Price, volume & events
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- Last 2026-11-06
- A$0.38
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$352.7M
- EV
- A$256.3M
- Cash
- A$96.9M
- Debt
- A$0
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 6All sources ▸- September 2026 quarterly activities and Appendix 5BResults
- Top-20 register and substantial holders (local ownership product, cutoff 9 Oct 2026)Governance
- Annual Report FY2026 (year to 30 June 2026)Results
- Application for quotation of 125,000,000 placement sharesFinancing
- FID approved, US$50 million loan facility and offtake securedFinancing
- Ravensthorpe KMC underground with Cosmic Boy Concentrator feasibility study (Dec 2025)Study
Event calendar · next 12 months
8 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Oct 2026 target, December quarter focus | Gold processing starts at Cosmic Boy under the Early Production Strategy | Production | Company Guided | High | First gold sales and toll revenue; the first production data point. |
| Expected second half of calendar 2026 | Trafigura facility first drawdown | Financing | Company Guided | High | Converts committed funding into cash and sets the repayment profile. |
| Q4 CY2026 (preferred tenderer) | Macmahon underground mining contract starts | Construction Or Commissioning | Company Guided | High | Unit mining cost against the FS rate and the first contract spend. |
| December 2026 quarter | Underground development starts at KMC (box cut, decline) | Construction Or Commissioning | Company Guided | High | Start of the mine that carries the FS value; cost and schedule will show in the next quarterlies. |
| Within one month of quarter end (ASX 5B timing) | December 2026 quarterly activities report | Results | Inferred | Medium | First quarter with construction spend and any EPS production. |
| Q2 CY2027 target | Commissioning on Kundip ore at Cosmic Boy | Construction Or Commissioning | Company Guided | High | Start of the FS production profile; any slip moves the whole DCF. |
| H2 CY2027 forecast | Steady-state production at KMC | Production | Company Guided | High | Ramp-up outcome versus the FS 650 ktpa. |
| No date given | Lounge Lizard maiden Mineral Resource Estimate | Resource Or Reserve | Company Guided | Medium | First Forrestania resource; a precondition for any Forrestania value. |
Executive roster
As of 2026-11-04Background checks ▸Executive directors, senior management and the company secretary as disclosed in the FY26 Annual Report (corporate directory, review of operations) and the September 2026 quarterly; non-executive directors are excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Paul Bennett | Managing Director | Executive Director · Chief Executive | — | Annual Report FY2026 (year to 30 June 2026) · September 2026 quarterly activities and Appendix 5B |
| Tony James | Chief Operating Officer | Operations · Senior Management | 2025-10-15 | Annual Report FY2026 (year to 30 June 2026) |
| Richard Hill | Chief Financial Officer | Finance · Senior Management | — | Annual Report FY2026 (year to 30 June 2026) |
| Aida Tabakovic | Company Secretary | Company Secretary | — | Annual Report FY2026 (year to 30 June 2026) |
| Ian Gregory | Geology Manager | Technical · Senior Management | — | Annual Report FY2026 (year to 30 June 2026) · Management assessment (local research product, background checks) |
| Stephen Moloney | General Manager Corporate Development | Commercial · Senior Management | — | Annual Report FY2026 (year to 30 June 2026) · Management assessment (local research product, background checks) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing
AU
Construction100% ownedGoldCopperSilver
FID approved Feb 2026; all regulatory approvals received by Q1 FY27; underground development commenced at KMC; EPC for Cosmic Boy awarded; commissioning targeted Q2 CY2027.
