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2026-11-06
◂ Monitor MLG Australian Securities Exchange

MLG Oz Limited

Producer · Gold · Lithium · Iron Ore · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.76
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$121.9M
EV
A$197.4M
Cash
A$10M
Debt
A$85.5M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$10M Self Funding
Debt A$85.5M Net cash A$-75.5M
Basic shares 160.3M 2026-07-13
Runway Self Funding Operating contractor rather than exploration cash burner. Approximate A$10m cash and A$20m available working-capital facility were stated on the FY2026 call. Gross A$85.5m debt is analyst-derived from A$75.5m net debt plus approximately A$10m cash, excluding AASB16 leases; each is approximate.

Liquidity

Financial position

FY2026 EBITDA rose to A$75.5m, but after-tax OCF of A$51.9m was below A$63.6m total capex. Net debt rose to about A$75.5m, with about A$30m of combined available liquidity. The precise June balance-sheet line items still require primary-statement tie-out.

Capital structure

Ownership and dilution

Ordinary shares
160.3M
Fully diluted
172M

The 1 July 2026 conversion of 5,401,968 performance rights increased quoted ordinary shares to 160,337,151. The 13 July 2026 lapse reduced remaining performance rights to 5,692,549 without changing ordinary shares. Fully diluted shares add all remaining rights and 6,000,000 A$0.89 options to the latest ordinary count; this is a conservative dilution ceiling, not an assertion that every instrument will vest or exercise.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share160.3M——
Unquoted employee performance rights outstanding after the 13 July 2026 lapsePerformance Right5.7MA$0—
Unquoted options exercisable at A$0.89 and expiring 20 March 2029Option6MA$0.892029-03-20

KPI history

Operating metrics

Comparable series use a shared scale

EBITDA · MLG integrated mining-services platform · Year

AUD

2 periods
  1. FY202566,099,000 AUD
    Reported
  2. FY202675,500,000 AUD
    Reported

Other · Company · Point In Time

AUD net debt excluding AASB16 leases

2 periods
  1. 31 December 202561,300,000 AUD net debt excluding AASB16 leases
    Reported
  2. 30 June 202675,500,000 AUD net debt excluding AASB16 leases
    Reported

Revenue · MLG integrated mining-services platform · Year

AUD

2 periods
  1. FY2025548,302,000 AUD
    Reported
  2. FY2026567,011,000 AUD
    Reported
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
RevenueMlg Services PlatformFY2025Year548,302,000 AUDReported
EBITDAMlg Services PlatformFY2025Year66,099,000 AUDReported
RevenueMlg Services PlatformHY2026Half Year287,200,000 AUDReported
EBITDAMlg Services PlatformHY2026Half Year36,500,000 AUDReported
OtherMlg Services PlatformHY2026Half Year7,100,000 AUD statutory NPATReported
OtherCompany31 December 2025Point In Time61,300,000 AUD net debt excluding AASB16 leasesReported
RevenueMlg Services PlatformFY2026Year567,011,000 AUDReported
EBITDAMlg Services PlatformFY2026Year75,500,000 AUDReported
OtherMlg Services PlatformFY2026Year14,463,000 AUD statutory NPATReported
OtherMlg Services PlatformFY2026Year51,900,000 AUD statutory operating cash flowReported
OtherMlg Services PlatformFY2026Year63,600,000 AUD total capexReported
OtherCompany30 June 2026Point In Time75,500,000 AUD net debt excluding AASB16 leasesReported
Company guidance2
MetricProjectPeriodLowHighStatus
Operating Performance Broadly In Line With First Halfmlg-services-platformFY2026 second half—— qualitativeAchieved
Integrated Services Growth And Margin Opportunities, Without Numeric Guidancemlg-services-platformFY2027—— qualitativeCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-16Ann. 2026-08-20DividendA$0——Announced—
2026-02-17Dividend———Announced—

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

FY2025 annual-report contract and related-party baseline reconciled to targeted March-September 2026 issuer awards and JV announcements. Individual contract margin, minimum volume and all current small arrangements are not fully disclosed.

Integrated Tanami site-service fees accrue to MLG; revenue is included within the group operating-platform cash-flow assumptions, with no separate contract NAV.

Other · Active
Counterparties
Newmont Corporation
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
2026-05-01 to 2031-04-30
Key terms
Expected term revenue: 200,000,000 AUD/5 years
Extension options: 2 one-year options
How it affects our valuation

No valuation treatment is available for this arrangement.

MLG owns the fleet and receives service fees, not lithium proceeds; execution and renewal risk is in the platform cash-flow cases.

Other · Active
Counterparties
Develop Global Limited
Applies to
MLG integrated mining-services platform · Lithium
Economic direction
Benefit
Period
2026-07-01 to 2027-06-30
Key terms
Initial campaign revenue: 70,000,000 AUD/12 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Three-year Davyhurst services contract supports recurring fleet work; no separate value is added beyond the platform DCF.

Other · Active
Counterparties
Ora Banda Mining Limited
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
2026-09-01 to 2029-08-31
Key terms
Annual expected revenue: 16,000,000 AUD/year
Client extension option: 1 year
How it affects our valuation

No valuation treatment is available for this arrangement.

Westgold service fees support FY2027 utilization but one-year renewal exposure is carried in bear/base cash-flow and execution risk.

Other · Active
Counterparties
Westgold Resources Limited
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
2026-03-17 to 2027-03-16
Key terms
Expected extension revenue: 75,000,000 AUD/12 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Jundee hauling and site-service revenue is included in consolidated platform cash flow; no unpublished renewal term is assumed.

Other · Active
Counterparties
Northern Star Resources Limited
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
From 2026-03-19; no end date stated
Key terms
Expected annual revenue: 25,000,000 AUD/year
How it affects our valuation

No valuation treatment is available for this arrangement.

Road maintenance and site-service contract supports group utilization, not a separately valued mineral interest.

Other · Active
Counterparties
Gruyere Mining Company Pty Ltd
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
2026-04-07 to 2029-04-06
Key terms
Expected annual revenue: 4,000,000 AUD/year
Extension options: 2 one-year options
How it affects our valuation

No valuation treatment is available for this arrangement.

Campaign-based mobile crushing across six Northern Star operations; site-level volume and margin remain undisclosed.

Other · Active
Counterparties
Northern Star Resources Limited
Applies to
MLG integrated mining-services platform · Gold
Economic direction
Benefit
Period
2026-04-07 to 2028-09-30
Key terms
Contract term end: September 2028
How it affects our valuation

No valuation treatment is available for this arrangement.

MLG contributes prototype capital and has priority fleet access plus half of third-party commercialization profit; no unproven commercial profit is capitalized.

Joint Venture · Announced
Counterparties
Mick Murray Welding NT Pty Ltd
Applies to
MLG integrated mining-services platform
Economic direction
Mixed
Period
From 2026-07-14; no end date stated
Key terms
MLG economic interest: 50 %
MLG Phase 1 funded capital: 1,200,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Incorporated regional services JV can tender immediately, but awards, cash commitments and distributable earnings are not disclosed; optionality stays unquantified.

Joint Venture · Active
Counterparties
Marlinyu Ghoorlie Enterprises Pty Ltd
Applies to
MLG integrated mining-services platform
Economic direction
Mixed
Period
From 2026-08-03; no end date stated
Key terms
MLG economic interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.