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2026-11-06
◂ Monitor MCM ASX

MC Mining Limited

Ramping Producer · Others · South Africa Rating locked: sign in to view v6.2
Last 2026-11-05
A$0.24
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$202.8M
EV
—
Cash
US$2.9M
Debt
—
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$2.9M Not Meaningful
Debt —
Basic shares 844.9M 2026-09-26
Runway Not Meaningful Positive reported quarter operating cash flow excludes US$13.5m investing outflow and ongoing commissioning cash needs.

Liquidity

Financial position

US$2.906m cash at June, at least US$5.790m drawn notes and US$4.146m then undrawn; US$2.246m more drawn in July. Total debt is unverified because completion of the IDC settlement conversion is not evidenced in the June Appendix 5B. August bridge and equity are conditional, not verified cash at cutoff.

Capital structure

Ownership and dilution

Ordinary shares
844.9M
Fully diluted
969.1M

844,925,202 quoted after April issue. Potential 9.936m / 0.2089 = about 47.56m note shares plus 76.592m conditional subscription shares; rounded 969.08m fully diluted scenario denominator. No conditional shares treated as issued at cutoff.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX MCM ordinary fully paid sharesOrdinary Share844.9M——
Maximum principal notes at US$0.2089 conversion; approvals requiredConvertible47.6MA$0.209—
Conditional KDG subscription shares; shareholder approval requiredOther76.6MA$0.209—

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
ProductionUitkomstFY2025Year390,788 ROM tonnesReported
ProductionUitkomstH1 FY2026Half Year140,121 ROM tonnesReported
ProductionMakhadoQ4 FY2026Quarter101,000 commissioning ROM tonnesReported
Company guidance3
MetricProjectPeriodLowHighStatus
Coking Coal Production Planmakhadocalendar 2026280,000280,000 tonnesCurrent
Thermal Coal Production Planmakhadocalendar 2026230,000230,000 tonnesCurrent
Coking Coal Annual Capacity Targetmakhadocalendar 2027880,000880,000 tonnes per yearCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-13RaisingOrdinary Fully PaidUS$16M—US$0.209AnnouncedTwo tranches: US$8m loan set-off then US$8m cash, subject to shareholder and operating gates.Max 76.6M · Kinetic Development Group · Holder approval required
2026-07-31DebtUS$9.9M——Ongoing—
2026-04-22Ann. 2026-04-21RaisingUS$6M28.9M—Completed—

Contracts and ownership

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

Partial · as of 2026-09-26

Annual report and Q4 disclose ownership, BOOT and offtake status; full current processing and sales economics remain undisclosed.

Makhado minority interests receive their attributable share of project cash flow; valued through 67.3% ownership only.

Joint Venture · Active
Counterparties
Industrial Development Corporation of South Africa · community trust · black economic empowerment investor
Applies to
Makhado hard coking and thermal coal project · Others
Economic direction
Burden
Period
Dates not stated
Key terms
MC Mining economic ownership: 67.3 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Enprotec constructs and operates the CHPP under a BOOT structure; full term fees and transfer price are not disclosed in reviewed evidence.

Tolling Or Processing · Active
Counterparties
Enprotec
Applies to
Makhado hard coking and thermal coal project · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
contract model: build-own-operate-transfer
How it affects our valuation

No valuation treatment is available for this arrangement.

FY2025 annual report says a significant portion of final product is committed to offtake, but current volume, buyer and realization terms are not disclosed.

Offtake · Unknown
Applies to
Makhado hard coking and thermal coal project · Others
Economic direction
Benefit
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority interest receives 16% of any Uitkomst recovery value; applied only in attributable project value.

Joint Venture · Active
Counterparties
Uitkomst minority shareholders
Applies to
Uitkomst Colliery · Others
Economic direction
Burden
Period
Dates not stated
Key terms
MC Mining interest: 84 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority interest receives 26% of any GSP option value; applied only in attributable project value.

Joint Venture · Active
Counterparties
GSP minority shareholders
Applies to
Greater Soutpansberg Projects · Others
Economic direction
Burden
Period
Dates not stated
Key terms
MC Mining interest: 74 %
How it affects our valuation

No valuation treatment is available for this arrangement.