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MC2
ASX (CDIs), dual listed on TSX as MARI
Marimaca Copper Corp.
v8.1 · mc2-20261031t144555-full- Last 2026-11-06
- A$6.55
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$885.3M
- EV
- A$684.8M
- Cash
- US$140M
- Debt
- US$0
2 newer ASX announcements not yet reflected in this valuation
- Q3 2026 Management's Discussion & AnalysisLatest Foreign Periodic Financial Reports
- Q3 2026 Condensed Interim Consolidated Financial StatementsLatest Foreign Periodic Financial Reports
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Appointment of Peter Garner-Winship as Chief Financial OfficerLeadership
- Appointment of Nicole Porcile as independent non-executive directorLeadership
- Q2 2026 condensed interim consolidated financial statements (six months to 30 June 2026)Results
- Q2 2026 Management's Discussion and AnalysisResults
- Q1 2026 condensed interim consolidated financial statements (three months to 31 March 2026)Results
- ASX additional information for the 2025 annual report (holders and substantial holders)Governance
- Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives)Results
- Board changes: Zenon Wozniak appointed, Giancarlo Bruno Lagomarsino becomes independent chairLeadership
- Completion of C$409m global bookbuild (February 2026)Financing
- Resignation of General Counsel and Company SecretaryLeadership
- Completion of A$80m bookbuild (September 2025)Financing
- MOD Feasibility Study announcement (25 August 2025 DFS results)Study
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| During 2026 (company guidance) | Pampa Medina maiden delineation drilling completion (2026 guidance) | Exploration | Company Guided | Medium | Could convert exploration targets into a resource and a satellite oxide source. |
| Q4 2026 (company expectation) | Sectorial permit approvals expected | Permitting | Company Guided | High | Gates early site works and construction decision for the MOD. |
| Unscheduled within horizon | Project debt financing terms (no date given; ongoing workstream) | Financing | Company Guided | High | Debt sizing and equity need determine dilution and the FID path. |
Executive roster
As of 2026-10-08Background checks ▸Executives named in the Q4 2025 MD&A (Nico Cookson President from 1 Mar 2026; Joshua Watson Project Director), the 30 Mar 2026 board release, and the 8 Oct 2026 CFO release. Non-executive directors are excluded. The General Counsel and Company Secretary resigned on 10 Nov 2025 and no successor is named in the documents read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Hayden Locke | Chief Executive Officer · Director | Chief Executive · Executive Director | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Nico Cookson | President (from 1 March 2026, previously Head of Corporate Development and Strategy) | Senior Management | — | Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives) |
| Peter Garner-Winship | Chief Financial Officer (promoted from Vice President Finance, March 2026) | Finance | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Jose Antonio Merino | Managing Director (Chile) | Senior Management · Operations | — | Appointment of Peter Garner-Winship as Chief Financial Officer |
| Joshua Watson | Project Director (MOD project execution) | Senior Management · Operations | — | Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Marimaca Oxide Deposit (MOD)
CL
DFS Unfunded Developer100% ownedCopper
Pre-FID developer. RCA environmental approval received November 2025; sectorial permits (closure plan, open pit method, crushing and leach-pad infrastructure) submitted April 2026 with approvals expected Q4 2026; integration engineering tender and project debt process under way; no FID taken.
- Study
- DFSs
- Post-tax NPV (study prices, attributable)
- US$709.0md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 3,100.0%s
- Initial capex (100%)
- US$587.0ms
- Capital intensity
- US$13,651/(t/yr)d
- LoM AISC
- A$7,771/ts
- Mine life
- 13.0 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
NPVUS$7098% discount
IRR31%Published return
Initial capexUS$587Published capital estimate
Operating cost1.84US$/lb Cu C1 LOM
Post-tax NPV8 in US$m at US$4.30/lb flat copper; operating cost is C1 cash cost in US$/lb LOM; 100% basis.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured_and_indicated | 213.5K kt | 0.40% CuT | Copper | 2025-08-25 |
| Mineral Resource | inferred | 21.2K kt | 0.29% CuT | Copper | 2025-08-25 |
| Ore Reserve | proven_and_probable | 178.6K kt | 0.42% CuT | Copper | 2025-08-25 |
Tenements1
Milestones2
- Final investment decision on MOD (no date given by the company)
Pending · High materiality
- Sectorial permit approvals (company expects Q4 2026)
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental approval (RCA) for the MOD | Chile | Granted | — | No |
| Sectorial (auxiliary) permits including closure plan, open pit method and crushing/leach pad infrastructure | Chile | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| MOD Definitive Feasibility Study (Ausenco-led; NCL mining) | DFS | Current | 2025-08-25 | 50ktpa Cu cathode target, 13-year reserve life, initial capex US$587m, LOM AISC US$2.29/lb, post-tax NPV8 US$709m at US$4.30/lb and 31% IRR. |
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
Cash of US$140.0m at 30 Jun 2026 (US$66.8m at 31 Dec 2025; US$149.8m at 31 Mar 2026), total liabilities of US$7.3m including US$0.9m of leases and no borrowings. Management states liquidity covers twelve months of pre-FID spending. The MOD initial capex is not funded; the company notes it does not have sufficient funding to finance development on a positive FID.
Capital structure
Ownership and dilution
- Ordinary shares
- 135.2M
- Fully diluted
- 139.8M
Basic: 135,156,928 common shares (CDIs included) outstanding at 13 Aug 2026 per the Q2 2026 MD&A. Shares rose from 119,393 thousand at 31 Dec 2025 (Q2 2026 statements) through the February 2026 treasury offering (13,650,000 shares), warrant, option and RSU exercises; 134,980 thousand at 30 Jun 2026. Potentially dilutive: 1,545,000 options and 3,062,808 RSUs, giving 139,764,736 fully diluted shares. The fully diluted count includes all options and RSUs without a treasury-method reduction, which is conservative for the in-the-money tranche.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Common shares outstanding (quoted on TSX, settled as CDIs on ASX, 1 CDI = 1 common share) | Ordinary Share | 135.2M | — | — |
| Stock options, exercise prices C$3.69 to C$7.93, expiring December 2026 to March 2031 | Option | 1.5M | — | 2031-03-31 |
| Restricted share units | Performance Right | 3.1M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Operations | ||||
| Cathode production (copper) | t | 0.00 | 0.00 | |
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating costs (actual: operating loss incl. exploration and share-based pay; forecast: DFS operating cost) | AUDm | (16.3) | (37.8) | |
| EBITDA (revenue less operating costs; actuals are the operating loss, D&A of US$0.2m not added back) | AUDm | (16.3) | (37.8) | |
| NPAT (actual: net loss; forecast: project EBITDA less tax, excludes interest and corporate cost) | AUDm | (19.8) | (37.9) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (8.3) | (27.1) | |
| Capex (actual: investing cash flows; forecast: initial, expansion and sustaining) | AUDm | (17.3) | (23.6) | |
| Free cash flow (operating cash flow less capex) | AUDm | (25.6) | (50.8) | |
| Balance sheet | ||||
| Cash (year end) | AUDm | 32.6 | 96.2 | |
| Debt (year end) | AUDm | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (32.6) | (96.2) | |
| Per share | ||||
| Shares (actual: basic at year end; forecast: fully diluted) | m shares | 101.0 | 119.4 | |
| EPS (NPAT / shares) | AUD/share | (0.20) | (0.32) | |
| Dividends per share (declared in the 12 months to the cutoff) | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (45.7) | (19.7) | |
| P / E (x, current market cap) | x | (47.8) | (25.0) | |
| FCF yield (current market cap) | % | -2.7% | -5.4% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 2.0 | 2.5 | |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-02-26Ann. 2026-02-18 | Raising | US$99.7M | 13.6M | — | Completed | — |
| 2025-09-12Ann. 2025-09-05 | Raising | A$80M | 8.2M | — | Completed | — |
| 2025-09-11Ann. 2025-09-05 | Raising | US$52.7M | 8.2M | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Option and royalty terms on Pampa Medina and Madrugador from the Q2 2026 MD&A; the sulphuric acid plant option and the Rayrock receivable assignment from the Q4 2025 MD&A. The DFS royalty and BOOT terms are not in the local documents read.
