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- Last 2026-11-06
- A$0.135
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$306.6M
- EV
- A$31.4M
- Cash
- A$275.4M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 43All sources ▸- Quarterly Activities and Cashflow Report - Sept 2026Operations
- Notice of Annual General Meeting/Proxy FormGovernance
- Final Investment Decision for KGL Jervois ProjectStudy
- Second US$16M Wheaton Payment ReceivedEconomic Arrangement
- Sedgman Awarded Contract for Jervois Processing PlantEconomic Arrangement
- Annual Report to shareholdersResults
- Initial Director's Interest NoticeGovernance
- Appointment of Independent Non-Executive DirectorLeadership
- Jervois Project Activities UnderwayOperations
- Appendix 3Y x3Governance
- Notification of cessation of securities - KGLCorporate Action
- Application for quotation of securities - KGLCorporate Action
Event calendar · next 12 months
13 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| before 1 Feb 2027 expiry | Renewal of exploration licence EL 25429 | Permitting | Inferred | Medium | EL 25429 hosts the streamed area and exploration targets; renewal is ordinary course but must be maintained. |
| Nov 2026 to Feb 2027 | Kylie prospect (Area 4) drill assays | Exploration | Inferred | Medium | First test of a 3D-inversion target 500 m south of Reward South; a hit would support the mine-life extension case. |
| late 2026 to Q1 2027 | Open-pit mining contract award | Economic Arrangement | Inferred | High | Missed its Q3 CY2026 target; it is a condition for the first US$60.75m Wheaton construction tranche and sets the mining cost base. |
| 24 Nov 2026 | Annual general meeting (director elections, remuneration report) | Governance | Confirmed | Medium | Votes on re-election of the chairman and directors after the A$300m raising diluted the register. |
| Dec 2026 | Sedgman mobilises to site for plant construction | Construction Or Commissioning | Company Guided | High | Start of the main plant construction; early sign of schedule adherence after FID. |
| by 31 Jan 2027 | December 2026 quarterly report | Results | Confirmed | Medium | First report of construction spend against the A$439m budget after FID. |
| H1 CY2027 (delay test June 2027) | First Wheaton construction tranche (US$60.75m) | Financing | Inferred | High | Funding plan relies on the four US$60.75m tranches; conditions not met by June 2027 trigger delay ounces. |
| Feb-Apr 2027 | Permanent village: first 100 rooms ready, all 180 by April 2027 | Construction Or Commissioning | Company Guided | Medium | Accommodation constrains the construction workforce ramp-up. |
| by mid-Mar 2027 | Half-year results to 31 December 2026 | Results | Confirmed | Medium | First audited view of capitalised construction costs and PMPA fair value after FID. |
| by 30 Apr 2027 | March 2027 quarterly report | Results | Confirmed | Medium | Construction progress and cost-to-complete update. |
| mid-2027 | Open-pit mining and sulphide ore stockpiling start | Production | Company Guided | High | Builds the ~4 months of sulphide stockpile intended to decouple mining from plant ramp-up. |
| by 31 Jul 2027 | June 2027 quarterly report | Results | Confirmed | Medium | Mid-construction checkpoint for schedule and capital. |
| by 30 Sep 2027 | FY2027 annual report | Results | Confirmed | Medium | Audited spend, commitments and any change to the BEM capital estimate. |
Executive roster
As of 2026-10-30Background checks ▸FY2026 remuneration report lists the CEO and CFO as the only executive KMP and the company secretary separately; the chairman reverted to non-executive on 19 January 2026. No later executive changes announced to the cutoff.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Sam Strohmayr | Chief Executive Officer | Chief Executive | 2026-01-27 | Appointment of Chief Executive Officer · Annual Report to shareholders |
| A. Liaw | Chief Financial Officer | Finance | — | Annual Report to shareholders |
| Kylie Anderson | Company Secretary | Company Secretary | 2008-01-02 | Annual Report to shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Jervois Copper-Silver-Gold Project
AU
Construction100% ownedCopperSilverGold
FID approved 15 Oct 2026; Sedgman processing-plant DPC contract signed Sept 2026; village, camp and early works underway; open-pit mining contract still in tender; first concentrate targeted H1 CY2028, full capacity H2 CY2028, underground from 2029. 100% owned via Jervois Operations Pty Ltd; precious metals partly streamed to Wheaton.
- Study
- Baseline Economic Model (pre-FID update of the 2025 Feasibility Study)
- Post-tax NPV (study prices, attributable)
- A$839.0md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 31%s
- Initial capex (100%)
- A$439.0ms
- Capital intensity
- A$15,860/(t/yr)d
- LoM AISC
- A$7,745/ts
- Mine life
- 10.0 yrss
Project location
Approximate location
Loading imagery…
© 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$839M8% discount
IRR31%Published return
Initial capexA$439MPublished capital estimate
Operating cost1.65USD/lb Cu C1 net of by-products
NPVA$405M8% discount
IRR24%Published return
Initial capexA$362MPublished capital estimate
Operating cost2.19USD/lb Cu C1 net of by-products
Real, post-tax, pre-stream and pre-financing; prices at 17 April 2026 spot held flat.
Real, post-tax at December 2024 spot prices; valuation date 1 July 2025.
