026-08-31 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-08-06Month-level aggregate acquisition; range follows the date of the previous notice (5 August) and the month shown. The source does not disclose exact trade dates or account allocation. As disclosed: DVP Aug-26 volume 2,950,000; value -$15,169,124.79; average price $5.14.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Change in substantial holding ↗ | PurchaseOrdinary shares | 2,950,000 | AUD 15,169,124.79 | AUD 5.14Disclosed price | — |
| 2026-08-28 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-28As disclosed: BUY; consideration 5.77; Ordinary; quantity 1,680.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,680 | — | AUD 5.77Disclosed price | — |
| 2026-08-27 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-27As disclosed: SELL; consideration 5.66; Ordinary; quantity 912 disposed.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | SaleOrdinary shares | 912 | — | AUD 5.66Disclosed price | — |
| 2026-08-27 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-27As disclosed: BUY; consideration 5.66; Ordinary; quantity 912.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 912 | — | AUD 5.66Disclosed price | — |
| 2026-08-27 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-27As disclosed: SELL; consideration 5.64; Ordinary; quantity 172,044 disposed.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | SaleOrdinary shares | 172,044 | — | AUD 5.64Disclosed price | — |
| 2026-08-26 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-26As disclosed: BUY; consideration 5.49; Ordinary; quantity 5,714.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 5,714 | — | AUD 5.49Disclosed price | — |
| 2026-08-26 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-26As disclosed: BUY; consideration 5.49; Ordinary; quantity 2,840.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,840 | — | AUD 5.49Disclosed price | — |
| 2026-08-26 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-26As disclosed: BUY; consideration 5.49; Ordinary; quantity 800.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 800 | — | AUD 5.49Disclosed price | — |
| 2026-08-26 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-26As disclosed: SELL; consideration 5.45; Ordinary; quantity 3,759 disposed.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | SaleOrdinary shares | 3,759 | — | AUD 5.45Disclosed price | — |
| 2026-08-25 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-25As disclosed: BUY; consideration 5.25; Ordinary; quantity 1,704.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,704 | — | AUD 5.25Disclosed price | — |
| 2026-08-25 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-25As disclosed: BUY; consideration 5.25; Ordinary; quantity 3,605.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 3,605 | — | AUD 5.25Disclosed price | — |
| 2026-08-21 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-21As disclosed: BUY; consideration 5.23; Ordinary; quantity 2,592.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,592 | — | AUD 5.23Disclosed price | — |
| 2026-08-21 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-21As disclosed: SELL; consideration 5.30; Ordinary; quantity 5,803 disposed.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | SaleOrdinary shares | 5,803 | — | AUD 5.3Disclosed price | — |
| 2026-08-21 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-21As disclosed: BUY; consideration 5.30; Ordinary; quantity 5,803.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 5,803 | — | AUD 5.3Disclosed price | — |
| 2026-08-19 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-19As disclosed: BUY; consideration 4.84; Ordinary; quantity 1,440.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,440 | — | AUD 4.84Disclosed price | — |
| 2026-08-19 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-19As disclosed: BUY; consideration 4.84; Ordinary; quantity 1,734.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,734 | — | AUD 4.84Disclosed price | — |
| 2026-08-18 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-18As disclosed: BUY; consideration 4.85; Ordinary; quantity 596.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 596 | — | AUD 4.85Disclosed price | — |
| 2026-08-17 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-17As disclosed: BUY; consideration 4.94; Ordinary; quantity 2,565.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,565 | — | AUD 4.94Disclosed price | — |
| 2026-08-14 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-14As disclosed: BUY; consideration 4.73; Ordinary; quantity 909.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 909 | — | AUD 4.73Disclosed price | — |
| 2026-08-14 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-14As disclosed: BUY; consideration 4.73; Ordinary; quantity 2,574.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,574 | — | AUD 4.73Disclosed price | — |
| 2026-08-13 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-13As disclosed: BUY; consideration 5.07; Ordinary; quantity 4,335.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 4,335 | — | AUD 5.07Disclosed price | — |
| 2026-08-13 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-13As disclosed: BUY; consideration 5.07; Ordinary; quantity 1,734.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,734 | — | AUD 5.07Disclosed price | — |