Pampa Medina option and royalty burden, not modelled in the MOD valuation.
Royalty · Active- Counterparties
- Pampa Medina vendors
- Applies to
- Marimaca Oxide Deposit (MOD) · Copper
- Economic direction
- Burden
- Period
- 2024-10-01 to 2029-10-01
- Key terms
- Option consideration remaining: 14.5 US$m
Net smelter royalty: 1.5 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Binding asset purchase option to acquire a used 150 ktpa sulphuric acid plant from CEMIN Holding Minero for US$2.5m (US$1.0m paid August 2025, US$1.5m paid 29 December 2025). Non-binding MoU for a possible acid JV in Mejillones; not in the DFS base case.
Tolling Or Processing · Conditional- Counterparties
- CEMIN Holding Minero (asset seller)
- Applies to
- Marimaca Oxide Deposit (MOD) · Copper
- Economic direction
- Mixed
- Period
- From 2025-08-21; no end date stated
- Key terms
- Acid plant option consideration: 2.5 US$m
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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
The team combines reported project, copper exploration, Chilean permitting, finance and legal experience. A technical report credits two current managers with exploration work, while the CEO chairs a separate company whose Moroccan project suffered a permitting setback and remains in arbitration. The project is still being advanced toward development; published plans are not operating delivery.
Decision-relevant facts
Material summary
Hayden Locke
Chief Executive Officer and Director
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca says he joined as president in July 2020 and became CEO in April 2021; earlier positions include Emmerson CEO, Papillon corporate head, and Highfield corporate and technical services.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Hayden Locke management page · Hayden Locke biography
FailureDocumented · High materiality
Emmerson Khemisset permit refusal and arbitration
Emmerson, where Locke is chairman, reported the project environmental approval was refused in October 2024 and recorded a US$21.1 million impairment for 2024. Its subsidiaries seek US$1.215 billion in arbitration against Morocco. In July 2026 the tribunal refused a separate preliminary phase for jurisdiction; this was procedural, not a merits decision. An August report records a 2028 hearing timetable.
Role overlaps event; causation unproven · Locke is chair; the sources do not establish personal culpability or determine the parties’ disputed claims.
Hayden Locke management page · biography and chair role
2024 annual results and arbitration · 2024 results, impairment and permit refusal
2025 audited financial results · 2025 results, arbitration claim
Khemisset arbitration procedural timetable · 26 August 2026 report and tribunal timetable
GovernanceIssuer Reported · Medium materiality
Concurrent Emmerson arbitration incentive
Emmerson’s 2025 annual results disclosed a plan allocating 6% of any arbitration compensation to a pool, of which Locke was allocated 22%, conditional on a recovery.
Individual involvement documented · The contingent award is disclosed; it is not itself evidence of misconduct.
2025 audited financial results · note 19 events after the reporting date, management incentive plan
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Nico Cookson
President
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports that Cookson joined in 2021, after mining private-equity and investment-banking roles with Appian and RBC.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Nico Cookson management page · Nico Cookson biography
GovernanceIssuer Reported · Medium materiality
President appointment and prior capital role
On 2 March 2026 Marimaca announced Cookson’s appointment as president effective 1 March, retaining responsibility for strategy, corporate development and investor relations.
Individual involvement documented · The release identifies his stated responsibility, not an individual allocation of capital-raising success.
Senior management updates · management changes
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Peter Garner-Winship
Chief Financial Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca says Garner-Winship spent 17 years at Anglo American, including as financial controller for Quellaveco through construction and transition into operations.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Peter Garner Winship management page · Peter Garner-Winship biography
Personal SuccessIssuer Reported · Medium materiality
Quellaveco financial-controller experience
Marimaca reports Garner-Winship helped establish the finance function for the US$5.5 billion Quellaveco project during construction and transition to operations. His appointment as Marimaca CFO was announced on 8 October 2026.
Individual involvement documented · The issuer reports finance-function involvement; project outcomes cannot be attributed to him alone.
CFO appointment · page 1
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Jose Antonio Merino
Managing Director, Chile
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer reports prior business-development and M&A leadership at SQM and continued Chilean operating and permitting responsibilities.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Jose Antonio Merino management page · Jose Antonio Merino biography
Company SuccessDocumented · Medium materiality
Chile project environmental approval
Chile’s environmental service named Merino as the project company’s legal representative in its August 2025 clarification request. Marimaca announced the project environmental approval in November 2025, while noting additional sectoral permits were still required.
Role overlaps event; causation unproven · His formal representative role is evidenced; project approval reflects work by a wider team and authorities.
Environmental regulator request for clarification · page 1, legal representative and clarification request
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Joshua Watson
Project Director
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports senior project roles at Teck, Barrick, Vale and Rio Tinto, including project studies, sustaining capital and Oyu Tolgoi infrastructure.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Joshua Watson management page · Joshua Watson biography
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Sergio Rivera
Vice President of Exploration
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer reports Rivera joined in November 2011 and assumed full exploration responsibility in June 2018.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Sergio Rivera management page · Sergio Rivera biography
Personal SuccessDocumented · Medium materiality
Documented exploration contribution
The independent 2023 NCL technical report credits Rivera and Kovacic with significant contributions to project exploration and report implementation. It estimates mineral resources; these do not establish actual production or independently attribute the whole discovery to one individual.
Individual involvement documented · NCL credits both as members of a wider technical effort.
Updated mineral resource technical report · page 25 section 3
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Paola Kovacic
Senior Manager Exploration
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
Marimaca reports Kovacic joined in December 2017 after exploration roles with Codelco and technical/operations management with IMG.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Paola Kovacic management page · Paola Kovacic biography
Personal SuccessDocumented · Medium materiality
Documented exploration contribution
The independent 2023 NCL technical report credits Rivera and Kovacic with significant contributions to project exploration and report implementation. It estimates mineral resources; these do not establish actual production or independently attribute the whole discovery to one individual.
Individual involvement documented · NCL credits both as members of a wider technical effort.
Updated mineral resource technical report · page 25 section 3
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Flora Lo
Corporate Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer says Lo joined in July 2026 after governance roles across Silvercorp-related public companies and prior Hong Kong legal practice.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Flora Lo management page · Flora Lo biography
Personal SuccessDocumented · Medium materiality
Silvercorp secretarial work
A 2022 SEC-hosted Silvercorp voting-results filing is signed by Flora Lo as assistant corporate secretary.
Individual involvement documented · The filing directly identifies her role, but does not evaluate broader performance.
Silvercorp 2022 voting results · signature at foot of voting results
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Pabla Perelló Carvallo
General Counsel, Chile
Personal SuccessIssuer Reported · Medium materiality
Relevant reported experience
The issuer says Perelló joined in March 2026 after in-house project legal work for Antofagasta Minerals and work on BHP projects.
Individual involvement documented · The role history is issuer-reported; individual contribution and employment dates are not fully independently established.
