OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor JGH ASX

Jade Gas Holdings Limited

Resource Stage · Others · Mongolia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.065
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$144.1M
EV
A$143M
Cash
A$11.3M
Debt
A$10.2M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$11.3M Finite
Debt A$10.2M Net cash A$1.2M
Basic shares 2.2B 2026-08-04
Runway 8.3 quarters 30 June Appendix 5B: A$15.632m cash plus undrawn facilities / A$1.877m relevant quarterly outgoings = 8.3 quarters. Excludes the subsequent gross A$11m placement and later spending.

Liquidity

Financial position

30 June cash A$11.34m plus an A$11m gross placement completed by 4 August; subsequent spending and fees are not reported in accessible half-year material. A$10.178m facilities drawn. Corporate runway is not Phase 1 funding.

Capital structure

Ownership and dilution

Ordinary shares
2.2B
Fully diluted
2.5B

4 August quotation shows 2,217,510,355 ordinary shares after the 91,666,668-share A$0.12 placement. Add 204.5 million options and 87.25 million rights to obtain 2,509,260,355 gross fully diluted equivalents; no treasury-stock offset for option proceeds.

Security classes5
ClassTypeQuantityStrikeExpiry
Options expiring 23 October 2028 at A$0.053Option127.5MA$0.0532028-10-23
Options expiring 12 December 2027 at A$0.05Option14.5MA$0.052027-12-12
Options expiring 2 June 2030 at A$0.075Option25MA$0.0752030-06-02
Options expiring 16 June 2030 at A$0.12Option37.5MA$0.122030-06-16
Unquoted performance rights after advisory-right issuePerformance Right87.2M——

KPI history

Operating metrics

Comparable series use a shared scale

Production · Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Quarter

m3 pilot gas

2 periods
  1. December 2025 quarter126,014 m3 pilot gas
    Reported
  2. March 2026 quarter45,589 m3 pilot gas
    Reported

Production · Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Quarter

m3/day average pilot gas

2 periods
  1. December 2025 quarter1,370 m3/day average pilot gas
    Reported
  2. March 2026 quarter1,567 m3/day average pilot gas
    Reported
Operating metric source table4
MetricProjectPeriodPeriod typeValueStatus
ProductionTtcbmDecember 2025 quarterQuarter126,014 m3 pilot gasReported
ProductionTtcbmDecember 2025 quarterQuarter1,370 m3/day average pilot gasReported
ProductionTtcbmMarch 2026 quarterQuarter45,589 m3 pilot gasReported
ProductionTtcbmMarch 2026 quarterQuarter1,567 m3/day average pilot gasReported
Company guidance1
MetricProjectPeriodLowHighStatus
Phase 1 Development WellsttcbmPhase 1 development—175 wellsCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-04Ann. 2026-07-20RaisingA$11M91.7M—Completed—
2026-08-04Ann. 2026-07-20RaisingOrdinary SharesA$11M91.7MA$0.12CompletedProposed July placement verified as issued in 4 August quotation; A$11m is gross before costs.Max 91.7M · Period 2026-07-20 to 2026-08-04
2026-06-16Ann. 2026-06-05RaisingA$12M150M—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.

Partial · as of 2026-09-26

Annual material arrangements reconciled with July financing announcement; no accessible definitive PTBEL contracts or current full-form UB Metan LNG agreement. Terms listed only where disclosed.

Jade owns 60% of MGR, which holds the TTCBM PSA. Jade funds work to DFS; post-DFS shared pro rata. PSC fiscal and minimum spend terms are confidential.

Joint Venture · Active
Counterparties
Erdenes Methane LLC
Applies to
Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Jade JV interest: 60 %
Jade pre-DFS funding: 100 % of exploration/appraisal costs
How it affects our valuation

No valuation treatment is available for this arrangement.

Jade owns 66% of BNG venture with MMC subsidiary and funds exploration to DFS; later costs share pro rata.

Joint Venture · Active
Counterparties
Mongolia Mining Corporation Limited
Applies to
Baruun Naran Gas (BNG) Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Jade JV interest: 66 %
Jade pre-DFS funding: 100 % of exploration costs
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding framework for PTBEL to fund Phase 1; definitive services and LNG agreements absent. No committed funding yet.

Strategic Partnership · Conditional
Counterparties
PT Beijing Energy Linking · PetroChina · Hunan Geology & Mining Technology Co Ltd
Applies to
Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Others
Economic direction
Mixed
Period
From 2026-07-20; no end date stated
Key terms
Indicative Phase 1 capex: 1,100,000,000 AUD
PTBEL cost recovery share: 80 % of post-PSC gas proceeds
Jade post recovery share: 70 % of profits
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional term sheet; third-party and corporate consents and definitive agreement remain necessary. No sales yet.

Offtake · Conditional
Counterparties
UB Metan LLC
Applies to
Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Others
Economic direction
Mixed
Period
From 2025-09-24; no end date stated
Key terms
Minimum output: 20 % of TTCBM LNG output
Initial supply term: 5 years
Pricing: UBM Ulaanbaatar retail less 20%; floor 150% of JKM futures
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-exclusive LOI for financed drilling and LNG equipment; no immediate financial obligation and no agreed revenue share.

Strategic Partnership · Conditional
Counterparties
Langrun
Applies to
Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
Initial concept: 20 wells
How it affects our valuation

No valuation treatment is available for this arrangement.

LNG sales interest under MOU; no binding volume, price or maturity disclosed.

Offtake · Conditional
Counterparties
Mongolia Mining Corporation Limited
Applies to
Tavan Tolgoi Coal Bed Methane (TTCBM) Project · Baruun Naran Gas (BNG) Project · Others
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Unsecured director loan repayable at earlier of 29 July 2027 or agreed date; only drawn balance enters debt bridge.

Other · Active
Counterparties
Joseph Burke
Applies to
Company-wide
Economic direction
Burden
Period
From 2025-07-30; no end date stated
Key terms
Total facility: 3,470,000 AUD equivalent
Drawn: 832,000 AUD
Interest: 8 % per annum
How it affects our valuation

No valuation treatment is available for this arrangement.

Unsecured convertible note; drawn balance enters debt bridge and conversion exposure is a dilution limitation because timing and election are unresolved.

Other · Active
Counterparties
UB Metan LLC
Applies to
Company-wide
Economic direction
Burden
Period
From 2023-11-02; no end date stated
Key terms
Total facility: 11,000,000 AUD
Drawn: 9,346,000 AUD
Interest: 10 % per annum
Conversion price: 0.04 AUD/share
How it affects our valuation

No valuation treatment is available for this arrangement.