- Study
- feasibility study
- Post-tax NPV (study prices, attributable)
- A$443.0md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 8,700.0%
- Initial capex (100%)
- A$138.0m
- Capital intensity
- A$1,792/(oz/yr)d
- LoM AISC
- A$2,279/oz
- Mine life
- 5.7 yrs
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
NPVA$443M8% discount
IRR87%Published return
Initial capexA$138MPublished capital estimate
Operating cost2,279AUD/oz AISC
Post-tax NPV at 8%, base case gold US$3,380/oz, A$:US$ 0.65, copper US$9,300/t
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 6.4M t | 3.3 g/t Au | Gold | 2025-08-28 |
| Mineral Resource | inferred | 3.8M t | 3.5 g/t Au | Gold | 2025-08-28 |
| Mineral Resource | sulphide subset total | 5.7M t | 4.6 g/t Au | Gold · Copper | 2025-08-28 |
| Ore Reserve | probable | 2.1M t | 3.54 g/t Au | Gold · Copper · Silver | 2025-12-12 |
Tenements1
Milestones3
- Underground decline and box cut at KMC (December 2026 quarter focus)
Pending · High materiality
- Commissioning of modified CBC on Kundip ore (Q2 CY2027)
Pending · High materiality
- Steady-state production (H2 CY2027)
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| EPBC Act approval (Commonwealth) | Commonwealth | Granted | — | Yes |
| Mining Development and Closure Proposal (WA) | Western Australia | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| KMC underground with Cosmic Boy processing feasibility study (Dec 2025) | DFS | Current | 2025-12-12 | Base case: 5.7-year LOM, 3.45 Mt production inventory at 4.0 g/t AuEq, 416 koz AuEq produced, pre-production capital A$138m, post-tax NPV8 A$443m (base) and A$668m (spot), IRR 87%/125%, AISC A$2,279/oz. |
Material
Forrestania Gold Project exploration (Lounge Lizard, Teddy Bear, 53 regional targets)
AU
Discovery Drill Stage100% ownedGold
Acquired from IGO 27 Feb 2026 (asset sale; A$1m exclusivity fee and deferred NSR royalty of up to 1.5% on future production from the acquired tenements). Cosmic Boy plant is in the KMC valuation; no Forrestania mineral resource yet.
- Ownership
- 100%r
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
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.
Tenements1
Milestones1
- Lounge Lizard maiden Mineral Resource Estimate (in progress)
Pending · Medium materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Product and spec
- copper-gold concentrate (Trafigura concentrate offtake) and gold dore
- Nameplate capacity
- 6.5e+05 tpa
- Throughput (12M)
- 6.5e+05 tpa
- Utilisation
- 100%d
- Capital intensity (capex / tpa)
- A$75.38/(tpa)d
- Feed source
- Ravensthorpe sulphide ore (KMC) and third-party ore under toll agreement
- Offtake contracted
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Company reports about A$175m available liquidity after the A$60m placement (5B page 5). Unrestricted cash is A$96.9m; the facility is conditional on drawdown and is expected H2 2026. Remaining pre-production capital is about A$124m (FS A$138m less spend to 30 Sep 2026), and Macmahon underground mining (about A$240m over three years) and GR Engineering EPC (A$50m) are contracted or awarded and not yet fully paid.
Capital structure
Ownership and dilution
- Ordinary shares
- 928.3M
- Fully diluted
- 992.6M
797,137,354 ordinary shares at 30 Jun 2026 (AR note 17); +125,000,000 placement shares quoted 27 Aug 2026 and about 6.1m other issues to 928,262,354 (2A part 4.1). Fully diluted adds 32,221,000 unlisted options (2A part 4.2, all treated as exercised; exercise proceeds of A$1.125m are added to the bridge) and an estimated 32,083,333 Trafigura warrants (25% x A$77m / assumed A$0.60 strike). No Trafigura warrant strike is in the documents yet.
Security classes8
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| MM8AK unlisted options exercise nil | Option | 2.6M | — | 2027-11-26 |
| MM8AO unlisted options exercise $0.075 | Option | 4M | A$0.075 | 2027-09-30 |
| MM8AQ unlisted options exercise nil | Option | 4M | — | 2028-04-30 |
| MM8AS unlisted options exercise nil | Option | 9M | — | 2029-06-26 |
| MM8AR unlisted options exercise nil | Option | 6.3M | — | 2028-07-16 |
| MM8AL unlisted options exercise nil | Option | 846K | — | 2027-11-26 |
| MM8AP unlisted options exercise $0.15 | Option | 5.5M | A$0.15 | 2028-02-07 |
| Trafigura warrants, estimated: 25% of A$77m commitment divided by an assumed A$0.60 strike (strike is 40% premium to 5-day VWAP, not yet fixed) | Other | 32.1M | A$0.6 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025AA | FY2026AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue / operating income | AUDm | 1.1 | 1.3 | |