Pabla Perello Carvallo management page · Pabla Perelló Carvallo biography
Personal SuccessSelf Reported · Medium materiality
Mining project legal experience
A law-magazine interview records Perelló describing prior work at Codelco, BHP and Antofagasta Minerals; the issuer identifies legal work on Nueva Centinela and the Spence Growth Option.
Individual involvement documented · Her experience is self- or issuer-reported; full tenure and outcomes were not independently corroborated.
Pabla Perello Carvallo management page · career biography
Evidence gaps · 2
- Independent verification of education, memberships and dates is incomplete.
- Full previous-employer outcomes and person-specific public court, regulatory, safety and environmental records have not been exhaustively reviewed.
Company ownership
Investors & shareholders
Registered shareholder list unavailable
The available disclosures below do not provide a complete ranked register.
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 18.66%Issued shares | 2026-05-25 | |
| 14.88%Issued shares | 2026-05-25 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- The issuer’s combined top-20 table mixes common shares with CHESS depositary interests and does not establish a precise measurement date; the current snapshot schema has no class field for this mixed register, so it is withheld.
- The information circular covers persons known to own or control 10% or more, not all holders above Australian substantial-holder thresholds. No implication of a complete substantial-holder view.
- The reported figures are historical and can change. The issuer’s May ASX information reports a lower, earlier share count and different percentage base; it is not relabelled as current.
- CDI holders’ voting instructions pass through the depository; registered names and beneficial interests can overlap.
Sources
- Management information circular and notice of annual meeting
Marimaca Copper Corp. via ASX · Published 2026-06-09 · Accessed 2026-10-31
Circular states information as at 25 May 2026 and names holders of 10% or more.
downloads/MC2/2026/2026-06-09_Notice of Annual General Meeting_7e0e4eb1c949ec2c.pdf, pages 2 and 7
- ASX additional information for annual reports
Marimaca Copper Corp. via ASX · Published 2026-05-04 · Accessed 2026-10-31
Common share and CDI arrangements, combined top-20 table, and issuer disclosure limitations.
downloads/MC2/2026/2026-05-04_ASX Additional Information for Annual Report_76adaadaf5712d62.pdf, pages 1–3
Disclosed activity
Insider transactions
Trading activity0 buys · 4 sells shownNet cash last 12 months no tradesShow 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 |
|---|---|---|---|---|---|---|
| 2026-10-14 | Nicole Porcile
Details & evidence for Nicole Porcile on 2026-10-14As disclosed: Award of RSUs.
Change of Director's Interest Notice - NP ↗ Change of Director's Interest Notice - NP ↗ | GrantRestricted Share Units | 10,000 | —Non Cash | — | 10,000 |
| 2026-10-14 | Nicole Porcile
Details & evidence for Nicole Porcile on 2026-10-14Direct RSU issue to Nicole Porcile. The notice gives the 10,000-person allotment but no personal opening or closing RSU balance. As disclosed: 10,000 restricted share units issued to Nicole Porcile on 14 October 2026.
Notification regarding unquoted securities - MC2 ↗ | Grantrestricted share units (RSUs) | 10,000 | —Non Cash | — | — |
| 2026-08-26 | Hayden Locke
Details & evidence for Hayden Locke on 2026-08-26Both Benson entities are named but the particular account is not allocated in notice. As disclosed: Cashless net exercise per terms of Omnibus Incentive Plan.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice - HL ↗ Change of Director's Interest Notice - HL ↗ | ExerciseCommon shares issued on cashless net exercise | 259,138 | —Non Cash | — | 385,461 |
| 2026-08-26 | Hayden LockeBenson Capital Pte Ltd
Details & evidence for Hayden Locke on 2026-08-26The KMP table associates 450,000 exercised options with Hayden Locke through the named Benson Capital Pte Ltd account. It does not state the exact legal relationship between Mr Locke and this separately named Pte Ltd, so the account is not merged with Benson Capital Limited. As disclosed: 450,000 options with exercise price C$3.69 exercised on 26 August 2026.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Notification regarding unquoted securities - MC2 ↗ | Exerciseunquoted options exercisable at C$3.69, expiring 23 Dec 2026 | 450,000 | —Not Disclosed | — | — |
| 2026-05-05 | Timothy Petterson
Details & evidence for Timothy Petterson on 2026-05-05As disclosed: On market sale of shares.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - TP ↗ Change of Director's Interest Notice - TP ↗ | SaleCommon shares | 33,000 | — | — | 99,731 |
| 2026-04-27 | Timothy Petterson
Details & evidence for Timothy Petterson on 2026-04-27Common shares issued on a cashless net exercise of options. The notice reports 112,134 shares acquired and 132,731 shares held after change, from 20,597 before. As disclosed: 112,134 Common Shares acquired through a cashless net exercise of options.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - TP ↗ | Exercisecommon shares | 112,134 | —Non Cash | — | 132,731 |
| 2026-04-27 | Timothy Petterson
Details & evidence for Timothy Petterson on 2026-04-27280,000 options were disposed on exercise; the reported post-change position contains no options of this class. As disclosed: 280,000 unquoted options exercisable at C$5.00 each on or before May 6, 2026 disposed through a cashless net exercise.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - TP ↗ | Exerciseunquoted options exercisable at C$5.00 on or before 2026-05-06 | 280,000 | —Non Cash | — | 0 |
| 2026-04-27 | Hayden Locke
Details & evidence for Hayden Locke on 2026-04-27Both Benson entities are named but the particular account is not allocated in notice. As disclosed: Exercise of options via cashless exercise facility.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice - HL ↗ Change of Director's Interest Notice - HL ↗ | ExerciseCommon shares issued on cashless net exercise | 126,323 | —Non Cash | — | — |
| 2026-04-24 | Timothy Petterson
Details & evidence for Timothy Petterson on 2026-04-24Award of RSUs; the source states nil consideration. As disclosed: Award of 15,000 RSUs.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - TP ↗ Change of Director's Interest Notice - TP ↗ | Grantrestricted share units (RSUs) | 15,000 | —Non Cash | — | 197,691 |
| 2026-04-24 | Michael Haworth
Details & evidence for Michael Haworth on 2026-04-24Award of RSUs; the source states nil consideration. No prior RSU holding is reported. As disclosed: Award of 20,000 RSUs.
Change of Director's Interest Notice - MH ↗ Change of Director's Interest Notice - MH ↗ | Grantrestricted share units (RSUs) | 20,000 | —Non Cash | — | 20,000 |
| 2026-04-24 | Kieran DalyAssore International Holdings Ltd
Details & evidence for Kieran Daly on 2026-04-24The notice lists a 15,000-RSU issue in the row for Kieran Daly and names Assore International Holdings Limited as registered holder. It does not state the precise legal or beneficial relationship, so no personal balance or account ownership beyond the table is inferred. As disclosed: 15,000 restricted share units issued to Kieran Daly; registered holder Assore International Holdings Limited.
Notification regarding unquoted securities - MC2 ↗ | Grantrestricted share units (RSUs) | 15,000 | —Non Cash | — | — |
| 2026-04-24 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2026-04-24Award of RSUs; the source states nil consideration. As disclosed: Award of 15,000 RSUs.
Change of Director's Interest Notice - GBL ↗ Change of Director's Interest Notice - GBL ↗ | Grantrestricted share units (RSUs) | 15,000 | —Non Cash | — | 114,200 |
| 2026-03-01to 2026-03-31 | Clive Newall
Details & evidence for Clive Newall on 2026-03-01The footnote states that 200,000 options were exercised via the Company's cashless exercise facility, leading to 101,604 common shares. The specific execution day is not disclosed; the interval represents March 2026 only. As disclosed: In March 2026, 200,000 unquoted options were exercised via the Company's cashless exercise facility, leading to the issue of 101,604 common shares.