| 2026-08-12 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-12As disclosed: BUY; consideration 5.11; Ordinary; quantity 1,435.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,435 | — | AUD 5.11Disclosed price | — |
| 2026-08-11 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-11As disclosed: BUY; consideration 4.96; Ordinary; quantity 4,260.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 4,260 | — | AUD 4.96Disclosed price | — |
| 2026-08-11 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-11As disclosed: BUY; consideration 4.93; Ordinary; quantity 2,796.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,796 | — | AUD 4.93Disclosed price | — |
| 2026-08-11 | State Street Global Advisors, Australia, Limited
Details & evidence for State Street Global Advisors, Australia, Limited on 2026-08-11As disclosed: Transfer out; consideration 4.96; -1,172 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | Transfer OutOrdinary shares | 1,172 | —Not Disclosed | AUD 4.96Disclosed price | — |
| 2026-08-11 | State Street Global Advisors Trust Company
Details & evidence for State Street Global Advisors Trust Company on 2026-08-11As disclosed: Transfer out; consideration 5.01; -3,832 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | Transfer OutOrdinary shares | 3,832 | —Not Disclosed | AUD 5.01Disclosed price | — |
| 2026-08-11 | State Street Global Advisors, Australia, Limited
Details & evidence for State Street Global Advisors, Australia, Limited on 2026-08-11As disclosed: Transfer out; consideration 4.96; -585 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | Transfer OutOrdinary shares | 585 | —Not Disclosed | AUD 4.96Disclosed price | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Lend - for stock lend; consideration n/a; -73,000 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 73,000 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 284 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 284 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 1,377 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 1,377 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 390 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 390 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 29,527 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 29,527 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 6 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 6 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 1,356 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 1,356 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 37 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 37 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 13,994 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 13,994 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 69 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 69 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 256 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 256 | —Non Cash | — | — |
| 2026-08-11 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-08-11As disclosed: Collateral received; consideration n/a; 129 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 129 | —Non Cash | — | — |
| 2026-08-10 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-10As disclosed: BUY; consideration 5.19; Ordinary; quantity 41,983.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 41,983 | — | AUD 5.19Disclosed price | — |
| 2026-08-10 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-10As disclosed: BUY; consideration 5.16; Ordinary; quantity 26,126.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 26,126 | — | AUD 5.16Disclosed price | — |
| 2026-08-07 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-07As disclosed: BUY; consideration 5.24; Ordinary; quantity 1,981.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,981 | — | AUD 5.24Disclosed price | — |
| 2026-08-07 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-07As disclosed: BUY; consideration 5.31; Ordinary; quantity 13,651.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 13,651 | — | AUD 5.31Disclosed price | — |
| 2026-08-07 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-07As disclosed: SELL; consideration 5.31; Ordinary; quantity 13,651 disposed.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | SaleOrdinary shares | 13,651 | — | AUD 5.31Disclosed price | — |
| 2026-08-05 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-05As disclosed: BUY; consideration 5.19; Ordinary; quantity 2,280.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,280 | — | AUD 5.19Disclosed price | — |
| 2026-08-05 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-05As disclosed: SELL; consideration 5.19; Ordinary; quantity 3,600 disposed.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | SaleOrdinary shares | 3,600 | — | AUD 5.19Disclosed price | — |
| 2026-08-05 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-05As disclosed: SELL; consideration 5.17; Ordinary; quantity 71,695 disposed.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | SaleOrdinary shares | 71,695 | — | AUD 5.17Disclosed price | — |
| 2026-08-05 | The Vanguard Group, Inc.
Details & evidence for The Vanguard Group, Inc. on 2026-08-05As disclosed: BUY; consideration 5.19; Ordinary; quantity 584.