| Operating costs (actuals: total expenses; forecast: mine opex, royalties, corporate overhead) | AUDm | 7.1 | 20.4 | |
| EBITDA (actuals: operating result before finance items) | AUDm | (6.0) | (19.1) | |
| Net profit after tax (attributable) | AUDm | (6.1) | (18.6) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (5.0) | (13.1) | |
| Capex (actuals: PP&E, mine development, capitalised E&E; forecast: pre-production and sustaining plus non-sustaining) | AUDm | 4.5 | 16.0 | |
| Free cash flow (operating cash flow less capex, unlevered) | AUDm | (9.5) | (29.1) | |
| Trafigura facility interest (9% on opening balance; analyst rate) | AUDm | 0.0 | 0.0 | |
| Free cash flow after facility interest | AUDm | (9.5) | (29.1) | |
| Balance sheet | ||||
| Cash (unrestricted, period end) | AUDm | 9.4 | 53.9 | |
| Debt (facility balance, period end) | AUDm | 2.9 | 0.0 | |
| Net debt (actuals; negative = net cash) | AUDm | (6.5) | (53.9) | |
| Book equity | AUDm | 23.9 | 86.3 | |
| Per share | ||||
| Ordinary shares at period end | m shares | 508.6 | 797.1 | |
| Loss per share (period-end count) | AUD/share | (0.01) | (0.02) | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (43.3) | (13.7) | |
| P / E (x, current market cap) | x | (58.3) | (19.3) | |
| FCF yield (current market cap) | % | -2.7% | -8.1% | |
| EBITDA margin | % | -542.0% | -1449.8% | |
| Net debt / EBITDA (x) | x | 1.1 | 2.8 | |
KPI history
Operating metrics
Operating metric source table5
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Camp revenue (no gold sales) | Company | FY2026 | Year | 1,308,804 AUD | Reported |
| Cash and cash equivalents | Company | 30 Jun 2026 | Point In Time | 53,889,247 AUD | Reported |
| Unrestricted bank balances | Company | Sep 2026 quarter | Point In Time | 96,853,000 AUD | Reported |
| Net cash used in operating activities (appendix 5B item 1.9) | Company | Sep 2026 quarter | Quarter | -10,899,000 AUD | Reported |
| Results from operating activities (statutory, before finance items; not EBITDA) | Company | FY2026 | Year | -19,075,753 AUD | Source Derived |
Company guidance5
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Start Of Gold Processing At Cosmic Boy Under The Early Production Strategy | forrestania-exploration | Oct 2026 | — | — date | Current |
| Commissioning On Kundip Ore At Cosmic Boy, Target | rgp-kmc-underground | Q2 CY2027 | — | — date | Current |
| Steady State Production Forecast | rgp-kmc-underground | H2 CY2027 | — | — date | Current |
| Life Of Mine Gold Equivalent Production (Fs Base Case) | rgp-kmc-underground | 5.7 years LOM | 416,000 | 416,000 oz AuEq | Current |
| Annual Gold Equivalent Production (Fs, Average) | rgp-kmc-underground | LOM average | 77,000 | 77,000 oz AuEq/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-08-27Ann. 2026-08-20 | RaisingOrdinary Fully Paid | A$60M | 125M | A$0.48 | Completed | Single-tranche institutional placement of A$60m at A$0.48 (125,000,000 shares), quoted 27 Aug 2026 (2A); cash received in the September quarter.Max 125M |
| 2026-02-17 | Debt | A$77M | — | — | Announced | — |
| 2026-02-27Ann. 2025-12-15 | RaisingOrdinary Fully Paid | A$55M | 166.7M | A$0.33 | Completed | A$55m two-tranche placement at A$0.33. Tranche 1 completed in FY26 (AR note 17); tranche 2 approved at the 27 Jan 2026 GM.Max 166.7M · Holder approval required |
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.
Arrangements disclosed in the FY26 Annual Report, the FID and Trafigura announcements and the September 2026 quarterly; live arrangements are those executed or agreed and not expired.
US$50m (A$77m) prepayment facility executed Feb 2026; drawdown expected H2 2026 subject to conditions. Modelled as funding, not in the unlevered DCF; the 25% warrant coverage is a dilution item.
Other · Conditional- Counterparties
- Trafigura Pte Ltd
- Applies to
- Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing · Gold · Copper
- Economic direction
- Burden
- Period
- From 2026-02-17; no end date stated
- Key terms
- Facility amount: 50,000,000 USD
Tenor: 4 years
Repayment: offtake deductions or cash
Pricing: 1-month USD SOFR plus margin
How it affects our valuation
No valuation treatment is available for this arrangement.
Warrants to Trafigura are dilutive; estimated at 32.1m shares at an assumed A$0.60 strike. Treated in the fully diluted share count, not as a cash flow.
