- Last 2026-11-06
- A$1.79
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$512.9M
- EV
- A$235.8M
- Cash
- A$184.6M
- Debt
- A$0
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 14All sources ▸- Quarterly Activities and Cashflow ReportOperations
- Half Yearly Report and AccountsResults
- Quarterly Activities and Cashflow ReportOperations
- AGM PresentationPresentation
- Results of Annual General MeetingGovernance
- Quarterly Activities and Cashflow ReportOperations
- Annual Report to ShareholdersResults
- Appointment of DirectorLeadership
- Initial Director's Interest NoticeGovernance
- Resignation of DirectorLeadership
- Final Director's Interest NoticeGovernance
- Quarterly Activities and Cashflow ReportOperations
Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Half-year report: Dreadnought ore production set to ramp up during H2 2026 | Bonnie Vale stope ramp and Dreadnought ore ramp in H2 2026 | Production | Company Guided | High | Mine-level ore delivery in Q4 2026 sets the year's gold output and the cash flow in the stub period of the valuation. |
| AGM presentation: additional project work later in 2026 | CNX stage 2 cut-back feasibility work (later in 2026) | Study | Company Guided | Medium | A feasibility outcome on CNX stage 2 would add mine life to the open-pit project. |
| Company says the Coolgardie resources will be updated during 2026 (AGM presentation, May 2026) | Coolgardie mineral resource update (company guided: during 2026) | Resource Or Reserve | Company Guided | High | A new resource statement would replace depleted figures and is the first step toward reserve conversion for the conversion case. |
| Quarterly reports released around the end of each quarter's following month (30 Oct 2026, 30 Jan 2026 pattern) | December 2026 quarterly activities and cash flow report | Production | Inferred | Medium | Confirms gold sold, realised price, ore mined and Appendix 5B cash for the quarter. |
| FY2025 annual report published 30 March 2026; FY2026 timing inferred from it | FY2026 annual report and audited results | Results | Inferred | High | Audited FY2026 numbers, the Note 4 tax position and reserve and resource tables at 31 Dec 2026. |
| H1 2026 report published 11 September 2026; H1 2027 timing inferred | Half-year report to 30 June 2027 | Results | Inferred | High | Half-year cash flow, tax payable settlement and the first reserve-depletion checkpoint. |
Executive roster
As of 2026-09-30Background checks ▸Key management personnel and senior management from the FY2025 annual report (remuneration report, 17 March 2026 directorate tables), updated for the disclosed changes to 30 Sep 2026: Song resigned 13 Feb 2026, Cui appointed 30 Mar 2026, Wei Xie resigned 30 Nov 2025 and no successor COO is disclosed. Non-executive directors are excluded as the schema requires.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Wanghong Yang | Executive Chairman | Executive Director | 2021-10-14 | Annual Report to Shareholders |
| Lingquan Kong | Executive Director · Principal Mining Engineer | Executive Director · Technical | 2021-01-14 | Annual Report to Shareholders |
| Fengfan Sun | Chief Financial Officer | Finance | 2020-12-01 | Annual Report to Shareholders |
| Edward Williams | General Manager, Coolgardie Gold Operation | Operations · Senior Management | 2025-12-01 | Annual Report to Shareholders |
| Nicholas Ong | Company Secretary · Commercial General Manager and Company Secretary | Company Secretary · Commercial | 2020-10-19 | Annual Report to Shareholders · Quarterly Activities and Cashflow Report |
| Alex Aaltonen | Employee; competent person for exploration and resource statements | Technical | — | Annual Report to Shareholders |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Coolgardie open-pit operations (CNX, Brilliant reserve, stockpiles; Dreadnought and Alicia mining)
AU
Producing: open-pit mining at CNX and Dreadnought in the September 2026 quarter; Alicia pit completed in September 2026; Brilliant open-pit reserve awaiting approvals (2022 presentation).
