- Last 2026-11-06
- A$7.04
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$8.3B
- EV
- A$8.1B
- Cash
- A$488.3M
- Debt
- A$200M
3 newer ASX announcements not yet reflected in this valuation
- BTR:Genesis Leads $82m Placement to Accelerate Sandstone GroPost Cash Checkpoint Capital Raise
- Quarterly Activities Report - September 2026Latest Four Activities Reports
- Application for quotation of securities - GMDPost Cash Checkpoint Security Event
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 24All sources ▸- Notice of Annual General Meeting/Proxy FormGovernance
- Application for quotation of securities - GMDCorporate Action
- Notification of cessation of securities - GMDOther
- Vault Scheme Booklet registered with ASICOther
- Vault Court Approves Scheme MeetingOther
- Vault June 2026 Resources and ReservesOther
- Annual Report to shareholdersResults
- EBITDA more than doubles to A$952m on strong marginsResults
- Appendix 4EOther
- Vault FY26 Financial Results SummaryOther
- Vault FY26 Annual Financial StatementsResults
- Vault June 2026 Quarterly ActivitiesResults
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 11 November2026 | Vault scheme shareholder vote | Transaction | Confirmed | High | Shareholder approval is a condition of the proposed acquisition; court timetable is not approval of the acquisition. |
| 2026-11-12 | Genesis annual general meeting | Governance | Confirmed | High | Shareholder scrutiny of remuneration, incoming conditional directors, equity plan and acquisition financial assistance. |
| 26 November2026 indicative | Proposed Vault merger completion | Transaction | Company Guided | High | Would change the ownership perimeter, dilution and financing; completion and final consideration need verification before consolidated valuation. |
| First half 2027 | Combined long-term strategic plan | Study | Company Guided | High | Updated combined plan will test assumed production, resource conversion and selected capital/operating savings. |
Executive roster
As of 2026-10-13Background checks ▸Annual report directors, leadership team and joint company secretaries, with Aug20 COO appointment. Future conditional Vault board/management roles are excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Raleigh Finlayson | Executive Chair | Executive Director | — | Annual Report to shareholders |
| Duncan Coutts | Executive Director | Executive Director · Operations | — | Annual Report to shareholders |
| Matt Nixon | Chief Executive Officer | Chief Executive | — | Annual Report to shareholders |
| Morgan Ball | Chief Financial Officer | Finance | — | Annual Report to shareholders |
| Troy Irvin | Corporate Development Officer | Commercial | — | Annual Report to shareholders |
| Christina Yeo | General Manager, People & Culture | Senior Management | — | Annual Report to shareholders |
| Joanne Steer | General Counsel · Joint Company Secretary | Company Secretary | — | Annual Report to shareholders |
| Marie Forsyth | Legal Counsel · Joint Company Secretary | Company Secretary | — | Annual Report to shareholders |
| Lee Stephens | Chief Operating Officer | Operations | — | EBITDA more than doubles to A$952m on strong margins |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Leonora integrated mining hub
Australia
Operating integrated hub
- Production annualised (attributable)
- 184.0k ozd
- Production (last FY, 100%)
- 175.0k ozd
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 16.6 yrsd
- Head grade
- 4.40 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 9.6M oz Au | 2.7 g/t Au; 110 Mt | Gold | 2025-12-31 |
| Ore Reserve | Probable | 2.9M oz Au | 2.6 g/t Au; 34 Mt | Gold | 2025-12-31 |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating guidance | Operating Plan | Current | 2026-07-28 | Group production 270–300koz and AISC A$2,750–3,050/oz; hub split and later-year cash flows are analyst assumptions, not an issuer mine schedule. |
Core asset
Laverton integrated mining hub
Australia
Operating integrated hub
- Production annualised (attributable)
- 100.0k ozd
- Production (last FY, 100%)
- 111.0k ozd
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- 12.6 yrsd
- Head grade
- 1.10 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 6.4M oz Au | 1.6 g/t Au; 120 Mt | Gold | 2025-12-31 |
| Ore Reserve | Probable | 1.4M oz Au | 1.2 g/t Au; 39 Mt | Gold | 2025-12-31 |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY27 standalone operating guidance | Operating Plan | Current | 2026-07-28 | Group production 270–300koz and AISC A$2,750–3,050/oz; hub split and later-year cash flows are analyst assumptions, not an issuer mine schedule. |
Material
Bardoc resource inventory
Australia
Unscheduled resource optionality
- Contained metal (attributable)
- 2.9m ozd
- Resource grade
- 1.80 g/t
- % Measured + Indicated
- 62.4%d
- Resource tonnes
- 50.00 Mtd
- Our value per attrib. contained unit
- Locked
- Mining method
- Open pit and undergroundd
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 2.9M oz Au | 1.8 g/t Au; 50 Mt | Gold | 2025-12-31 |
| Ore Reserve | Probable | 97K oz Au | 3.8 g/t Au; 0.79 Mt | Gold | 2025-12-31 |
Material
Magnetic / Lady Julie acquired inventory
Australia
Acquired inventory subject to review
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 2.4M oz Au | 1.7 g/t Au; 44 Mt | Gold | — |
| Ore Reserve | Probable | 1M oz Au | 1.7 g/t Au; 18 Mt | Gold | — |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Acquired inventory integration review | PFS | Current | 2026-08-20 | Acquired June2026; separate acquired reserve/resource statement pending Genesis technical review. No current Genesis standalone cash-flow study disclosed. |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- Gold bullion
- Nameplate capacity
- 3e+06 tpad
- Throughput (12M)
- 761.0k td
- Utilisation
- 25.4%d
- Capital intensity (capex / tpa)
- —
- Feed source
- Wholly owned hub mining inventory; third-party OPAs finished March 2026
- Offtake contracted
- —
- Product and spec
- Gold bullion
- Nameplate capacity
- 1.4e+06 tpad
- Throughput (12M)
- 354.0k td
- Utilisation
- 25.3%d
- Capital intensity (capex / tpa)
- —
- Feed source
- Wholly owned hub mining inventory; third-party OPAs finished March 2026
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
A$488.335m audited gross cash includes A$0.6m restricted deposit. A$200m bank debt, A$102.843m finance and ROU leases, A$100m undrawn cash line. FY27 growth/exploration and FY26 tax catch-up materially consume liquidity; no conditional A$1bn merger facility counted as present cash.
Inventory composition2
Total inventories A$149.452m also include A$16.527m gold in circuit and A$21.544m spares/stores. Source carrying value differs from quarterly bullion spot mark. Opening ore and circuit inventory supports forecast output and is not added again as equity value.