Other · Announced- Counterparties
- Trafigura Pte Ltd
- Applies to
- Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing · Gold
- Economic direction
- Burden
- Period
- From 2025-10-27; no end date stated
- Key terms
- Warrant coverage: 25 pct
Strike: 1.4 x 5-day VWAP
How it affects our valuation
No valuation treatment is available for this arrangement.
Concentrate sold to Trafigura; modelled through the FS net smelter return (after TC/RC and payabilities), so no separate line.
Offtake · Conditional- Counterparties
- Trafigura Pte Ltd
- Applies to
- Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing · Copper · Gold
- Economic direction
- Benefit
- Period
- From 2026-02-17; no end date stated
- Key terms
- Term: 7 years
Pricing: market-based
How it affects our valuation
No valuation treatment is available for this arrangement.
Gold dore sales agreement; modelled through the same realised price as concentrate.
Offtake · Conditional- Counterparties
- Trafigura Pte Ltd
- Applies to
- Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing · Gold
- Economic direction
- Benefit
- Period
- From 2026-02-17; no end date stated
- Key terms
- Product: gold dore
How it affects our valuation
No valuation treatment is available for this arrangement.
Toll processing agreement for a minimum of 200kt of third-party ore to start the Cosmic Boy plant before Ravensthorpe ore arrives. Not in the FS: treated as upside, not modelled.
Tolling Or Processing · Active- Counterparties
- Third-party ore supplier (not named in extract)
- Applies to
- Forrestania Gold Project exploration (Lounge Lizard, Teddy Bear, 53 regional targets) · Gold
- Economic direction
- Benefit
- Period
- From 2026-09-30; no end date stated
- Key terms
- Minimum tonnes: 200,000 t
How it affects our valuation
No valuation treatment is available for this arrangement.
Deferred consideration royalty to IGO on future production from acquired FGP tenements; contingent on reserves, no value attributed by the company. Not triggered by KMC ore.
Royalty · Active- Counterparties
- IGO Limited
- Applies to
- Forrestania Gold Project exploration (Lounge Lizard, Teddy Bear, 53 regional targets) · Gold
- Economic direction
- Burden
- Period
- From 2026-02-27; no end date stated
- Key terms
- NSR royalty: 1.5 pct
How it affects our valuation
No valuation treatment is available for this arrangement.
Preferred underground mining contractor for KMC (about A$240m over three years, start Q4 CY2026). Unit cost check: about A$167/t over the first three years against the FS underground mining cost of A$120/t (see valuation).
Other · Conditional- Counterparties
- Macmahon Holdings
- Applies to
- Ravensthorpe Gold Project - Kundip Mining Centre underground with Cosmic Boy processing · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Contract value: 240,000,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
EPC for Cosmic Boy refurbishment (A$50m); its cost sits in the FS capital (A$49m for CBC) and the remaining pre-production capital.
Other · Active- Counterparties
- GR Engineering Services
- Applies to
- Forrestania Gold Project exploration (Lounge Lizard, Teddy Bear, 53 regional targets) · Gold
- Economic direction
- Burden
- Period
- From 2026-07-01; no end date stated
- Key terms
- EPC contract: 50,000,000 AUD
Progress: 30 pct
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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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 reviewed evidence documents selected career records and company outcomes, with material adverse and delivery evidence retained at company level. Personal attribution is limited; several individual histories and qualifications remain incomplete. Open-web results do not constitute exhaustive personal clearance.
Decision-relevant facts
Material summary
Paul Bennett
Managing Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Tony James
Chief Operating Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Richard Hill
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Aida Tabakovic
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Ian Gregory
Geology Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Stephen Moloney
GM Corporate Development
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Individual contribution to company outcomes was not established.
- The combined name-based web searches were not exhaustive checks of court, criminal, sanctions, credential, or regulator databases; no clearance conclusion is possible.
- Complete prior-employer dates, qualifications and individual contributions were not independently verified from primary sources for this executive.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-18
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 15.12% | 140,339,694 | |
| 2 | 10.50% | 97,505,413 | |
| 3 | 8.74% | 81,129,138 | |
| 4 | 6.59% | 61,190,833 | |
| 5 | 4.18% | 38,841,993 | |
| 6 | 3.93% | 36,484,112 | |
| 7 | 3.23% | 30,000,000 | |
| 8 | 3.20% | 29,744,419 | |
| 9 | 3.07% | 28,515,912 | |
| 10 | 2.49% | 23,129,021 | |
| 11 | 2.26% | 20,953,952 | |
| 12 | 1.63% | 15,116,411 | |
| 13 | 1.27% | 11,800,000 | |
| 14 | 1.27% | 11,794,626 | |
| 15 | 0.89% | 8,281,818 | |
| 16 | 0.72% | 6,658,389 | |
| 17 | 0.68% | 6,315,000 | |
| 18 | 0.67% | 6,174,313 | |
| 19 | 0.65% | 6,000,000 | |
| 20 | 0.58% | 5,375,027 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 5.49%Voting power | 2026-08-27 | |
| 5.01%Voting power | 2026-10-02 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The complete register is dated 18 September 2026 and predates a substantial-holder position reported on 2 October.