Resources & reserves22
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 2.6 Mt | 1.95% Cu, 48.2 g/t Ag, 0.43 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Indicated | 1 Mt | 1.39% Cu, 37.4 g/t Ag, 0.23 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Inferred | 0.6 Mt | 0.95% Cu, 10.7 g/t Ag, 0.08 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Measured | 1.2 Mt | 2.53% Cu, 15.1 g/t Ag, 0.14 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Indicated | 1.3 Mt | 1.45% Cu, 9.1 g/t Ag, 0.17 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Inferred | 1 Mt | 1.24% Cu, 10.6 g/t Ag, 0.12 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Indicated | 6.2 Mt | 1.87% Cu, 38.4 g/t Ag, 0.38 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Inferred | 4.7 Mt | 1.35% Cu, 18.6 g/t Ag, 0.17 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Indicated | 0.4 Mt | 2.26% Cu, 19.0 g/t Ag, 0.14 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Inferred | 3.2 Mt | 1.95% Cu, 12.1 g/t Ag, 0.1 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Indicated | 3.9 Mt | 2.81% Cu, 24.5 g/t Ag, 0.26 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Inferred | 1.3 Mt | 1.55% Cu, 13.7 g/t Ag, 0.19 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Mineral Resource | Total (Measured 3.80 Mt, Indicated 12.79 Mt, Inferred 10.86 Mt) | 27.4 Mt | 1.87% Cu, 25.3 g/t Ag, 0.24 g/t Au | Copper · Silver · Gold | 2024-11-25 |
| Ore Reserve | Proved | 2.7 Mt | 1.71% Cu, 0.39 g/t Au, 41.96 g/t Ag (2.19% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 2.2 Mt | 1.19% Cu, 0.22 g/t Au, 36.3 g/t Ag (1.54% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Proved | 1.5 Mt | 1.94% Cu, 0.11 g/t Au, 11.59 g/t Ag (2.07% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 0.5 Mt | 1.04% Cu, 0.06 g/t Au, 5.55 g/t Ag (1.1% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 3 Mt | 2.55% Cu, 0.18 g/t Au, 16.58 g/t Ag (2.74% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 0.4 Mt | 1.65% Cu, 0.08 g/t Au, 13.23 g/t Ag (1.77% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 2.5 Mt | 1.88% Cu, 0.49 g/t Au, 25.77 g/t Ag (2.28% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Probable | 1.7 Mt | 1.16% Cu, 0.19 g/t Au, 39.52 g/t Ag (1.51% CuEq) | Copper · Gold · Silver | 2025-02-10 |
| Ore Reserve | Proved and Probable | 14.4 Mt | 1.77% Cu, 0.26 g/t Au, 27.66 g/t Ag (2.08% CuEq) | Copper · Gold · Silver | 2025-02-10 |
Tenements5
Milestones8
- Processing-plant DPC contract awarded to Sedgman
Achieved · High materiality
- Final Investment Decision
Achieved · High materiality
- US$32m Wheaton early deposit fully received
Achieved · Medium materiality
- Open-pit mining contract award (targeted Q3 CY2026)
Delayed · High materiality
- Open-pit mining and sulphide stockpiling start
Pending · High materiality
- First copper concentrate
Pending · High materiality
- Full 2.0 Mtpa processing capacity
Pending · High materiality
- Underground development start
Pending · Medium materiality
Permits & approvals6
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining leases ML 30180, 30182, 30829, 32277 | Northern Territory | Granted | 2032-08-17 | No |
| Approved Mining Management Plan (2024) and deemed environmental licence | Northern Territory | Granted | — | No |
| Transition to an Environmental Mining Licence | Northern Territory | Pending | 2028-06-30 | No |
| Registered Indigenous Land Use Agreement (Central Land Council) | Commonwealth (Native Title Act) | Granted | — | No |
| Concentrate road haulage approval (up to 150,000 tpa via the Plenty Highway) | Northern Territory | Granted | — | No |
| FIRB approval for Wheaton's stream | Commonwealth | Granted | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Jervois Feasibility Study Update 2025 (FSU25) | Updated Feasibility | Superseded | 2025-02-10 | 16.6 Mt mill feed over 10 years; construction capital A$362m; NPV8 post-tax A$405m, IRR 24% at US$4.58/lb Cu, US$2,668/oz Au, US$32.62/oz Ag, 0.64 FX; Ore Reserve 14.4 Mt basis. |
| Baseline Economic Model (pre-FID update to FSU25) | Updated Feasibility | Current | 2026-04-24 | 18.5 Mt production target (12.8% Inferred) over 10 years; 276.8 kt Cu, 10.5 Moz Ag, 87 koz Au in concentrate; construction capital A$439m, LOM capital A$290m, peak funding A$584m; NPV8 post-tax A$839m, IRR 31% before the stream at US$6.06/lb Cu, US$80.75/oz Ag, US$4,834/oz Au, 0.717 FX; reaffirmed at FID. |
Material
Unca Creek Exploration Project
AU
Early Explorer100% ownedCopper
Adjacent to Jervois; outside the Wheaton stream area; covered by the integrated 3D inversion model and the A$20m 2026-2028 exploration programme.
- Ownership
- 100%
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Other
Mount Cornish Exploration Project
AU
Early Explorer100% ownedCopper
Regional exploration licence near Alice Springs; no current programme or results disclosed.
- Ownership
- 100%
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Other
Yambah Exploration Project
AU
Early Explorer100% ownedCopper
Regional exploration licence near Alice Springs; no current programme or results disclosed.
- Ownership
- 100%
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 2.3B | — | — |
| 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$0.325 | Performance Right | 1.2M | A$0 | 2029-04-28 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue - copper | AUDm | 0.0 | 0.0 | |
| Revenue - silver (before stream) | AUDm | 0.0 | 0.0 | |
| Revenue - gold (before stream) | AUDm | 0.0 | 0.0 | |
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating costs (site and off-site; FY25-26 administration, staff, other) | AUDm | (3.0) | (19.0) | |
| Royalties and ILUA payments | AUDm | 0.0 | 0.0 | |
| Corporate costs before production | AUDm | 0.0 | 0.0 | |
| Other income, PMPA fair-value gain/FX and impairment | AUDm | 0.1 | 15.2 | |
| EBITDA | AUDm | (2.9) | (3.8) | |
| Depreciation and amortisation | AUDm | (0.1) | (0.1) | |
| EBIT | AUDm | (3.0) | (3.8) | |
| Net finance costs | AUDm | (0.0) | (0.0) | |
| Wheaton stream: deliveries at 80% of spot less deposit credited | AUDm | 0.0 | 0.0 | |
| Income tax | AUDm | 0.0 | 0.0 | |
| NPAT | AUDm | (3.0) | (3.8) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (2.1) | (5.6) | |
| Construction and pre-production capital (FY25-26: exploration, evaluation and other investing) | AUDm | (10.9) | (7.2) | |
| LOM capital (underground, TSF, sustaining) | AUDm | 0.0 | 0.0 | |
| Exploration programme | AUDm | 0.0 | 0.0 | |
| Capex | AUDm | (10.9) | (7.2) | |
| Free cash flow | AUDm | (13.1) | (12.8) | |
| Equity issued net of costs | AUDm | 12.0 | 10.4 | |
| Wheaton stream deposits received | AUDm | 0.0 | 22.6 | |
| Lease principal | AUDm | (0.1) | (0.1) | |
| Net change in cash | AUDm | (1.2) | 20.2 | |
| Balance sheet | ||||
| Cash | AUDm | 5.1 | 25.3 | |
| Debt | AUDm | 0.0 | 0.0 | |
| Net debt (cash) | AUDm | (5.1) | (25.3) | |
| Per share | ||||
| Shares on issue (year end) | m shares | 692.3 | 771.4 | |
| EPS | AUD/share | (0.00) | (0.00) | |
| DPS | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (22.5) | (17.3) | |
| P / E (x, current market cap) | x | (113.0) | (88.8) | |
| FCF yield (current market cap) | % | -3.8% | -3.8% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 1.8 | 6.7 | |
KPI history
Operating metrics · Jervois Copper-Silver-Gold Project
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | AUD | 1,090,000 | 1,604,000 | 1,107,000 | 3,415,000 | 21,630,000 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|
| Cash and cash equivalents at quarter end | AUD | 2,729,000 | 10,815,000 | 8,183,000 | 25,432,000 | 275,419,000 | |
| Net operating cash outflow (Appendix 5B item 1.9) | AUD | 1,278,000 | 517,000 | 1,400,000 | 1,981,000 | 3,146,000 |
