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2026-11-06
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Grange Resources Limited

Producer · Iron Ore · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.105
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$121.5M
EV
A$-146.4M
Cash
A$267.9M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Savage River

Australia

Producer100% ownedIron Ore

Operating Savage River magnetite and Port Latta pellet system; H1 2026 impairment reflects a smaller sub-level cave plan and lower forecast iron ore prices, with no new terminal mine year established in the accessible Appendix.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Operating cost164.69AUD/t product produced
Discount rate10.6%Published study basis

FY2025 operating cost and impairment reference; not a new standalone DCF.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceSavage River total above 15% DTR464.2 Mt44.2% DTRIron Ore2025-12-31
Ore ReserveSavage River total96.3 Mt44.7% DTRIron Ore2025-12-31
Tenements5
savage-2m-2001Granted4,975 ha · No expiry supplied
savage-14m-2007Granted91 ha · No expiry supplied
savage-11m-2008Granted— ha · 2031-12-18
savage-4m-2019Granted— ha · 2031-10-07
savage-el30-2003Granted38 sq km · 2030-06-18
Milestones1
  1. Former 2040 operating horizon, subject to revised plan

    At Risk · Medium materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Mining lease 2M/2001Tasmania, AustraliaGranted—Yes
Mining lease 11M/2008Tasmania, AustraliaGranted2031-12-18Yes
Mining lease 4M/2019Tasmania, AustraliaGranted2031-10-07Yes
Economic studies1
StudyStageStatusDateSummary
Current Savage River operating plan referenceOperating PlanCurrent2026-04-02The 31 August 2026 impairment supersedes the 2025 block-cave life-of-mine assumptions; updated detailed mine economics have not been disclosed in the accessible Appendix 4D.

Material

North Pit Underground

Australia

DFS Unfunded Developer100% ownedIron Ore

The 2024 block-cave DFS is superseded as an executable plan by the H1 2026 decision to pursue a smaller sub-level cave; design, funding, capital cost and FID are unconfirmed.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$775M8.3% discount
IRR34%Published return
Initial capexA$891MPublished capital estimate
Operating cost93.8AUD/t concentrate

2024 DFS integrated post-tax case; risk-adjusted separately for funding, schedule and FID uncertainty.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceNorth Pit total resource supporting underground study224.7 Mt47.8% DTRIron Ore2025-12-31
Ore ReserveNorth Pit Underground probable reserve60.6 Mt45.9% DTRIron Ore2025-12-31
Milestones2
  1. Target underground development timing

    At Risk · High materiality

  2. Secure project financing and final investment decision

    At Risk · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Underground environmental and planning permitsTasmania, AustraliaGranted—Yes
Economic studies1
StudyStageStatusDateSummary
North Pit Underground DFSDFSSuperseded2024-02-28Historical 2024 block-cave DFS only; H1 2026 moved to a smaller sub-level cave without publishing replacement NPV or capex.

Material

Southdown

Australia

DFS Unfunded Developer100% ownedIron Ore

100%-owned feasibility-stage magnetite project; a A$1m contingent tenement payment, equity partner, revised approvals and construction funding remain unresolved.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$877M10% discount
IRR14.8%Published return
Initial capexA$2.3BPublished capital estimate
Operating cost117.1AUD/t concentrate

Updated feasibility after-tax case; heavily risk-adjusted for funding, approvals, capex and execution uncertainty.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceSouthdown total mineral resource1.3K Mt33.8% DTRIron Ore2024-12-31
Ore ReserveSouthdown probable ore reserve412 Mt34.7% DTR; 69.6% FeIron Ore2024-12-31
Tenements2
southdown-m70-1309Granted— None · No expiry supplied
southdown-r70-61Granted— None · No expiry supplied
Milestones2
  1. Secure Southdown equity partner

    At Risk · High materiality

  2. Resubmit and obtain environmental approvals

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Southdown environmental approvalsWestern Australia, AustraliaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Southdown updated feasibility studyUpdated FeasibilityCurrent2025-04-14Feasibility case reports A$877m post-tax NPV, 14.8% IRR and A$2.339bn initial capital before funding and approvals risk adjustments.

Other

Legacy exploration joint operations

Australia

Early ExplorerCopperGoldOthers

Non-operating copper, gold and base-metal joint-operation interests of 15%-31.15%; no current resource, reserve, economic study or material valuation evidence is disclosed.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
legacy-wembley-m52-801Granted— None · No expiry supplied
legacy-mt-windsor-ml1571Granted— None · No expiry supplied