- Franklin Templeton percentage is dated 27 August and was based on 928,262,354 shares; post-August issuance may have changed its current percentage.
Sources
- Annual Report to shareholders 2026
ASX / issuer disclosure / Medallion Metals Limited · Published 2026-09-23 · Accessed 2026-10-09
Annual report top-20 list; percentage basis is issued shares, but the page does not state total issue.
page 74, 20 Largest Shareholders as at 18 September 2026, local copy downloads/MM8/2026/2026-09-23_Annual Report to shareholders_2924-03138422-6A1345064.pdf
- Becoming a substantial holder
ASX / issuer disclosure / Medallion Metals Limited · Published 2026-10-06 · Accessed 2026-10-09
Industry Super Holdings Pty Ltd and controlled entities reported 46,532,045 shares and 5.01% voting power on 2 October 2026.
Form 603, sections 1–2, local copy downloads/MM8/2026/2026-10-06_Becoming a substantial holder_1c76b9e5f715bd8a.pdf
- Change in substantial holding
ASX / issuer disclosure / Medallion Metals Limited · Published 2026-09-01 · Accessed 2026-10-09
Franklin Templeton Inc. and affiliates reported 50,928,240 shares and 5.49% voting power after 27 August 2026 changes; denominator stated as 928,262,354 shares.
Form 604, sections 1–2, local copy downloads/MM8/2026/2026-09-01_Change in substantial holding_9d04f483d00396c4.pdf
Disclosed activity
Insider transactions
Trading activity4 buys · 0 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 |
|---|---|---|---|---|---|---|
| 2026-03-25 | David Nicholas KellyDavid Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C
Details & evidence for David Nicholas Kelly on 2026-03-25As disclosed: Exercise of vested Unlisted Options (exercisable at $0.00 each, expiring 16 July 2028); 300,000 ordinary shares acquired and 300,000 options disposed.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | ExerciseUnlisted options (MM8) exercised into ordinary shares | 300,000 | —Non Cash | — | — |
| 2026-01-23 | Paul Bennett
Details & evidence for Paul Bennett on 2026-01-23As disclosed: 23,759 fully paid ordinary shares received via the SPP finalized on 23 January 2026, per the annual report KMP table.
Managing Director · 2016-11-14 Annual Report to shareholders ↗ | SubscriptionMM8 ordinary fully paid shares | 23,759 | —Not Disclosed | — | — |
| 2026-01-23 | John Fitzgerald
Details & evidence for John Fitzgerald on 2026-01-23As disclosed: 23,759 fully paid ordinary shares received via the SPP finalized on 23 January 2026, per the annual report KMP table.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Annual Report to shareholders ↗ | SubscriptionMM8 ordinary fully paid shares | 23,759 | —Not Disclosed | — | — |
| 2026-01-23 | David Nicholas Kelly
Details & evidence for David Nicholas Kelly on 2026-01-23As disclosed: 23,759 fully paid ordinary shares received via the SPP finalized on 23 January 2026, per the annual report KMP table.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Annual Report to shareholders ↗ | SubscriptionMM8 ordinary fully paid shares | 23,759 | —Not Disclosed | — | — |
| 2024-10-09 | John FitzgeraldJohn Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C>
Details & evidence for John Fitzgerald on 2024-10-09As disclosed: Participation in a Tranche 2 Placement; 241,876 placement shares are the disclosed annual-report component of the 466,876 shares acquired in the notice, after separately accounting for 225,000 shares issued on option exercise.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ Annual Report to shareholders ↗ | SubscriptionMM8 ordinary fully paid shares | 241,876 | —Mixed Unallocated | AUD 0.05Disclosed price | — |
| 2024-10-09 | John FitzgeraldJohn Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C>
Details & evidence for John Fitzgerald on 2024-10-09As disclosed: Exercise of 225,000 MM8AC Unlisted Options (exercisable at $0.01 each, expiring 15 October 2025); shares acquired are part of the aggregate 466,876 ordinary shares in the notice.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ Annual Report to shareholders ↗ | ExerciseMM8AC unlisted options exercised into ordinary shares | 225,000 | —Mixed Unallocated | — | — |
Disclosed holding observations16 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 |