Operating metric source table29
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents at quarter end | Company | Sep 2025 quarter | Point In Time | 2,729,000 AUD | Reported |
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | Jervois | Sep 2025 quarter | Quarter | 1,090,000 AUD | Reported |
| Net operating cash outflow (Appendix 5B item 1.9) | Company | Sep 2025 quarter | Quarter | 1,278,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Dec 2025 quarter | Point In Time | 10,815,000 AUD | Reported |
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | Jervois | Dec 2025 quarter | Quarter | 1,604,000 AUD | Reported |
| Net operating cash outflow (Appendix 5B item 1.9) | Company | Dec 2025 quarter | Quarter | 517,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Mar 2026 quarter | Point In Time | 8,183,000 AUD | Reported |
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | Jervois | Mar 2026 quarter | Quarter | 1,107,000 AUD | Reported |
| Net operating cash outflow (Appendix 5B item 1.9) | Company | Mar 2026 quarter | Quarter | 1,400,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Jun 2026 quarter | Point In Time | 25,432,000 AUD | Reported |
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | Jervois | Jun 2026 quarter | Quarter | 3,415,000 AUD | Reported |
| Net operating cash outflow (Appendix 5B item 1.9) | Company | Jun 2026 quarter | Quarter | 1,981,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Sep 2026 quarter | Point In Time | 275,419,000 AUD | Reported |
| Exploration, evaluation and early-works spend (Appendix 5B item 2.1(d)) | Jervois | Sep 2026 quarter | Quarter | 21,630,000 AUD | Reported |
| Net operating cash outflow (Appendix 5B item 1.9) | Company | Sep 2026 quarter | Quarter | 3,146,000 AUD | Reported |
| Cash and cash equivalents (audited) | Company | FY25 | Point In Time | 5,116,103 AUD | Reported |
| Cash and cash equivalents (audited) | Company | FY26 | Point In Time | 25,283,503 AUD | Reported |
| Interest-bearing borrowings (audited) | Company | FY26 | Point In Time | 0 AUD | Reported |
| Plant design capacity (crushing, SAG/ball milling, flotation, thickening; single copper concentrate) | Jervois | BEM life of mine (Apr 2026) | Other | 2 Mtpa ore | Reported |
| LOM copper recovery to concentrate (BEM) | Jervois | BEM life of mine (Apr 2026) | Other | 90.8 % | Reported |
| LOM silver recovery to concentrate (BEM) | Jervois | BEM life of mine (Apr 2026) | Other | 71 % | Reported |
| LOM gold recovery to concentrate (BEM) | Jervois | BEM life of mine (Apr 2026) | Other | 58.7 % | Reported |
| LOM concentrate grade (307 g/t Ag, 2.53 g/t Au, 3,365 ppm Bi) | Jervois | BEM life of mine (Apr 2026) | Other | 26 % Cu | Reported |
| LOM concentrate produced | Jervois | BEM life of mine (Apr 2026) | Other | 1,070 kdmt | Reported |
| LOM copper in concentrate | Jervois | BEM life of mine (Apr 2026) | Other | 276.8 kt Cu | Reported |
| LOM silver in concentrate | Jervois | BEM life of mine (Apr 2026) | Other | 10,541 koz Ag | Reported |
| LOM gold in concentrate | Jervois | BEM life of mine (Apr 2026) | Other | 87 koz Au | Reported |
| Site operating cost per tonne ore (mining 92.38, processing 28.78, site support 18.07) | Jervois | BEM life of mine (Apr 2026) | Other | 139.23 AUD/t ore | Reported |
| Off-site cost per dmt concentrate (transport, TC/RC, penalties, corporate) | Jervois | BEM life of mine (Apr 2026) | Other | 255.9 AUD/dmt concentrate | Reported |
Company guidance15
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Copper Concentrate | jervois | H1 CY2028 | — | — H1 CY2028 | Current |
| Final Investment Decision In Q3 Cy2026 | jervois | Q3 CY2026 (taken 15 Oct 2026) | — | — milestone | Missed |
| Steady State Copper In Concentrate | jervois | LOM steady state (FY29-FY37) | 30,000 | 30,000 t/yr | Current |
| Copper In Concentrate, Open Pit Years | jervois | first four production years | 25,000 | 25,000 t/yr | Current |
| Copper In Concentrate, Underground Years | jervois | years five to eight | 34,000 | 35,000 t/yr | Current |
| Silver In Concentrate | jervois | LOM average | 1,100,000 | 1,100,000 oz/yr | Current |
| Gold In Concentrate | jervois | LOM average / steady state | 9,300 | 9,700 oz/yr | Current |
| Construction Capital | jervois | construction (AACE Class 3, -10%/+12%) | 439,000,000 | 439,000,000 AUD real 2026 | Current |
| Post Construction Lom Capital (Underground, Tsf, Sustaining) | jervois | LOM | 290,000,000 | 290,000,000 AUD real 2026 | Current |
| Peak Funding Requirement | jervois | construction and ramp-up | 584,000,000 | 584,000,000 AUD real 2026 | Current |
| C1 Cost Net Of By Products | jervois | LOM | 1.65 | 1.65 USD/lb Cu | Current |
| AISC Net Of By Products Incl. Underground Capital | jervois | LOM | 2.51 | 2.51 USD/lb Cu | Current |
| Open Pit Mining Start | jervois | mid-2027 | — | — milestone | Current |
| Underground Development Start | jervois | 2029 | — | — milestone | Current |
| Exploration Programme | jervois | 2026-2028 | 20,000,000 | 20,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30Ann. 2026-09-30 | Lease | A$189.1K | — | — | Ongoing | — |
| 2026-07-28Ann. 2026-06-25 | RaisingOrdinary Shares | A$120M | 598M | A$0.201 | Completed | 1-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. 2026-06-25 | RaisingOrdinary Shares | A$180M | 902M | A$0.2 | Completed | Conditional 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 |
| 2025-10-31 | RaisingOrdinary Shares | A$11M | 78.6M | A$0.14 | Completed | Institutional placement at A$0.14 to fund enabling works.Period 2025-10-31 to 2025-10-31 |
| 2025-04-03Ann. 2025-03-06 | RaisingOrdinary Shares | A$4.2M | 44.2M | A$0.095 | Completed | Entitlement offer (A$4.2m) at ~A$0.095.Period 2025-03-06 to 2025-04-03 |
| 2024-08-05Ann. 2024-07-08 | RaisingOrdinary Shares | A$8.1M | 80.8M | A$0.1 | Completed | Entitlement 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.
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.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
KGL has assembled a mining, project and finance team and reached financing and FID milestones, but mine construction and production remain to be delivered. Historic McArthur waste handling and the limited corroboration of several team members warrant attention. This is a partial, low-confidence screening.
Decision-relevant facts
Material summary
Sam Strohmayr
Chief Executive Officer
EnvironmentDocumented · High materiality
McArthur River waste-rock management and response
NT EPA says the mine’s pre-2014 waste classification substantially underestimated reactive rock. ABC reported that acid-forming rock was mistakenly placed in a separate facility and combusted; the error was discovered after emissions were observed in August 2016. The exact placement date is not established by that reporting. In December 2017, Strohmayr, then identified as site general manager, said the incident was investigated and controls changed; the NT government said the operator acted within its plan and remediation was prioritised. Independent-monitor reporting documented ongoing seepage and waste-rock risks, which Glencore acknowledged. In 2018 the EPA assessed the overburden-management proposal and recommended safeguards. In 2024 Traditional Owners raised concerns after flood erosion; the operator described superficial erosion and said the structure remained stable. Long-term closure outcomes remain unresolved.
Responsibility unresolved · Strohmayr was identified as site general manager when he discussed the investigation in December 2017. The placement date and his role at that time are not established by these sources; the evidence does not establish personal fault or a breach of law by him.
