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2026-11-06
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KGL Resources Limited

Construction · Copper · Silver · Gold · AU Rating locked: sign in to view v8.1 · kgl-20261030t220320-full
Last 2026-11-06
A$0.135
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$306.6M
EV
A$31.4M
Cash
A$275.4M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$275.4M2025-06-30: 5,116,103 A$2025-09-30: 2,729,000 A$2025-12-31: 10,815,000 A$2026-03-31: 8,183,000 A$2026-06-30: 25,283,503 A$2026-09-30: 275,419,000 A$ Construction Funded
Debt A$0 Net cash A$275.4M
Basic shares 2.3BFY25A: 692,318,047FY26A: 771,389,476 2026-09-09
Runway Construction Funded Cash A$275.4m at 30 Sep 2026 (includes a A$0.149m security deposit), plus US$16m second Wheaton early deposit received 6 Oct 2026, plus US$243m conditional Wheaton construction tranches and an optional US$25m cost-overrun facility, against ~A$550m of remaining construction and pre-production spend, a A$20m exploration programme and a ~A$70m liquidity buffer.

Liquidity

Financial position

Funded on the issuer's BEM capital estimate if the four Wheaton tranches (US$243m) are drawn as conditions are met (open-pit contractor appointment, material contracts, FIRB, sustainability reporting, full funding); the ~A$70m buffer plus the US$25m overrun facility cover about a 20% overrun of the remaining construction budget before new equity is needed. No debt; PMPA carried as a A$7.7m fair-value liability at 30 June 2026.

Capital structure

Ownership and dilution

Ordinary shares
2.3B
Fully diluted
2.3B

692,318,047 shares at 30 June 2025 + 78,571,429 placement at A$0.14 (31 Oct 2025) + 500,000 CEO shares (28 Apr 2026) = 771,389,476 at 30 June 2026; + ~598.0m entitlement shares at A$0.20 (issued 28 Jul 2026, including 264.6m shortfall shares) + ~902.0m conditional placement shares at A$0.20 (issued 5 Aug 2026 after EGM approval) = 2,271,390,766 at 9 September 2026. No issues reported between then and the cutoff. Performance rights are the only dilutive securities.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share2.3B——
Performance rights issued 28 April 2026 (CEO 500,000, CFO 500,000, company secretary 250,000); vest on securing remaining funding and a 20-day VWAP above A$0.325Performance Right1.2MA$02029-04-28

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
Revenue - copperAUDm0.00.0
Revenue - silver (before stream)AUDm0.00.0
Revenue - gold (before stream)AUDm0.00.0
RevenueAUDm0.00.0
Operating costs (site and off-site; FY25-26 administration, staff, other)AUDmFY25A: -3,046,104 AUDFY26A: -19,012,386 AUD(3.0)(19.0)
Royalties and ILUA paymentsAUDm0.00.0
Corporate costs before productionAUDm0.00.0
Other income, PMPA fair-value gain/FX and impairmentAUDmFY25A: 133,871 AUDFY26A: 15,231,280 AUD0.115.2
EBITDAAUDmFY25A: -2,912,233 AUDFY26A: -3,781,106 AUD(2.9)(3.8)
Depreciation and amortisationAUDmFY25A: -99,400 AUDFY26A: -52,222 AUD(0.1)(0.1)
EBITAUDmFY25A: -3,011,633 AUDFY26A: -3,833,328 AUD(3.0)(3.8)
Net finance costsAUDmFY25A: -3,784 AUDFY26A: -3,467 AUD(0.0)(0.0)
Wheaton stream: deliveries at 80% of spot less deposit creditedAUDm0.00.0
Income taxAUDm0.00.0
NPATAUDmFY25A: -3,015,417 AUDFY26A: -3,836,795 AUD(3.0)(3.8)
Cash flow
Operating cash flowAUDmFY25A: -2,129,856 AUDFY26A: -5,576,840 AUD(2.1)(5.6)
Construction and pre-production capital (FY25-26: exploration, evaluation and other investing)AUDmFY25A: -10,949,098 AUDFY26A: -7,232,838 AUD(10.9)(7.2)
LOM capital (underground, TSF, sustaining)AUDm0.00.0
Exploration programmeAUDm0.00.0
CapexAUDmFY25A: -10,949,098 AUDFY26A: -7,232,838 AUD(10.9)(7.2)
Free cash flowAUDmFY25A: -13,078,954 AUDFY26A: -12,809,678 AUD(13.1)(12.8)
Equity issued net of costsAUDmFY25A: 12,006,983 AUDFY26A: 10,434,881 AUD12.010.4
Wheaton stream deposits receivedAUDmFY25A: 0.00 AUDFY26A: 22,605,256 AUD0.022.6
Lease principalAUDmFY25A: -141,722 AUDFY26A: -63,059 AUD(0.1)(0.1)
Net change in cashAUDmFY25A: -1,213,693 AUDFY26A: 20,167,400 AUD(1.2)20.2
Balance sheet
CashAUDmFY25A: 5,116,103 AUDFY26A: 25,283,503 AUD5.125.3
DebtAUDm0.00.0
Net debt (cash)AUDmFY25A: -5,116,103 AUDFY26A: -25,283,503 AUD(5.1)(25.3)
Per share
Shares on issue (year end)m sharesFY25A: 692,318,047 sharesFY26A: 771,389,476 shares692.3771.4
EPSAUD/shareFY25A: -0.00 AUD/shareFY26A: -0.00 AUD/share(0.00)(0.00)
DPSAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -22.48 xFY26A: -17.32 x(22.5)(17.3)
P / E (x, current market cap)xFY25A: -113 xFY26A: -88.80 x(113.0)(88.8)
FCF yield (current market cap)%FY25A: -0.04 fractionFY26A: -0.04 fraction-3.8%-3.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY25A: 1.76 xFY26A: 6.69 x1.86.7

