- Last 2026-11-05
- A$0.24
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Proposed issue of securities - MCMPost Cash Checkpoint Security Event
- MCM Annual Report to shareholdersLatest Annual Report
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸- June 2026 quarterly activities and Appendix 5BOperations
- March 2026 quarterly activities and Appendix 5BOperations
- Appendix 2A quotation of ordinary sharesCorporate Action
- H1 FY2026 financial reportResults
- December 2025 quarterly activities and Appendix 5BOperations
- September 2025 quarterly activities and Appendix 5BOperations
- FY2025 consolidated annual financial statementsResults
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| within 90 days of bridge drawdown, if drawn | Kinetic related-party subscription vote | Financing | Company Guided | High | Approvals determine conversion of the bridge loan and issuance of 76.6m shares; drawdown date not disclosed. |
| through end-2026 after August production start | Makhado first commercial deliveries and ramp evidence | Production | Company Guided | High | Sales tonnage, payability and realized price are needed to test the study value and funding gates. |
| 2027 within 12-month horizon | Makhado 2027 HCC and thermal capacity test | Production | Company Guided | High | Kinetic targets 880kt HCC and 720kt thermal capacity; independently verified sustained output could raise NAV. |
Executive roster
As of 2026-09-26Background checks ▸Annual report and June quarterly identify CEO and company secretary; no current complete named senior-management list verified after July CEO change.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Jianheng (Albert) Deng | Interim Managing Director · Interim Chief Executive Officer | Executive Director · Chief Executive | 2026-07-28 | June 2026 quarterly activities and Appendix 5B |
| Bill Pavlovski | Company Secretary | Company Secretary | — | FY2025 consolidated annual financial statements · June 2026 quarterly activities and Appendix 5B |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Makhado hard coking and thermal coal project
South Africa
Production began 1 August 2026 per controlling shareholder; sustained commercial sales and ramp remain unverified.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
FY2025 reported plan; construction capex ZAR2.0bn; NPV not automatically current equity value.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured indicated inferred | 706M tonnes | coal tonnage; product grades vary by seam | Others | 2025-06-30 |
| Ore Reserve | proved probable | 296M tonnes | coal tonnage; product grades vary by seam | Others | 2025-06-30 |
Tenements1
Milestones3
- Plant C3 commissioning
Achieved · High materiality
- First production
Achieved · High materiality
- Foundation-phase capacity ramp
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Makhado mining right | South Africa | Granted | — | No |
| Integrated water-use licence | South Africa | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Makhado FY2025 implementation plan | Updated Feasibility | Current | 2025-09-29 | 28-year plan, 3.9Mtpa ROM, 9% post-tax NPV ZAR1.181bn; economics predate production start. |
Material
Uitkomst Colliery
South Africa
Mining and processing temporarily suspended from 1 March 2026 after losses; binding offer reported, with no accepted transaction.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured indicated inferred | — tonnes | coal tonnage; product grades vary by seam | Others | 2025-06-30 |
Tenements1
Milestones1
- Operating suspension
Achieved · High materiality
Material
Vele Aluwani Colliery
South Africa
Suspended while management tests a re-engineered plan and coal logistics.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured indicated inferred | — tonnes | coal tonnage; product grades vary by seam | Others | 2025-06-30 |
Tenements1
Material
Greater Soutpansberg Projects
South Africa
Granted mining rights at Chapudi, Mopane and Generaal; studies and land access still required.