McArthur River mine dumps waste at wrong site · Incident, general-manager response and NT department position
McArthur independent monitor reports continuing waste risk · 2016 independent monitor reported in December 2017
Independent monitor report: McArthur River Mine · Page 1, company response to monitor
McArthur River Mine environmental assessment · Assessment report 86, overview and recommendations
Traditional owners raise concerns after McArthur flood · March 2024 flood, Traditional Owner concern and company response
Company SuccessIssuer Reported · Medium materiality
Financing and board decision reached; mine delivery remains ahead
KGL reports a US$300 million precious-metals financing package and a completed A$300 million equity raising; the remaining stream proceeds are subject to applicable conditions. On 15 October 2026 its board approved the Jervois final investment decision; the October quarterly says around 60% of project costs were covered by executed contracts. First copper concentrate remained targeted for the first half of 2028.
Role overlaps event; causation unproven · Strohmayr was CEO during these milestones; the source does not allocate responsibility or establish delivered production.
FY2026 annual report · Printed pages 2–7
September 2026 quarterly activities report · Page 2 and post-quarter final investment decision
Major investment decision signals confidence in the Territory · 16 October 2026, project decision
Evidence gaps · 4
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- Original regulator investigation and detailed remedy evidence for the waste-rock placement were not obtained. The placement date, Strohmayr’s role at the time, and long-term closure and water outcomes remain unresolved.
- Some prior-employer dates and individual responsibility for reported achievements remain unverified.
A. Liaw
Chief Financial Officer (Anthony Liaw)
Personal SuccessIssuer Reported · Medium materiality
Finance experience and disclosed professional designations
KGL says Anthony Liaw was its financial controller before being appointed CFO on 11 December 2023; it reports previous PwC and EY work and CPA and Chartered Tax Adviser designations. An issuer presentation identifies him as former Interflour Group CFO, corroborated by a university article quoting an Interflour CFO of that name.
Individual involvement documented · Role statements are supported, but credentials and precise Interflour dates were not independently checked.
CFO Appointment · Page 1
Investor presentation October 2025 · Page 14
Accounting data and analytics internship · University article, Interflour CFO quotation
Company SuccessIssuer Reported · Medium materiality
Equity raising and financing agreement during CFO tenure
KGL completed an A$300 million equity raising and reported a US$300 million Wheaton precious-metals package, with remaining stream proceeds subject to conditions; its board subsequently approved the Jervois FID. Production remains a future target.
Role overlaps event; causation unproven · Liaw was CFO; source does not allocate individual negotiation or execution responsibility.
FY2026 annual report · Printed pages 2–4 and KMP page 33
September 2026 quarterly activities report · Post-quarter FID
Evidence gaps · 3
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- Exact prior employment dates and independent membership-register confirmation are unavailable.
Kylie Anderson
Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Longstanding company secretary and former interim CEO
KGL reports Anderson has been company secretary since 2 January 2008, briefly held the CEO role during 2024, and previously held resources-sector finance and secretarial positions including Felix Resources and Rio Tinto. It lists BSc, MBA (International Business), MPA and MAICD. A January 2014 Carabella takeover statement is signed by Kylie Anderson as its company secretary.
Individual involvement documented · Appointments are issuer-reported and Carabella role is documented; qualifications and full employment periods are not independently verified.
FY2026 annual report · Printed page 32 secretary biography
Carabella first supplementary target statement · Page 1 signature
FY2025 annual report · Printed pages 36–37, secretary biography and interim CEO transition
Evidence gaps · 3
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- Independent confirmation of qualifications and complete Felix and Rio Tinto tenure is unavailable.
Konrad Litfin
Project Director (June 2026 issuer disclosure; continuation unconfirmed)
Personal SuccessIssuer Reported · Medium materiality
Project-delivery career and uncertain current mandate
KGL’s 25 June 2026 presentation names Konrad Litfin as project director. Axiom’s undated same-name biography describes civil engineering, Ausenco, Cross River Rail and a MACH Energy Rail 2 project director role, but dates and the exact current Axiom/KGL arrangement were not independently verified.
Individual involvement documented · KGL directly names the project director; independent identity linkage and employer terms remain limited.
Equity raising presentation · Issuer equity raising presentation 25 June 2026, page 35, Senior Management
Konrad Litfin professional profile · Career interview and qualifications
Evidence gaps · 4
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- Continued KGL project-director role at 31 October and exact contract/employer arrangements are unconfirmed.
- Axiom biography is undated and independent matching of same-name project records is limited.
Atiq Amiri
Exploration Manager (June 2026 issuer disclosure; continuation unconfirmed)
Personal SuccessIssuer Reported · Medium materiality
Signed issuer exploration results
KGL identifies Amiri as the competent person responsible for compiled Rockface Deeps exploration results in its 2024 announcement and listed him as exploration manager in June 2026. The issuer reports relevant AIG membership and more than five years of experience for that statement.
Individual involvement documented · The document identifies his direct compilation role; discovery economics and membership were not independently verified.
Rockface Deeps drilling announcement · Competent Person Statement
Equity raising presentation · Issuer equity raising presentation 25 June 2026, page 35, Senior Management
Evidence gaps · 4
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- His role’s continuity through 31 October 2026 and precise prior-company history are unconfirmed.
- Independent AIG register and degree evidence were not obtained.
Megan Sharp
ESG (June 2026 issuer disclosure; continuation unconfirmed)
Personal SuccessIssuer Reported · Medium materiality
Environmental assessment and prior regulator experience
The Jervois EIS identifies Megan Sharp of Nitro Solutions as a principal consultant and reviewer of the 2018 environmental management plan. The EIS biography reports earlier Queensland mining-regulator work. KGL’s June 2026 presentation lists her in an ESG role; the current engagement’s terms and continuation are not established.
Individual involvement documented · The 2018 project documents name the reviewer; exact earlier regulator dates and current role terms remain unconfirmed.
Jervois EIS personnel qualifications and experience · Personnel appendix, Sharp biography
Jervois draft environmental management plan · Document control page 2
Equity raising presentation · Issuer equity raising presentation 25 June 2026, page 35, Senior Management
Evidence gaps · 4
- Independent full employment chronology and credentials were not established.
- The searches described are open-web screening; complete court, regulator, sanctions and criminal-record checks were not performed.
- Continuing ESG role and external-consultancy arrangements at the evidence cutoff are not independently verified.
- Independent credentials and detailed prior government employment dates are unavailable.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The cited filing does not provide a reliably extracted registered ordinary-shareholder top-20 table. The register is therefore unavailable.
- Substantial-holder notices in the local cache were not exhaustively reconciled for this ticker; no current substantial-holder quantities are asserted. Nominee/custodian beneficial ownership is not visible without underlying disclosures.
Sources
- Annual Report to shareholders
ASX / KGL Resources Limited · Published 2026-09-30 · Accessed 2026-10-09
Issuer filing reviewed as part of ownership-source coverage. A reliable ranked ordinary-shareholder table was not extracted from this source.