- Ore stockpiles
- A$108.2M carrying · 53,773 contained oz Au
- Bullion on hand
- A$3.2M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 1.2B
- Fully diluted
- 1.2B
Latest 8 October Appendix 2A: 1,175,051,898 basic + 23,583,430 rights = 1,198,635,328 conservative fully diluted shares. All options extinguished at June. Latest capital filing follows same-day cessation; no double subtraction. Proposed Vault shares and AGM future authorisations are conditional, not issued.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 1.2B | — | — |
| Retention rights | Performance Right | 13.4M | A$0 | — |
| Non-executive share rights | Performance Right | 28.8K | A$0 | — |
| Performance rights | Performance Right | 10.2M | A$0 | — |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|
| Group recovered gold including purchased ore before March expiry | oz | 72,878 | 74,261 | 67,497 | 70,766 | |
| Group AISC, sales denominator excluding OPA ounces and purchase costs | AUD/oz | 2,529 | 2,635 | 2,685 | 2,797 |
Operating metric source table11
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Group recovered gold including purchased ore before March expiry | Company | 2025-09-30 | Quarter | 72,878 oz | Reported |
| Group AISC, sales denominator excluding OPA ounces and purchase costs | Company | 2025-09-30 | Quarter | 2,529 AUD/oz | Reported |
| Group recovered gold including purchased ore before March expiry | Company | 2025-12-31 | Quarter | 74,261 oz | Reported |
| Group AISC, sales denominator excluding OPA ounces and purchase costs | Company | 2025-12-31 | Quarter | 2,635 AUD/oz | Reported |
| Group recovered gold including purchased ore before March expiry | Company | 2026-03-31 | Quarter | 67,497 oz | Reported |
| Group AISC, sales denominator excluding OPA ounces and purchase costs | Company | 2026-03-31 | Quarter | 2,685 AUD/oz | Reported |
| Group recovered gold including purchased ore before March expiry | Company | 2026-06-30 | Quarter | 70,766 oz | Reported |
| Group AISC, sales denominator excluding OPA ounces and purchase costs | Company | 2026-06-30 | Quarter | 2,797 AUD/oz | Reported |
| FY26 recovered gold | Company | 2026-06-30 | Year | 285,402 oz | Reported |
| Issuer non-IFRS EBITDA | Company | 2026-06-30 | Year | 952,400,000 AUD | Reported |
| Source-derived OCF less exploration, mine property and PP&E payments; excludes acquisition | Company | 2026-06-30 | Year | 608,454,000 AUD | Source Derived |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production | Company | FY27 standalone Genesis | 270,000 | 300,000 oz/year | Current |
| Group All In Sustaining Cost | Company | FY27 standalone Genesis | 2,750 | 3,050 AUD/oz | Current |
| Growth Capital | Company | FY27 standalone Genesis | 380,000,000 | 420,000,000 AUD | Current |
| Exploration Spend | Company | FY27 standalone Genesis | 80,000,000 | 90,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-05Ann. 2026-08-20 | Dividend | A$58.5M | — | — | Completed | — |
| 2026-06-30Ann. 2026-07-28 | Debt | A$200M | — | — | 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.
Aggregate source royalties plus conditional Vault merger. Expired September collars and March OPAs are outside forward exposure. Private royalty rates remain incompletely itemized; aggregate effective royalty proxy is explicit.
FY26 royalty59.878m divided by owned sales250,961oz times6009/oz gives3.97%; model uses4% of future gold revenue, outside stripped AISC once.
Royalty · Active- Counterparties
- Western Australian government and private royalty holders
- Applies to
- Leonora integrated mining hub · Laverton integrated mining hub · Magnetic / Lady Julie acquired inventory · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- FY26 disclosed aggregate royalty cost: 239 AUD/oz
No valuation treatment is available for this arrangement.
Conditional acquisition modeled as75% completion probability in each gold/economic scenario. Each completed outcome adds independently forecast Vault economics and cash, deducts cash consideration540m, remaining325.969m transaction/integration/termination costs after paid50.7m breakfee, includes separately modeled AU tax reset/cross-loss and selected operating synergies and avoided140m mill, then divides by pro forma shares. No Vault physical inventory is added to current owned resource metrics.
Other · Conditional- Counterparties
- Vault Minerals Limited
- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Default share consideration: 0.76 GMD share/VAU share
Original default cash consideration: 0.48 AUD/VAU share
Cash adjustment following Genesis dividend: 39,400,000 AUD
Indicative new Genesis shares: 803,445,620 shares
Claimed synergies: 2,000,000,000 AUD
Underwritten refinancing facility: 1,000,000,000 AUD
No valuation treatment is available for this arrangement.
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
The team combines operational and development experience with growth in Genesis production. A fatality and later corporate safety convictions at a prior employer and a prior finance-related operating suspension are material, with limits on personal attribution.
Decision-relevant facts
Material summary
Raleigh Finlayson
Executive Chair
Fatality and later safety convictions at Saracen mine
In July 2020 a Byrnecut worker died at Saracen’s Whirling Dervish mine. WorkSafe reports that in December 2023 Northern Star (Carosue Dam) and Byrnecut pleaded guilty and were fined A$700,000 and A$850,000; a mine supervisor was separately fined. The separate 2020 Saracen announcement identifies Finlayson as managing director and reported the company response. The cited record does not establish personal wrongdoing by him.
Role overlaps event; causation unproven · Finlayson was Saracen managing director in 2020; the cited convictions are against companies and the supervisor, not him.
Genesis operating growth
Genesis reported FY2026 gold production of 285,402 ounces versus 214,311 in FY2025, with all-in sustaining costs of A$2,670/oz versus A$2,398/oz. These are company-wide outcomes, influenced by acquisitions and gold prices.
Role overlaps event; causation unproven · Finlayson chaired or led the company; the contribution of individual executives is not separately measured.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
- Personal causal responsibility for the 2020 fatality was not established; the regulator proceedings concern the companies and supervisor.
Duncan Coutts
Executive Director - Operations
Prior operational integration
Genesis reports that Coutts oversaw Ramelius operations and was heavily involved in due diligence, acquisitions, integration and production of acquired projects. Specific individual contributions are described by the issuer, while transaction-level performance is not independently quantified here.
Individual involvement documented · The account of his involvement is reported by Genesis.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Matt Nixon
Chief Executive Officer
Production growth under current management
Genesis reported FY2026 production of 285,402 ounces at A$2,670/oz AISC compared with 214,311 ounces at A$2,398/oz a year earlier. Output includes acquired operations and does not quantify Nixon’s individual contribution.
Role overlaps event; causation unproven · Nixon was COO and then CEO in FY2026; the company result is not solely attributable to him.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Morgan Ball
Chief Financial Officer
BC Iron suspension and loss
BC Iron reported a A$72.9m statutory net loss for the six months ended December 2015 and temporarily suspended its Nullagine operation in December 2015. The company attributed the suspension to declining iron-ore prices and outlook; it also reported operational cost reductions.
Role overlaps event; causation unproven · Ball was BC Iron managing director and commented on the company decision; the price collapse was external, and this does not establish misconduct.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Troy Irvin
Corporate Development Officer
Vault scheme remains conditional
The companies announced a proposed merger via a Vault scheme. Vault’s meeting was scheduled for 11 November 2026 and implementation remained subject to shareholder and court approval. Genesis withdrew certain AGM resolutions on 30 October and said three Vault directors would be appointed upon implementation, subject to approvals.
Role overlaps event; causation unproven · Irvin’s corporate development role overlaps the proposal; no individual responsibility for the transaction outcome is established.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Christina Yeo
General Manager, People & Culture
People and culture experience
Genesis reports Yeo previously held people and culture roles at Byrnecut and DLA Piper; AusIMM independently identified her as Byrnecut’s group head of people and culture in 2024. This experience is relevant to workforce integration, though individual outcomes are not independently quantified.
Responsibility not applicable · Role fit is an inference from reported and corroborated prior roles.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
- Exact dates and individual outcomes in former people-and-culture roles were not independently established.
Joanne Steer
General Counsel and Joint Company Secretary
Legal and governance background
Genesis reports Steer joined as head of legal in February 2024 and became company secretary on 29 August; the issuer reports her law degree and mining-industry advisory background. These roles are relevant to listed-company governance, but university and admission records were not independently checked.
