OREMAVEN
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2026-11-06
◂ Monitor ETM Australian Securities Exchange

Energy Transition Minerals Ltd

Care And Maintenance · Tin · Others · Rare Earths · Spain · Greenland · Canada Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.042
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$92.9M
EV
—
Cash
A$41.7M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$41.7M Finite
Debt A$0 Net cash A$41.7M
Basic shares 2.2B 2026-08-06
Runway 13.25 quarters Issuer Appendix 5B item 8.7 using A$41.672 million available funding and A$3.145 million relevant June-quarter outgoings.

Liquidity

Financial position

Reviewed interim accounts confirm A$41.673m cash at 30 June and A$15.839m half-year operating outflow; A$1.848m of Penouta consideration was advanced by period end. The remaining purchase amount and unreported post-quarter burn reduce available cash, and restart capital remains unknown.

Inventory composition1

The Penouta acquisition included stocks and inventory, but the reviewed disclosures do not quantify or value them.

Penouta acquired stocks and inventory, quantity and carrying value undisclosed
— carrying

Capital structure

Ownership and dilution

Ordinary shares
2.2B
Fully diluted
2.4B

At 6 August 2026 ASX reported 2,200,500,556 quoted ordinary shares plus 12,000,000 restricted ordinary shares, giving 2,212,500,556 ordinary shares. Adding 178,400,002 performance rights and 900,000 unquoted options gives 2,391,800,558 fully diluted shares. The 66,378,183 ETMO options expired unexercised on 4 August 2026 and are excluded. The September interim report independently confirms the 2,212,500,556 ordinary shares at 30 June; the August Appendix 3H is the later securities snapshot.

Security classes4
ClassTypeQuantityStrikeExpiry
Quoted fully paid ordinary sharesOrdinary Share2.2B——
Unquoted restricted fully paid employee ordinary sharesOrdinary Share12M——
Unquoted performance rightsPerformance Right178.4MA$0—
Unquoted options exercisable at A$0.10; latest Appendix 3H reports expiry 29 November 2030Option900KA$0.12030-11-29
Company guidance2
MetricProjectPeriodLowHighStatus
Targeted PFS Deliverypenoutaby end of CY 2026—— dateCurrent
Environmental, Rehabilitation And Social StudiespenoutaH1 2027—— dateCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-06Ann. 2026-01-30RaisingA$24.6M189.6M—Completed—
2025-08-12Ann. 2025-08-07RaisingA$10M238.1M—Completed—

Contracts and ownership

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

Complete As Disclosed · as of 2026-09-26

Annual report baseline reconciled to June quarter and September interim; expired Shenghe MOU is excluded while disputed top-up remains recorded. No live commodity or FX hedge was disclosed.

Non-binding market-linked offtake MOU; no committed sale price or guaranteed financing. No discount or guaranteed volumes included in project calibration.

Offtake · Conditional
Counterparties
Traxys Europe S.A.
Applies to
Penouta Tin-Tantalum-Niobium Mine · Tin · Others
Economic direction
Mixed
Period
2026-05-12 to 2027-05-12
Key terms
possible offtake share: 100 percent
MOU term: 12 months
possible binding term: 6 years from first production
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-recourse funding benefits ETM during arbitration but a successful cash or non-cash outcome carries an unquantified funder participation; Greenland court litigation may have separate costs.

Other · Active
Counterparties
Woolridge Investments LLC · Burford Capital
Applies to
Kvanefjeld Rare Earths Project · Rare Earths
Economic direction
Mixed
Period
From 2022-06-30; no end date stated
Key terms
budgeted arbitration legal costs: funded
success-linked payment: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional 51% earn-in interest; the interim report fully impaired the exploration asset, so no explicit project value is assigned pending tenure and expenditure terms.

Earn In · Conditional
Counterparties
Undisclosed project counterparties
Applies to
Villasrubias Lithium-Tantalum Project · Lithium · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
potential ownership: 51 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

ETM says the strategic relationship and associated top-up right have ceased, but the ASX determination and counterparty position were unresolved in reviewed disclosures; exclude unquantified incremental shares and penalize dilution risk.

Strategic Partnership · Unknown
Counterparties
Le Shan Shenghe Rare Earth Company Limited · Shenghe Resources Holding Co. Ltd
Applies to
Company-wide · Rare Earths
Economic direction
Burden
Period
From 2016-09-20; no end date stated
Key terms
historical target holding: 6.5 percent
top-up trigger: 0.5 percent share capital increase
How it affects our valuation

No valuation treatment is available for this arrangement.

Completed asset acquisition with final consideration still being determined; the equity bridge deducts the maximum disclosed remaining cash consideration after the June advance.

Other · Active
Counterparties
Strategic Minerals Spain insolvency administrator
Applies to
Penouta Tin-Tantalum-Niobium Mine · Tin · Others
Economic direction
Burden
Period
From 2026-07-20; no end date stated
Key terms
maximum consideration excluding VAT: 9,280,000 AUD
advance paid at 30 June: 1,847,664 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.