Vanguard Group · named manager and controlled group member Becoming a substantial holder ↗ | PurchaseOrdinary shares | 584 | — | AUD 5.19Disclosed price | — |
| 2026-08-01to 2026-08-05 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-08-01Month-level aggregate acquisition bounded by the 5 August threshold date. No account allocation or exact trade date is disclosed. As disclosed: DVP Aug-26 volume 700,000; value -$3,550,926.07; average price $5.07.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Becoming a substantial holder ↗ | PurchaseOrdinary shares | 700,000 | AUD 3,550,926.07 | AUD 5.07Disclosed price | — |
| 2026-08-04 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-04As disclosed: BUY; consideration 4.86; Ordinary; quantity 909.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 909 | — | AUD 4.86Disclosed price | — |
| 2026-08-03 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-08-03As disclosed: BUY; consideration 4.76; Ordinary; quantity 2,547.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,547 | — | AUD 4.76Disclosed price | — |
| 2026-07-31 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-31As disclosed: BUY; consideration 4.84; Ordinary; quantity 2,256.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,256 | — | AUD 4.84Disclosed price | — |
| 2026-07-01to 2026-07-31 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-07-01Month-level aggregate disposal; no account allocation or exact trade date is disclosed. As disclosed: DVP Jul-26 volume -1,551,715; value $9,115,118.70; average price $5.87.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Becoming a substantial holder ↗ | SaleOrdinary shares | 1,551,715 | AUD 9,115,118.70 | AUD 5.87Disclosed price | — |
| 2026-07-01to 2026-07-31 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-07-01Month-level aggregate acquisition; no account allocation or exact trade date is disclosed. As disclosed: DVP Jul-26 volume 2,246,715; value -$11,870,011.57; average price $5.28.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,246,715 | AUD 11,870,011.57 | AUD 5.28Disclosed price | — |
| 2026-07-30 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-30As disclosed: BUY; consideration 4.64; Ordinary; quantity 2,160.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,160 | — | AUD 4.64Disclosed price | — |
| 2026-07-30 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-30As disclosed: BUY; consideration 4.64; Ordinary; quantity 2,160.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,160 | — | AUD 4.64Disclosed price | — |
| 2026-07-30 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-30As disclosed: BUY; consideration 4.64; Ordinary; quantity 2,880.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,880 | — | AUD 4.64Disclosed price | — |
| 2026-07-30 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-30As disclosed: BUY; consideration 4.64; Ordinary; quantity 1,995.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 1,995 | — | AUD 4.64Disclosed price | — |
| 2026-07-29 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-29As disclosed: BUY; consideration 4.60; Ordinary; quantity 2,280.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,280 | — | AUD 4.6Disclosed price | — |
| 2026-07-29 | Vanguard Investments Australia Ltd.
Details & evidence for Vanguard Investments Australia Ltd. on 2026-07-29As disclosed: BUY; consideration 4.60; Ordinary; quantity 2,850.
Vanguard Group · controlled entity named in Annexure A Becoming a substantial holder ↗ | PurchaseOrdinary shares | 2,850 | — | AUD 4.6Disclosed price | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 306 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 306 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 85 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 85 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 12,342 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 12,342 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 679 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 679 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 2,024 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 2,024 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 730 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 730 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 129 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 129 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 244 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 244 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 5,031 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 5,031 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 15,243 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 15,243 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 1,189 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 1,189 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 4 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 4 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 3,899 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 3,899 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 731 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 731 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 377 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 377 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 262 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 262 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 2,948 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 2,948 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 86 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 86 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 23 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 23 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 1,112 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 1,112 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 77 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 77 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 3,464 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 3,464 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 112 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 112 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 19 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 19 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 33 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 33 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 2,221 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 2,221 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 3,926 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 3,926 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 6,598 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 6,598 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 412 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 412 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 36 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 36 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 140 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 140 | —Non Cash | — | — |
| 2026-07-29 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-07-29As disclosed: Collateral received; consideration n/a; 63 ordinary shares.
State Street Corporation and listed subsidiaries · subsidiary Ceasing to be a substantial holder ↗ | OtherOrdinary shares | 63 | —Non Cash | — | — |
Disclosed holding observations34 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-10-21 | State Street Corporation and listed subsidiaries
Details & evidence for State Street Corporation and listed subsidiaries on 2026-10-21Group threshold position reported once for State Street Corporation and its listed subsidiaries. Section 3's holder-interest components add to 16,728,265 shares; the detailed transaction rows in Annexure A remain unresolved and no opening position or net activity is inferred.
State Street Bank and Trust Company · listed subsidiary and relevant-interest holder State Street Global Advisors, Australia, Limited · listed subsidiary and relevant-interest holder Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdOrdinary shares | 16,728,265 | 5.07%Voting Power |
| 2026-09-22 | Vanguard Group
Details & evidence for Vanguard Group on 2026-09-22The four registered-holder balances sum to the reported 16,505,186 group total. These registered accounts are not added as separate beneficial holdings.
