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2026-11-06
◂ Monitor GML ASX

Gateway Mining Limited

Resource Stage · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.054
1D
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1M
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YTD
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1Y
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Fair value
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Upside
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Mkt cap
A$155.9M
EV
A$97.4M
Cash
A$10.4M
Debt
A$0
6 newer ASX announcements not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-10-09

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

Gateway’s FY2026 annual report records a material asset-base change, discoveries across Yandal and a new Cowza intercept; it remains an exploration company. Andrew Bray’s prior Strickland record includes a directly quoted CEO role in the A$61m Millrose sale and his current governance record includes authorization of a conference presentation slide shown before the ASX release of a separate A$45m placement. Gateway acknowledged the Rule 15.7 breach, reported no trades occurred in the gap and set corrective controls. Richard Pugh has documented technical leadership at Strickland and a partial credential record. Company-secretarial credential detail is improved for Kar Chua. Broader career and adverse checks remain incomplete.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Andrew Bray

Executive Chairman

Current
Full background report for Andrew Bray
Role FitAnalyst Inference · Medium materiality

Relevance of current Executive Chairman role

The issuer identifies Andrew Bray as Executive Chairman. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.

Board and Management · Issuer management page, Andrew Bray entry
Company SuccessIssuer Reported · Medium materiality

Gateway Mining reported project and corporate progress

During FY2026 Gateway completed the Yandal acquisition from Strickland for consideration of 1.5 billion convertible preference shares valued at A$45 million. In September 2026 it separately raised A$45 million in cash through a placement at A$0.08 per share. The annual report also records early exploration discoveries including Cowza; none should be treated as an operating mine or realized investment return. The issuer did not assign sole responsibility for these corporate outcomes to this executive.

Role overlaps event; causation unproven · The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Annual Report 2026 · printed pp. 4, 14; completed Yandal acquisition and early exploration results
Successful $45 Million Placement Completed · September 2026 placement announcement
Personal SuccessIssuer Reported · High materiality

Led Strickland through the Millrose sale to Northern Star

In June 2023, Strickland announced sale of Millrose to Northern Star for approximately A$61m: A$41m cash plus 1.5m Northern Star shares. The release attributes the quote about the transaction and project economics to Andrew Bray as CEO and thanks the technical team led by Richard Pugh. Strickland said it acquired the project for A$10m and spent about A$16m on drilling; reported A$35m profit is issuer calculation. This is attributable executive transaction leadership, not evidence of realized returns for every shareholder.

Individual involvement documented · Bray was directly quoted as Strickland CEO on transaction outcome; exploration was a technical-team/company effort and commodity/market conditions also matter.

Annual Report 2026 · printed p. 40, prior Strickland CEO role
GovernanceDocumented · High materiality

Gateway acknowledged a Listing Rule 15.7 breach at a conference

Gateway acknowledged that a slide stating the A$45m September 2026 placement was displayed at a conference at about 9:18am before ASX released the announcement at 9:35am. The company stated the Executive Chairman had reviewed and authorised the presentation before the conference; CEO was not aware of the delay and there was no practical opportunity to stop the slide after speaking began. Trading had not commenced, so no trades occurred in the gap. Gateway accepted the breach and committed to confirmation-of-release controls, real-time monitoring and board review of its disclosure policy. No personal penalty or finding against Bray was disclosed in the reviewed response.

Individual involvement documented · The issuer directly states that the Executive Chairman authorised the presentation containing the slide; the breach is corporate and the response does not establish that Bray knew the announcement was delayed.

Response to ASX Supervision Letter – Listing Rule 15.7 · pp. 1–2, answers 2–6; authorization, breach, circumstances and remedial controls
Evidence gaps · 2
  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.
  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.

