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2026-11-06
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Focus Minerals Limited

Producer · Gold · AU Rating locked: sign in to view v8.1 · fml-20261102t225750-full
Last 2026-11-06
A$1.79
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$512.9M
EV
A$235.8M
Cash
A$184.6M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$184.6M2025-12-31: 129,812,000 A$2026-09-30: 184,585,000 A$ Self Funding
Debt A$0 Net cash A$184.6M
Basic shares 286.6M 2026-06-30
Runway Self Funding Operating cash flow exceeded capex in the September 2026 quarter (5B items 1.9 and 2.6 sum to +A$85.4m), so the cash position is not consumed by operations. No runway figure is computed.

Liquidity

Financial position

Cash A$184.6m at 30 Sep 2026 plus a A$95.1m term deposit, with no borrowings; bank guarantees of A$5.6m are secured by term deposits (Q3 2026 item 7). Income tax payable (A$40.8m at 30 Jun 2026, A$12.7m paid in Q3) and the A$88m contingent tax exposure in AR Note 4 are the main calls on liquidity.

Inventory composition2

Inventory at 30 June 2026 is carried at A$22.5m (stockpiles, gold in circuit and consumables; carrying value only, not split). The 6,577 oz held in the Perth Mint account was sold in the September 2026 quarter. No estimated realisable value is disclosed.

Ore stockpiles, gold in circuit and consumables (carrying value, 30 Jun 2026)
A$22.5M carrying
Gold held in Perth Mint metal account, 30 Jun 2026 (sold in Q3 2026)
— carrying · 6,577.41 oz

Capital structure

Ownership and dilution

Ordinary shares
286.6M
Fully diluted
286.6M

286,558,645 ordinary shares at 31 Dec 2024, 31 Dec 2025 and 30 Jun 2026 (AR Note 17; HY Note 8): no shares issued in 2025 or H1 2026. No options outstanding at 31 Dec 2025 (AR p69), so the fully diluted count equals the basic count. The AR states the 1,000,000-share difference in the Shandong Gold holding (see conflicts).

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Operations
Gold sold (actual) or recovered (forecast)oz—49,154
Profit and loss
RevenueAUDmFY2024A: 115,141,000 AUDFY2025A: 301,263,000 AUD115.1301.3
Government royaltiesAUDm—7.3
EBITDAAUDmFY2024A: 27,263,000 AUDFY2025A: 133,543,000 AUD27.3133.5
Depreciation and amortisationAUDmFY2024A: 13,142,000 AUDFY2025A: 47,447,000 AUD13.147.4
NPAT (FY2024-25 continuing operations; forecast derived)AUDmFY2024A: 4,026,000 AUDFY2025A: 68,924,000 AUD4.068.9
Cash flow
Operating cash flowAUDmFY2024A: 29,437,000 AUDFY2025A: 130,929,000 AUD29.4130.9
Capex (plant and equipment, development, exploration)AUDmFY2024A: 62,787,000 AUDFY2025A: 80,061,000 AUD62.880.1
Free cash flow (operating cash flow less capex)AUDmFY2024A: -33,350,000 AUDFY2025A: 50,868,000 AUD(33.4)50.9
Dividends declared for the yearAUDm0.00.0
Balance sheet
Cash and cash equivalents (year end)AUDmFY2024A: 16,500,000 AUDFY2025A: 129,812,000 AUD16.5129.8
BorrowingsAUDmFY2024A: 156,276,000 AUDFY2025A: 0.00 AUD156.30.0
Net debt (borrowings less cash; negative is net cash)AUDmFY2024A: 139,776,000 AUDFY2025A: -129,812,000 AUD139.8(129.8)
Book equityAUDmFY2024A: 95,626,000 AUDFY2025A: 368,075,000 AUD95.6368.1
Per share
Ordinary shares on issuem shares286.6286.6
EPS (basic, continuing for FY2024-25)AUD/shareFY2024A: 0.01 AUD/shareFY2025A: 0.24 AUD/share0.010.24
Dividends per share declared for the yearAUD/shareFY2024A: 0.00 AUD/shareFY2025A: 0.08 AUD/share0.000.08
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: 8.86 xFY2025A: 1.81 x8.91.8
P / E (x, current market cap)xFY2024A: 129 xFY2025A: 7.53 x128.87.5
FCF yield (current market cap)%FY2024A: -0.06 fractionFY2025A: 0.10 fraction-6.4%9.8%
EBITDA margin%FY2024A: 0.24 fractionFY2025A: 0.44 fraction23.7%44.3%
Net debt / EBITDA (x)xFY2024A: 5.13 xFY2025A: -0.97 x5.1(1.0)