The Vanguard Group, Inc. · named manager and controlled group member Vanguard Investments Australia Ltd. · controlled entity named in Annexure A and manager of relevant interests Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdOrdinary shares | 16,505,186 | 5.00%Voting Power |
| 2026-09-08 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-09-08The reported total is 20,410,000 shares. The form lists 14,750,000 via HSBC for Chester Asset Management, 5,500,000 via BNP Paribas for UniSuper, and 160,000 via Citigroup for Fiducian Investment Management Services. The prior Chester/UniSuper notice lists only the first two components; this filing's association section states N/A, so the third component is not assigned a new relationship or counted separately from the group total.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 20,410,000 | 6.19%Voting Power |
| 2026-09-02 | State Street Corporation and listed subsidiaries
Details & evidence for State Street Corporation and listed subsidiaries on 2026-09-02Cessation of substantial-holder status; no group position quantity is stated and cessation is not coded as zero holdings.
State Street Bank and Trust Company · listed subsidiary and relevant-interest holder State Street Global Advisors, Australia, Limited · listed subsidiary and relevant-interest holder Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | — | — |
| 2026-08-11 | State Street Corporation and listed subsidiaries
Details & evidence for State Street Corporation and listed subsidiaries on 2026-08-11Cessation of substantial-holder status is not coded as zero holdings.
State Street Bank and Trust Company · listed subsidiary and relevant-interest holder State Street Global Advisors, Australia, Limited · listed subsidiary and relevant-interest holder Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | — | — |
| 2026-08-05 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-08-05The group total is composed of Chester Asset Management 13,195,000 and UniSuper 3,700,000 shares. The component balances are not counted again as group holdings.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdOrdinary shares | 16,895,000 | 5.12%Voting Power |
| 2026-06-15 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2026-06-15Cessation of substantial-holder status; no current share quantity is stated and cessation is not coded as zero holdings.
Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | — | — |
| 2026-03-23 | Chester Asset Management / UniSuper relevant-interest group
Details & evidence for Chester Asset Management / UniSuper relevant-interest group on 2026-03-23The reported 16,670,000 group total is composed of Chester Asset Management 11,620,000 and UniSuper 5,050,000 shares. The two balances are components of this total and are not added as additional group observations.
Chester Asset Management Pty Ltd · substantial holder and relevant-interest holder UniSuper Limited · associated relevant-interest holder Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdOrdinary shares | 16,670,000 | 5.05%Voting Power |
| 2026-03-04 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2026-03-04Cessation of substantial-holder status; the notice gives no current quantity and this record does not equate cessation with zero shares.
Ceasing to be a substantial holder ↗ | ThresholdOrdinary shares | — | — |
| 2025-11-24 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2025-11-24
Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 20,040,000 | 6.07%Voting Power |
| 2025-11-18 | BlackRock Group (BlackRock Inc. and subsidiaries named in this form)
Details & evidence for BlackRock Group (BlackRock Inc. and subsidiaries named in this form) on 2025-11-18The Form 604 reports the current group-level voting-power total. The 19 present registered-holder rows are retained as corroborating aggregate evidence; separate account observations are not inferred.
Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 28,327,171 | 8.58%Voting Power |
| 2025-11-05 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2025-11-05The Form's 16,730,000 votes / 5.07% is retained as the Copia Form 603's reported aggregate. Appendix A separately lists Copia 11,430,000 and UniSuper 5,300,000; Appendix D names custodians but does not expressly state a Copia-UniSuper association. This is not treated as a Copia-only position or as evidence of a legal group.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ | InitialOrdinary shares | 16,730,000 | 5.07%Voting Power |
| 2025-10-03 | William James Beament
Details & evidence for William James Beament on 2025-10-03Present voting power is 64,854,834 votes at 19.69%. The listed account votes sum to this total. The Form 604 class-and-number column gives 64,471,151 shares for the direct trust position, while its votes column gives 64,724,601; the 3 October Appendix 3Y confirms 64,471,151 before and 64,724,601 after the 253,450-share exercise.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change of Director's Interest Notice ↗ | PositionOrdinary shares | 64,854,834 | 19.69%Voting Power |
| 2025-07-03 | William James Beament
Details & evidence for William James Beament on 2025-07-03
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully paid ordinary shares | 64,508,778 | 19.64%Voting Power |
| 2025-06-18 | William James Beament
Details & evidence for William James Beament on 2025-06-18The four present Section 4 positions are the reported aggregate interests; their sum is 64,508,778 ordinary shares.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully Paid Ordinary Shares | 64,508,778 | 22.37%Voting Power |
| 2025-06-05 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2025-06-05Appendix B reports this component share position and its separate vote count. No percentage is disclosed for this component, and it is not treated as a combined Copia-UniSuper group share balance.