2026/2026-09-30_Annual Report to shareholders_c32e5fb1a45489c1.pdf; filing review
Disclosed activity
Insider transactions
Trading activity9 buys · 1 sell shownNet cash last 12 months A$43.1mShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-08-04 | Wheaton Precious Metals Corp
Details & evidence for Wheaton Precious Metals Corp on 2026-08-04As disclosed: Conditional placement acquisition; A$33,500,000 for 167,500,000 shares at A$0.20 per share
Becoming a substantial holder ↗ Becoming a substantial holder ↗ | SubscriptionOrdinary shares | 167,500,000 | AUD 33,500,000.00 | AUD 0.2Disclosed price | 167,500,000 |
| 2026-07-30 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2026-07-30As disclosed: Purchase of securities via partial participation in Entitlement Offer; 35,000,000 shares at A$0.20
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | SubscriptionOrdinary shares | 35,000,000 | AUD 7,000,000.00 | AUD 0.2Disclosed price | 111,318,055 |
| 2026-07-29 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2026-07-29The exact Form 604 row is recorded; the full holding increase is not decomposed into exact entitlement and shortfall quantities. As disclosed: Entitlement Offer & U/W; 198,629,291 ordinary shares at A$0.20 per share
KGL substantial holder · Start not disclosed Change in substantial holding ↗ Completion of approx $120 million Entitlement Offer ↗ Proposed issue of securities - KGL ↗ | SubscriptionOrdinary shares | 198,629,291 | — | AUD 0.2Disclosed price | 495,847,362 |
| 2025-11-17 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2025-11-17As disclosed: Subscription of 18,711,742 ordinary shares at A$0.14 per share; aggregate consideration A$2,619,643.88
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | SubscriptionOrdinary shares | 18,711,742 | AUD 2,619,643.88 | AUD 0.14Disclosed price | 76,318,055 |
| 2025-09-04 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2025-09-04As disclosed: On-market share purchase; 57,582,192 ordinary shares at A$0.13 per share
KGL substantial holder · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 57,582,192 | — | AUD 0.13Disclosed price | — |
| 2025-09-02 | Denis WoodThe Wood Investment Trust
Details & evidence for Denis Wood on 2025-09-02As disclosed: On-market sale of 57,582,192 ordinary shares; consideration A$7,485,684
KGL director · Start not disclosed to 2024-03-31 Coal Industry Services Pty Ltd · director of company; final notice reports securities held through it The Wood Investment Trust · trustee with A Wood; final notice reports securities held through the trust Ceasing to be a substantial holder ↗ | SaleOrdinary shares | 57,582,192 | AUD 7,485,684.00 | — | — |
| 2025-09-01 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2025-09-01As disclosed: On-market share purchase; 24,121 ordinary shares at A$0.10 per share
KGL substantial holder · Start not disclosed Becoming a substantial holder ↗ | PurchaseOrdinary shares | 24,121 | — | AUD 0.1Disclosed price | — |
| 2025-04-07 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2025-04-07As disclosed: Non-renounceable entitlement-offer allotment; 28,470,198 ordinary shares at A$0.095 per share
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | SubscriptionOrdinary shares | 28,470,198 | — | AUD 0.095Disclosed price | 256,231,784 |
| 2024-08-07 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2024-08-07As disclosed: Entitlement offer; 47,949,810 ordinary shares at A$0.10 per share
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | SubscriptionOrdinary shares | 47,949,810 | — | AUD 0.1Disclosed price | 227,761,586 |
| 2024-02-27 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2024-02-27Preserves the form wording; not classified as an issue or subscription. As disclosed: Off-market transaction
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | OtherOrdinary shares | 17,018,755 | —Not Disclosed | AUD 0.14Disclosed price | 179,811,776 |
| 2023-05-25 | KMP Investments Pte LtdKMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2023-05-25Reported 25 May 2023 entitlement and present holding retained; the notice's separate 6,500,001-share row has a future printed year contradicted by issuer evidence of 28 June 2022, and an unexplained one-share aggregate difference remains. See reconciliation note. As disclosed: Entitlement Offer
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | SubscriptionOrdinary Shares | 43,998,113 | — | AUD 0.12Disclosed price | — |
Disclosed holding observations10 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-09-09 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2026-09-09As-reported current position is reconciled to issued capital; the exact placement allocation and date are not disclosed.
KGL substantial holder · Start not disclosed Annual Report to shareholders ↗ Annual Report to shareholders ↗ Application for quotation of securities - KGL ↗ Change in substantial holding ↗ Application for quotation of securities - KGL ↗ Proposed issue of securities - KGL ↗ Proposed issue of securities - KGL ↗ A$300M Equity Raising to Fully Fund Development of Jervois ↗ Completion of approx $120 million Entitlement Offer ↗ Successful approx. A$180M Conditional Placement Bookbuild ↗ | PositionOrdinary shares | 822,470,130 | 36.21%Issued Shares |
| 2026-08-05 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2026-08-05Ceased to be substantial by passive dilution. Reported share quantity is retained; the reported percentage is not reconciled.
KGL substantial holder · Start not disclosed Ceasing to be a substantial holder ↗ Application for quotation of securities - KGL ↗ Annual Report to shareholders ↗ Annual Report to shareholders ↗ | FinalFully paid ordinary shares | 111,318,055 | 3.23%Voting Power |
| 2026-08-04 | Wheaton Precious Metals Corp
Details & evidence for Wheaton Precious Metals Corp on 2026-08-04Initial direct holding reported on the date Wheaton became substantial.
Becoming a substantial holder ↗ | InitialOrdinary shares | 167,500,000 | 7.37%Voting Power |
| 2026-07-30 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2026-07-30Present holding after the 30 July entitlement-offer purchase.
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | PositionOrdinary shares | 111,318,055 | 8.13%Voting Power |
| 2026-07-29 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2026-07-29Reported present holding after the 29 July entitlement/underwriting changes.
KGL substantial holder · Start not disclosed Change in substantial holding ↗ Completion of approx $120 million Entitlement Offer ↗ | PositionOrdinary shares | 495,847,362 | 36.21%Voting Power |
| 2025-11-17 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2025-11-17Share quantity is unchanged; the reported voting-power percentage falls because KGL issued shares.
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | PositionOrdinary shares | 256,231,784 | 33.24%Voting Power |
| 2025-11-17 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2025-11-17Present holding reported in the same Form 604 as the subscription.
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | PositionOrdinary shares | 76,318,055 | 9.90%Voting Power |
| 2025-09-04 | RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A
Details & evidence for RCF VIII AIV-A Pty Ltd atf Resource Capital Funds VIII AIV-A on 2025-09-04Initial reported holding after the two dated on-market purchases.
KGL substantial holder · Start not disclosed Becoming a substantial holder ↗ | InitialOrdinary shares | 57,606,313 | 8.32%Voting Power |
| 2023-05-25 | KMP Investments Pte Ltd
Details & evidence for KMP Investments Pte Ltd on 2023-05-25Reported 25 May 2023 entitlement and present holding retained; the notice's separate 6,500,001-share row has a future printed year contradicted by issuer evidence of 28 June 2022, and an unexplained one-share aggregate difference remains. See reconciliation note.
KGL substantial holder · Start not disclosed Change in substantial holding ↗ | PositionOrdinary Shares | 162,793,021 | 28.70%Voting Power |
| 2023-04-26 | Pegasus CP One Ltd
Details & evidence for Pegasus CP One Ltd on 2023-04-26Ceased to be substantial due to dilution; reported 23,233,287 shares remain.