Responsibility not applicable · Role fit is an inference from issuer-reported work experience and duties.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Marie Forsyth
Legal Counsel and Joint Company Secretary
Legal and mining background
Genesis reports Forsyth has experience in corporate and mining law and previously held secretarial roles for listed explorers; it reports law and extractive metallurgy degrees. Her experience is relevant to the legal and secretarial role, but independent credential verification was not obtained.
Responsibility not applicable · The issuer reports the background; role fit is an analyst inference.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
Lee Stephens
Chief Operating Officer
Laverton restart and development roles
Genesis credits Stephens with leading the early restart of the Laverton mill in 2024 and says he played a central role advancing Thunderbox from study to production while at Saracen. The precise personal share of those company-wide results is not independently quantified.
Individual involvement documented · Genesis explicitly credits his leadership; independent quantitative attribution is not established.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Past-employer dates, individual contributions and a comprehensive search of courts and regulators remain incomplete.
- Exact dates at Carosue Dam and Thunderbox and personal responsibility for historical incidents were not established.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-07-16 · 1,170,350,452 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 28.48% | 333,328,834 | |
| 2 | 28.10% | 328,909,554 | |
| 3 | 15.03% | 175,844,672 | |
| 4 | 4.03% | 47,139,728 | |
| 5 | 1.60% | 18,760,454 | |
| 6 | 1.54% | 17,993,653 | |
| 7 | 1.38% | 16,101,206 | |
| 8 | 1.05% | 12,255,899 | |
| 9 | 1.03% | 12,055,556 | |
| 10 | 0.91% | 10,658,554 | |
| 11 | 0.55% | 6,391,693 | |
| 12 | 0.54% | 6,300,000 | |
| 13 | 0.50% | 5,833,334 | |
| 14 | 0.45% | 5,285,810 | |
| 15 | 0.45% | 5,267,101 | |
| 16 | 0.45% | 5,238,871 | |
| 17 | 0.35% | 4,149,377 | |
| 18 | 0.34% | 3,922,912 | |
| 19 | 0.23% | 2,743,567 | |
| 20 | 0.23% | 2,743,335 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 16.16%Voting power | 2026-01-09 | |
| 9.57%Voting power | 2026-10-02 | |
| 6.00%Voting power | 2026-05-13 | |
| 5.08%Voting power | 2026-10-08 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Van Eck ceased to be a substantial holder on 18 September 2026; this does not establish a zero holding. The image-only primary notice was visually inspected.
- State Street interests include lending and collateral and can overlap other groups; they are not necessarily beneficial ownership.
- The First Sentier and MUFG notices describe the same 59,666,191 total on 8 October; only the parent reporting-group total is shown.
- HSBC and MSH have repeated identical source-row names; rank annotations distinguish the rows without asserting different account details.
- Nominee accounts and group interests may overlap and must not be summed.
- The annual PDF has hidden duplicate text layers; the rendered page was inspected to transcribe the visible register.
Sources
- 2026 Annual Report
Genesis Minerals Limited via ASX · Published 2026-08-20 · Accessed 2026-10-31
Top-20 register at 16 July 2026.
downloads/GMD/2026/2026-08-20_Annual Report to shareholders_c6a9fa13475c6273.pdf, PDF page 91, visually reviewed
- AustralianSuper change in substantial holding
AustralianSuper via ASX · Published 2026-01-13 · Accessed 2026-10-31
Position on 9 January 2026.
downloads/GMD/2026/2026-01-13_Change in substantial holding_9803625ad381720b.pdf, page 1
- Vanguard change in substantial holding
Vanguard Group via ASX · Published 2026-05-18 · Accessed 2026-10-31
Position on 13 May 2026.
downloads/GMD/2026/2026-05-18_Change in substantial holding_33533a5c1dcd37ac.pdf, page 1
- State Street change in substantial holding
State Street via ASX · Published 2026-10-06 · Accessed 2026-10-31
Position at 2 October 2026 includes loaned and collateral securities.
downloads/GMD/2026/2026-10-06_Change in substantial holding_aaff18a77d749596.pdf, page 1, visually reviewed
- MUFG becoming a substantial holder
Mitsubishi UFJ Financial Group via ASX · Published 2026-10-14 · Accessed 2026-10-31
Position on 8 October 2026 includes First Sentier and other related interests.
downloads/GMD/2026/2026-10-14_Becoming a substantial holder from MUFG_b6fbdd94d0b7bfa1.pdf, page 1
- Van Eck ceasing to be a substantial holder
Van Eck via ASX · Published 2026-09-22 · Accessed 2026-10-31
Ceased substantial status on 18 September 2026, not necessarily all ownership.
downloads/GMD/2026/2026-09-22_Ceasing to be a substantial holder_5381e69bd2641523.pdf, page 1, visually reviewed
Disclosed activity
Insider transactions
Trading activity3 buys · 4 sells shownNet cash last 12 months −A$45.9mShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-09-02 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2026-09-02On-market sale; disclosed consideration is net proceeds, not gross trade value. As disclosed: On-market trade; net proceeds.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Directors Interest Notice ↗ | SaleOrdinary shares | 5,000,000 | AUD 41,346,174.00 | — | 32,097,917 |
| 2026-08-28 | Anthony William KiernanCentral Manhattan Pty Ltd <AW Kiernan Super Fund A/C>
Details & evidence for Anthony William Kiernan on 2026-08-28On-market sale; disclosed consideration is net proceeds, not gross trade value. As disclosed: On-market trade; net proceeds.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Directors Interest Notice ↗ | SaleOrdinary shares | 50,000 | AUD 424,677.46 | — | 224,009 |
| 2026-07-30 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2026-07-30Exercise of 1,100,000 vested performance rights yielded 1,083,500 shares; reason for the 16,500 difference is not disclosed. No cash paid reported. As disclosed: Issue of fully paid ordinary shares pursuant to exercise of vested FY24 unquoted performance rights.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 1,083,500 | —Non Cash | — | 37,097,917 |
| 2026-07-28 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Change of Director's Interest Notice ↗ | GrantShare rights vesting 2027-06-30 | 5,401 | —Non Cash | — | 5,401 |
| 2026-07-28 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 6,869 | —Non Cash | — | 23,751 |
| 2026-07-28 | Jane MaceyOperations Excellence Advisory Pty Ltd
Details & evidence for Jane Macey on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Operations Excellence Advisory Pty Ltd · Director and shareholder Change of Director's Interest Notice ↗ | GrantShare rights vesting 2027-06-30 | 5,401 | —Non Cash | — | 5,401 |
| 2026-07-28 | Jane MaceyOperations Excellence Advisory Pty Ltd
Details & evidence for Jane Macey on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Operations Excellence Advisory Pty Ltd · Director and shareholder Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 6,869 | —Non Cash | — | 6,869 |
| 2026-07-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-07-28Fee-sacrifice scheme: 9,159 FY26 rights disposed for 9,159 ordinary shares and 7,201 new rights vesting 30 June 2027. Notice mentions AUD 40,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ | GrantShare rights vesting 2027-06-30 | 7,201 | —Non Cash | — | 7,201 |
| 2026-07-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-07-28Fee-sacrifice scheme: 9,159 FY26 rights disposed for 9,159 ordinary shares and 7,201 new rights vesting 30 June 2027. Notice mentions AUD 40,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 9,159 | —Non Cash | — | 42,768 |
| 2026-07-28 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ | GrantShare rights vesting 2027-06-30 | 5,401 | —Non Cash | — | 5,401 |
| 2026-07-28 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 6,869 | —Non Cash | — | 366,074 |
| 2026-07-28 | Michael BowenBouchi Pty Ltd ATF The MG Trust
Details & evidence for Michael Bowen on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ | GrantShare rights vesting 2027-06-30 | 5,401 | —Non Cash | — | 5,401 |
| 2026-07-28 | Michael BowenBouchi Pty Ltd ATF The MG Trust
Details & evidence for Michael Bowen on 2026-07-28Fee-sacrifice scheme: 6,869 FY26 rights disposed for 6,869 ordinary shares and 5,401 new rights vesting 30 June 2027. Notice mentions AUD 30,000 of director fees; no cash purchase is inferred. As disclosed: Participation in NED Fee Sacrifice Scheme.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 6,869 | —Non Cash | — | 1,361,312 |
| 2025-12-04 | Michael BowenNetwealth Investments Ltd ATF Wrap Services (Minturn Super Fund)
Details & evidence for Michael Bowen on 2025-12-04The sale is from the Netwealth account; Bouchi holdings are separately reported and unchanged. As disclosed: 645,487 ordinary shares sold on market for AUD4,102,779.11.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Appendix 3Y ↗ | SaleOrdinary shares | 645,487 | AUD 4,102,779.11 | AUD 6.356099Calculated average | 600,000 |
| 2025-11-26 | Jane MaceyOperations Excellence Advisory Pty Ltd
Details & evidence for Jane Macey on 2025-11-26Indirect interest through Operations Excellence Advisory Pty Ltd; the $30,000 represents director fees forgone, not cash paid for the rights. As disclosed: 6,869 FY26 Share Rights acquired in lieu of $30,000 director fees.