- Production annualised (attributable)
- 23.7k ozd
- Production (last FY, 100%)
- 27.9k oz
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 7.8 yrsd
- Head grade
- 0.79 g/t
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (measured, indicated and inferred; depleted to 31 Dec 2025) | 42.6 Mt | 1.89 g/t Au | Gold | 2025-12-31 |
| Mineral Resource | indicated | 24.5 Mt | 1.86 g/t Au | Gold | 2025-12-31 |
| Ore Reserve | proved (CNX) | 1.1 Mt | 1.17 g/t Au | Gold | 2025-12-31 |
| Ore Reserve | probable (Brilliant, CNX, stockpiles) | 3.7 Mt | 1.47 g/t Au | Gold | 2025-12-31 |
Tenements1
Milestones1
- CNX stage 2 cut-back feasibility work (later 2026)
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Brilliant open-pit mining approvals (reserve approval process) | Western Australia | Pending | — | Yes |
Core asset
Bonnie Vale underground mine (Coolgardie)
AU
Ramping up: stope production since October 2025; 112,649 t at 5.58 g/t mined in the September 2026 quarter; lateral development and infrastructure continuing to level 1160.
- Production annualised (attributable)
- 80.8k ozd
- Production (last FY, 100%)
- 25.8k oz
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 6.4 yrsd
- Head grade
- 5.58 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | underground resources, Coolgardie (Bonnie Vale and other UG deposits) | 5.9 Mt | 4.08 g/t Au | Gold | 2025-12-31 |
| Ore Reserve | probable | 0.9 Mt | 5.93 g/t Au | Gold | 2025-12-31 |
Tenements1
Milestones1
- Bonnie Vale stope and development ramp through 2026 (ore tonnes at 5-6 g/t)
Pending · High materiality
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)
- 2.6m ozd
- Resource grade
- 1.89 g/t
- % Measured + Indicated
- 60.8%d
- Resource tonnes
- 42.61 Mt
- Our value per attrib. contained unit
- Locked
- Mining method
- Open pit (surface) and underground, Coolgardie
- Product and spec
- Gold sold to the Perth Mint plus silver credits
- Nameplate capacity
- —
- Throughput (12M)
- 705.4k t
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Captive Coolgardie ore 644,842 t plus toll treatment ore 60,544 t (H1 2026)
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
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
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Operations | ||||
| Gold sold (actual) or recovered (forecast) | oz | — | 49,154 | |
| Profit and loss | ||||
| Revenue | AUDm | 115.1 | 301.3 | |
| Government royalties | AUDm | — | 7.3 | |
| EBITDA | AUDm | 27.3 | 133.5 | |
| Depreciation and amortisation | AUDm | 13.1 | 47.4 | |
| NPAT (FY2024-25 continuing operations; forecast derived) | AUDm | 4.0 | 68.9 | |
| Cash flow | ||||
| Operating cash flow | AUDm | 29.4 | 130.9 | |
| Capex (plant and equipment, development, exploration) | AUDm | 62.8 | 80.1 | |
| Free cash flow (operating cash flow less capex) | AUDm | (33.4) | 50.9 | |
| Dividends declared for the year | AUDm | 0.0 | 0.0 | |
| Balance sheet | ||||
| Cash and cash equivalents (year end) | AUDm | 16.5 | 129.8 | |
| Borrowings | AUDm | 156.3 | 0.0 | |
| Net debt (borrowings less cash; negative is net cash) | AUDm | 139.8 | (129.8) | |
| Book equity | AUDm | 95.6 | 368.1 | |
| Per share | ||||
| Ordinary shares on issue | m shares | 286.6 | 286.6 | |
| EPS (basic, continuing for FY2024-25) | AUD/share | 0.01 | 0.24 | |
| Dividends per share declared for the year | AUD/share | 0.00 | 0.08 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 8.9 | 1.8 | |
| P / E (x, current market cap) | x | 128.8 | 7.5 | |
| FCF yield (current market cap) | % | -6.4% | 9.8% | |
| EBITDA margin | % | 23.7% | 44.3% | |
| Net debt / EBITDA (x) | x | 5.1 | (1.0) | |
KPI history
Operating metrics
Operating metric source table33
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Three Mile Hill plant own-ore throughput, Q3 2025 | Company | Q3 2025 | Quarter | 371,054 t | Reported |
| Plant head grade, own ore, Q3 2025 | Company | Q3 2025 | Quarter | 1.68 g/t | Reported |