Final Director's Interest Notice - CN ↗ | Exercisecommon shares | 101,604 | —Non Cash | — | 134,937 |
| 2026-03-01to 2026-03-31 | Clive Newall
Details & evidence for Clive Newall on 2026-03-01The notice says 200,000 C$5.00 options were exercised and 98,396 options cancelled under the cashless facility. The exact exercise day is not disclosed. As disclosed: In March 2026, 200,000 unquoted options exercisable at C$5.00 each on or before May 6, 2026 were exercised, leading to issue of 101,604 common shares and cancellation of 98,396 options.
Final Director's Interest Notice - CN ↗ | Exerciseunquoted options exercisable at C$5.00 on or before 2026-05-06 | 200,000 | —Non Cash | — | 80,000 |
| 2026-03-30 | Zenon Wozniak
Details & evidence for Zenon Wozniak on 2026-03-30Direct grant of 30,000 RSUs; no prior registered securities are reported. As disclosed: 30,000 Restricted Share Units (RSUs) acquired.
Change of Director's Interest Notice - ZW ↗ Change of Director's Interest Notice - ZW ↗ | Grantrestricted share units (RSUs) | 30,000 | —Non Cash | — | 30,000 |
| 2026-03-30 | Zenon Wozniak
Details & evidence for Zenon Wozniak on 2026-03-30Direct grant of 100,000 options; no prior registered securities are reported. As disclosed: 100,000 unquoted options exercisable at C$7.93 each on or before 30 March 2031 acquired.
Change of Director's Interest Notice - ZW ↗ Change of Director's Interest Notice - ZW ↗ | Grantunquoted options exercisable at C$7.93 on or before 2031-03-30 | 100,000 | —Non Cash | — | 100,000 |
| 2026-03-30 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2026-03-30Indirect grant through Benson Capital Limited, which the notice identifies as a company of which Mr Locke is a director and shareholder. The source states nil consideration. As disclosed: Award of 226,000 RSUs.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice - HL ↗ Change of Director's Interest Notice - HL ↗ | Grantrestricted share units (RSUs) | 226,000 | —Non Cash | — | 591,535 |
| 2026-01-26 | Michael HaworthAccuro Trustees (Jersey) Ltd as trustees of Yorkshire Rose Trust
Details & evidence for Michael Haworth on 2026-01-26In-specie distribution from investment fund; late lodgement noted by issuer. As disclosed: In-specie distribution of shares received from an investment fund.
Change of Director's Interest Notice - MH ↗ Change of Director's Interest Notice - MH ↗ | Transfer InOrdinary shares | 145,722 | —Non Cash | — | 145,722 |
| 2026-01-26 | Michael Haworth
Details & evidence for Michael Haworth on 2026-01-26In-specie distribution from investment fund; late lodgement noted by issuer. As disclosed: In-specie distribution of shares received from an investment fund.
Change of Director's Interest Notice - MH ↗ Change of Director's Interest Notice - MH ↗ | Transfer InOrdinary shares | 15,356 | —Non Cash | — | 53,686 |
| 2025-09-25to 2025-09-29 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-25Indirect RSU award through Benson Capital Limited; the notice describes Mr Locke as its director and shareholder. Nil consideration is reported. As disclosed: Award of 132,203 RSUs.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice - HL ↗ Change of Director's Interest Notice - HL ↗ | Grantrestricted share units (RSUs) | 132,203 | —Non Cash | — | 365,535 |
| 2025-09-25to 2025-09-29 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-25Lapse of options in the stated 25–29 Sep change period; nil consideration reported. As disclosed: Lapse of 200,000 unquoted options exercisable at C$3.20 each on or before September 25, 2025.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice - HL ↗ | Expiryunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | —Not Disclosed | — | 0 |
| 2025-09-25to 2025-09-29 | Colin Kinley
Details & evidence for Colin Kinley on 2025-09-25Direct award of 181,780 RSUs; the source states nil consideration. As disclosed: Award of 181,780 RSUs.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Change of Director's Interest Notice - CK ↗ Change of Director's Interest Notice - CK ↗ | Grantrestricted share units (RSUs) | 181,780 | —Non Cash | — | 409,359 |
| 2025-09-25to 2025-09-29 | Colin Kinley
Details & evidence for Colin Kinley on 2025-09-25Lapse of options in the stated 25–29 Sep change period; nil consideration reported. As disclosed: Lapse of 275,000 unquoted options exercisable at C$3.20 each on or before September 25, 2025.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Change of Director's Interest Notice - CK ↗ | Expiryunquoted options exercisable at C$3.20 on or before 2025-09-25 | 275,000 | —Not Disclosed | — | 0 |
| 2025-09-25to 2025-09-29 | Alan Stephens
Details & evidence for Alan Stephens on 2025-09-25Direct award of 132,203 RSUs; the source states nil consideration. As disclosed: Award of 132,203 RSUs.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - AS ↗ Change of Director's Interest Notice - AS ↗ | Grantrestricted share units (RSUs) | 132,203 | —Non Cash | — | 302,394 |
| 2025-09-25to 2025-09-29 | Alan Stephens
Details & evidence for Alan Stephens on 2025-09-25Lapse of 200,000 options during the 25–29 Sep change period; nil consideration is stated. As disclosed: Lapse of 200,000 unquoted options exercisable at C$3.20 each on or before September 25, 2025.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Change of Director's Interest Notice - AS ↗ | Expiryunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | —Not Disclosed | — | 0 |
| 2025-09-17to 2025-09-23 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-09-17Sale of 200,000 ordinary shares during the same range as the option exercise. Approximately A$2,036,142 is reported as share-sale consideration; venue is not specified. As disclosed: Sale of 200,000 ordinary shares; approximately A$2,036,142 (share sale).
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Salecommon shares | 200,000 | AUD 2,036,142.00 | — | — |
| 2025-09-17to 2025-09-23 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-09-17Exercise of 200,000 options into ordinary shares during the stated change range. Approximately A$700,618 is reported as option exercise consideration. As disclosed: Exercise of 200,000 unquoted options exercisable at C$3.20 each into ordinary shares; approximately A$700,618 (options exercise).