director · Start not disclosed Operations Excellence Advisory Pty Ltd · Director and shareholder Appendix 3Y ↗ | GrantFY26 Share Rights | 6,869 | —Non Cash | — | 6,869 |
| 2025-11-26 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2025-11-26Indirect interest through MSH; the rights are not ordinary shares and no cash consideration is reported. As disclosed: 297,000 Performance Rights granted, expiring 31 December 2029.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Appendix 3Y ↗ | GrantPerformance Rights | 297,000 | —Non Cash | — | 297,000 |
| 2025-11-26 | Duncan Coutts
Details & evidence for Duncan Coutts on 2025-11-26The 146,000 FY26 rights are separate from 361,000 previously held FY25 performance rights expiring 30 June 2029. The notice reports 507,000 total performance rights after the grant. As disclosed: 146,000 EIP FY26 Performance Rights granted, expiring 31 December 2029; 507,000 total Performance Rights after grant.
Appendix 3Y ↗ | GrantEIP FY26 Performance Rights | 146,000 | —Non Cash | — | 146,000 |
| 2025-09-22 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2025-09-22Indirect interest through MSH. The notice identifies a cashless exercise of 12,250,000 options; the disclosed ordinary-share balance increased by the reported 9,800,559 shares. As disclosed: Cashless exercise of 12,250,000 options at $1.05, expiring 25 November 2025; 9,800,559 fully paid ordinary shares acquired.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 9,800,559 | —Non Cash | — | 36,014,417 |
| 2025-09-22 | Michael BowenBouchi Pty Ltd ATF The MG Trust
Details & evidence for Michael Bowen on 2025-09-22Indirect interest through Bouchi Pty Ltd ATF The MG Trust. The notice identifies a cashless exercise of 1,500,000 options; the disclosed ordinary-share balance increased by the reported 1,200,068 shares. As disclosed: Cashless exercise of 1,500,000 options at $1.05, expiring 25 November 2025; 1,200,068 fully paid ordinary shares acquired.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 1,200,068 | —Non Cash | — | 1,354,443 |
| 2025-07-15 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2025-07-15Direct interest; the fee amount is not cash paid for the rights. As disclosed: 6,869 FY26 Share Rights granted in lieu of $30,000 director fees.
director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantFY26 Share Rights | 6,869 | —Non Cash | — | 6,869 |
| 2025-07-15 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2025-07-15Direct interest. The shares resulted from vesting and exercise of FY25 Share Rights. As disclosed: Acquisition of 16,882 fully paid ordinary shares from exercise of FY25 Share Rights.
director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 16,882 | —Non Cash | — | 16,882 |
| 2025-07-15 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2025-07-15Direct interest; the $40,000 is fees forgone, not cash paid for the rights. As disclosed: 9,159 FY26 Share Rights granted in lieu of $40,000 director fees.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantFY26 Share Rights | 9,159 | —Non Cash | — | 9,159 |
| 2025-07-15 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2025-07-15The filing's disposal row labels the rights as FY24, while the rights balance, adjacent FY25 grant and the preceding July 2024 notice identify these as FY25 rights; quantity and resulting share balance agree. As disclosed: 22,509 fully paid ordinary shares acquired on exercise of Share Rights; the disposal field says FY24 Share Rights.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 22,509 | —Non Cash | — | 33,609 |
| 2025-07-15 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2025-07-15Direct interest; the fee amount is not cash paid for the rights. As disclosed: 6,869 FY26 Share Rights granted in lieu of $30,000 director fees.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantFY26 Share Rights | 6,869 | —Non Cash | — | 6,869 |
| 2025-07-15 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2025-07-15Direct interest. The rights exercise converted the disclosed FY25 Share Rights into ordinary shares. As disclosed: Acquisition of 16,882 fully paid ordinary shares from exercise of FY25 Share Rights.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 16,882 | —Non Cash | — | 359,205 |
| 2025-07-15 | Michael BowenBouchi Pty Ltd ATF The MG Trust
Details & evidence for Michael Bowen on 2025-07-15Issued in lieu of $30,000 director fees; the fee amount is not cash paid for the rights. As disclosed: 6,869 FY26 Share Rights granted in lieu of $30,000 director fees.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | GrantFY26 Share Rights | 6,869 | —Non Cash | — | 6,869 |
| 2025-07-15 | Michael BowenBouchi Pty Ltd ATF The MG Trust
Details & evidence for Michael Bowen on 2025-07-15The shares are reported in Bouchi Pty Ltd ATF The MG Trust. The notice separately lists Netwealth ordinary shares and does not combine that account with Bouchi. As disclosed: Acquisition of 16,882 fully paid ordinary shares from exercise of FY25 Share Rights.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 16,882 | —Non Cash | — | 154,375 |
| 2025-06-17 | Karen Lloyd
Details & evidence for Karen Lloyd on 2025-06-17The rights lapsed after resignation; the source reports no ordinary share acquisition or cash consideration. As disclosed: Lapse of 16,882 FY25 Share Rights following resignation as a Non-Executive Director.