| Plant metallurgical recovery, Q3 2025 | Company | Q3 2025 | Quarter | 94.5 pct | Reported |
| Three Mile Hill plant own-ore throughput, Q4 2025 | Company | Q4 2025 | Quarter | 332,322 t | Reported |
| Plant head grade, own ore, Q4 2025 | Company | Q4 2025 | Quarter | 1.82 g/t | Reported |
| Plant metallurgical recovery, Q4 2025 | Company | Q4 2025 | Quarter | 93 pct | Reported |
| Three Mile Hill plant own-ore throughput, Q1 2026 | Company | Q1 2026 | Quarter | 294,335 t | Reported |
| Plant head grade, own ore, Q1 2026 | Company | Q1 2026 | Quarter | 1.9 g/t | Reported |
| Plant metallurgical recovery, Q1 2026 | Company | Q1 2026 | Quarter | 95.4 pct | Reported |
| Three Mile Hill plant own-ore throughput, Q2 2026 | Company | Q2 2026 | Quarter | 350,507 t | Reported |
| Plant head grade, own ore, Q2 2026 | Company | Q2 2026 | Quarter | 1.8 g/t | Reported |
| Plant metallurgical recovery, Q2 2026 | Company | Q2 2026 | Quarter | 95.2 pct | Reported |
| Three Mile Hill plant own-ore throughput, Q3 2026 | Company | Q3 2026 | Quarter | 387,029 t | Reported |
| Plant head grade, own ore, Q3 2026 | Company | Q3 2026 | Quarter | 2.22 g/t | Reported |
| Plant metallurgical recovery, Q3 2026 | Company | Q3 2026 | Quarter | 96.6 pct | Reported |
| Gold sold, Q3 2025 (realised A$5,288.00/oz) | Company | Q3 2025 | Quarter | 20,014 oz | Reported |
| Gold sold, Q4 2025 (realised A$6,334.21/oz) | Company | Q4 2025 | Quarter | 17,813.47 oz | Reported |
| Gold sold, Q1 2026 (realised A$7,043.39/oz) | Company | Q1 2026 | Quarter | 18,191 oz | Reported |
| Gold sold, Q2 2026 (realised A$6,377.92/oz) | Company | Q2 2026 | Quarter | 12,805.71 oz | Reported |
| Gold sold, Q3 2026 (realised A$5,988.89/oz) | Company | Q3 2026 | Quarter | 30,011.15 oz | Reported |
| Gold sold, FY2025 (own gold) | Company | FY2025 | Year | 49,154 oz | Reported |
| Revenue FY2024 (restated) | Company | FY2024 | Year | 115.14 AUD m | Reported |
| Revenue FY2025 | Company | FY2025 | Year | 301.26 AUD m | Reported |
| Revenue H1 2026 | Company | H1 2026 | Half Year | 256.37 AUD m | Reported |
| EBITDA FY2024 (derived from P&L and Note 2) | Company | FY2024 | Year | 27.26 AUD m | Analyst Derived |
| EBITDA FY2025 (segment Note 3) | Company | FY2025 | Year | 133.54 AUD m | Reported |
| EBITDA H1 2026 (segment) | Company | H1 2026 | Half Year | 142.57 AUD m | Reported |
| Free cash flow FY2025 (operating cash flow 130.929 less capex 80.061) | Company | FY2025 | Year | 50.87 AUD m | Analyst Derived |
| C1 cost incl. royalties, H1 2026 (cash cost lines over gold sold) | Company | H1 2026 | Half Year | 3,609 AUD/oz | Analyst Derived |
| AISC H1 2026 (C1 plus plant and equipment, leases, corporate, exploration and development capex over gold sold) | Company | H1 2026 | Half Year | 4,669 AUD/oz | Analyst Derived |
| Cash and cash equivalents, 31 Dec 2025 | Company | 31 Dec 2025 | Point In Time | 129.81 AUD m | Reported |
| Cash and cash equivalents, 30 Sep 2026 (plus A$95.1m term deposit) | Company | 30 Sep 2026 | Point In Time | 184.58 AUD m | Reported |
| Borrowings, 30 Jun 2026 (repaid from Laverton proceeds) | Company | 30 Jun 2026 | Point In Time | 0 AUD m | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-01Ann. 2026-09-10 | Dividend | A$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.
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: —
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
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
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
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
This arrangement has ended; no current valuation treatment is required.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Limited-scope management background review of Focus Minerals Limited. Issuer disclosures support the rostered offices; person-level chronology, attributed outcomes and targeted adverse-record research remain incomplete.