KPI history

Operating metrics

Source values by period
Operating metric source table33
MetricProjectPeriodPeriod typeValueStatus
Three Mile Hill plant own-ore throughput, Q3 2025CompanyQ3 2025Quarter371,054 tReported
Plant head grade, own ore, Q3 2025CompanyQ3 2025Quarter1.68 g/tReported
Plant metallurgical recovery, Q3 2025CompanyQ3 2025Quarter94.5 pctReported
Three Mile Hill plant own-ore throughput, Q4 2025CompanyQ4 2025Quarter332,322 tReported
Plant head grade, own ore, Q4 2025CompanyQ4 2025Quarter1.82 g/tReported
Plant metallurgical recovery, Q4 2025CompanyQ4 2025Quarter93 pctReported
Three Mile Hill plant own-ore throughput, Q1 2026CompanyQ1 2026Quarter294,335 tReported
Plant head grade, own ore, Q1 2026CompanyQ1 2026Quarter1.9 g/tReported
Plant metallurgical recovery, Q1 2026CompanyQ1 2026Quarter95.4 pctReported
Three Mile Hill plant own-ore throughput, Q2 2026CompanyQ2 2026Quarter350,507 tReported
Plant head grade, own ore, Q2 2026CompanyQ2 2026Quarter1.8 g/tReported
Plant metallurgical recovery, Q2 2026CompanyQ2 2026Quarter95.2 pctReported
Three Mile Hill plant own-ore throughput, Q3 2026CompanyQ3 2026Quarter387,029 tReported
Plant head grade, own ore, Q3 2026CompanyQ3 2026Quarter2.22 g/tReported
Plant metallurgical recovery, Q3 2026CompanyQ3 2026Quarter96.6 pctReported
Gold sold, Q3 2025 (realised A$5,288.00/oz)CompanyQ3 2025Quarter20,014 ozReported
Gold sold, Q4 2025 (realised A$6,334.21/oz)CompanyQ4 2025Quarter17,813.47 ozReported
Gold sold, Q1 2026 (realised A$7,043.39/oz)CompanyQ1 2026Quarter18,191 ozReported
Gold sold, Q2 2026 (realised A$6,377.92/oz)CompanyQ2 2026Quarter12,805.71 ozReported
Gold sold, Q3 2026 (realised A$5,988.89/oz)CompanyQ3 2026Quarter30,011.15 ozReported
Gold sold, FY2025 (own gold)CompanyFY2025Year49,154 ozReported
Revenue FY2024 (restated)CompanyFY2024Year115.14 AUD mReported
Revenue FY2025CompanyFY2025Year301.26 AUD mReported
Revenue H1 2026CompanyH1 2026Half Year256.37 AUD mReported
EBITDA FY2024 (derived from P&L and Note 2)CompanyFY2024Year27.26 AUD mAnalyst Derived
EBITDA FY2025 (segment Note 3)CompanyFY2025Year133.54 AUD mReported
EBITDA H1 2026 (segment)CompanyH1 2026Half Year142.57 AUD mReported
Free cash flow FY2025 (operating cash flow 130.929 less capex 80.061)CompanyFY2025Year50.87 AUD mAnalyst Derived
C1 cost incl. royalties, H1 2026 (cash cost lines over gold sold)CompanyH1 2026Half Year3,609 AUD/ozAnalyst Derived
AISC H1 2026 (C1 plus plant and equipment, leases, corporate, exploration and development capex over gold sold)CompanyH1 2026Half Year4,669 AUD/ozAnalyst Derived
Cash and cash equivalents, 31 Dec 2025Company31 Dec 2025Point In Time129.81 AUD mReported
Cash and cash equivalents, 30 Sep 2026 (plus A$95.1m term deposit)Company30 Sep 2026Point In Time184.58 AUD mReported
Borrowings, 30 Jun 2026 (repaid from Laverton proceeds)Company30 Jun 2026Point In Time0 AUD mReported

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-01Ann. 2026-09-10DividendA$22.9M——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.

Partial · as of 2026-09-30

Arrangements from the annual report (Notes 16, 19, 25), the half-year report (Notes 3, 10, risk section) and the quarterly releases to 30 Sep 2026. Toll treatment is documented only in aggregate; the Perth Mint sales terms are not in the documents read beyond the spot-price sales statement.

All gold production is sold to the Perth Mint at the market price and the company is unhedged (H1 2026 report, risk section). The deck is applied as the realised price, with no hedge to model.

Offtake · Active
Counterparties
Perth Mint (Western Australia)
Applies to
Coolgardie open-pit operations (CNX, Brilliant reserve, stockpiles; Dreadnought and Alicia mining) · Bonnie Vale underground mine (Coolgardie) · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Gold sales share of revenue FY2025: 273.5 AUD m
Pricing: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Third-party toll treatment at Three Mile Hill, A$3.5m of revenue in H1 2026 (A$29.5m in FY2025) and 60,544 t in H1 2026. It fills plant capacity and is not contracted beyond the period of each agreement in the documents read.

Tolling Or Processing · Active
Counterparties
Third-party toll customers (not named)
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Toll treatment revenue H1 2026: 3.45 AUD m
Toll ore processed H1 2026: 60,544 t
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional royalty from the 2020 transfer of three prospecting licences to Lithium Australia: 20% of the statutory royalty, payable only if the related mining lease is granted. Not recognised (AR Note 19 contingent asset).

Royalty · Conditional
Counterparties
Lithium Australia NL
Applies to
Company-wide · Others
Economic direction
Benefit
Period
From 2021-09-24; no end date stated
Key terms
Royalty rate: 20 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Shandong Gold loans and interest of about A$174.8m were repaid in June 2025 from the Laverton proceeds; no borrowings remain at 30 June 2026 (HY p6).

Other · Terminated
Counterparties
Shandong Gold entities
Applies to
Company-wide
Economic direction
Burden
Period
Through 2025-06-04; start date not stated
Key terms
Loans repaid from Laverton sale proceeds: 174.8 AUD m
How it affects our valuation

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

Sale of Focus Minerals (Laverton) Pty Ltd to Genesis Minerals for A$250m cash, completed 4 June 2025; gain on disposal A$203.5m. The project is out of the valuation.

Other · Terminated
Counterparties
Genesis Minerals Limited
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
From 2025-06-04; no end date stated
Key terms
Sale consideration: 250 AUD m
How it affects our valuation

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