Change of Director's Interest Notice ↗ | ExpiryFY25 Share Rights | 16,882 | —Non Cash | — | 0 |
| 2025-05-26 | Michael WilkesEligius Holdings Pty Ltd <Wilkes Family A/C>
Details & evidence for Michael Wilkes on 2025-05-26Only 1,712 rights lapsed; the other 15,170 rights were exercised into shares on the same change date. As disclosed: The remaining 1,712 FY25 Share Rights lapsed because the vesting condition requiring continued service as a Non-Executive Director at 30 June 2025 became incapable of being satisfied on resignation.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExpiryFY25 Share Rights | 1,712 | —Non Cash | — | 0 |
| 2025-05-26 | Michael WilkesEligius Holdings Pty Ltd <Wilkes Family A/C>
Details & evidence for Michael Wilkes on 2025-05-26Indirect interest through Eligius Holdings Pty Ltd <Wilkes Family A/C>; the filing states Mr Wilkes is a director and beneficiary. The 15,170 shares resulted from pro-rata vesting and exercise of FY25 Share Rights at nil cost. As disclosed: Pro-rata vesting and exercise of 15,170 FY25 Share Rights; 15,170 Fully Paid Ordinary Shares acquired.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 15,170 | —Non Cash | — | 23,495 |
| 2024-12-06 | Gerard KaczmarekSalina Kaczmarek
Details & evidence for Gerard Kaczmarek on 2024-12-06The transaction was in the spouse's indirect holding. The source identifies 58,334 $1.22 options, expiring 10 December 2024, and states the full cash exercise consideration. As disclosed: 58,334 Fully Paid Ordinary Shares acquired upon exercise of 58,334 unlisted options; $71,167.48 paid for exercise at $1.22 per option.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 58,334 | AUD 71,167.48 | — | 219,413 |
| 2024-11-29 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2024-11-29Direct interest. The stated $30,000 represents FY25 director fees forgone, not cash paid for the securities. As disclosed: Issue of 16,882 FY25 Share Rights in lieu of $30,000 of director fees for the 12 months from 1 July 2024 to 30 June 2025.
director · Start not disclosed Change of Director's Interest Notice x 2 ↗ | GrantFY25 Share Rights | 16,882 | —Non Cash | — | 16,882 |
| 2024-11-28 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2024-11-28Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>. As disclosed: Issue of 637,000 Unlisted Performance Rights for nil consideration pursuant to shareholder approval at the AGM held on 14 November 2024.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice x 2 ↗ | GrantPerformance Rights | 637,000 | —Non Cash | — | 637,000 |
| 2024-09-05 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2024-09-05Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>. The 6,300,647 shares are the net shares issued under the cashless exercise facility; 5,949,353 shares otherwise issuable were foregone to offset the $1.05 exercise price. As disclosed: 6,300,647 fully-paid ordinary shares issued following exercise of 12,250,000 options at $1.05 each using the cashless exercise facility; 5,949,353 shares were foregone.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 6,300,647 | —Non Cash | — | 26,213,858 |
| 2024-07-15 | Michael Wilkes
Details & evidence for Michael Wilkes on 2024-07-15Indirect director interest; the $30,000 amount is FY25 director fees forgone, not cash paid for the rights. The filing names Debbie Chan and Eligius Holdings but does not identify which account held the new rights. As disclosed: Issue of 16,882 FY25 Share Rights in lieu of $30,000 director fees for the 12 months from 1 July 2024 to 30 June 2025.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | GrantFY25 Share Rights | 16,882 | —Non Cash | — | 16,882 |
| 2024-07-15 | Michael Wilkes
Details & evidence for Michael Wilkes on 2024-07-15Indirect director interest. The notice names spouse Debbie Chan and Eligius Holdings Pty Ltd but does not allocate the resulting shares to a specific account. As disclosed: 8,325 Fully Paid Ordinary Shares acquired on vesting and exercise of 8,325 FY24 Share Rights.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | ExerciseOrdinary shares | 8,325 | —Non Cash | — | 176,392 |
| 2024-07-15 | Karen Lloyd
Details & evidence for Karen Lloyd on 2024-07-15Direct interest; the $30,000 amount is FY25 director fees forgone, not cash paid for the rights. As disclosed: Issue of 16,882 FY25 Share Rights in lieu of $30,000 director fees for the 12 months from 1 July 2024 to 30 June 2025.
Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | GrantFY25 Share Rights | 16,882 | —Non Cash | — | 16,882 |
| 2024-07-15 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2024-07-15Direct interest; the $40,000 amount is FY25 director fees forgone, not cash paid for the rights. As disclosed: Issue of 22,509 FY25 Share Rights in lieu of $40,000 director fees for the 12 months from 1 July 2024 to 30 June 2025.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | GrantFY25 Share Rights | 22,509 | —Non Cash | — | 22,509 |
| 2024-07-15 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2024-07-15Direct interest. The shares resulted from vesting and exercise of FY24 Share Rights originally issued in lieu of director fees. As disclosed: 11,100 Fully Paid Ordinary Shares acquired on vesting and exercise of 11,100 FY24 Share Rights.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | ExerciseOrdinary shares | 11,100 | —Non Cash | — | 11,100 |
| 2024-07-15 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2024-07-15Direct interest; the $30,000 amount is FY25 director fees forgone, not cash paid for the rights. Spouse Salina Kaczmarek's separate option and share holdings are not attributed to this grant. As disclosed: Issue of 16,882 FY25 Share Rights in lieu of $30,000 director fees for the 12 months from 1 July 2024 to 30 June 2025.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | GrantFY25 Share Rights | 16,882 | —Non Cash | — | 16,882 |
| 2024-07-15 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2024-07-15Direct interest. The shares resulted from vesting and exercise of FY24 Share Rights originally issued in lieu of director fees. As disclosed: 8,325 Fully Paid Ordinary Shares acquired on vesting and exercise of 8,325 FY24 Share Rights.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | ExerciseOrdinary shares | 8,325 | —Non Cash | — | 342,323 |
| 2024-07-15 | Michael Bowen
Details & evidence for Michael Bowen on 2024-07-15Indirect director interest; the $30,000 amount is FY25 director fees forgone, not cash paid for the rights. The filing does not allocate the rights to a named account. As disclosed: Issue of 16,882 FY25 Share Rights in lieu of $30,000 director fees for the 12 months from 1 July 2024 to 30 June 2025.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | GrantFY25 Share Rights | 16,882 | —Non Cash | — | 16,882 |
| 2024-07-15 | Michael Bowen
Details & evidence for Michael Bowen on 2024-07-15Indirect director interest. The notice names Bouchi, Minturn and Netwealth interests but does not allocate the rights exercise to a specific account. As disclosed: 8,325 Fully Paid Ordinary Shares acquired on vesting and exercise of 8,325 FY24 Share Rights.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice x 5 ↗ Change of Director's Interest Notice x 5 ↗ | ExerciseOrdinary shares | 8,325 | —Non Cash | — | 1,382,980 |
| 2024-01-31 | Michael Wilkes
Details & evidence for Michael Wilkes on 2024-01-31Indirect director interest; the form names Debbie Chan and Eligius Holdings Pty Ltd <Wilkes Family A/C> but does not allocate this grant to a specific account. As disclosed: Share Rights were granted on 31 January 2024; rights vest and automatically convert into shares on 30 June 2024 subject to a service-based vesting condition.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice x 4 ↗ Change of Director's Interest Notice x 4 ↗ | GrantFY24 Share Rights | 8,325 | —Non Cash | — | 8,325 |
| 2024-01-31 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2024-01-31Direct interest. The notice describes director fees forgone for the six months from 1 January to 30 June 2024; that amount is not reported as cash paid for the rights. As disclosed: Share Rights were granted on 31 January 2024; rights vest and automatically convert into shares on 30 June 2024 subject to a service-based vesting condition.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice x 4 ↗ Change of Director's Interest Notice x 4 ↗ | GrantFY24 Share Rights | 11,100 | —Non Cash | — | 11,100 |