Decision-relevant facts
Material summary
Wanghong Yang
Executive Chairman
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Lingquan Kong
Executive Director, Principal Mining Engineer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Fengfan Sun
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Edward Williams
General Manager, Coolgardie Gold Operation
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Alex Aaltonen
General Manager Exploration and Chief Geologist
Issuer details current technical or operations experience
The current issuer biography describes 30 years of mining/geology experience across Australian and international provinces, joining in 2018, and rapid Resource and Reserve growth at Laverton and Coolgardie.
Individual involvement documented · The company biography directly assigns the resource growth to Aaltonen; for Williams it records career scope but does not demonstrate a separate operating result.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Nicholas Ong
Commercial General Manager, Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Prior-employer chronology and qualifications are based mainly on issuer disclosures; independent employment and credential verification was not available in the reviewed public record.
- The documented name/employer searches are not an exhaustive court, ASIC, sanctions, safety or environmental registry check; no relevant adverse finding surfaced in the searches documented.
- Company-level outcomes are not attributed personally without a source connecting the executive to the action or result.
Elias Mudzamba
General Manager, Underground Operations & Technical Services
Bonnievale underground mine progressed through feasibility and development
The issuer says Mudzamba joined Focus in 2023 and has been instrumental in Bonnievale underground mine feasibility, development and operation, with strategic oversight across safety, operations and technical efficiency. This is issuer attribution; independent operating benchmarks were not reviewed.
Individual involvement documented · Issuer biography explicitly links his role to feasibility, development and operation, but does not quantify standalone performance.
Evidence gaps · 2
- Prior employers are not named in the issuer biography, and no independent credential or tenure verification was available in reviewed sources.
- Public name searches are not an exhaustive court, regulator, safety or environmental registry check.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-17 · 286,558,645 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 62.84% | 180,079,908 | |
| 2 | 6.19% | 17,724,419 | |
| 3 | 3.05% | 8,733,405 | |
| 4 | 2.05% | 5,875,884 | |
| 5 | 1.58% | 4,518,610 | |
| 6 | 1.33% | 3,819,760 | |
| 7 | 1.20% | 3,445,969 | |
| 8 | 0.74% | 2,120,954 | |
| 9 | 0.69% | 1,966,058 | |
| 10 | 0.63% | 1,800,000 | |
| 11 | 0.60% | 1,725,157 | |
| 12 | 0.57% | 1,627,900 | |
| 13 | 0.53% | 1,516,389 | |
| 14 | 0.43% | 1,230,000 | |
| 15 | 0.37% | 1,050,000 | |
| 16 | 0.34% | 971,000 | |
| 17 | 0.34% | 970,000 | |
| 18 | 0.28% | 800,412 | |
| 19 | 0.28% | 798,617 | |
| 20 | 0.28% | 788,757 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 63.19%Voting power | 2026-03-17 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The top-20 register records registered accounts and does not identify underlying beneficial owners behind nominee and custodial accounts.
- The annual report states Shandong Gold held 181,079,908 shares as a substantial holder, while its top-20 table lists its registered account at 180,079,908 shares; the discrepancy is unresolved. No later filed notice was located in the reviewed cache through the cutoff.
Sources
- Annual Report to Shareholders
Focus Minerals Limited / ASX · Published 2026-03-30 · Accessed 2026-10-09
Complete 20-account ordinary-share register dated 17 March 2026, with quantities, percentages and denominator; report also names Shandong Gold International Mining Corporation Limited as a substantial holder.
PDF pages 83-84, ASX Additional Information and Twenty Largest Shareholders
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory18 documents
FML ASX close, 2 November 2026 (reference price)Market Data · MediumPartial
Reference price from the local ASX price store (market data provider via miners.collect_stock_prices): close A$1.81 on 2 November 2026, volume 305,478, freshness 0 days. Source database data/asx_mining_companies.db.
- Document ID
- fml-refprice-2026-11-02
- Published UTC
- 2026-11-01T16:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow ReportOperations · MediumPartial
September 2026 quarterly activities and Appendix 5B (released 30 October 2026; a second copy of the same release is a duplicate). 387,029 t processed at 2.22 g/t and 96.6% recovery; 30,011 oz gold sold at A$5,988.89/oz; 5,914 oz mined from open pits and 20,212 oz from Bonnie Vale; cash A$184.6m and A$95.1m term deposit at 30 September 2026; quarter operating cash flow A$96.7m; A$9.8m PPE and A$1.4m exploration investing; dividend A$22.9m paid; no equity issued.