Change in substantial holding ↗ | PositionOrdinary shares | 13,040,000 | — |
| 2025-06-05 | UniSuper Limited
Details & evidence for UniSuper Limited on 2025-06-05Appendix B reports this component share position and its separate vote count. No percentage is disclosed for this component, and no legal Copia-UniSuper association is inferred.
Chester Asset Management / UniSuper relevant-interest group · associated relevant-interest holder Change in substantial holding ↗ | PositionOrdinary shares | 5,765,031 | — |
| 2025-06-05 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2025-06-05The form reports aggregate voting power of 16,050,000 votes / 5.85%; quantity is left null because this figure is votes, while Appendix B gives different ordinary-share quantities by relevant-interest holder. No Copia-only or combined share quantity is inferred.
Change in substantial holding ↗ | PositionOrdinary shares | — | 5.85%Voting Power |
| 2025-05-15 | BlackRock Group (BlackRock Inc. and subsidiaries named in this form)
Details & evidence for BlackRock Group (BlackRock Inc. and subsidiaries named in this form) on 2025-05-15The 12 Annexure A positions corroborate the reported group total; no separate overlapping manager-level holdings are recorded.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Ceasing to be a substantial holder ↗ | InitialOrdinary shares | 13,794,993 | 5.02%Voting Power |
| 2025-03-20 | BlackRock Group (BlackRock Inc. and subsidiaries named in this form)
Details & evidence for BlackRock Group (BlackRock Inc. and subsidiaries named in this form) on 2025-03-20The 11 Annexure A positions corroborate the reported group total; no separate overlapping manager-level holdings are recorded.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ | InitialOrdinary shares | 13,591,249 | 5.00%Voting Power |
| 2024-11-19 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2024-11-19The aggregate reported position includes the interests listed in Appendix B; account-level allocation of the Appendix A transactions is not disclosed.
Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 21,740,000 | 8.01%Voting Power |
| 2024-10-02 | William James Beament
Details & evidence for William James Beament on 2024-10-02
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully Paid Ordinary Shares | 50,508,778 | 18.62%Voting Power |
| 2024-10-02 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2024-10-02The form states the relevant-interest change date as 27 September 2024 and was signed/published 2 October; present voting power is retained at the reporting date. Appendix A includes monthly activity through Oct-24 but does not disclose exact trade dates.
Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 17,965,000 | 6.74%Voting Power |
| 2024-09-02 | BlackRock Group (BlackRock Inc. and subsidiaries named in this form)
Details & evidence for BlackRock Group (BlackRock Inc. and subsidiaries named in this form) on 2024-09-02The nine Annexure A positions are components of the reported group total. No separate overlapping manager-level holdings are inferred.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Ceasing to be a substantial holder ↗ | InitialOrdinary shares | 12,924,285 | 5.00%Voting Power |
| 2024-07-01 | William James Beament
Details & evidence for William James Beament on 2024-07-01Aggregate position includes relevant interests in the Beament Family Trust, William Beament personally, St Emilion Super Fund, Mining and Infrastructure Group Pty Ltd and the Estate of John Beament. The present Section 4 account balances sum to 50,508,778 ordinary shares.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully Paid Ordinary Shares | 50,508,778 | 19.67%Voting Power |
| 2024-06-13 | Copia Investment Partners Ltd
Details & evidence for Copia Investment Partners Ltd on 2024-06-13The Form 603 reports 12,926,461 votes / 5.30%. Appendix A lists Copia Investment Partners at 12,621,461 and Insignia Financial Limited at 305,000, which sum to the reported total; Appendix B matches each component to a separate custodian. The aggregate is retained as reported and is not treated as a Copia-only position or as proof of a legal group with Insignia.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ Becoming a substantial holder ↗ | InitialOrdinary shares | 12,926,461 | 5.30%Voting Power |
| 2024-04-10 | MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604)
Details & evidence for MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604) on 2024-04-10The Form 605 states that MinRes Group ceased to be a substantial holder on 10 April 2024 but gives no ending share balance. Cessation is not recorded as zero.