| 2024-01-31 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2024-01-31The form also lists Salina Kaczmarek's separate share and option interests; this grant is attributed to Gerard Kaczmarek and is kept separate. As disclosed: Share Rights were granted on 31 January 2024; rights vest and automatically convert into shares on 30 June 2024 subject to a service-based vesting condition.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice x 4 ↗ Change of Director's Interest Notice x 4 ↗ | GrantFY24 Share Rights | 8,325 | —Non Cash | — | 8,325 |
| 2024-01-31 | Michael Bowen
Details & evidence for Michael Bowen on 2024-01-31Indirect director interest; the form names Bouchi Pty Ltd, Minturn Pty Ltd and Netwealth Investments Limited but does not allocate this grant to a specific account. As disclosed: Share Rights were granted on 31 January 2024; rights vest and automatically convert into shares on 30 June 2024 subject to a service-based vesting condition.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice x 4 ↗ Change of Director's Interest Notice x 4 ↗ | GrantFY24 Share Rights | 8,325 | —Non Cash | — | 8,325 |
| 2023-12-19to 2023-12-20 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-12-19Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>. The filing reports the two change dates together and does not identify which day the sale occurred. The calculated average uses disclosed net proceeds, not gross consideration. As disclosed: On-market sale of 2,000,000 Fully Paid Ordinary Shares for $3,455,364 net proceeds.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | SaleOrdinary shares | 2,000,000 | AUD 3,455,364.00 | AUD 1.727682Calculated average | — |
| 2023-12-19to 2023-12-20 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-12-19Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>; exercise date is stated only within the combined 19–20 December range. As disclosed: 194,445 Fully Paid Ordinary Shares acquired on exercise of unlisted options; $194,445 paid at $1.00 per option.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseOrdinary shares | 194,445 | AUD 194,445.00 | — | — |
| 2023-11-24to 2023-11-30 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-11-24Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>; reported change date is part of the combined 24 and 30 November range. As disclosed: Issue of 3,220,000 unlisted Strategic Growth Retention Rights for nil consideration pursuant to shareholder approval at the AGM held on 27 November 2023.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice - Raleigh Finlayson ↗ Change of Director's Interest Notice - Raleigh Finlayson ↗ | GrantStrategic Growth Retention Rights | 3,220,000 | —Non Cash | — | 3,220,000 |
| 2023-11-24to 2023-11-30 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-11-24Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>; reported change date is part of the combined 24 and 30 November range. As disclosed: Issue of 1,100,000 unlisted Performance Rights for nil consideration pursuant to shareholder approval at the AGM held on 27 November 2023.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice - Raleigh Finlayson ↗ Change of Director's Interest Notice - Raleigh Finlayson ↗ | GrantPerformance Rights | 1,100,000 | —Non Cash | — | 1,100,000 |
| 2023-11-24to 2023-11-30 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-11-24Indirect interest through MSH Group Pty Ltd <Finlayson Family A/C>; the notice reports the change dates jointly as 24 and 30 November and does not assign each component to a specific date. As disclosed: 5,833,334 Fully Paid Ordinary Shares acquired on exercise of vested unlisted options; $5,833,334 paid at $1.00 per option.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice - Raleigh Finlayson ↗ Change of Director's Interest Notice - Raleigh Finlayson ↗ | ExerciseOrdinary shares | 5,833,334 | AUD 5,833,334.00 | — | 21,718,766 |
| 2023-11-17 | Gerard KaczmarekSalina Kaczmarek
Details & evidence for Gerard Kaczmarek on 2023-11-17The relevant interests include the director and his spouse; the source does not assign the combined share balance or exercised options by account. As disclosed: Exercise of 64,609 unlisted options to acquire 64,609 Fully Paid Ordinary Shares; stated total cost $72,775.76.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice - Gerry Kaczmarek ↗ | ExerciseOrdinary shares | 64,609 | AUD 72,775.76 | — | 495,077 |
| 2023-11-07 | Michael Bowen
Details & evidence for Michael Bowen on 2023-11-07Indirect interest through Bouchi Pty Ltd ATF The MG Trust, Minturn Pty Ltd ATF The Prima Superannuation Fund and Netwealth Investments Limited ATF Wrap Services; the notice does not allocate the resulting shares among accounts. As disclosed: Exercise of vested unlisted options at $1.00 per option, acquiring 430,556 fully paid ordinary shares; $430,556 total consideration.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice - M Bowen ↗ | ExerciseOrdinary shares | 430,556 | AUD 430,556.00 | — | 1,374,655 |
| 2023-07-31 | Raleigh FinlaysonMSH Group Pty Ltd <Finlayson Family A/C>
Details & evidence for Raleigh Finlayson on 2023-07-31MSH Group Pty Ltd <Finlayson Family A/C> is Mr Finlayson's controlled company account. Two million performance rights were exercised to issue 2,000,000 shares at nil cost. As disclosed: Issue of fully paid ordinary shares pursuant to exercise of vested unlisted performance rights.
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice - Finlayson ↗ | ExerciseOrdinary shares | 2,000,000 | —Non Cash | — | 15,885,432 |
| 2023-07-11 | Michael WilkesDebbie Chan
Details & evidence for Michael Wilkes on 2023-07-11Indirect interest through spouse Deb Chan. As disclosed: On-market purchase of 168,067 Fully Paid Ordinary Shares for $200,239.73.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Change of Director's Interest Notice - Wilkes ↗ | PurchaseOrdinary shares | 168,067 | AUD 200,239.73 | AUD 1.191428Calculated average | 168,067 |
| 2023-07-07 | Anthony William KiernanCentral Manhattan Pty Ltd <AW Kiernan Super Fund A/C>
Details & evidence for Anthony William Kiernan on 2023-07-07Indirect interest through Central Manhattan Pty Ltd ATF AW Kiernan Super Fund; Mr Kiernan is a director and beneficiary. As disclosed: On-market purchase of 75,000 Fully Paid Ordinary Shares for $89,231.80.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice - Kiernan ↗ | PurchaseOrdinary shares | 75,000 | AUD 89,231.80 | AUD 1.189757Calculated average | 267,987 |
| 2023-04-18 | Anthony William KiernanCentral Manhattan Pty Ltd <AW Kiernan Super Fund A/C>
Details & evidence for Anthony William Kiernan on 2023-04-18Indirect interest through Central Manhattan Pty Ltd ATF AW Kiernan Super Fund; Mr Kiernan is a director and beneficiary. As disclosed: On-market purchase of 35,000 Fully Paid Ordinary Shares for $43,205.12.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice - Kiernan ↗ | PurchaseOrdinary shares | 35,000 | AUD 43,205.12 | AUD 1.234432Calculated average | 192,987 |
Disclosed holding observations27 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 |
|---|---|---|---|---|
| 2026-09-02 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-09-02Account shares after sale
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Directors Interest Notice ↗ | PositionOrdinary shares | 32,097,917 | — |
| 2026-09-02 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-09-02Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Directors Interest Notice ↗ | PositionStrategic growth retention rights expiring 2028-12-31 | 3,220,000 | — |
| 2026-09-02 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-09-02Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Directors Interest Notice ↗ | PositionPerformance rights expiring 2029-06-30 | 637,000 | — |
| 2026-09-02 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-09-02Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Directors Interest Notice ↗ | PositionPerformance rights expiring 2029-12-31 | 297,000 | — |
| 2026-08-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-08-28Super fund shares after sale
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Directors Interest Notice ↗ | PositionOrdinary shares | 224,009 | — |
| 2026-08-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-08-28Separate direct shares, not part of fund total
