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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
—
1M
—
YTD
—
1Y
—
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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$267.9M Not Meaningful
Debt A$0 Net cash A$267.9M
Basic shares 1.2B 2026-02-28
Runway Not Meaningful Grange is a producing operation with operating cash generation, so a junior-explorer cash-burn runway is not meaningful; project funding is assessed separately.

Liquidity

Financial position

A$267.9m cash and liquid investments at 30 June 2026 are substantial, but the balance precedes a A$690.7m non-cash asset impairment and must fund operations and a redesigned underground transition; the full H1 accounts were not accessible for a current debt or restricted-cash reconciliation.

Inventory composition2

Q2 FY2026 reported finished-product and concentrate stockpiles are recorded by quantity; carrying values are not disclosed in the quarterly activity report.

Pellet stockpile
— carrying · 303,403 dmt
Concentrate stockpile
— carrying · 28,078 t

Capital structure

Ownership and dilution

Ordinary shares
1.2B
Fully diluted
1.2B

Fully diluted shares equal ordinary shares plus 7,385,995 disclosed performance rights; no exercise price is disclosed in the source register.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares on issueOrdinary Share1.2B——
Performance rights in the annual securities registerPerformance Right7.4M——

KPI history

Operating metrics

Source values by period
Operating metric source table13
MetricProjectPeriodPeriod typeValueStatus
ProductionSavage RiverQ2 FY2026Quarter586,906 t concentrateReported
ProductionSavage RiverQ2 FY2026Quarter590,883 t pelletsReported
SalesSavage RiverQ2 FY2026Quarter625,727 dmt total productReported
RecoverySavage RiverQ2 FY2026Quarter34.9 % weight recoveryReported
C1 CostSavage RiverQ2 FY2026Quarter157.69 AUD/tReported
ProductionSavage RiverFY2025Year2,221,357 t concentrateReported
ProductionSavage RiverFY2025Year2,210,227 t pelletsReported
SalesSavage RiverFY2025Year2,300,670 dmt total productReported
C1 CostSavage RiverFY2025Year164.69 AUD/tReported
RevenueCompanyFY2025Year477,854,000 AUDReported
RevenueCompanyH1 2026Half Year230,788,000 AUDReported
OtherCompanyH1 2026Half Year10,503,000 AUD underlying NPATReported
OtherCompanyH1 2026Half Year-541,845,000 AUD statutory NPATReported

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-06-05RaisingGrrau Performance Rights—3.6M—CompletedPerformance rights issued under the employee incentive scheme using the LR7.2 exception.Non-cash employee incentive issue; no exercise price disclosed.
2024-06-13RaisingGrrau Performance Rights—2M—CompletedPerformance rights issued under the employee incentive scheme using the LR7.2 exception.Non-cash employee incentive issue; no exercise price disclosed.

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-08-31

FY2025 annual report supplies the disclosed contracts and year-end derivative fair values. Current hedge volumes, strikes, counterparties and maturities were not available in the accessible H1 Appendix; no hedge benefit is assumed live at the cutoff.

Related-party index-linked pellet offtake; Shagang group held about 48% of issued shares in February 2026.

Offtake · Active
Counterparties
Jiangsu Shagang International Trade Co. Ltd
Applies to
Savage River · Iron Ore
Economic direction
Mixed
Period
Through 2032-03-31; start date not stated
Key terms
Contracted pellets: 600,000 dmt/year
Pricing: index-linked with quality differentials
How it affects our valuation

No valuation treatment is available for this arrangement.

Amended Shagang contract transferred 0.4Mtpa for a three-year term to another buyer; pricing and counterparty are not disclosed.

Offtake · Active
Counterparties
Undisclosed third-party buyer
Applies to
Savage River · Iron Ore
Economic direction
Mixed
Period
2024-04-01 to 2027-03-31
Key terms
Assigned pellets: 400,000 dmt/year
How it affects our valuation

No valuation treatment is available for this arrangement.

Government mining royalties are an operating burden at Savage River and are included in the DCF unit-cost bridge.

Royalty · Active
Counterparties
Tasmanian government
Applies to
Savage River · North Pit Underground · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
FY2025 royalty expense: 10,030,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

A$1m contingent tenement purchase payment is due only if Southdown starts commercial mining.

Other · Conditional
Counterparties
MedAire, Inc
Applies to
Southdown · Iron Ore
Economic direction
Burden
Period
From 2003-11-21; no end date stated
Key terms
Commercial production payment: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Wembley tenement is subject to a 1% net smelter return royalty if production occurs.

Royalty · Active
Counterparties
Lac Minerals (Australia) NL
Applies to
Legacy exploration joint operations · Gold · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Net smelter return: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Grange owns a minority 30% Mt Windsor joint venture interest with continuing rehabilitation obligations and no current production.

Joint Venture · Active
Counterparties
Thalanga Copper Mines Pty Limited
Applies to
Legacy exploration joint operations · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Grange interest: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.