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Exerciseunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | AUD 700,618.00 | — | 0 |
| 2025-09-17to 2025-09-23 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-09-17200,000 ordinary shares acquired on exercise of options. The exercise consideration is recorded with the option exercise row; the source does not assign a separate cash amount to the share issuance. As disclosed: 200,000 ordinary shares acquired on exercise of unquoted options.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Exercisecommon shares | 200,000 | —Not Disclosed | — | — |
| 2025-09-22 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-22448,298 indirect RSUs were converted; the post-change position is 233,332 RSUs. The registered interest is through Benson Capital Limited, which the notice says Mr Locke directs and holds shares in. As disclosed: Conversion of 448,298 RSUs to CDIs.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Otherrestricted share units (RSUs) | 448,298 | —Non Cash | — | 233,332 |
| 2025-09-22 | Hayden Locke
Details & evidence for Hayden Locke on 2025-09-22A direct 32,900-common-share portion of the reported aggregate sale is reconciled from the direct holding before change and the post-change Direct position of Nil. The source does not allocate the combined A$1,057,097 sale consideration by class. As disclosed: 106,771 ordinary shares/CDIs disposed; sale of ordinary shares to satisfy expected tax obligations.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ | Salecommon shares | 32,900 | —Mixed Unallocated | — | 0 |
| 2025-09-22 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-22An indirect 73,871-CDI portion of the reported aggregate sale is reconciled from the pre-change indirect CDI position and the explicitly reported total disposed. The source does not allocate the combined A$1,057,097 sale consideration by class. As disclosed: 106,771 ordinary shares/CDIs disposed; sale of ordinary shares to satisfy expected tax obligations.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ | SaleCHESS Depositary Interests (CDIs) | 73,871 | —Mixed Unallocated | — | — |
| 2025-09-22 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-22448,298 CDIs are reported as acquired on conversion of RSUs. The nature-of-change line says ordinary shares, while the acquired-security line and post-change holding specify CDIs; the more specific acquired and position lines are used for the class. As disclosed: 448,298 CDIs (conversion of RSUs); nature of change: Conversion of RSUs to ordinary shares.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ | OtherCHESS Depositary Interests (CDIs) | 448,298 | —Non Cash | — | — |
| 2025-09-12 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-12Indirect RSUs converted to CDIs through Benson Capital Limited. As disclosed: Conversion of 73,871 RSUs to CDIs.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Otherrestricted share units (RSUs) | 73,871 | —Non Cash | — | 681,630 |
| 2025-09-12 | Hayden LockeBenson Capital Limited
Details & evidence for Hayden Locke on 2025-09-12Indirect CDIs issued on conversion of RSUs through Benson Capital Limited. As disclosed: 73,871 CHESS Depositary Interests acquired by conversion of RSUs.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ | OtherCHESS Depositary Interests (CDIs) | 73,871 | —Non Cash | — | 73,871 |
| 2025-04-24 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-24Direct RSU grant under the Omnibus Incentive Plan; nil consideration is reported. As disclosed: Issue of 25,191 RSUs under the Omnibus Incentive Plan.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Grantrestricted share units (RSUs) | 25,191 | —Non Cash | — | 182,691 |
| 2025-04-24 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-24Lapse/expiry of 35,000 options; the form gives 24 Apr as the date of change and says the options were exercisable on or before 21 Apr 2025. As disclosed: Lapse of 35,000 unquoted options exercisable at C$1.25 each on or before April 21, 2025.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Expiryunquoted options exercisable at C$1.25 on or before 2025-04-21 | 35,000 | —Not Disclosed | — | 0 |
| 2025-04-24 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-24Direct RSU grant under the Omnibus Incentive Plan; nil consideration is reported. As disclosed: Issue of 143,947 RSUs under the Omnibus Incentive Plan.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Grantrestricted share units (RSUs) | 143,947 | —Non Cash | — | 755,501 |
| 2025-04-24 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-24Lapse/expiry of 200,000 options; the form gives 24 Apr as the date of change and says the options were exercisable on or before 21 Apr 2025. As disclosed: Lapse of 200,000 unquoted options exercisable at C$1.25 each on or before April 21, 2025.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Expiryunquoted options exercisable at C$1.25 on or before 2025-04-21 | 200,000 | —Not Disclosed | — | 0 |
| 2025-04-24 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-24Direct RSU grant under the Omnibus Incentive Plan; nil consideration is reported. As disclosed: Issue of 57,579 RSUs under the Omnibus Incentive Plan.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Grantrestricted share units (RSUs) | 57,579 | —Non Cash | — | 227,579 |
| 2025-04-24 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-24Lapse/expiry of 80,000 options; the form gives 24 Apr as the date of change and says the options were exercisable on or before 21 Apr 2025. As disclosed: Lapse of 80,000 unquoted options exercisable at C$1.25 each on or before April 21, 2025.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Expiryunquoted options exercisable at C$1.25 on or before 2025-04-21 | 80,000 | —Not Disclosed | — | 0 |
| 2025-04-24 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-24Direct RSU grant under the Omnibus Incentive Plan; nil consideration is reported. As disclosed: Issue of 25,191 RSUs under the Omnibus Incentive Plan.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Grantrestricted share units (RSUs) | 25,191 | —Non Cash | — | 170,191 |
| 2025-04-24 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-24Lapse/expiry of 35,000 options; the form gives 24 Apr as the date of change and says the options were exercisable on or before 21 Apr 2025. As disclosed: Lapse of 35,000 unquoted options exercisable at C$1.25 each on or before April 21, 2025.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | Expiryunquoted options exercisable at C$1.25 on or before 2025-04-21 | 35,000 | —Not Disclosed | — | 0 |
| 2025-03-25 | Clive Newall
Details & evidence for Clive Newall on 2025-03-25Lapse of options; nil consideration reported. The source's change date is 25 Mar 2025. As disclosed: Lapse of 200,000 unquoted options exercisable at C$4.60 each on or before March 25, 2025.
Change of Director's Interest Notice - CN ↗ Change of Director's Interest Notice - CN ↗ | Expiryunquoted options exercisable at C$4.60 on or before 2025-03-25 | 200,000 | —Not Disclosed | — | 0 |
Disclosed holding observations49 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 |
|---|---|---|---|---|
| 2026-05-25 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2026-05-25The circular reports 47,500 Common Shares beneficially owned directly or indirectly, or controlled, as of 25 May 2026; it does not allocate the amount to an account or distinguish direct from indirect interest.
Notice of Annual General Meeting ↗ | Positioncommon shares | 47,500 | — |
| 2026-05-25 | Hayden Locke
Details & evidence for Hayden Locke on 2026-05-25The circular reports 574,621 Common Shares beneficially owned directly or indirectly, or controlled, as of 25 May 2026; it does not allocate the amount to an account or distinguish direct from indirect interest. This aggregate snapshot is not reconciled to the specifically identified 448,298 indirect CDIs held through Benson Capital in the 22 Sep 2025 3Y and the 4 May 2026 top-20 table.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Notice of Annual General Meeting ↗ | Positioncommon shares | 574,621 | — |
| 2026-05-25 | Michael Haworth
Details & evidence for Michael Haworth on 2026-05-25The circular reports 199,408 Common Shares beneficially owned directly or indirectly, or controlled, as of 25 May 2026; it does not allocate the amount to an account or distinguish direct from indirect interest. The count is not reconciled to the 38,330 common shares in the 7 Apr 2025 3X; the 2026 RSU award is a different security class and does not explain a common-share change.
Notice of Annual General Meeting ↗ | Positioncommon shares | 199,408 | — |
| 2026-05-25 | Timothy Petterson
Details & evidence for Timothy Petterson on 2026-05-25The circular reports 99,731 Common Shares beneficially owned directly or indirectly, or controlled, as of 25 May 2026; it does not allocate the amount to an account or distinguish direct from indirect interest. This differs from the 132,731 common shares reported after the 27 Apr 2026 cashless exercise in Appendix 3Y; the difference is not explained.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Notice of Annual General Meeting ↗ | Positioncommon shares | 99,731 | — |
| 2026-05-04 | Clive Newall
Details & evidence for Clive Newall on 2026-05-04The annual-report top-20 register names Clive Newall at 101,604 shares but gives no class split or separate snapshot date; report date is used. His final 3Z reports 134,937 common shares at 27 Mar 2026. The 2025 circular reported 33,333 common shares for him and expressly excluded another 33,333 owned and controlled by his spouse; that numerical match to the 2026 count difference does not prove same account, class or transaction. No trade or spouse position is inferred.
ASX Additional Information for Annual Report ↗ Final Director's Interest Notice - CN ↗ Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ | Positionshares (class not disclosed) | 101,604 | 0.08%Issued Shares |
| 2026-05-04 | Colin Kinley
Details & evidence for Colin Kinley on 2026-05-04The top-20 register lists 107,130 shares for Colin Kinley. The annual report does not specify a common/CDI split or separate snapshot date; report date is used. The 2025 circular reports 17,413 common shares, including 9,985 over which he exercised control under a power of attorney; the 3X reported 7,428 initially. No transaction is inferred.