Full background report

Andrew Bray

Executive Chairman

Career chronology

  • 2025-08-25–cutoff: Gateway Mining — Executive Chairman. Board and Management (Issuer management page, Andrew Bray entry)

  • By 2021–2024; former CEO by 2025 annual report: Strickland Metals — Chief Executive Officer. Annual Report 2026 (printed p. 41, Board and Management Restructure)

  • Appointed 25 August 2025–cutoff: Gateway Mining — Executive Chairman. Annual Report 2026 (printed p. 4, Directors; printed p. 40, post-year-end appointments)

Education and qualifications

Economics and Law degrees

Before 2025 · issuer reported · medium materiality

Gateway’s 2025 annual report says Bray holds a Bachelor of Economics and Bachelor of Laws (Honours I) from the University of Sydney.

Attribution: Responsibility not applicable. Education reported by issuer; independent degree verification was not undertaken.

Relevance: Relevant commercial, transaction and governance background for executive-chair role.

Annual Report to shareholders (printed p. 41, appointment biography); Annual Report 2026 (printed p. 40, appointment biography)

Personal achievements

Led Strickland through the Millrose sale to Northern Star

June 2021–June 2023 · issuer reported · high materiality

In June 2023, Strickland announced sale of Millrose to Northern Star for approximately A$61m: A$41m cash plus 1.5m Northern Star shares. The release attributes the quote about the transaction and project economics to Andrew Bray as CEO and thanks the technical team led by Richard Pugh. Strickland said it acquired the project for A$10m and spent about A$16m on drilling; reported A$35m profit is issuer calculation. This is attributable executive transaction leadership, not evidence of realized returns for every shareholder.

Attribution: Individual involvement documented. Bray was directly quoted as Strickland CEO on transaction outcome; exploration was a technical-team/company effort and commodity/market conditions also matter.

Relevance: Demonstrated capital allocation and asset monetisation experience relevant to a chair leading an explorer.

Sale of Millrose Project for $61M to Northern Star Resources (Key Points and Management Comment); Annual Report 2026 (printed p. 40, prior Strickland CEO role)

Contributions and company outcomes

Gateway Mining reported project and corporate progress

August 2025–September 2026 · issuer reported · medium materiality

During FY2026 Gateway completed the Yandal acquisition from Strickland for consideration of 1.5 billion convertible preference shares valued at A$45 million. In September 2026 it separately raised A$45 million in cash through a placement at A$0.08 per share. The annual report also records early exploration discoveries including Cowza; none should be treated as an operating mine or realized investment return. The issuer did not assign sole responsibility for these corporate outcomes to this executive.

Attribution: Role overlaps event; causation unproven. The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Relevance: Provides evidence of the operating or project context the leadership team must continue to execute.

Annual Report 2026 (printed pp. 4, 14; completed Yandal acquisition and early exploration results); Successful $45 Million Placement Completed (September 2026 placement announcement)

Governance and interests

Gateway acknowledged a Listing Rule 15.7 breach at a conference

9 September 2026; response 15 September 2026 · documented · high materiality

Gateway acknowledged that a slide stating the A$45m September 2026 placement was displayed at a conference at about 9:18am before ASX released the announcement at 9:35am. The company stated the Executive Chairman had reviewed and authorised the presentation before the conference; CEO was not aware of the delay and there was no practical opportunity to stop the slide after speaking began. Trading had not commenced, so no trades occurred in the gap. Gateway accepted the breach and committed to confirmation-of-release controls, real-time monitoring and board review of its disclosure policy. No personal penalty or finding against Bray was disclosed in the reviewed response.

Attribution: Individual involvement documented. The issuer directly states that the Executive Chairman authorised the presentation containing the slide; the breach is corporate and the response does not establish that Bray knew the announcement was delayed.

Relevance: Material current oversight issue for a listed-company executive chair; the company’s remediation and lack of pre-market trading limit the demonstrated effect.

Response to ASX Supervision Letter – Listing Rule 15.7 (pp. 1–2, answers 2–6; authorization, breach, circumstances and remedial controls)

Suitability for the current role

Relevance of current Executive Chairman role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Andrew Bray as Executive Chairman. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Andrew Bray entry)

Evidence gaps

  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.

  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.

Richard Pugh

Chief Executive Officer

Current
Full background report for Richard Pugh
Role FitAnalyst Inference · Medium materiality

Relevance of current Chief Executive Officer role

The issuer identifies Richard Pugh as Chief Executive Officer. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.