Ceasing to be a substantial holder ↗ | FinalOrdinary shares | 23,233,287 | 4.09%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
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Narrative and provenance
Research & Sources
AI Analyst Report
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory53 documents
Insider dealings: python -m miners.insider_transactions show KGLGovernance · LowExtracted
data/insider-transactions.db: directors bought only through capital raisings - Jeff Gerard 1,473,424 (29 Jul 2026) and 3,526,577 (5 Aug 2026) shares at A$0.20 to 6,900,717; Ferdian Purnamasidi 500,000 and 1,500,000 at A$0.20; Lindi Deguara 125,000 at A$0.20; earlier 2024 entitlement take-up at A$0.10. No on-market sales recorded.
- Document ID
- insider_db_kgl
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- —
KGL ASX close 30 October 2026 (A$0.150, volume 165,692)Market Data · HighExtracted
Reference price from `python -m miners.reference_price KGL --valuation-date 2026-10-30` (local database data/asx_mining_companies.db, market data provider via miners.collect_stock_prices): close A$0.150 on 30 October 2026, volume 165,692, one ASX KGL ordinary share, fresh (0 days).
- Document ID
- ref_price_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- —
Market snapshot: KGL price performance, liquidity and Cu/Au/Ag spot vs trailing averagesMarket Data · HighExtracted
Output of `python -m miners.v8db.market_snapshot KGL --cutoff 2026-10-30 --shares 2271390766 --commodities Cu,Au,Ag`: 52-week range A$0.135-0.355; returns 1m -18.9%, 3m -14.3%, 12m -14.3%, 3y +36.4% (vs mining index -8.8%, -9.8%, -23.1%, -4.1%); 20-day average traded value A$397k; Cu spot US$14,509/t (1y avg 13,281, 3y 10,893), Au US$4,031/oz (1y 4,452), Ag US$52.19/oz (1y 69.01), AUD/USD 0.694 (1.4407 A$ per US$) on 29 October 2026. Peer rows from data/miners_v8.db were empty because KGL had no primary commodity yet.
- Document ID
- market_snapshot_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- copper · gold · silver
Peer rows from the V8 stock database (copper stocks already run)Market Data · MediumExtracted
data/miners_v8.db v_stock_screen rows with primary commodity Cu (published research plus daily recompute, prices dated 9-14 October 2026): 29Metals, AIC Mines, Cyprium Metals, Sandfire, Capstone; and data/asx_mining_companies.db closes at 30 October 2026 with market capitalisations of 9 August 2026 for Caravel Minerals and Hot Chili (used to derive shares).
- Document ID
- peer_db_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- copper
Quarterly Activities and Cashflow Report - Sept 2026Operations · HighExtracted
September 2026 quarterly and Appendix 5B: cash A$275.4m after A$300m gross equity proceeds and A$20.7m costs; A$21.6m project/E&E spend; first concentrate H1 CY2028; capex consistent with BEM; second Wheaton US$16m received after quarter end.
- Document ID
- q_sep2026
- Published UTC
- 2026-10-26T23:36:11Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Reuters precious metals poll, 27 October 2026 (via roic.ai)Commodity Data · MediumExtracted
Reuters poll summary (27 October 2026): 2027 average forecasts about US$4,650/oz gold and US$66.75/oz silver (silver down from a 2026 average of US$70.30); analysts cut 2026 gold forecasts on high yields and a strong dollar. Search summary only; the full poll was not read.
- Document ID
- reuters_poll_20261027
- Published UTC
- 2026-10-27T00:00:00Z
- Projects
- —
- Commodities
- gold · silver
Notice of Annual General Meeting/Proxy FormGovernance · LowExtracted
Notice of the 2026 annual general meeting (resolutions on director elections, remuneration report and equity grants).
- Document ID
- agm_notice_20261023
- Published UTC
- 2026-10-23T00:05:36Z
- Projects
- —
- Commodities
- —
Final Investment Decision for KGL Jervois ProjectStudy · HighExtracted
Final Investment Decision for Jervois: ~60% of project cost under executed contracts, capital consistent with the BEM after scope changes and current pricing, first concentrate H1 CY2028.
- Document ID
- fid_20261015
- Published UTC
- 2026-10-14T22:40:02Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Local management assessment: management/KGL/summary.md and background-check.jsonLeadership · MediumExtracted
management/KGL/summary.md: team assessment 46/100 with low evidence confidence; career claims for Jeff Gerard (Xstrata/Glencore, Katanga Mining CEO) and Sam Strohmayr (Glencore Zinc COO Australia) are issuer-reported; funding milestones overlap their tenure but causation is not established. Checked against the FY2026 annual report and CEO appointment release.
- Document ID
- mgmt_kgl
- Published UTC
- 2026-10-09T00:00:00Z
- Projects
- —
- Commodities
- —
Local ownership file: ownership/KGL/investors.jsonGovernance · LowExtracted
ownership/KGL/investors.json (reviewed 9 October 2026) records no extracted register and no substantial-holder quantities; superseded in this run by the FY2026 annual report top-20 and substantial-holder tables (9 September 2026) and the August 2026 Form 603/604 notices.
- Document ID
- ownership_kgl
- Published UTC
- 2026-10-09T00:00:00Z
- Projects
- —
- Commodities
- —
Second US$16M Wheaton Payment ReceivedEconomic Arrangement · HighExtracted
Second US$16m Wheaton early deposit received, completing the US$32m early deposit; US$243m remains in four construction tranches plus a US$25m cost-overrun facility.
- Document ID
- wheaton_second_20261006
- Published UTC
- 2026-10-05T22:37:25Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Sedgman Awarded Contract for Jervois Processing PlantEconomic Arrangement · HighExtracted
Sedgman (CIMIC) awarded the design, procurement and construction contract for the 2.0 Mtpa processing plant; terms in line with BEM capital and schedule, scope increased for future additions.
- Document ID
- sedgman_20261001
- Published UTC
- 2026-09-30T23:00:03Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Annual Report to shareholdersResults · HighExtracted
FY2026 annual report (year to 30 June 2026): audited statements (net loss A$3.84m, cash A$25.3m, E&E asset A$134.6m, PMPA liability A$7.7m at fair value), resources and reserves table, directors and KMP, PMPA terms (note 20), top-20 register and substantial holders at 9 September 2026.
- Document ID
- ar_fy2026
- Published UTC
- 2026-09-30T01:27:24Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Initial Director's Interest NoticeGovernance · LowExtracted
Initial director's interest notice for Gerard Hutchinson (no securities).
- Document ID
- dir_hutchinson_20260902
- Published UTC
- 2026-09-02T00:58:59Z
- Projects
- —
- Commodities
- —
Appointment of Independent Non-Executive DirectorLeadership · LowExtracted
Appointment of Gerard Hutchinson as independent non-executive director and Audit & Risk Committee chair.
- Document ID
- ned_hutchinson_20260828
- Published UTC
- 2026-08-27T23:10:14Z
- Projects
- —
- Commodities
- —
Jervois Project Activities UnderwayOperations · MediumExtracted
Jervois activities underway: ~A$36m accommodation village and mine-infrastructure contract with Northern Transportables; long-lead mills ordered; geotechnical and exploration drilling.