Mineral Resources Limited · member and direct DVP relevant-interest holder Wodgina Lithium Pty Ltd · member and direct DVP relevant-interest holder Lithium Resources Operations Pty Ltd · member and named DVP securities holder in the cessation notice Ceasing to be a substantial holder from MIN ↗ Ceasing to be a substantial holder from MIN ↗ Ceasing to be a substantial holder from MIN ↗ Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ | FinalFully paid ordinary shares | — | — |
| 2024-03-15 | BlackRock Group (BlackRock Inc. and subsidiaries named in this form)
Details & evidence for BlackRock Group (BlackRock Inc. and subsidiaries named in this form) on 2024-03-15The seven manager/custodian positions are corroborating components of the reported group total; no separate overlapping group member holdings are inferred.
Becoming a substantial holder ↗ Becoming a substantial holder ↗ | PositionOrdinary shares | 12,338,973 | 5.08%Voting Power |
| 2023-11-06 | William James Beament
Details & evidence for William James Beament on 2023-11-06Aggregate William Beament relevant-interest position across the Beament Family Trust, William Beament personally, St Emilion Super Fund, Mining and Infrastructure Group Pty Ltd and the Estate of John Beament. The Section 4 balances (36,377,736; 809; 94,321; 17,820; and 18,092 shares) sum to 36,508,778. The Form 604's first Section 3 row reports dilution from new DVP shares under the ESS scheme; it does not represent a Beament share disposal.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully Paid Ordinary Shares | 36,508,778 | 15.08%Voting Power |
| 2023-11-06 | MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604)
Details & evidence for MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604) on 2023-11-06Aggregate MinRes Group position. Section 4 lists 25,273,519 shares registered to Mineral Resources Limited and 8,462,783 to Wodgina Lithium Pty Ltd, summing to 33,736,302; member positions are described here and are not added as separate group observations.
Mineral Resources Limited · member and direct DVP relevant-interest holder Wodgina Lithium Pty Ltd · member and direct DVP relevant-interest holder Lithium Resources Operations Pty Ltd · member and named DVP securities holder in the cessation notice Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ | PositionFully paid ordinary shares | 33,736,302 | 13.97%Voting Power |
| 2023-08-02 | William James Beament
Details & evidence for William James Beament on 2023-08-02The form reports 156,114 shares subject to escrow until 4 November 2024.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 36,341,991 | 18.46%Voting Power |
| 2023-06-22 | Mineral Resources Limited
Details & evidence for Mineral Resources Limited on 2023-06-22Mineral Resources Limited remains the sole holder named in Section 4. The reported percentage decrease reflects dilution from a DVP share issue while MinRes's disclosed share count remains unchanged.
MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604) · named direct DVP holder and member of the reported MinRes Group Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ | PositionFully paid ordinary shares | 23,266,077 | 12.87%Voting Power |
| 2023-05-12 | William James Beament
Details & evidence for William James Beament on 2023-05-12Aggregate substantial-holder voting position across the Beament Family Trust, St Emilion Super Fund, Mining and Infrastructure Group Pty Ltd and the Estate of Mr John Beament. The four present Section 4 account positions sum to 35,116,024 shares.
Beament Family Trust · trustee and beneficiary of the trust Change in substantial holding ↗ Change in substantial holding ↗ | PositionFully Paid Ordinary Shares | 35,116,024 | 19.62%Voting Power |
| 2023-02-10 | Mineral Resources Limited
Details & evidence for Mineral Resources Limited on 2023-02-10Mineral Resources Limited is the only holder named in Section 4 for this DVP position. The 10 February 2023 change is attributed to dilution from a DVP share issue; no MinRes acquisition or disposal is disclosed.
MinRes Group (Mineral Resources Limited and related bodies listed in the Form 604) · named direct DVP holder and member of the reported MinRes Group Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ Change in substantial holding from MIN ↗ | PositionFully paid ordinary shares | 23,266,077 | 13.92%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory21 documents
2026 Notice of Annual General MeetingOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20261013-agm
- Published UTC
- 2026-10-12T22:14:53+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
DVP ordinary share eligible local closing priceMarket Data · HighExtracted
Eligible 13 October 2026 local close A$4.13, volume 1,381,826. Cutoff reference only; not an October 24 live quote.
- Document ID
- doc-dvp-price-20261013
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- —
Resources and energy quarterly September 2026: government outlookCommodity Data · HighExtracted
Primary government HTML outlook consulted. Copper 2031 US$11,600/t real; zinc US$2,712/t real. Spodumene and hydroxide benchmarks are not the Pioneer carbonate-linked DSO product. PDF download failed; no retained PDF or PDF facts claimed. Publication is date-only; midnight AEST is a normalization convention, not a verified release time.
