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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

Narrative and provenance

Research & Sources

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Chronological 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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts49
fy25.npv9Makhado post-tax NPV at 9%

1181000000 ZAR

2025-06-30
fy25.npv12Makhado post-tax NPV at 12%

547000000 ZAR

2025-06-30
fy25.hccpriceMakhado long-term HCC benchmark

201 USD/t

2025-06-30
fy25.thermalpriceMakhado long-term thermal benchmark

113 USD/t

2025-06-30
fy25.opexMakhado fully allocated unit cost

105 USD/saleable t

2025-06-30
fy25.hcccapacityMakhado HCC steady state

800000 t/year

2025-06-30
fy25.romMakhado planned ROM

3900000 t/year

2025-06-30
fy25.fxzarStudy rand per US dollar

18.65 ZAR/USD

2025-06-30
fy25.idcIDC borrowing at year end

11288000 USD

2025-06-30
fy25.uitkomstprodUitkomst FY2025 ROM

390788 t

2025-06-30
fy25.uitkomstsalesUitkomst FY2025 sales

269877 t

2025-06-30
fy25.offtakeSignificant Makhado final product committed under offtake

True None

2025-06-30
q125.romUitkomst quarter ROM

82588 t

2025-09-30
q125.salesUitkomst quarter high-grade sales

47116 t

2025-09-30
q125.cashfacAvailable cash and facilities

13100000 USD

2025-09-30
q226.romUitkomst quarter ROM

57606 t

2025-12-31
q226.salesUitkomst quarter high-grade sales

40229 t

2025-12-31
q226.cashfacAvailable cash and facilities

2900000 USD

2025-12-31
half26.uitrevenueUitkomst H1 revenue

6600000 USD

2025-12-31
half26.uitcashUitkomst H1 operating cash outflow

3800000 USD

2025-12-31
half26.debtGroup borrowing balance

10871000 USD

2025-12-31
half26.sharesOrdinary shares at half year

691571278 shares

2025-12-31
quoteapr.issuedNew ordinary shares issued

28868277 shares

2026-04-22
quoteapr.totalOrdinary shares following quotation

844925202 shares

2026-04-22
quoteapr.priceIssue price per ordinary share

0.2089 USD/share

2026-04-22
q326.uitstopUitkomst suspension effective

2026-03-01 None

2026-03-01
q326.cashfacAvailable cash and facilities

5400000 USD

2026-03-31
q426.c3Makhado C3 commissioning completed

2026-05-22 None

2026-05-22
q426.romMakhado commissioning ROM mined

101000 t

2026-06-30
q426.cashCash and cash equivalents

2906000 USD

2026-06-30
q426.drawnConvertible notes drawn at quarter end

5790000 USD

2026-06-30
q426.undrawnConvertible notes undrawn

4146000 USD

2026-06-30
q426.julydrawJuly Kinetic note draw

2246000 USD

2026-07-31
q426.investingFY2026 investing cash outflow

42546000 USD

2026-06-30
q426.hccspotQ4 benchmark HCC average

238 USD/t

2026-06-30
q426.thermalspotQ4 benchmark thermal average

113 USD/t

2026-06-30
kinetic.startMakhado production commenced

2026-08-01 None

2026-08-01
kinetic.hcc262026 coking coal plan

280000 t

2026-08-04
kinetic.tc262026 thermal coal plan

230000 t

2026-08-04
kinetic.hcc272027 coking coal capacity plan

880000 t/year

2026-08-04
kinetic.tc272027 thermal coal capacity plan

720000 t/year

2026-08-04
kinetic.salescontractProcurement volumes and commercial arrangements to be concluded after product testing

True None

2026-08-04
fund.loanConditional unsecured bridge loan principal

8000000 USD

2026-08-13
fund.subscriptionConditional subscription

16000000 USD

2026-08-13
fund.sharesConditional new ordinary shares

76591672 shares

2026-08-13
fund.issuepriceConditional issue price

0.2089 USD/share

2026-08-13
fund.cashtrancheSecond tranche cash proceeds

8000000 USD

2026-08-13
price.closeASX MCM ordinary share close

0.26 AUD/share

2026-09-25
price.volumeRecorded volume

0 shares

2026-09-25
Conflicts 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.