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Directors Interest Notice ↗ | PositionOrdinary shares | 42,768 | — |
| 2026-08-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-08-28Rights position, not a transaction
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Directors Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 7,201 | — |
| 2026-07-30 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-07-30Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ | PositionPerformance rights expiring 2029-12-31 | 297,000 | — |
| 2026-07-30 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-07-30Account shares after rights exercise
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ | PositionOrdinary shares | 37,097,917 | — |
| 2026-07-30 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-07-30Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ | PositionStrategic growth retention rights expiring 2028-12-31 | 3,220,000 | — |
| 2026-07-30 | Raleigh Finlayson
Details & evidence for Raleigh Finlayson on 2026-07-30Rights position, not a transaction
director · Start not disclosed MSH Group Pty Ltd <Finlayson Family A/C> · Director and shareholder of MSH Group Pty Ltd. Change of Director's Interest Notice ↗ | PositionPerformance rights expiring 2029-06-30 | 637,000 | — |
| 2026-07-28 | Michael Bowen
Details & evidence for Michael Bowen on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ | PositionOrdinary shares | 1,361,312 | — |
| 2026-07-28 | Michael Bowen
Details & evidence for Michael Bowen on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 5,401 | — |
| 2026-07-28 | Michael Bowen
Details & evidence for Michael Bowen on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Bouchi Pty Ltd ATF The MG Trust · Indirect holder as disclosed Netwealth Investments Ltd ATF Wrap Services (Minturn Super Fund) · Custodian for super fund in which Bowen is a director and beneficiary Change of Director's Interest Notice ↗ | PositionOrdinary shares | 600,000 | — |
| 2026-07-28 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ | PositionOrdinary shares | 219,413 | — |
| 2026-07-28 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ | PositionOrdinary shares | 366,074 | — |
| 2026-07-28 | Gerard Kaczmarek
Details & evidence for Gerard Kaczmarek on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Salina Kaczmarek · Spouse Change of Director's Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 5,401 | — |
| 2026-07-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ | PositionOrdinary shares | 274,009 | — |
| 2026-07-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ | PositionOrdinary shares | 42,768 | — |
| 2026-07-28 | Anthony William Kiernan
Details & evidence for Anthony William Kiernan on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Central Manhattan Pty Ltd <AW Kiernan Super Fund A/C> · Director and beneficiary of superannuation account. Change of Director's Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 7,201 | — |
| 2026-07-28 | Jane Macey
Details & evidence for Jane Macey on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Operations Excellence Advisory Pty Ltd · Director and shareholder Change of Director's Interest Notice ↗ | PositionOrdinary shares | 6,869 | — |
| 2026-07-28 | Jane Macey
Details & evidence for Jane Macey on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Operations Excellence Advisory Pty Ltd · Director and shareholder Change of Director's Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 5,401 | — |
| 2026-07-28 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Change of Director's Interest Notice ↗ | PositionOrdinary shares | 23,751 | — |
| 2026-07-28 | Jacqueline Murray
Details & evidence for Jacqueline Murray on 2026-07-28Reported position; no separate transaction inferred.
director · Start not disclosed Change of Director's Interest Notice ↗ | PositionShare rights vesting 2027-06-30 | 5,401 | — |
| 2025-05-26 | Duncan Coutts
Details & evidence for Duncan Coutts on 2025-05-26Initial director-interest observation. The notice states these rights were issued before appointment, but supplies no exact issue date; no transaction date is inferred.
Initial Director's Interest Notice ↗ | InitialPerformance Rights (GMDAAE) | 361,000 | — |
| 2025-05-24 | Michael Wilkes
Details & evidence for Michael Wilkes on 2025-05-24Final director-interest snapshot at cessation; indirect interest through spouse.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Final Director's Interest Notice ↗ | FinalOrdinary shares | 168,067 | — |
| 2025-05-24 | Michael Wilkes
Details & evidence for Michael Wilkes on 2025-05-24Final director-interest snapshot at cessation; Mr Wilkes is stated to be a director and beneficiary of the holder.
Debbie Chan · spouse Eligius Holdings Pty Ltd <Wilkes Family A/C> · director and beneficiary of registered holder Final Director's Interest Notice ↗ | FinalOrdinary shares | 23,495 | — |
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 inventory26 documents
GMD ASX ordinary local closing price 13 October 2026Market Data · HighExtracted
Latest eligible local market data provider via miners.collect_stock_prices observation; cutoff quote, not a 24 October live quote.
- Document ID
- doc-gmd-2026-10-13-price
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- —
Notice of Annual General Meeting/Proxy FormGovernance · MediumPartial
Current AGM resolutions confirm incoming Vault directors remain conditional; meeting date and capital approvals reviewed.
- Document ID
- doc-gmd-2026-10-09-agm
- Published UTC
- 2026-10-09T02:19:59+00:00
- Projects
- —
- Commodities
- gold
Application for quotation of securities - GMDCorporate Action · HighPartial
Latest Appendix 2A provides post-conversion ordinary shares and outstanding rights by class.
- Document ID
- doc-gmd-2026-10-08-capital
- Published UTC
- 2026-10-08T03:10:50+00:00
- Projects
- —
- Commodities
- gold
Notification of cessation of securities - GMDOther · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-10-08-6a1348283
- Published UTC
- 2026-10-08T02:46:45+00:00
- Projects
- —
- Commodities
- gold
Vault Scheme Booklet registered with ASICOther · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-10-06-scheme
- Published UTC
- 2026-10-06T08:54:42+00:00
- Projects
- —
- Commodities
- gold
Vault Court Approves Scheme MeetingOther · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-10-05-court
- Published UTC
- 2026-10-05T05:06:11.000+00:00
- Projects
- —
- Commodities
- gold
Resources and Energy Quarterly September 2026Other · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model. Publication date is verified; intraday release time unavailable. Recorded date-only ordering time is an explicit convention, not observed publication timing; no price-chart reaction is attributed.
- Document ID
- doc-gmd-2026-10-02-req
- Published UTC
- 2026-10-02T00:00:00+00:00
- Projects
- —
- Commodities
- gold
Vault June 2026 Resources and ReservesOther · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-09-03-resources
- Published UTC
- 2026-09-02T22:16:08.000+00:00
- Projects
- —
- Commodities
- gold
Annual Report to shareholdersResults · HighPartial
Audited FY26 operations, ownership, accounts, tax, obligations and capital allocation; selected physical pages independently read in the fresh run.
- Document ID
- doc-gmd-2026-08-20-annual
- Published UTC
- 2026-08-20T05:00:28+00:00
- Projects
- —
- Commodities
- gold
EBITDA more than doubles to A$952m on strong marginsResults · HighPartial
FY26 operating and financial results, dividend, tax catch-up, expired ore purchase agreements and updated merger outlook reviewed.
- Document ID
- doc-gmd-2026-08-20-results
- Published UTC
- 2026-08-20T04:57:08+00:00
- Projects
- —
- Commodities
- gold
Appendix 4EOther · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-08-20-6a1339478
- Published UTC
- 2026-08-20T04:56:23+00:00
- Projects
- —
- Commodities
- gold
Vault FY26 Financial Results SummaryOther · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-08-20-results
- Published UTC
- 2026-08-20T05:29:53+00:00
- Projects
- —
- Commodities
- gold
Vault FY26 Annual Financial StatementsResults · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-08-20-accounts
- Published UTC
- 2026-08-20T05:27:48+00:00
- Projects
- —
- Commodities
- gold
Vault June 2026 Quarterly ActivitiesResults · HighPartial
Primary source independently read for conditional merger economics or gold benchmark; copied without any former analyst model.