- Document ID
- doc-dvp-20261002-req
- Published UTC
- 2026-10-01T14:00:00+00:00
- Projects
- —
- Commodities
- —
FY27 production, operating cost and capital guidanceGuidance · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260929-guidance
- Published UTC
- 2026-09-28T22:11:29+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Annual Report to shareholdersResults · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260929-annual
- Published UTC
- 2026-09-28T22:11:39Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Woodlawn mine life growth drillingOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260827-growth
- Published UTC
- 2026-08-26T23:31:00+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities ReportOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260728-quarter
- Published UTC
- 2026-07-27T22:27:39Z
- Projects
- —
- Commodities
- copper · zinc · lithium
June 2026 Appendix 5B cash flowFinancing · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260728-cashflow
- Published UTC
- 2026-07-27T22:27:49+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Final investment decisions and Trafigura financingStudy · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260610-fid
- Published UTC
- 2026-06-09T22:29:55+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Pioneer Dome grade-control drilling and DSO project updateOperations · HighExtracted
Primary May2026 grade-control results support the then-proposed DSO campaign; later JuneFID supersedes indicative pricing and finance terms. Current GDA2020Zone51 collar tables and plan-section retained for the separate satellite workflow.
- Document ID
- doc-dvp-20260528-pioneer
- Published UTC
- 2026-05-27T23:35:22+00:00
- Projects
- pioneer-dome
- Commodities
- lithium
Quarterly Activities ReportOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260423-quarter
- Published UTC
- 2026-04-22T22:16:56Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Half Yearly Report and AccountsResults · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260310-halfyear
- Published UTC
- 2026-03-09T21:20:39Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities Report - December 2025Operations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20260128-quarter
- Published UTC
- 2026-01-27T21:28:07Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities ReportOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20251028-quarter
- Published UTC
- 2025-10-27T21:20:54Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Updated Yitirrti Definitive Feasibility StudyStudy · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20251009-dfs
- Published UTC
- 2025-10-08T21:28:14+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Annual Report to shareholdersResults · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20250925-annual
- Published UTC
- 2025-09-24T22:57:26Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities ReportOperations · HighExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20250728-quarter
- Published UTC
- 2025-07-27T22:26:58Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities ReportOperations · MediumExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20250428-quarter
- Published UTC
- 2025-04-27T22:33:24Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Half Year AccountsResults · MediumExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20250228-halfyear
- Published UTC
- 2025-02-27T22:25:47Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Quarterly Activities ReportOperations · MediumExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view.
- Document ID
- doc-dvp-20250129-quarter
- Published UTC
- 2025-01-28T21:23:01Z
- Projects
- —
- Commodities
- copper · zinc · lithium
Investor presentation: Woodlawn funding and valuationOperations · MediumExtracted
Primary filing reviewed through the V8 page cache; source periods, native product units and material contractual terms retained. Older reporting provides execution history; later annual statements and FY27 guidance govern the current view. Original intraday publication time unavailable; 16:00 local is a conservative date-only timestamp proxy, with reaction deferred to the next trading session.