KPI history

Operating metrics · Jervois Copper-Silver-Gold Project

Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) shown
06,056,40012,112,80018,169,20024,225,600Sep 2025: 1,090,000 AUDSep 2025Dec 2025: 1,604,000 AUDDec 2025Mar 2026: 1,107,000 AUDMar 2026Jun 2026: 3,415,000 AUDJun 2026Sep 2026: 21,630,000 AUDSep 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))AUDSep 2025: 1,090,000 AUDDec 2025: 1,604,000 AUDMar 2026: 1,107,000 AUDJun 2026: 3,415,000 AUDSep 2026: 21,630,000 AUD1,090,0001,604,0001,107,0003,415,00021,630,000

KPI history

Operating metrics · Company

Cash and cash equivalents at quarter end shown
077,117,320154,234,640231,351,960308,469,280Sep 2025: 2,729,000 AUDSep 2025Dec 2025: 10,815,000 AUDDec 2025Mar 2026: 8,183,000 AUDMar 2026Jun 2026: 25,432,000 AUDJun 2026Sep 2026: 275,419,000 AUDSep 2026
MetricUnitTrendSep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Cash and cash equivalents at quarter endAUDSep 2025: 2,729,000 AUDDec 2025: 10,815,000 AUDMar 2026: 8,183,000 AUDJun 2026: 25,432,000 AUDSep 2026: 275,419,000 AUD2,729,00010,815,0008,183,00025,432,000275,419,000
Net operating cash outflow (Appendix 5B item 1.9)AUDSep 2025: 1,278,000 AUDDec 2025: 517,000 AUDMar 2026: 1,400,000 AUDJun 2026: 1,981,000 AUDSep 2026: 3,146,000 AUD1,278,000517,0001,400,0001,981,0003,146,000
Operating metric source table29
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalents at quarter endCompanySep 2025 quarterPoint In Time2,729,000 AUDReported
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))JervoisSep 2025 quarterQuarter1,090,000 AUDReported
Net operating cash outflow (Appendix 5B item 1.9)CompanySep 2025 quarterQuarter1,278,000 AUDReported
Cash and cash equivalents at quarter endCompanyDec 2025 quarterPoint In Time10,815,000 AUDReported
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))JervoisDec 2025 quarterQuarter1,604,000 AUDReported
Net operating cash outflow (Appendix 5B item 1.9)CompanyDec 2025 quarterQuarter517,000 AUDReported
Cash and cash equivalents at quarter endCompanyMar 2026 quarterPoint In Time8,183,000 AUDReported
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))JervoisMar 2026 quarterQuarter1,107,000 AUDReported
Net operating cash outflow (Appendix 5B item 1.9)CompanyMar 2026 quarterQuarter1,400,000 AUDReported
Cash and cash equivalents at quarter endCompanyJun 2026 quarterPoint In Time25,432,000 AUDReported
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))JervoisJun 2026 quarterQuarter3,415,000 AUDReported
Net operating cash outflow (Appendix 5B item 1.9)CompanyJun 2026 quarterQuarter1,981,000 AUDReported
Cash and cash equivalents at quarter endCompanySep 2026 quarterPoint In Time275,419,000 AUDReported
Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d))JervoisSep 2026 quarterQuarter21,630,000 AUDReported