- Document ID
- doc-gmd-vau-2026-07-29-quarter
- Published UTC
- 2026-07-28T22:16:59+00:00
- Projects
- —
- Commodities
- gold
Quarterly Activities Report - June 2026Operations · HighPartial
Latest operating quarter: reported production and costs, hub physical performance, FY27 guidance, growth projects, stockpiles and finite hedge terms reviewed.
- Document ID
- doc-gmd-2026-07-28-quarter
- Published UTC
- 2026-07-27T22:25:09+00:00
- Projects
- —
- Commodities
- gold
Presentation - Genesis and Vault to MergePresentation · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-07-14-6a1333734
- Published UTC
- 2026-07-13T22:45:45+00:00
- Projects
- —
- Commodities
- gold
Genesis & Vault agree to merge, creating a new gold majorTransaction · HighPartial
Announcement terms and conditional nature of the proposed Vault merger reviewed; appended scheme deed not exhaustively reviewed. No Vault asset is recorded as currently owned.
- Document ID
- doc-gmd-2026-07-14-merger
- Published UTC
- 2026-07-13T22:45:35+00:00
- Projects
- —
- Commodities
- gold
Resources total 18.9Moz, including 4.4Moz in ReservesResource Update · HighPartial
Core resource and reserve tables, rounded physical quantities and technical summaries reviewed; full 407-page JORC appendices are outside the selected-page scope.
- Document ID
- doc-gmd-2026-05-05-resources
- Published UTC
- 2026-05-04T23:12:57+00:00
- Projects
- —
- Commodities
- gold
Quarterly Activities Report - March 2026Operations · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-04-16-6a1320629
- Published UTC
- 2026-04-15T22:17:03+00:00
- Projects
- —
- Commodities
- gold
FY26 Half Year Report SummaryResults · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-02-19-6a1312702
- Published UTC
- 2026-02-18T21:09:56+00:00
- Projects
- —
- Commodities
- gold
Half Year Report for Period Ended 31 Dec 2025Results · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-02-19-6a1312704
- Published UTC
- 2026-02-18T21:09:46+00:00
- Projects
- —
- Commodities
- gold
Quarterly Activities Report - December 2025Operations · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2026-01-29-6a1308998
- Published UTC
- 2026-01-28T22:19:56+00:00
- Projects
- —
- Commodities
- gold
Quarterly Activities Report - September 2025Operations · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2025-10-16-6a1290609
- Published UTC
- 2025-10-15T22:19:51+00:00
- Projects
- —
- Commodities
- gold
FY2025 Annual ReportResults · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2025-08-21-6a1279299
- Published UTC
- 2025-08-20T22:07:25+00:00
- Projects
- —
- Commodities
- gold
Abundant cashflow & plus4Moz Reserve sets up GMD for growthOther · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2025-08-21-6a1279295
- Published UTC
- 2025-08-20T22:07:15+00:00
- Projects
- —
- Commodities
- gold
Appendix 4EOther · MediumPartial
Local evidence inventoried and selected native pages reviewed for historical context; current audited annual report and latest quarterly report supersede older financial and operating snapshots. No unseen image page supplies a valuation fact.
- Document ID
- doc-gmd-2025-08-21-6a1279297
- Published UTC
- 2025-08-20T22:07:05+00:00
- Projects
- —
- Commodities
- gold
Evidence facts92
488335000 AUD
2026-06-30200000000 AUD
2026-06-30102843000 AUD
2026-06-30100000000 AUD
2026-06-302077627000 AUD
2026-06-301742346000 AUD
2026-06-30601763000 AUD
2026-06-30935247000 AUD
2026-06-30326793000 AUD
2026-06-30100 %
2026-06-30gold text
2026-06-30100 %
2026-06-30gold text
2026-06-30100 %
2026-06-30gold text
2026-06-30100 %
2026-06-30gold text
2026-06-30100 %
2026-06-30gold text
2026-06-30100 %
2026-06-30gold text
2026-06-30110000000 t
2025-12-312.7 g/t
2025-12-319600000 oz
2025-12-3181.60416666666667 %
2025-12-31Open pit and underground text
2025-12-31120000000 t
2025-12-311.6 g/t
2025-12-316400000 oz
2025-12-3157.8125 %
2025-12-31Open pit and underground text
2025-12-3150000000 t
2025-12-311.8 g/t
2025-12-312900000 oz
2025-12-3162.44827586206897 %
2025-12-31Open pit and underground text
2025-12-3144000000 t
None1.7 g/t
None2400000 oz
None75.0 %
NoneOpen pit and underground text
2025-12-3134000000 t
2025-12-312900000 oz
2025-12-312.6 g/t
2025-12-3139000000 t
2025-12-311400000 oz
2025-12-311.1165350646153844 g/t
2025-12-31790000 t
2025-12-3197000 oz
2025-12-313.8 g/t
2025-12-3118000000 t
None1000000 oz
None1.7 g/t
NoneGold bullion text
2026-06-30Gold bullion text
2026-06-30952400000 AUD
2026-06-30Wholly owned hub mining inventory; third-party OPAs finished March 2026 text
2026-06-30Wholly owned hub mining inventory; third-party OPAs finished March 2026 text
2026-06-3038367 oz
2026-06-30139100000 AUD
2026-06-30AU text
2026-06-30AU text
2026-06-30AU text
2026-06-30AU text
2026-06-30AU text
2026-06-30AU text
2026-06-3043000 oz
2025-09-3030000 oz
2025-09-3043000 oz
2025-12-3131000 oz
2025-12-3143000 oz
2026-03-3125000 oz
2026-03-3146000 oz
2026-06-30175000 oz
2026-06-30354000 t
2026-06-304.4 g/t
2026-06-3092.4 %
2026-06-3025000 oz
2026-06-30111000 oz
2026-06-30761000 t
2026-06-301.1 g/t
2026-06-3092.8 %
2026-06-30354000 t
2026-06-30761000 t
2026-06-304500 oz
2026-06-303500 AUD/oz
2026-06-304235 AUD/oz
2026-06-301175051898 shares
2026-10-081198635328 shares
2026-10-081400000 tpa
2026-07-143000000 tpa
2026-07-147.39 AUD/share
2026-10-13Conflicts requiring judgment4
- June cash versus cash, bullion and investments
Use audited cash A$488.335m for cash identity. A$520.1m quarterly headline includes marked bullion and listed investments; those are separate interests, not extra cash. Audited investments and bullion carrying values used in equity bridge.
- Capital chronology and share classes
Oct8 Appendix2A post-conversion total supersedes June basic/rights and earlier same-day cessation. Fully diluted shares sum outstanding rights once; proposed Vault shares excluded until implementation.
- Laverton rounded reserve grade versus contained ounces
Both sources report 39Mt,1.2g/t,1.4Moz; source ledger preserves printed table. Comparable implied grade1.116535g/t is calculated from disclosed tonnes and ounces, explicitly labelled derived, to avoid a false physical tie.
- Long-term plan timing
Old September2026 standalone update superseded by Aug20 first-half2027 combined review conditional on Vault completion. No false overdue current schedule retained.