- Document ID
- activities_20260819
- Published UTC
- 2026-08-18T23:51:28Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Appendix 3Y x3Governance · LowExtracted
Appendix 3Y for three directors' placement participation at A$0.20 approved at the EGM.
- Document ID
- dir_20260807
- Published UTC
- 2026-08-07T00:47:06Z
- Projects
- —
- Commodities
- —
Notification of cessation of securities - KGLCorporate Action · LowExtracted
Notification of cessation of securities (lapsed performance rights).
- Document ID
- cessation_20260805
- Published UTC
- 2026-08-05T06:39:19Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - KGLCorporate Action · LowExtracted
Appendix 2A for the ~902m placement shares, taking issued capital to 2,271,390,766.
- Document ID
- quotation_20260805
- Published UTC
- 2026-08-04T23:27:17Z
- Projects
- —
- Commodities
- —
Becoming a substantial holderGovernance · MediumExtracted
Form 603: Wheaton Precious Metals became a substantial holder with 167,500,000 shares (7.37%) on 4 August 2026.
- Document ID
- wheaton_holder_20260805
- Published UTC
- 2026-08-05T01:29:33Z
- Projects
- —
- Commodities
- —
Issue of cleansing notice under section 708A(5)(e)Corporate Action · LowExtracted
Cleansing notice for the placement shares issued on 5 August 2026.
- Document ID
- cleansing_20260805
- Published UTC
- 2026-08-04T23:25:17Z
- Projects
- —
- Commodities
- —
Change in substantial holdingGovernance · LowExtracted
Form 604: RCF VIII AIV-A interest changed to 111,318,055 shares (8.13%) on 30 July 2026.
- Document ID
- rcf_20260804
- Published UTC
- 2026-08-04T02:32:04Z
- Projects
- —
- Commodities
- —
Change of Director's Interest Notice X 2Governance · LowExtracted
Appendix 3Y for two directors' participation in the entitlement offer at A$0.20.
- Document ID
- dir_20260803
- Published UTC
- 2026-08-03T05:35:55Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow ReportOperations · HighExtracted
June 2026 quarterly and Appendix 5B: cash A$25.4m after the first US$16m Wheaton tranche (A$22.6m), BEM key metrics and sensitivities, equity raising, FID targeted Q3 CY2026, tenement schedule.
- Document ID
- q_jun2026
- Published UTC
- 2026-07-30T23:41:29Z
- Projects
- jervois
- Commodities
- copper · silver · gold
EGM PresentationsPresentation · MediumExtracted
EGM presentation (30 July 2026) summarising the funding package and development schedule.
- Document ID
- egm_pres_20260730
- Published UTC
- 2026-07-29T23:39:04Z
- Projects
- —
- Commodities
- —
Results of EGMGovernance · LowExtracted
Results of the 30 July 2026 EGM approving the conditional placement and related-party participation.
- Document ID
- egm_results_20260730
- Published UTC
- 2026-07-30T01:46:09Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - KGLCorporate Action · LowExtracted
Appendix 2A for the entitlement offer shares.
- Document ID
- quotation_20260728
- Published UTC
- 2026-07-27T22:59:19Z
- Projects
- —
- Commodities
- —
Completion of approx $120 million Entitlement OfferFinancing · MediumExtracted
Entitlement offer completed: valid applications for ~333.0m shares (A$66.6m); 264.6m shortfall shares (A$52.9m) placed with underwriters; KMP to 36.2%.
- Document ID
- entitlement_20260724
- Published UTC
- 2026-07-23T23:51:00Z
- Projects
- —
- Commodities
- —
Entitlement Offer Opens - Offer BookletFinancing · MediumExtracted
Entitlement offer booklet (1 for 1.29 at A$0.20) including the investor presentation, risks and use of funds.
- Document ID
- booklet_20260703
- Published UTC
- 2026-07-02T23:08:43Z
- Projects
- —
- Commodities
- —
Successful approx. A$180M Conditional Placement BookbuildFinancing · MediumExtracted
Completion of the ~A$180m conditional placement bookbuild at A$0.20, subject to EGM approval.
- Document ID
- placement_20260629
- Published UTC
- 2026-06-28T23:11:46Z
- Projects
- —
- Commodities
- —
A$300M Equity Raising to Fully Fund Development of JervoisFinancing · HighExtracted
Launch of the A$300m equity raising at A$0.20: A$180m conditional placement (~902m shares) and 1-for-1.29 entitlement (~598m shares); KMP to max 36.2%, Wheaton up to A$35m; A$70m liquidity buffer and A$20m exploration.
- Document ID
- raise_20260625
- Published UTC
- 2026-06-24T23:56:42Z
- Projects
- —
- Commodities
- —
Proposed issue of securities - KGLFinancing · LowExtracted
Appendix 3B proposed issue of securities for the A$300m equity raising.
- Document ID
- issue_20260625
- Published UTC
- 2026-06-25T00:03:27Z
- Projects
- —
- Commodities
- —
Equity Raising PresentationPresentation · HighExtracted
Equity raising presentation: sources and uses (A$689m), pro forma capital structure, copper production profile by year (2 to 40 kt), timeline, resources, offtake strategy and peer framing.
- Document ID
- eq_pres_20260625
- Published UTC
- 2026-06-25T00:08:37Z
- Projects
- —
- Commodities
- —
Copper weekly brief, week ending 19 June 2026 (copper.com.au)Commodity Data · MediumExtracted
LME official cash US$13,735.5/t on 18 June 2026; tight concentrate availability; UBS long-term incentive price US$5.50/lb (~US$12,125/t) and a US$6.0/lb medium-term deck for 2027-29.
- Document ID
- copper_weekly_20260619
- Published UTC
- 2026-06-19T00:00:00Z
- Projects
- —
- Commodities
- copper
First Payment of Deposit on US$300million Stream ArrangementEconomic Arrangement · MediumExtracted
First US$16m Wheaton early-deposit tranche received; cash ~A$28m; remaining deposit conditions (open-pit contractor, contracts, FIRB, full funding) and the June 2027 delay-payment test.
- Document ID
- wheaton_first_20260618
- Published UTC
- 2026-06-17T23:06:38Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Corporate PresentationPresentation · LowExtracted
May 2026 corporate presentation summarising the BEM and funding plan.
- Document ID
- corp_pres_20260520
- Published UTC
- 2026-05-19T23:19:11Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow Report - March 2026Operations · MediumExtracted
March 2026 quarterly and Appendix 5B: cash A$8.2m; Wheaton PMPA signed after quarter end.
- Document ID
- q_mar2026
- Published UTC
- 2026-04-30T00:11:21Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Notification regarding unquoted securities - KGLCorporate Action · LowExtracted
Appendix 3G: 1,250,000 performance rights issued to the CEO, CFO and company secretary, vesting on funding and a 20-day VWAP above A$0.325.
- Document ID
- unquoted_20260428
- Published UTC
- 2026-04-28T03:58:24Z
- Projects
- —
- Commodities
- —
Changes to CEO RemunerationLeadership · LowExtracted
CEO remuneration change: 500,000 shares and 500,000 performance rights (funding and 20-day VWAP above A$0.325), plus 750,000 rights for the CFO and company secretary.