John Kinley · director's father; shares held under power of attorney by Colin Kinley ASX Additional Information for Annual Report ↗ Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ Initial Director's Interest Notice ↗ | Positionshares (class not disclosed) | 107,130 | 0.08%Issued Shares |
| 2026-05-04 | Hayden Locke
Details & evidence for Hayden Locke on 2026-05-04The top-20 register lists Benson Capital Ltd at 448,298. This matches Hayden Locke's 448,298 indirect CDIs reported in the 22 Sep 2025 3Y. The annual report does not state a separate snapshot date; report date is used. The CDI class and indirect interest follow the 3Y notice.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company ASX Additional Information for Annual Report ↗ Change of Director's Interest Notice ↗ | PositionCHESS Depositary Interests (CDIs) | 448,298 | 0.33%Issued Shares |
| 2026-03-27 | Alan Stephens
Details & evidence for Alan Stephens on 2026-03-27Final registered holding at director cessation.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Final Director's Interest Notice - AS ↗ | Finalcommon shares | 199,993 | — |
| 2026-03-27 | Alan Stephens
Details & evidence for Alan Stephens on 2026-03-27Final registered holding at director cessation.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Final Director's Interest Notice - AS ↗ | Finalunquoted options exercisable at C$5.00 on or before 2026-05-06 | 280,000 | — |
| 2026-03-27 | Alan Stephens
Details & evidence for Alan Stephens on 2026-03-27Final registered holding at director cessation.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Final Director's Interest Notice - AS ↗ | Finalrestricted share units (RSUs) | 302,394 | — |
| 2026-03-27 | Clive Newall
Details & evidence for Clive Newall on 2026-03-27Final registered holding at director cessation. The footnote explains that 101,604 shares were issued in a cashless option exercise during March; the exact exercise date is not stated.
Final Director's Interest Notice - CN ↗ | Finalcommon shares | 134,937 | — |
| 2026-03-27 | Clive Newall
Details & evidence for Clive Newall on 2026-03-27Final registered holding at director cessation after the March 2026 cashless exercise described in the footnote.
Final Director's Interest Notice - CN ↗ | Finalunquoted options exercisable at C$5.00 on or before 2026-05-06 | 80,000 | — |
| 2026-03-27 | Clive Newall
Details & evidence for Clive Newall on 2026-03-27Final registered holding at director cessation.
Final Director's Interest Notice - CN ↗ | Finalrestricted share units (RSUs) | 189,000 | — |
| 2025-04-29 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-29Aggregate common-share count disclosed as beneficially owned directly or indirectly, or controlled or directed. The stated total includes 2,667 common shares owned by his spouse; the circular does not provide an account-level split.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 202,660 | — |
| 2025-04-29 | Clive Newall
Details & evidence for Clive Newall on 2025-04-29The circular reports 33,333 common shares for Mr Newall and expressly says this excludes 33,333 common shares owned and controlled by his spouse. Spouse shares are not attributed to Mr Newall or separately recorded.
Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 33,333 | — |
| 2025-04-29 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-29The circular reports 17,413 common shares, including 9,985 common shares over which Mr Kinley exercises control under a power of attorney. That aggregate exactly equals the 7,428 initial common shares plus 9,985 controlled shares in his 7 Apr 2025 3X; no account attribution beyond the cited disclosures is made.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ Initial Director's Interest Notice ↗ | Positioncommon shares | 17,413 | — |
| 2025-04-29 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2025-04-29Aggregate common-share count disclosed as beneficially owned directly or indirectly, or controlled or directed. The circular does not allocate the account or split direct and indirect interests.
Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 47,500 | — |
| 2025-04-29 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-29Aggregate common-share count disclosed as beneficially owned directly or indirectly, or controlled or directed. The circular does not allocate the account or split direct and indirect interests.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 32,900 | — |
| 2025-04-29 | Michael Haworth
Details & evidence for Michael Haworth on 2025-04-29Aggregate common-share count disclosed as beneficially owned directly or indirectly, or controlled or directed. The circular expressly excludes the 25,565,822 shares held by Greenstone and its affiliates, advised by Greenstone Capital LLP, of which Mr Haworth is a senior partner.
Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ | Positioncommon shares | 38,330 | — |
| 2025-04-29 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-29The circular reports aggregate 72,997 common shares, including 12,400 owned by his spouse and controlled by him. The total equals the 7 Apr 2025 3X aggregate, but the 3X reportedly allocates 20,597 to Mr Petterson and 52,400 to the spouse-held account; the split does not reconcile. Aggregate count retained without account allocation or inferred transfer.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Management Information Circular - Notice of AGM - VIF ↗ Management Information Circular - Notice of AGM - VIF ↗ Initial Director's Interest Notice ↗ | Positioncommon shares | 72,997 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialcommon shares | 199,993 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The later 24 Apr 2025 3Y reports lapse of this option class.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$1.25 on or before 2025-04-21 | 35,000 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$5.00 on or before 2026-05-06 | 280,000 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialrestricted share units (RSUs) | 145,000 | — |
| 2025-04-07 | Alan Stephens
Details & evidence for Alan Stephens on 2025-04-07Relevant interest reported through director's spouse Mary Helen Spooner; no additional relationship or account structure is disclosed.
Mary Helen Spooner · spouse; 2,667 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialcommon shares | 2,667 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialcommon shares | 7,428 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The later 24 Apr 2025 3Y reports lapse of this option class.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$1.25 on or before 2025-04-21 | 80,000 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.20 on or before 2025-09-25 | 275,000 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$5.00 on or before 2026-05-06 | 385,000 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialrestricted share units (RSUs) | 170,000 | — |
| 2025-04-07 | Colin Kinley
Details & evidence for Colin Kinley on 2025-04-07Indirect relevant interest in 9,985 shares held by Colin Kinley's father under power of attorney by Colin Kinley.
John Kinley · director's father; shares held under power of attorney by Colin Kinley Initial Director's Interest Notice ↗ | Initialcommon shares | 9,985 | — |
| 2025-04-07 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. Later 3Y identifies 7 Apr 2025 as the last notice.
Initial Director's Interest Notice ↗ | Initialcommon shares | 47,500 | — |
| 2025-04-07 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2025-04-07Initial registered option position as reported; the 3X filing gives no separate position-as-of date. Later 3Y identifies 7 Apr 2025 as the last notice.
Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.40 on or before 2028-10-31 | 200,000 | — |
| 2025-04-07 | Giancarlo Bruno Lagomarsino
Details & evidence for Giancarlo Bruno Lagomarsino on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. Later 3Y identifies 7 Apr 2025 as the last notice.
Initial Director's Interest Notice ↗ | Initialrestricted share units (RSUs) | 99,200 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialcommon shares | 32,900 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The later 24 Apr 2025 3Y reports lapse of this option class.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$1.25 on or before 2025-04-21 | 200,000 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. Later notices retain this option class.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.69 on or before 2026-12-23 | 450,000 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07The 3X visibly prints C4.00 without a dollar sign; later 3Y filings explicitly identify this same May 2028 option class at C$4.00.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$4.00 on or before 2028-05-19 | 150,000 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$5.00 on or before 2026-05-06 | 280,000 | — |
| 2025-04-07 | Hayden Locke
Details & evidence for Hayden Locke on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
Benson Capital Limited · director and shareholder of Benson Capital Limited; notice reports indirect interests through this company Initial Director's Interest Notice ↗ | Initialrestricted share units (RSUs) | 611,554 | — |
| 2025-04-07 | Michael Haworth
Details & evidence for Michael Haworth on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2026 3Y identifies 7 Apr 2025 as the last notice.