Board and Management · Issuer management page, Richard Pugh entry
Company SuccessIssuer Reported · Medium materiality

Gateway Mining reported project and corporate progress

During FY2026 Gateway completed the Yandal acquisition from Strickland for consideration of 1.5 billion convertible preference shares valued at A$45 million. In September 2026 it separately raised A$45 million in cash through a placement at A$0.08 per share. The annual report also records early exploration discoveries including Cowza; none should be treated as an operating mine or realized investment return. The issuer did not assign sole responsibility for these corporate outcomes to this executive.

Role overlaps event; causation unproven · The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Annual Report 2026 · printed pp. 4, 14; completed Yandal acquisition and early exploration results
Successful $45 Million Placement Completed · September 2026 placement announcement
Personal SuccessIssuer Reported · High materiality

Led Strickland technical work supporting Millrose monetisation and Horse Well resource growth

A June 2023 Strickland ASX release states its technical team was led by Pugh and sold Millrose to Northern Star for A$61m after drilling; a September 2026 interview attributes to Pugh running work that developed Millrose and led Horse Well drilling that more than doubled the resource. The sale amount and resource growth are company outcomes; individual credit is limited to documented technical leadership, and the 2026 interview is a secondary retrospective.

Individual involvement documented · Contemporaneous release names Pugh as technical team lead; later interview attributes work. No claim that he alone caused the sale or resource increase.

Sale of Millrose Project for $61M to Northern Star Resources · Management Comment, thanks to technical team led by Richard Pugh
Evidence gaps · 2
  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.
  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.

Full background report

Richard Pugh

Chief Executive Officer

Career chronology

  • 2025-09-01–cutoff: Gateway Mining — Chief Executive Officer. Board and Management (Issuer management page, Richard Pugh entry)

  • Employed from 2022; Director title from 2024 to 2025 transition: Strickland Metals — Geology Manager; Executive Technical Director from 2024. Annual Report 2026 (printed p. 41, Board and Management Restructure)

  • Appointed 1 September 2025–cutoff: Gateway Mining — Chief Executive Officer. Annual Report 2026 (printed p. 41, post-year-end Board and Management Restructure)

  • Prior roles over 18+ years; employers/dates not disclosed: ASX mineral exploration companies — Senior consulting geologist; exploration manager. Annual Report 2026 (printed p. 41, CEO biography)

Education and qualifications

Exploration and Resource Geology degree; AIG membership

Current disclosure at cutoff · issuer reported · medium materiality

Gateway’s 2025 annual report identifies Pugh’s Bachelor’s degree in Exploration and Resource Geology from Cardiff University and Australian Institute of Geoscientists membership. A September 2026 interview says he acts as JORC Competent Person for Gateway results. Independent education or membership verification was not performed.

Attribution: Responsibility not applicable. Credentials are issuer/industry interview reported; no independent register check.

Relevance: Directly relevant to geology leadership and technical disclosure.

Annual Report 2026 (printed p. 41, CEO biography); Unlocking the Gateway at Gateway – Richard Pugh (guest bio)

Personal achievements

Led Strickland technical work supporting Millrose monetisation and Horse Well resource growth

2022–2023; retrospective in 2026 · issuer reported · high materiality

A June 2023 Strickland ASX release states its technical team was led by Pugh and sold Millrose to Northern Star for A$61m after drilling; a September 2026 interview attributes to Pugh running work that developed Millrose and led Horse Well drilling that more than doubled the resource. The sale amount and resource growth are company outcomes; individual credit is limited to documented technical leadership, and the 2026 interview is a secondary retrospective.

Attribution: Individual involvement documented. Contemporaneous release names Pugh as technical team lead; later interview attributes work. No claim that he alone caused the sale or resource increase.

Relevance: Strongly relevant technical delivery evidence for a CEO acquiring and exploring the same district.