- Document ID
- fml-q3-2026
- Published UTC
- 2026-10-29T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Gold futures (GC) spot and trailing averages, 30 October 2026Commodity Data · HighPartial
Local metal price store (data/metal_prices.db, series yahoo_futures:gc): gold US$3,898.90/oz on 30 October 2026; trailing 12-month average US$4,453.68/oz (high US$5,318.40, low US$3,898.90); AUD/USD 1.4236 from the market snapshot. Converted: spot about A$5,550/oz; trailing average about A$6,340/oz.
- Document ID
- fml-gold-price-2026-10-30
- Published UTC
- 2026-10-29T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Local management assessment summary (FML)Governance · LowMetadata Only
Local management research product (management/FML/summary.md) built from the issuer website and the annual report. Confirms the executive roster; person-level history and adverse-record coverage are partial, so the assessment is low confidence. Used only as context; no score is taken from it.
- Document ID
- fml-mgmt-summary-local
- Published UTC
- 2026-10-08T16:00:00Z
- Projects
- —
- Commodities
- —
Local ownership register and substantial holder file (FML)Governance · MediumMetadata Only
Local ownership file (ownership/FML/investors.json) reviewed 9 October 2026: top-20 register at 17 March 2026 (Shandong Gold 180,079,908 shares, 62.84%); substantial holder entry 181,079,908 (63.19%). The one-million-share difference is kept as a caveat.
- Document ID
- fml-ownership-register-local
- Published UTC
- 2026-10-08T16:00:00Z
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · HighExtracted
Interim financial report for the half year ended 30 June 2026 (reviewed). Revenue A$256.4m, EBITDA A$142.6m, NPAT A$85.8m, operating cash flow A$87.4m, capex A$29.2m; cash A$122.2m plus A$94.9m short-term deposits; no borrowings; 286,558,645 shares; 8 cent final dividend declared 10 September 2026; income tax payable A$40.8m; Three Mile Hill throughput 705,386 t at 1.85 g/t and 95% recovery; 30,997 oz gold sold at A$6,768/oz.
- Document ID
- fml-hy-2026
- Published UTC
- 2026-09-10T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Quarterly Activities and Cashflow ReportOperations · MediumExtracted
June 2026 quarterly activities and Appendix 5B. 350,507 t processed at 1.80 g/t and 95.2% recovery; 12,806 oz gold sold at A$6,377.92/oz; 14,011 oz Bonnie Vale and 5,160 oz open-pit ore mined; quarter operating cash flow A$7.8m; cash A$122.2m at 30 June 2026.
- Document ID
- fml-q2-2026
- Published UTC
- 2026-07-30T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
AGM PresentationPresentation · LowPartial
May 2026 AGM presentation (mostly image pages). FY25 snapshot: 49,154 oz sold, A$273m gold sales, A$5,556/oz average price; FY25 underground performance 108 kt delivered ore, 7.37 g/t, 25,822 oz gold mined; Q1 2026 plan versus actual; Coolgardie reserves 5.66 Mt for 381 koz at 31 December 2025; resource updates planned for 2026. Used for the FY25 Bonnie Vale ounces mined.
- Document ID
- fml-agm-pres-2026
- Published UTC
- 2026-05-26T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Results of Annual General MeetingGovernance · LowPartial
AGM results, 27 May 2026: all six resolutions carried on poll, including re-election of Wanghong Yang, Lingquan Kong and Wenli Cui, the remuneration report (97.7% for after proxies) and an increase in non-executive director pool.
- Document ID
- fml-agm-results-2026
- Published UTC
- 2026-05-26T16:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow ReportOperations · MediumExtracted
March 2026 quarterly activities and Appendix 5B. 354,879 t processed at 1.90 g/t and 95.4% recovery; 18,191 oz gold sold at A$7,043.39/oz; quarter operating cash flow A$62.2m; cash A$150.2m at 31 March 2026.