Net operating cash outflow (Appendix 5B item 1.9)CompanySep 2026 quarterQuarter3,146,000 AUDReported
Cash and cash equivalents (audited)CompanyFY25Point In Time5,116,103 AUDReported
Cash and cash equivalents (audited)CompanyFY26Point In Time25,283,503 AUDReported
Interest-bearing borrowings (audited)CompanyFY26Point In Time0 AUDReported
Plant design capacity (crushing, SAG/ball milling, flotation, thickening; single copper concentrate)JervoisBEM life of mine (Apr 2026)Other2 Mtpa oreReported
LOM copper recovery to concentrate (BEM)JervoisBEM life of mine (Apr 2026)Other90.8 %Reported
LOM silver recovery to concentrate (BEM)JervoisBEM life of mine (Apr 2026)Other71 %Reported
LOM gold recovery to concentrate (BEM)JervoisBEM life of mine (Apr 2026)Other58.7 %Reported
LOM concentrate grade (307 g/t Ag, 2.53 g/t Au, 3,365 ppm Bi)JervoisBEM life of mine (Apr 2026)Other26 % CuReported
LOM concentrate producedJervoisBEM life of mine (Apr 2026)Other1,070 kdmtReported
LOM copper in concentrateJervoisBEM life of mine (Apr 2026)Other276.8 kt CuReported
LOM silver in concentrateJervoisBEM life of mine (Apr 2026)Other10,541 koz AgReported
LOM gold in concentrateJervoisBEM life of mine (Apr 2026)Other87 koz AuReported
Site operating cost per tonne ore (mining 92.38, processing 28.78, site support 18.07)JervoisBEM life of mine (Apr 2026)Other139.23 AUD/t oreReported
Off-site cost per dmt concentrate (transport, TC/RC, penalties, corporate)JervoisBEM life of mine (Apr 2026)Other255.9 AUD/dmt concentrateReported
Company guidance15
MetricProjectPeriodLowHighStatus
First Copper ConcentratejervoisH1 CY2028—— H1 CY2028Current
Final Investment Decision In Q3 Cy2026jervoisQ3 CY2026 (taken 15 Oct 2026)—— milestoneMissed
Steady State Copper In ConcentratejervoisLOM steady state (FY29-FY37)30,00030,000 t/yrCurrent
Copper In Concentrate, Open Pit Yearsjervoisfirst four production years25,00025,000 t/yrCurrent
Copper In Concentrate, Underground Yearsjervoisyears five to eight34,00035,000 t/yrCurrent
Silver In ConcentratejervoisLOM average1,100,0001,100,000 oz/yrCurrent
Gold In ConcentratejervoisLOM average / steady state9,3009,700 oz/yrCurrent
Construction Capitaljervoisconstruction (AACE Class 3, -10%/+12%)439,000,000439,000,000 AUD real 2026Current
Post Construction Lom Capital (Underground, Tsf, Sustaining)jervoisLOM290,000,000290,000,000 AUD real 2026Current
Peak Funding Requirementjervoisconstruction and ramp-up584,000,000584,000,000 AUD real 2026Current
C1 Cost Net Of By ProductsjervoisLOM1.651.65 USD/lb CuCurrent
AISC Net Of By Products Incl. Underground CapitaljervoisLOM2.512.51 USD/lb CuCurrent
Open Pit Mining Startjervoismid-2027—— milestoneCurrent
Underground Development Startjervois2029—— milestoneCurrent
Exploration Programmejervois2026-202820,000,00020,000,000 AUDCurrent