- Document ID
- ceo_rem_20260428
- Published UTC
- 2026-04-28T03:05:59Z
- Projects
- —
- Commodities
- —
Baseline Economic Model Confirms Attractive EconomicsStudy · HighExtracted
Baseline Economic Model: 18.5 Mt production target (12.8% inferred), 276.8 kt Cu, 10.5 Moz Ag, 87 koz Au in concentrate over 10 years; construction capital A$439m, LOM capital A$290m, peak funding A$584m; NPV8 post-tax A$839m and IRR 31% at US$6.06/lb Cu, US$80.75/oz Ag, US$4,834/oz Au, 0.717 FX; C1 US$1.65/lb, AISC US$2.51/lb; sensitivity table.
- Document ID
- bem_20260424
- Published UTC
- 2026-04-23T23:22:31Z
- Projects
- jervois
- Commodities
- copper · silver · gold
US$300mill agreement for Ag and Au Streaming with WheatonEconomic Arrangement · HighExtracted
Wheaton precious metals purchase agreement: US$275m deposit (US$32m early, US$243m in four tranches) plus US$25m cost-overrun facility; 75% of payable silver to 4.3 Moz then 37.5% to a further 1.7 Moz then 25%; 75% of gold to 45 koz then 37.5% to a further 15 koz then 25%; 20% of spot paid on delivery; buy-back of one third on change of control before 2030.
- Document ID
- pmpa_20260402
- Published UTC
- 2026-04-01T23:03:07Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Half Yearly Report and AccountsResults · LowExtracted
Half-year report to 31 December 2025 (mostly image pages): reviewed accounts after the A$11m October 2025 placement. Cash at 31 December 2025 is taken from the matching Appendix 5B (A$10.8m).
- Document ID
- hy_fy2026
- Published UTC
- 2026-03-11T22:18:58Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Quarterly Activities and Cashflow ReportOperations · MediumExtracted
December 2025 quarterly and Appendix 5B: cash A$10.8m after the A$11m placement; CEO appointment and project optimisation.
- Document ID
- q_dec2025
- Published UTC
- 2026-01-29T23:04:24Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Deutsche Bank: copper incentive price regime expected to persist (FXStreet)Commodity Data · LowExtracted
Deutsche Bank (27 January 2026) expected copper to peak near US$13,000/t in Q2 2026 and moderate from H2 2026 as mine output recovers, within a persisting incentive-price regime.
- Document ID
- db_copper_20260127
- Published UTC
- 2026-01-27T11:16:52Z
- Projects
- —
- Commodities
- copper
Fintel: KGL analyst price-target summary (page dated 2 January 2026)Other · LowExtracted
Search-result summary: average one-year analyst target A$0.41 (range A$0.40-0.42), page dated 2 January 2026 and brokers unnamed - before the A$300m raising tripled the share count. An undated Morgans note (Speculative Buy, A$0.619) and Ord Minnett's January 2022 initiation (A$0.80) were also found but are stale. Used only to test the thesis, not as a value anchor.
- Document ID
- fintel_targets_20260102
- Published UTC
- 2026-01-02T00:00:00Z
- Projects
- —
- Commodities
- —
Appointment of Chief Executive OfficerLeadership · MediumExtracted
Appointment of Sam Strohmayr (ex-COO Glencore Zinc Australia) as CEO from 27 January 2026; A$450k fixed remuneration and STI up to 30%.
- Document ID
- ceo_appt_20251218
- Published UTC
- 2025-12-17T22:39:29Z
- Projects
- —
- Commodities
- —
Appointment of Non-executive DirectorLeadership · LowExtracted
Appointment of Lindi Deguara as independent non-executive director.
- Document ID
- ned_deguara_20251124
- Published UTC
- 2025-11-23T22:39:24Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow Report - Sept 2025Operations · MediumExtracted
September 2025 quarterly and Appendix 5B: cash A$2.7m, operating outflow A$1.3m, exploration A$1.1m; FSU25 optimisation and financing workstreams.
- Document ID
- q_sep2025
- Published UTC
- 2025-10-31T01:53:19Z
- Projects
- jervois
- Commodities
- copper · silver · gold
A$11M placement to advance enabling worksFinancing · MediumExtracted
A$11m placement at A$0.14 (78.6m shares) to advance enabling works.
- Document ID
- placement_20251031
- Published UTC
- 2025-10-30T23:09:38Z
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · MediumExtracted
FY2025 annual report (year to 30 June 2025): audited loss A$3.0m, cash A$5.1m, FSU25 summary and the 2025 register. Used for history and cross-checks; FY2025 figures are taken from the FY2026 comparatives.
- Document ID
- ar_fy2025
- Published UTC
- 2025-09-26T07:47:24Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Company Update - Project Optimisation and FinancingOperations · MediumExtracted
Company update on project optimisation and financing: RCF acquired 8.32% off-market; open-pit optimisation; bismuth review.
- Document ID
- update_20250924
- Published UTC
- 2025-09-23T23:59:32Z
- Projects
- jervois
- Commodities
- copper · silver · gold
KGL Jervois Project Feasibility Study Update 2025Study · HighExtracted
Jervois Feasibility Study Update 2025 (FSU25): Ore Reserve statement (14.4 Mt), mining schedule, processing flowsheet, payables (Cu 96.5%, Au/Ag 90%), NT MRA24 5% royalty, smelter terms, tax at 30% with carried-forward losses; NPV8 A$405m at US$4.58/lb.
- Document ID
- fsu_2025
- Published UTC
- 2025-02-09T21:26:50Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Mineral Resource Estimate and Feasibility Study UpdateResource Update · HighExtracted
November 2024 Mineral Resource Estimate and FSU update: 27.45 Mt at 1.87% Cu, 25.3 g/t Ag, 0.24 g/t Au (513 kt Cu) using 0.5% Cu open-pit and 0.8% Cu underground cut-offs.
- Document ID
- mre_nov2024
- Published UTC
- 2024-11-25T00:32:49Z
- Projects
- jervois
- Commodities
- copper · silver · gold
Evidence facts32
25283503 AUD
2026-06-305116103 AUD
2025-06-30189098 AUD
2026-06-300 AUD
2026-06-30136838395 AUD
2026-06-30-3836795 AUD
2026-06-30-3015417 AUD
2025-06-30-3781106 AUD
2026-06-30-5576840 AUD
2026-06-307232838 AUD
2026-06-302271390766 shares
2026-09-0927450000 t
2024-11-25513400 t
2024-11-2514380000 t
2025-02-10254000 t
2025-02-10275419000 AUD
2026-09-300 AUD
2026-09-30100 %
2026-09-302028-06-30 date
2026-10-1516000000 USD
2026-10-06839000000 AUD
2026-04-2431 %
2026-04-24439000000 AUD
2026-04-242.51 USD/lb
2026-04-2427680 t/yr
2026-04-2413360 USD/t
2026-04-240.15 AUD/share
2026-10-3014508.62 USD/t
2026-10-294031.4 USD/oz
2026-10-2952.191 USD/oz
2026-10-291.4407 AUD/USD
2026-10-2912125 USD/t
2026-06-19