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | predominantly inferred | 7B tonnes | coal tonnage; product grades vary by seam | Others | 2025-06-30 |
Tenements3
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX MCM ordinary fully paid shares | Ordinary Share | 844.9M | — | — |
| Maximum principal notes at US$0.2089 conversion; approvals required | Convertible | 47.6M | A$0.209 | — |
| Conditional KDG subscription shares; shareholder approval required | Other | 76.6M | A$0.209 | — |
KPI history
Operating metrics
Operating metric source table3
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Production | Uitkomst | FY2025 | Year | 390,788 ROM tonnes | Reported |
| Production | Uitkomst | H1 FY2026 | Half Year | 140,121 ROM tonnes | Reported |
| Production | Makhado | Q4 FY2026 | Quarter | 101,000 commissioning ROM tonnes | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Coking Coal Production Plan | makhado | calendar 2026 | 280,000 | 280,000 tonnes | Current |
| Thermal Coal Production Plan | makhado | calendar 2026 | 230,000 | 230,000 tonnes | Current |
| Coking Coal Annual Capacity Target | makhado | calendar 2027 | 880,000 | 880,000 tonnes per year | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-13 | RaisingOrdinary Fully Paid | US$16M | — | US$0.209 | Announced | Two 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 |
| 2026-07-31 | Debt | US$9.9M | — | — | Ongoing | — |
| 2026-04-22Ann. 2026-04-21 | Raising | US$6M | 28.9M | — | 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.
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 %
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
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
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 %
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 %
No valuation treatment is available for this arrangement.
Intrinsic value
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
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 has functional experience relevant to its company’s current stage, but the public record reviewed provides uneven evidence of personal contributions. The assessment weighs documented company delivery, individual role fit, and specific legal/environmental matters without treating company outcomes or unresolved allegations as personal misconduct.
Decision-relevant facts
Material summary
Jianheng (Albert) Deng
Interim Managing Director / Interim Chief Executive Officer
Professional fit for Interim Managing Director / Interim Chief Executive Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Company-level project and delivery record
MC Mining reported C3 commissioning of the Makhado coal handling plant in May 2026 and described subsequent commissioning progress. This is company-reported delivery; it remains distinct from stable commercial production and does not establish individual causation.
Employer context; no individual link established · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Makhado environmental authorization and water concerns remain unresolved or disputed
Two distinct matters remain in the public record. First, in August 2025 the Democratic Alliance alleged Makhado work proceeded without valid environmental authorization and questioned rehabilitation guarantees; MC Mining disputed the allegations, said the Minister had confirmed the authorization’s validity, and said its guarantees were in place. Business Day reported that High Court and departmental processes were pending, and MC Mining’s FY2026 annual report continued to describe its authorizations as current; no final judgment or departmental appeal outcome was located through 2026-10-09. Second, the separate Makhado integrated water-use licence (IWUL) appeal dates to 2016: the Minister lifted the licence suspension in May 2017, making the IWUL executable while allowing appellants to pursue the Water Tribunal. The 2019 licence amendment is valid to 15 January 2035, but SRK’s 2024 independent specialist report said a Tribunal hearing had been postponed indefinitely with no outcome, and noted omitted plant-area water uses and that approvals were based on an outdated project description. SRK said its review was not a legal or compliance audit. The company’s FY2026 Q4 report later said the eastern wellfield bulk-water system was installed and commissioned; this does not resolve the appeal or prove regulatory compliance. Separately, a landowner-commissioned 2025 assessment reported declining quality and elevated arsenic/manganese in selected boreholes; the landowner sought regulator investigation but did not assert a causal link. MC Mining said it monitors groundwater, submits results to regulators, and complies with the IWUL, but published no underlying monitoring results in that response. No regulator or court finding attributing contamination to Makhado, and no later resolution of the water-quality concern, was located. Deng joined MC Mining as a non-executive director in October 2025 and became interim MD/CEO effective 29 July 2026; he was not an executive when the 2025 allegations arose, and no personal wrongdoing finding or direct link was located.
Employer context; no individual link established · The allegations are against the company/project and were disputed; no personal conduct or finding is attributed to either Deng or Pavlovski.
Evidence gaps · 2
- No final judgment or department decision resolving the 2025 environmental-authorization challenge was located by 2026-10-09.
- No Water Tribunal determination after the indefinitely postponed hearing, regulator water-quality finding, or later published groundwater test results resolving the 2025 borehole concern was located by 2026-10-09.