Initial Director's Interest Notice ↗ | Initialcommon shares | 38,330 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialcommon shares | 20,597 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The later 24 Apr 2025 3Y reports lapse of this option class.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$1.25 on or before 2025-04-21 | 35,000 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$3.20 on or before 2025-09-25 | 200,000 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialunquoted options exercisable at C$5.00 on or before 2026-05-06 | 280,000 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Initial registered position as reported; the 3X filing gives no separate position-as-of date. The 24 Apr 2025 3Y identifies 7 Apr 2025 as the last notice.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialrestricted share units (RSUs) | 157,500 | — |
| 2025-04-07 | Timothy Petterson
Details & evidence for Timothy Petterson on 2025-04-07Indirect relevant interest in 52,400 common shares held by Timothy Petterson's spouse J. Petterson.
J. Petterson · spouse; 52,400 common shares reported as relevant interest held by spouse Initial Director's Interest Notice ↗ | Initialcommon shares | 52,400 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory16 documents
ASX MC2 daily close, 30 October 2026 (local eligible close)Market Data · HighMetadata Only
Reference price selected by miners.reference_price for the 31 Oct 2026 valuation date: close A$7.00 on 30 Oct 2026 (open, high, low and close all A$7.00), one ASX MC2 CDI (one CDI equals one common share), price freshness 1 day, status fresh, provider market data provider via the local collector (data/asx_mining_companies.db). Reported volume for that session is zero; the 20-session average traded value is A$0.20m per the market snapshot. 52-week range A$7.00 to A$13.00. Source URL is the public market data provider history page the collector pulls from.
- Document ID
- mc2-market-price-2026-10-30
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
AUD/USD exchange rate, 30 October 2026 (RBA F11.1 series in local FX table)Market Data · MediumMetadata Only
AUD/USD 0.6941 (A$1 = US$0.6941), i.e. US$1 = A$1.4407, from the Reserve Bank of Australia F11.1 series as stored in data/metal_prices.db (collected 30 Oct 2026). The market snapshot uses the same 1.4407 conversion. Used to convert the US$ project values and cash into A$.
- Document ID
- mc2-fx-aud-usd-2026-10-30
- Published UTC
- 2026-10-30T06:40:15Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Copper and developer peer metrics from the stock database (30 Oct 2026)Market Data · MediumMetadata Only
Peer rows from miners.v8db.market_snapshot for MC2 (cut-off 31 Oct 2026): market cap, EV, net cash, P/NAV, EV per attributable resource, 12-month return and 20-day traded value for copper peers including 29Metals (29M), AIC Mines (A1M), Cyprium (CYM), KGL Resources (KGL), Solstice (SLS), Develop Global (DVP), Capstone (CSC), Sandfire (SFR) and BHP. Values come from published research rows in data/miners_v8.db (stock_daily) and are cross-checked for the subject's own row only. Selected peers are listed in valuation.peer_comparison with their basis.
- Document ID
- mc2-peer-snapshot-2026-10-30
- Published UTC
- 2026-10-30T04:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Copper daily average price, US$ per lb, 29 October 2026 (local commodity database)Commodity Data · HighMetadata Only
Copper daily average US$6.61/lb (published 29 Oct 2026, collected 30 Oct 2026, from the local metal price table in data/metal_prices.db, statistics source Gold API). Trailing 12-month average US$5.96/lb, 12-month low US$4.85/lb, high US$6.70/lb. The DFS long-term price is US$4.30/lb and the valuation deck uses that flat price in the base case; this spot observation is used only for the spot-price case and the implied-price reading.
- Document ID
- mc2-copper-price-2026-10-29
- Published UTC
- 2026-10-29T12:00:00Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Appointment of Peter Garner-Winship as Chief Financial OfficerLeadership · MediumExtracted
Peter Garner-Winship promoted to Chief Financial Officer effective 8 October 2026 (joined March 2026 as Vice President Finance; 17 years at Anglo American in corporate finance and capital allocation; Financial Controller at Quellaveco). José Antonio Merino continues as Managing Director (Chile).
- Document ID
- mc2-cfo-appointment-oct-2026
- Published UTC
- 2026-10-08T21:18:18Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Appointment of Nicole Porcile as independent non-executive directorLeadership · LowExtracted
Nicole Porcile, founder of ANAGEA and former Vice President Corporate Affairs and Sustainability at Codelco, appointed independent non-executive director (announced 1 September 2026). Background in permitting, community relations and socio-environmental risk.
- Document ID
- mc2-porcile-board-sep-2026
- Published UTC
- 2026-09-01T22:24:59Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q2 2026 condensed interim consolidated financial statements (six months to 30 June 2026)Results · HighExtracted
Unaudited IFRS interim statements in US dollars. Cash and cash equivalents US$140.0m at 30 June 2026 (31 Dec 2025: US$66.8m); total assets US$268.2m; total liabilities US$7.3m of which lease liabilities US$0.9m and no borrowings; equity US$261.0m. H1 2026 net loss US$11.8m, cash used in operations US$5.9m, cash used in investing US$16.6m (PP&E US$0.4m and capitalised exploration and evaluation US$16.2m), financing inflow US$96.5m (Canadian treasury offering US$94.4m net and warrant exercises US$2.1m). Shares issued and outstanding 134,980 thousand at 30 June 2026. Statement of financial position, loss, equity and cash flow are image pages in the cache and were read visually.
- Document ID
- mc2-q2-2026-fs
- Published UTC
- 2026-08-14T01:07:24Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q2 2026 Management's Discussion and AnalysisResults · HighExtracted
MD&A for the quarter to 30 June 2026. Restates the MOD DFS summary (Table 1), the 2025 resource (Table 2) and reserve (Table 3) tables, and the Pampa Medina and Madrugador option schedules. Reports cash of US$140.0m, total liabilities US$7.3m, a Q2 net loss of US$2.8m and an H1 net loss of US$11.8m. Outstanding shares 135,156,928, stock options 1,545,000 and RSUs 3,062,808 at 13 August 2026. Contractual obligations at 30 June 2026: payables US$6.4m and leases US$0.9m. Sectorial permits to be approved in Q4 2026 per management; project debt financing process started. Quarterly table shows cash by quarter; its flow rows for Q4 2025 and Q3 2025 are full-year and cumulative figures, so flows are taken from the statements instead.
- Document ID
- mc2-q2-2026-mdna
- Published UTC
- 2026-08-14T01:10:09Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q1 2026 condensed interim consolidated financial statements (three months to 31 March 2026)Results · MediumExtracted
Q1 2026 statements in US dollars: three-month operating cash outflow US$5.9m, investing outflow US$6.1m (PP&E US$0.2m, capitalised exploration US$5.9m), financing inflow US$96.5m from the February 2026 treasury offering, closing cash US$149.8m. Net loss for the quarter US$8.9m. Shares on issue 133,821 thousand at 31 March 2026. Used with the H1 statements to derive the Q2 2026 quarter, because the quarterly MD&A table repeats six-month flows in its 2026 columns.
- Document ID
- mc2-q1-2026-fs
- Published UTC
- 2026-05-13T01:17:09Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
ASX additional information for the 2025 annual report (holders and substantial holders)Governance · MediumExtracted
Substantial holders at May 2026: Assore International Holdings 25,181,405 shares (18.83%), Ithaki 20,087,576 (15.01%) and the Greenstone group 8,607,004 (6.43%). Holder counts: 85,976,362 common shares and 47,844,616 CDIs (133,820,978 in total) with 154 CDI holders and 31 common holders; options and RSUs as listed.