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-09-30LeaseA$189.1K——Ongoing—
2026-07-28Ann. 2026-06-25RaisingOrdinary SharesA$120M598MA$0.201Completed1-for-1.29 non-renounceable entitlement offer at A$0.20; ~333.0m shares taken up by holders, 264.6m shortfall to underwriters (Argonaut, Bell Potter) and KMP sub-underwriting; share count approximate (1 for 1.29 of 771.4m).Period 2026-06-25 to 2026-07-28 · Argonaut Securities; Bell Potter Securities
2026-08-05Ann. 2026-06-25RaisingOrdinary SharesA$180M902MA$0.2CompletedConditional institutional placement at A$0.20 approved at the 30 July 2026 EGM; Wheaton took 167.5m shares (A$33.5m); share count is the balance to 2,271,390,766.Period 2026-06-25 to 2026-08-05 · Argonaut Securities; Bell Potter Securities · Holder approval required
2025-10-31RaisingOrdinary SharesA$11M78.6MA$0.14CompletedInstitutional placement at A$0.14 to fund enabling works.Period 2025-10-31 to 2025-10-31
2025-04-03Ann. 2025-03-06RaisingOrdinary SharesA$4.2M44.2MA$0.095CompletedEntitlement offer (A$4.2m) at ~A$0.095.Period 2025-03-06 to 2025-04-03
2024-08-05Ann. 2024-07-08RaisingOrdinary SharesA$8.1M80.8MA$0.1CompletedEntitlement offer at A$0.10 (A$8.08m).Period 2024-07-08 to 2024-08-05

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.

Complete As Disclosed · as of 2026-10-30

FY2026 annual report notes 15 and 20, PMPA announcement, FSU25 royalty section and BEM; copper concentrate offtake is uncommitted (tender in progress); no hedges, JVs or farm-outs (quarterly tenement schedules show none).

Silver and gold stream funding part of construction: KGL keeps ~48% effective economic interest in payable precious metals over the BEM life (issuer estimate); secured by first-ranking security over project and corporate assets; accounted as a FVTPL liability (A$7.7m at 30 June 2026).

Stream · Active
Counterparties
Wheaton Precious Metals International Ltd
Applies to
Jervois Copper-Silver-Gold Project · Silver · Gold
Economic direction
Mixed
Period
From 2026-04-01; no end date stated
Key terms
Upfront deposit: 275,000,000 USD
Cost-overrun facility: 25,000,000 USD
Silver stream: 0.75 fraction of payable silver
Gold stream: 0.75 fraction of payable gold
Production payment: 0.2 fraction of spot
Change-of-control buy-back: one third text
Delay protection: —
Scope: EL 25429 text
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory NT ad valorem royalty under MRA24 applying to new mines from 1 July 2024.

Royalty · Active
Counterparties
Northern Territory Government
Applies to
Jervois Copper-Silver-Gold Project · Copper · Silver · Gold
Economic direction
Burden
Period
From 2024-07-01; no end date stated
Key terms
Ad valorem royalty rate: 0.05 fraction of mineral value
BEM LOM royalty: 379,000,000 AUD real
How it affects our valuation

No valuation treatment is available for this arrangement.

Registered Indigenous Land Use Agreement; compensation terms are confidential but included in the FSU25/BEM cost base.

Other · Active
Counterparties
Central Land Council (traditional owners)
Applies to
Jervois Copper-Silver-Gold Project · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Compensation: —
How it affects our valuation

No valuation treatment is available for this arrangement.

FSU25 (Feb 2025) refers to an existing Glencore concentrate contract; KGL's 2026 releases state copper concentrate is unencumbered and a competitive offtake tender is running, so the contract's current status is not disclosed.

Offtake · Unknown
Counterparties
Glencore International AG
Applies to
Jervois Copper-Silver-Gold Project · Copper · Silver · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Delivery point: Mount Isa text
How it affects our valuation

No valuation treatment is available for this arrangement.