Bill Pavlovski
Company Secretary
Professional fit for Company Secretary
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Company-level project and delivery record
MC Mining reported C3 commissioning of the Makhado coal handling plant in May 2026 and described subsequent commissioning progress. This is company-reported delivery; it remains distinct from stable commercial production and does not establish individual causation.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Makhado environmental authorization and water concerns remain unresolved or disputed
Two distinct matters remain in the public record. First, in August 2025 the Democratic Alliance alleged Makhado work proceeded without valid environmental authorization and questioned rehabilitation guarantees. MC Mining disputed the allegations, said the Minister had confirmed the authorization’s validity, and said its guarantees were in place. Business Day reported pending High Court and departmental processes; the FY2026 annual report continued to describe the authorizations as current, but no final judgment or departmental appeal outcome was located through 2026-10-09. Second, the separate Makhado integrated water-use licence (IWUL) appeal dates to 2016. The Minister lifted the licence suspension in May 2017, making the IWUL executable while allowing appellants to pursue the Water Tribunal. The 2019 licence amendment is valid to 15 January 2035, but SRK’s 2024 independent specialist report said a Tribunal hearing had been postponed indefinitely with no outcome, and noted omitted plant-area water uses and that approvals were based on an outdated project description; SRK said this was not a legal or compliance audit. The company’s FY2026 Q4 report later said the eastern wellfield bulk-water system was installed and commissioned, which does not resolve the appeal. Separately, a landowner-commissioned 2025 assessment reported declining quality and elevated arsenic/manganese in selected boreholes; the landowner sought regulator investigation but did not assert causation. MC Mining said it monitors groundwater, submits results to regulators and complies with the IWUL, but did not publish underlying results in its response. No regulator or court finding attributing contamination to Makhado, or later resolution of the concern, was located. Pavlovski was not named in the allegations and no personal link is established.
Employer context; no individual link established · The allegations are against the company/project and were disputed; no personal conduct or finding is attributed to either Deng or Pavlovski.
Evidence gaps · 2
- No final judgment or department decision resolving the 2025 environmental-authorization challenge was located by 2026-10-09.
- No Water Tribunal determination after the indefinitely postponed hearing, regulator water-quality finding, or later published groundwater test results resolving the 2025 borehole concern was located by 2026-10-09.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-01 · 844,925,202 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 51.00% | 430,911,853 | |
| 2 | 14.33% | 121,036,501 | |
| 3 | 11.80% | 99,707,126 | |
| 4 | 5.94% | 50,162,581 | |
| 5 | 3.35% | 28,265,593 | |
| 6 | 3.14% | 26,499,345 | |
| 7 | 2.95% | 24,927,757 | |
| 8 | 2.53% | 21,413,462 | |
| 9 | 1.03% | 8,664,674 | |
| 10 | 0.80% | 6,735,240 | |
| 11 | 0.34% | 2,909,606 | |
| 12 | 0.26% | 2,189,483 | |
| 13 | 0.15% | 1,226,604 | |
| 14 | 0.14% | 1,196,203 | |
| 15 | 0.11% | 902,717 | |
| 16 | 0.10% | 824,102 | |
| 17 | 0.09% | 802,417 | |
| 18 | 0.09% | 729,987 | |
| 19 | 0.08% | 715,106 | |
| 20 | 0.08% | 639,233 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 51.00%Issued shares | 2026-09-01 | |
| 23.11%Issued shares | 2026-09-30 | |
| 14.30%Issued shares | 2026-09-01 | |
| 11.80%Issued shares | 2026-09-01 | |
| 5.90%Issued shares | 2026-09-01 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The top-20 percentages are rounded as reported. Dendocept Group’s later aggregate relevant-interest figure is a separate disclosure and must not be added to underlying registered accounts.
- The 2026 Annual Report reports 844,925,202 fully paid shares in Note 14, while the share reconciliation states 844,925,199 closing shares (a three-share discrepancy); the register denominator uses the explicit issued-share figure.
Sources
- MCM Annual Report to shareholders 2026
ASX / issuer filing · Published 2026-09-30 · Accessed 2026-10-09
Provides the 20 largest quoted equity security holders, percentage basis, and issued ordinary-share capital.