Sale of Millrose Project for $61M to Northern Star Resources (Management Comment, thanks to technical team led by Richard Pugh); Unlocking the Gateway at Gateway – Richard Pugh (guest biography)

Contributions and company outcomes

Gateway Mining reported project and corporate progress

August 2025–September 2026 · issuer reported · medium materiality

During FY2026 Gateway completed the Yandal acquisition from Strickland for consideration of 1.5 billion convertible preference shares valued at A$45 million. In September 2026 it separately raised A$45 million in cash through a placement at A$0.08 per share. The annual report also records early exploration discoveries including Cowza; none should be treated as an operating mine or realized investment return. The issuer did not assign sole responsibility for these corporate outcomes to this executive.

Attribution: Role overlaps event; causation unproven. The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Relevance: Provides evidence of the operating or project context the leadership team must continue to execute.

Annual Report 2026 (printed pp. 4, 14; completed Yandal acquisition and early exploration results); Successful $45 Million Placement Completed (September 2026 placement announcement)

Gateway reported a new high-grade Cowza intercept during his CEO tenure

FY2026; announcement 2 September 2026 · issuer reported · medium materiality

Gateway’s 2026 annual report says first RC drilling confirmed a new Cowza discovery, including 41 metres at 2.0 g/t gold from 104 metres (including 9 metres at 7.5 g/t), within a reported 4.5-kilometre mineralised corridor. This was an early exploration discovery; it was not a resource, reserve, feasibility study or operating result. The company does not assign the intercept to Pugh personally.

Attribution: Role overlaps event; causation unproven. Pugh was CEO during the program, but no individual technical authorship or causal contribution is established.

Relevance: Current role-overlap evidence of exploration progress with clear maturity limits.

2026 Annual Report – Cowza discovery (printed pp. 7–8, Cowza section)

Suitability for the current role

Relevance of current Chief Executive Officer role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Richard Pugh as Chief Executive Officer. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Richard Pugh entry)

Evidence gaps

  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.

  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.

Kar Chua

Company Secretary

Current
Full background report for Kar Chua
Role FitAnalyst Inference · Medium materiality

Relevance of current Company Secretary role

The issuer identifies Kar Chua as Company Secretary. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.

Board and Management · Issuer management page, Kar Chua entry
Evidence gaps · 2
  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.
  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.

Full background report

Kar Chua

Company Secretary

Career chronology

  • Current role at cutoff; start date not established in the reviewed records: Gateway Mining — Company Secretary. Board and Management (Issuer management page, Kar Chua entry)

  • Current per professional-firm profile: Enrizen Financial Group — Associate Director / accounting and corporate advisory. Kar Chua professional profile (Professional profile, role and experience)

  • Current at cutoff: Gateway Mining — Company Secretary. Annual Report 2026 (printed p. 3, Corporate Directory)

  • Concurrent listed/unlisted secretarial roles per firm profile: Gasfields Limited; Futura Resources — Company Secretary. Kar Chua professional profile (Professional profile, concurrent company secretarial work)

Education and qualifications

Accounting qualification and chartered-accountant membership

By 2018–cutoff · issuer reported · medium materiality

Gateway’s 2018 annual report identifies Chua as holding a Bachelor of Commerce in Accounting and Corporate Finance and membership of the Institute of Chartered Accountants in Australia. His Enrizen profile describes ASX financial, tax and company-secretarial work.

Attribution: Responsibility not applicable. Qualification and professional background reported by a prior/current issuer and professional firm; independent register verification not established.

Relevance: Relevant to finance, ASX reporting and company-secretarial duties.

Annual Report 2026 (Corporate governance/annual report company secretary history if stated); Kar Chua professional profile (professional profile, qualifications and roles); Annual Report 2018 (2018 annual report, Directors and Company Secretary)

Suitability for the current role

Relevance of current Company Secretary role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Kar Chua as Company Secretary. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Kar Chua entry)

Evidence gaps

  • A complete dated career chronology, verified education/professional membership and full concurrent-interest record were not established.

  • Person-specific enforcement, litigation, safety, environmental, legal and governance searches across material former employers remain uncompleted; no clearance conclusion is implied.