- Document ID
- doc-dvp-20240802-presentation
- Published UTC
- 2024-08-02T06:00:00+00:00
- Projects
- —
- Commodities
- copper · zinc · lithium
Evidence facts149
FY27 ore775–875kt at2.7% CuEq;21–23.5kt CuEq in ore, before recovery text
2027-06-302028-06-30 date
2026-09-292026-12-31 date
2026-09-29114812000 AUD
2026-06-30116670000 AUD
2026-06-3024215000 AUD
2026-06-30672133000 AUD
2026-06-30388539000 AUD
2026-06-3043595000 AUD
2026-06-308186000 AUD
2026-06-3049952000 AUD
2026-06-30112725000 AUD
2026-06-30329919225 shares
2026-09-07349215152 shares
2026-09-07226900000 AUD
2026-06-3013.581754076685765 %
2026-06-3095.32833847509916 %
2026-06-301300000.0 t
2026-06-302.1 %
2026-06-3027300.0 t
2026-06-305.2 %
2026-06-3067600.0 t
2026-06-306800000.0 t
2026-06-301.8 %
2026-06-30122400.0 t
2026-06-304.7 %
2026-06-30319600.0 t
2026-06-303100000.0 t
2026-06-301.6 %
2026-06-3049600.0 t
2026-06-308.5 %
2026-06-30263500.0 t
2026-06-3011300000.0 t
2026-06-301.8 %
2026-06-30203400.0 t
2026-06-305.8 %
2026-06-30655400.0 t
2026-06-3012400000.0 t
2026-06-301.2 %
2026-06-30148800.0 t
2026-06-305.6 %
2026-06-30694400.0 t
2026-06-301400000.0 t
2026-06-300.2 %
2026-06-302800.0 t
2026-06-306.4 %
2026-06-3089600.0 t
2026-06-3013800000.0 t
2026-06-301.1 %
2026-06-30151800.00000000003 t
2026-06-305.7 %
2026-06-30786600.0 t
2026-06-302300000.0 t
2026-06-300.9 %
2026-06-3020700.0 t
2026-06-305.7 %
2026-06-30131100.0 t
2026-06-301300000.0 t
2026-06-300.5 %
2026-06-306500.0 t
2026-06-306.5 %
2026-06-3084500.0 t
2026-06-303600000.0 t
2026-06-300.8 %
2026-06-3028800.0 t
2026-06-306.0 %
2026-06-30216000.0 t
2026-06-301200000.0 t
2026-06-301.7 %
2026-06-3020400.0 t
2026-06-304.5 %
2026-06-3054000.0 t
2026-06-304800000.0 t
2026-06-301.4 %
2026-06-3067200.0 t
2026-06-303.4 %
2026-06-30163200.0 t
2026-06-306000000.0 t
2026-06-301.5 %
2026-06-3090000.0 t
2026-06-303.6 %
2026-06-30216000.0 t
2026-06-308800000.0 t
2026-06-301.1 %
2026-06-3096800.0 t
2026-06-305.4 %
2026-06-30475200.0 t
2026-06-308800000.0 t
2026-06-301.1 %
2026-06-3096800.0 t
2026-06-305.4 %
2026-06-30475200.0 t
2026-06-308600000.0 t
2026-06-301.23 %
2026-06-30105000 t
2026-06-302600000.0 t
2026-06-300.92 %
2026-06-3024000 t
2026-06-3011200000.0 t
2026-06-301.2 %
2026-06-30129000 t
2026-06-30850000 tpa
2026-06-30388000000 AUD
2026-06-301579 t
2026-06-305455 t
2026-06-304798 t
2026-06-3012008 t
2026-06-301.2 %
2026-06-304.9 %
2026-06-3080 %
2026-06-3075 %
2026-06-30634442 t
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-3020 %
2026-06-3020 %
2026-06-3020 %
2026-06-3025 %
2026-06-3025 %
2026-06-3030 %
2026-06-3020 %
2026-06-3020 %
2026-06-3025 %
2026-06-30100 %
2026-06-30June2026 FID based on October2025 UpdatedDFS with May2026 FEED costs text
2026-06-102026-06-10 date
2026-06-1037 %
2026-06-10450000000 AUD
2026-06-108 years
2026-06-108 %
2026-06-10All major project approvals granted; construction underway text
2026-06-109125.0 t/yr
2026-06-1060000.0 t/yr
2026-06-1013854 USD/t
2026-06-103527 USD/t
2026-06-1040000000 AUD
2026-06-101 years
2026-06-10StageI DSO Final Investment Decision text
2026-06-102026-06-10 date
2026-06-1055 %
2026-06-1010200 t/yr
2026-06-10Fully permitted; construction and site establishment commenced text
2026-06-104.13 AUD/share
2026-10-1311600 USD/t
2026-10-022712 USD/t
2026-10-021500 USD/t
2026-10-0216200 USD/t
2026-10-02Conflicts requiring judgment3
- financial_position.cash
Auditedannual114.812mselectedoverunauditedJunequarter123m. Nounsupportedcashbridgefabricated.
- capital_structure.ordinary_shares
Latestissuer7Sep329,919,225distributionselectedoverJune329,985,475;smallunexplainedvariance retained inreconciliation.
- economic_arrangements.trafigura-loan.interest_capitalisation
Annualnote15saysfirst18months;FIDAppendixAsays6months. Contractclarificationneeded;borrowingriskhaircutanddebtadjustmentpreserved.