Shareholder information, pp. 90–91 (information applicable 1 September 2026); Note 14, p. 62
- Change in substantial holding – Dendocept Group
ASX / issuer filing · Published 2026-09-30 · Accessed 2026-10-09
Reports Dendocept Group voting power of 195,271,639 shares (23.11%) after an escrow-related change; identifies member entities and registered interests.
Form 604, sections 1–4 and Annexures
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
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 |
|---|---|---|---|---|
| 2026-09-30 | Dendocept Group
Details & evidence for Dendocept Group on 2026-09-30Present group votes are 195,271,639 (23.11%); listed direct account quantities 95,564,513 and 99,707,126 reconcile to this total. The same notice reports release from escrow of a separate 225,172,566-share interest and says the group ceased to have that relevant interest.
Change in substantial holding ↗ Change in substantial holding ↗ | Positionfully paid ordinary shares | 195,271,639 | 23.11%Voting Power |
| 2025-09-01 | Goldway Capital Investment Limited
Details & evidence for Goldway Capital Investment Limited on 2025-09-01Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 125,386,172 | 19.50%Issued Shares |
| 2025-09-01 | Kinetic Crest Limited
Details & evidence for Kinetic Crest Limited on 2025-09-01Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 229,678,834 | 35.70%Issued Shares |
| 2025-09-01 | Longelephant International Trade Limited
Details & evidence for Longelephant International Trade Limited on 2025-09-01Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 50,162,581 | 7.80%Issued Shares |
| 2025-09-01 | Senosi Group Investment Holdings (Pty) Ltd
Details & evidence for Senosi Group Investment Holdings (Pty) Ltd on 2025-09-01Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 95,357,455 | 14.80%Issued Shares |
| 2024-09-03 | Dendocept Proprietary Limited
Details & evidence for Dendocept Proprietary Limited on 2024-09-03Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
Dendocept Group · member of disclosed Dendocept Group MCM Annual Report to shareholders ↗ | Positionordinary shares | 28,265,593 | 5.90%Issued Shares |
| 2024-09-03 | Goldway Capital Investment Limited
Details & evidence for Goldway Capital Investment Limited on 2024-09-03Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 125,386,172 | 26.30%Issued Shares |
| 2024-09-03 | Kinetic Crest Limited
Details & evidence for Kinetic Crest Limited on 2024-09-03Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 62,102,002 | 13.00%Issued Shares |
| 2024-09-03 | Senosi Group Investment Holdings (Pty) Ltd
Details & evidence for Senosi Group Investment Holdings (Pty) Ltd on 2024-09-03Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 95,357,455 | 20.00%Issued Shares |
| 2024-09-03 | Shining Capital GP Ltd
Details & evidence for Shining Capital GP Ltd on 2024-09-03Dated registered-holder snapshot from the annual report; it is not a transaction disclosure.
MCM Annual Report to shareholders ↗ | Positionordinary shares | 35,000,000 | 7.40%Issued Shares |
The closest covered peers
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Peer comparison pending
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Narrative and provenance
Research & Sources
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 inventory10 documents
MCM ASX local reference closeMarket Data · HighExtracted
Latest eligible local close from miners.reference_price; zero recorded volume makes executable liquidity uncertain.
- Document ID
- price_sep
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
MC Mining Kinetic bridge loan and subscriptionFinancing · HighExtracted
Conditional bridge converts by set-off at first closing; second tranche supplies cash after approvals and performance gates. Publication clock unavailable; date normalized to midnight UTC.
- Document ID
- fund_aug
- Published UTC
- 2026-08-13T00:00:00Z
- Projects
- makhado
- Commodities
- others
Kinetic Makhado project production announcementOperations · HighExtracted
Controlling shareholder reports first production, product-quality test and forward capacity goals. Publication clock from HKEX listing.
- Document ID
- kinetic_aug
- Published UTC
- 2026-08-04T14:56:00Z
- Projects
- makhado
- Commodities
- others
June 2026 quarterly activities and Appendix 5BOperations · HighExtracted
Plant and infrastructure commissioned but product delivery and sustained sales remain unproven.