- Document ID
- mc2-additional-info-2026
- Published UTC
- 2026-05-04T02:36:44Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Q4 2025 and year-end 2025 Management's Discussion and Analysis (FY2025 and FY2024 comparatives)Results · HighExtracted
Year-end MD&A with audited FY2025 and FY2024 comparatives (the audited statements themselves are not in the local package). FY2025 net loss US$26.3m (FY2024 US$13.8m), operating loss US$26.2m, exploration expensed US$2.0m, salaries and corporate US$11.4m, share-based compensation US$10.7m. Cash US$66.8m, working capital US$62.7m, total assets US$178.5m, liabilities US$5.6m. Quarterly table gives the 2025 cash flows used for FY2025 operating (-18.8m) and investing (-16.4m) sums. Shares outstanding 133,820,979 at 30 March 2026, with 2,414,715 options and 3,500,000 RSUs. February 2026 global offering gross C$409m (US$298.5m) including a treasury component of C$136.5m (US$99.7m). Chilean VAT recoverable US$14.6m recognised in 2025. Sulphuric acid plant option paid US$2.5m. Rayrock receivable of US$2.4m net assigned in January 2026 for US$2.0m consideration with contingent upside.
- Document ID
- mc2-q4-2025-mdna
- Published UTC
- 2026-03-31T01:49:40Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Board changes: Zenon Wozniak appointed, Giancarlo Bruno Lagomarsino becomes independent chairLeadership · MediumExtracted
Zenon Wozniak (former Director, Projects at First Quantum Minerals; Cobre Panama and Kansanshi delivery) joined the board on 27 March 2026 and chairs the Project Steering and Technical Committee. Giancarlo Bruno Lagomarsino (former CEO of Mantos Copper) became independent non-executive chair with immediate effect; Michael Haworth steps down as chair and becomes non-executive director and audit committee chair. Alan Stephens and Clive Newall retire from the board on 27 March 2026.
- Document ID
- mc2-board-changes-mar-2026
- Published UTC
- 2026-03-30T21:17:59Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Completion of C$409m global bookbuild (February 2026)Financing · HighExtracted
Global offering of C$409m: treasury C$136.5m (13,650,000 shares at C$10.00) and secondary C$272.5m. Pro forma cash before costs C$227m at 17 February 2026. Greenstone group retained 6.44% after the offering and is subject to a 90-day lock-up. Treasury proceeds used for the MOD pre-construction engineering and early works, Pampa Medina drilling and general purposes.
- Document ID
- mc2-bookbuild-feb-2026
- Published UTC
- 2026-02-18T22:24:42Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Resignation of General Counsel and Company SecretaryLeadership · LowExtracted
General Counsel and Company Secretary Solange González resigned (announced 10 November 2025).
- Document ID
- mc2-co-sec-resignation-nov-2025
- Published UTC
- 2025-11-10T08:54:31Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Completion of A$80m bookbuild (September 2025)Financing · HighExtracted
Brokered placement of 8,247,423 CDIs at A$9.70 for gross proceeds of about A$80m, for exploration at Pampa Medina, detailed design and engineering for the MOD and general corporate purposes. Closing expected 11 September 2025.
- Document ID
- mc2-bookbuild-sep-2025
- Published UTC
- 2025-09-07T22:42:36Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
MOD Feasibility Study announcement (25 August 2025 DFS results)Study · HighExtracted
DFS results for the Marimaca Oxide Deposit: 50 ktpa copper cathode, 13-year reserve life, life-of-mine C1 US$1.84/lb and AISC US$2.29/lb, initial capital US$587m, post-tax NPV8 US$709m and post-tax IRR 31% at a flat US$4.30/lb long-term copper price with a US$250/t cathode premium, 8% discount rate. Maiden reserve 178.6 Mt at 0.42% CuT (747.6 kt contained). Resource 213.5 Mt Measured and Indicated at 0.40% CuT and 21.2 Mt Inferred at 0.29% CuT, reported at a US$4.90/lb price and a 0.10% CuT cut-off. Stated values are the study's own (US$, flat price, DFS effective date 25 August 2025).
- Document ID
- mc2-dfs-2025-release
- Published UTC
- 2025-08-25T22:18:06Z
- Projects
- marimaca-oxide-deposit
- Commodities
- copper
Evidence facts83
140045000 USD
2026-06-30268222000 USD
2026-06-307255000 USD
2026-06-30877000 USD
2026-06-30260967000 USD
2026-06-30-11772000 USD
2026-06-30-5887000 USD
2026-06-30-16608000 USD
2026-06-30-16201000 USD
2026-06-3096451000 USD
2026-06-30134980000 shares
2026-06-30119393000 shares
2025-12-310 USD
2026-06-300 USD
2026-06-30135156928 shares
2026-08-131545000 shares
2026-08-133062808 shares
2026-08-13139764736 shares
2026-08-13877000 USD
2026-06-3011500000 USD
2026-06-3011600000 USD
2026-06-30213490000 t
2025-08-2521193000 t
2025-08-25178635000 t
2025-08-25-5880000 USD
2026-03-31-6105000 USD
2026-03-3196525000 USD
2026-03-31149792000 USD
2026-03-31-8932000 USD
2026-03-31133821000 shares
2026-03-31-26283000 USD
2025-12-31-13752000 USD
2024-12-31-26236000 USD
2025-12-3166782000 USD
2025-12-31178530000 USD
2025-12-315593000 USD
2025-12-31934000 USD
2025-12-31-18812000 USD
2025-12-31-16414000 USD
2025-12-3179211000 USD
2025-12-31-5737000 USD
2024-12-31133820979 shares
2026-03-302414715 shares
2026-03-303500000 shares
2026-03-3099700000 USD
2026-02-2614600000 USD
2025-12-312500000 USD
2025-12-292400000 USD
2025-12-31709000000 USD
2025-08-25900000000 USD
2025-08-250.31 fraction
2025-08-25587000000 USD
2025-08-2577000000 USD
2025-08-251.84 USD/lb
2025-08-252.29 USD/lb
2025-08-2543000 t
2025-08-254.3 USD/lb
2025-08-250.08 fraction
2025-08-25178.635 Mt
2025-08-250.42 %
2025-08-25747600 t
2025-08-25213.49 Mt
2025-08-250.4 %
2025-08-25853813 t
2025-08-2521.193 Mt
2025-08-250.29 %
2025-08-2562231 t
2025-08-25250 USD/t
2025-08-25136500000 CAD
2026-02-1813650000 shares
2026-02-18227000000 CAD
2026-02-170.0644 fraction
2026-02-1880000000 AUD
2025-09-058247423 shares
2025-09-051.0 fraction
2025-09-0825181405 shares
2026-05-0420087576 shares
2026-05-04133820978 shares
2026-05-04Giancarlo Bruno Lagomarsino text
2026-03-27Zenon Wozniak text
2026-03-27Nicole Porcile text
2026-09-01Peter Garner-Winship text
2026-10-08Solange González text
2025-11-10Conflicts requiring judgment2
- Q2 2026 operating and investing cash flow (quarter)
The Q2 MD&A quarterly table shows six-month cash flows in its 2026 columns. The quarter is derived as H1 statement minus Q1 statement: operating -7k and investing -10.5m, so quarterly net cash burn is US$10.5m.
- Copper price used for the valuation deck
The base deck stays on the DFS flat US$4.30/lb for the NPV anchor. The 29 Oct 2026 spot of US$6.61/lb is used for the spot-price case only, because a deck change would need a revised study.