- Document ID
- fml-q1-2026
- Published UTC
- 2026-04-29T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Annual Report to ShareholdersResults · HighExtracted
Annual report for the year ended 31 December 2025 (audited). Revenue A$301.3m, EBITDA A$133.5m (Note 3), NPAT A$272.4m including the A$203.5m gain on the Laverton sale; operating cash flow A$130.9m; capex A$80.1m; cash A$129.8m, no borrowings; reserves 5.66 Mt at 2.10 g/t for 381,500 oz; Coolgardie resources 42.6 Mt at 1.89 g/t for 2.59 Moz (depleted). Discloses a possible additional current tax of about A$88m if COT and BCT tax losses were unavailable (Note 4).
- Document ID
- fml-ar-fy2025
- Published UTC
- 2026-03-29T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Appointment of DirectorLeadership · LowPartial
Appointment of Wenli Cui as non-executive director effective 30 March 2026 (finance department director at a Shandong Gold subsidiary; more than 20 years in mining).
- Document ID
- fml-appt-cui-2026
- Published UTC
- 2026-03-29T16:00:00Z
- Projects
- —
- Commodities
- —
Initial Director's Interest NoticeGovernance · LowExtracted
Initial director's interest notice for Wenli Cui: nil relevant interests in securities at appointment (30 March 2026).
- Document ID
- fml-di-initial-cui-2026
- Published UTC
- 2026-03-29T16:00:00Z
- Projects
- —
- Commodities
- —
Resignation of DirectorLeadership · LowPartial
Resignation of Zhongshan Song as non-executive director, effective 13 February 2026, for personal reasons.
- Document ID
- fml-resign-song-2026
- Published UTC
- 2026-02-12T16:00:00Z
- Projects
- —
- Commodities
- —
Final Director's Interest NoticeGovernance · LowExtracted
Final director's interest notice for Zhongshan Song (ceased 13 February 2026): nil direct and indirect interests.
- Document ID
- fml-di-final-song-2026
- Published UTC
- 2026-02-12T16:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow ReportOperations · MediumExtracted
December 2025 quarterly activities and Appendix 5B. 414,896 t processed at 1.82 g/t and 93% recovery; 17,813 oz gold sold at A$6,334.21/oz. The Appendix 5B closing cash of A$159.7m does not agree with the audited balance of A$129.8m and the following quarter's opening balance (see conflicts).
- Document ID
- fml-q4-2025
- Published UTC
- 2026-01-29T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Quarterly Activities and Cashflow ReportOperations · MediumExtracted
September 2025 quarterly activities and Appendix 5B. 431,346 t processed (371,054 t own ore) at 1.68 g/t and 94.5% recovery; 20,014 oz gold sold at A$5,288/oz; cash A$113.6m at 30 September 2025.
- Document ID
- fml-q3-2025
- Published UTC
- 2025-10-27T16:00:00Z
- Projects
- coolgardie-open-pits · bonnie-vale-underground
- Commodities
- gold
Completion of Acquisition of Laverton Gold ProjectTransaction · HighPartial
Genesis Minerals (ASX: GMD) notice that its acquisition of the Laverton Gold Project from Focus Minerals was completed with effect on 4 June 2025 (A$250m cash per the annual report). The project is no longer held by the company.
- Document ID
- fml-laverton-completion-2025
- Published UTC
- 2025-06-03T16:00:00Z
- Projects
- —
- Commodities
- —
Evidence facts18
286558645 shares
2024-12-31286558645 shares
2025-12-31301263000 AUD
2025-12-31133543000 AUD
2025-12-31272449000 AUD
2025-12-31130929000 AUD
2025-12-3180061000 AUD
2025-12-31286558645 shares
2026-06-300.08 AUD/share
2026-11-020 AUD
2026-06-302546000 AUD
2026-06-30453892000 AUD
2026-06-300 AUD
2026-09-30184585000 AUD
2026-09-30-85359000 AUD
2026-09-301.81 AUD/share
2026-11-023898.9 USD/oz
2026-10-304453.68 USD/oz
2026-10-30Conflicts requiring judgment2
- Shandong Gold registered and substantial holding (shares)
None
- Cash and cash equivalents at 31 December 2025 (A$)
Audited balance sheet (A$129.8m, AR p33) is used; it agrees with the half-year opening balance and the Q1 2026 Appendix 5B prior-quarter column. The Q4 2025 Appendix 5B closing figure of A$159.7m is not used.