- Document ID
- q426
- Published UTC
- 2026-07-31T07:22:10Z
- Projects
- makhado · uitkomst · vele · gsp
- Commodities
- others
March 2026 quarterly activities and Appendix 5BOperations · HighExtracted
Makhado cold commissioning, Uitkomst suspension and Kinetic cash subscriptions.
- Document ID
- q326
- Published UTC
- 2026-04-30T06:46:58Z
- Projects
- makhado · uitkomst
- Commodities
- others
Appendix 2A quotation of ordinary sharesCorporate Action · HighExtracted
Final Kinetic tranche and 844.925 million quoted shares, subject to ASX form caveat.
- Document ID
- quoteapr
- Published UTC
- 2026-04-20T22:20:28Z
- Projects
- —
- Commodities
- —
H1 FY2026 financial reportResults · HighExtracted
Interim loss, cash consumption, IDC settlement balance and share capital.
- Document ID
- half26
- Published UTC
- 2026-03-13T05:59:25Z
- Projects
- makhado · uitkomst
- Commodities
- others
December 2025 quarterly activities and Appendix 5BOperations · HighExtracted
Makhado commissioning shifted and Uitkomst turnaround had not delivered volume.
- Document ID
- q226
- Published UTC
- 2026-01-30T08:25:47Z
- Projects
- makhado · uitkomst
- Commodities
- others
September 2025 quarterly activities and Appendix 5BOperations · HighExtracted
Makhado construction progress and Uitkomst weak output despite turnaround.
- Document ID
- q125
- Published UTC
- 2025-10-30T21:15:27Z
- Projects
- makhado · uitkomst
- Commodities
- others
FY2025 consolidated annual financial statementsResults · HighExtracted
Audited annual baseline, project economics, reserves, executive and contract disclosures.
- Document ID
- annual25
- Published UTC
- 2025-09-29T09:27:16Z
- Projects
- makhado · uitkomst · vele · gsp
- Commodities
- others
Evidence facts49
1181000000 ZAR
2025-06-30547000000 ZAR
2025-06-30201 USD/t
2025-06-30113 USD/t
2025-06-30105 USD/saleable t
2025-06-30800000 t/year
2025-06-303900000 t/year
2025-06-3018.65 ZAR/USD
2025-06-3011288000 USD
2025-06-30390788 t
2025-06-30269877 t
2025-06-30True None
2025-06-3082588 t
2025-09-3047116 t
2025-09-3013100000 USD
2025-09-3057606 t
2025-12-3140229 t
2025-12-312900000 USD
2025-12-316600000 USD
2025-12-313800000 USD
2025-12-3110871000 USD
2025-12-31691571278 shares
2025-12-3128868277 shares
2026-04-22844925202 shares
2026-04-220.2089 USD/share
2026-04-222026-03-01 None
2026-03-015400000 USD
2026-03-312026-05-22 None
2026-05-22101000 t
2026-06-302906000 USD
2026-06-305790000 USD
2026-06-304146000 USD
2026-06-302246000 USD
2026-07-3142546000 USD
2026-06-30238 USD/t
2026-06-30113 USD/t
2026-06-302026-08-01 None
2026-08-01280000 t
2026-08-04230000 t
2026-08-04880000 t/year
2026-08-04720000 t/year
2026-08-04True None
2026-08-048000000 USD
2026-08-1316000000 USD
2026-08-1376591672 shares
2026-08-130.2089 USD/share
2026-08-138000000 USD
2026-08-130.26 AUD/share
2026-09-250 shares
2026-09-25Conflicts requiring judgment2
- Makhado HCC steady-state capacity
Issuer 800kt foundation-phase rate anchors base valuation; controlling-shareholder 880kt is a later 2027 capacity plan, conditional on ramp and not yet realized.
- Current Makhado contracted sales volume
FY2025 committed-product wording and August 2026 pending commercial terms cannot be reconciled without current contract detail.