|---|---|---|---|---|
| 2026-06-30 | David Nicholas Kelly
Details & evidence for David Nicholas Kelly on 2026-06-30Annual report closing position; share/options balances are aggregate and option tranches/account allocations are not specified.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Annual Report to shareholders ↗ | PositionUnlisted options (aggregate; tranches not broken out) | 300,000 | — |
| 2026-06-30 | David Nicholas Kelly
Details & evidence for David Nicholas Kelly on 2026-06-30Annual report closing position; no account-level allocation in the report.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 503,759 | — |
| 2026-06-30 | John Fitzgerald
Details & evidence for John Fitzgerald on 2026-06-30Annual report closing position; share/options balances are aggregate and option tranches/account allocations are not specified.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Annual Report to shareholders ↗ | PositionUnlisted options (aggregate; tranches not broken out) | 1,550,000 | — |
| 2026-06-30 | John Fitzgerald
Details & evidence for John Fitzgerald on 2026-06-30Annual report closing position; no account-level allocation in the report.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 1,459,848 | — |
| 2026-06-30 | Paul Bennett
Details & evidence for Paul Bennett on 2026-06-30Annual report closing position; share/options balances are aggregate and option tranches/account allocations are not specified.
Managing Director · 2016-11-14 Annual Report to shareholders ↗ | PositionUnlisted options (aggregate; tranches not broken out) | 6,000,000 | — |
| 2026-06-30 | Paul Bennett
Details & evidence for Paul Bennett on 2026-06-30Annual report closing position; no account-level allocation in the report.
Managing Director · 2016-11-14 Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 9,773,772 | — |
| 2026-06-30 | Anthony James (Anthony Paul James)
Details & evidence for Anthony James (Anthony Paul James) on 2026-06-30Annual report closing position; no account-level allocation in the report.
Non-Executive Director · 2020-10-05 to 2025-10-15 Anthony Paul James & Mrs Ann Morag James <James Family #2 A/C> · trustee and beneficial owner of family account Annual Report to shareholders ↗ | PositionFully paid ordinary shares | 857,696 | — |
| 2026-03-25 | David Nicholas Kelly
Details & evidence for David Nicholas Kelly on 2026-03-25Post-exercise account balance disclosed in the notice.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Change of Director's Interest Notice ↗ | PositionUnlisted options (exercise $0.00, expiry 2028-07-16) | 300,000 | — |
| 2026-03-25 | David Nicholas Kelly
Details & evidence for David Nicholas Kelly on 2026-03-25Post-exercise account balance disclosed in the notice.
Non-Executive Director · 2025-10-15 David Nicholas Kelly & Mrs Madeleine Bernadette Kelly Superfund A/C · beneficiary of joint superannuation account Change of Director's Interest Notice ↗ | PositionMM8 ordinary fully paid shares | 503,759 | — |
| 2025-10-15 | Anthony James (Anthony Paul James)
Details & evidence for Anthony James (Anthony Paul James) on 2025-10-15Final interests disclosed at director cessation; no transactions implied.
Non-Executive Director · 2020-10-05 to 2025-10-15 Anthony Paul James & Mrs Ann Morag James <James Family #2 A/C> · trustee and beneficial owner of family account Final Director's Interest Notice (AJ) ↗ | FinalMM8 unlisted options (exercise $0.00, expiry 2027-11-26) | 300,000 | — |
| 2025-10-15 | Anthony James (Anthony Paul James)
Details & evidence for Anthony James (Anthony Paul James) on 2025-10-15Final interests disclosed at director cessation; no transactions implied.
Non-Executive Director · 2020-10-05 to 2025-10-15 Anthony Paul James & Mrs Ann Morag James <James Family #2 A/C> · trustee and beneficial owner of family account Final Director's Interest Notice (AJ) ↗ | FinalUnlisted options (exercise $0.00, expiry 2028-07-16) | 800,000 | — |
| 2025-10-15 | Anthony James (Anthony Paul James)
Details & evidence for Anthony James (Anthony Paul James) on 2025-10-15Final interests disclosed at director cessation; no transactions implied.
Non-Executive Director · 2020-10-05 to 2025-10-15 Anthony Paul James & Mrs Ann Morag James <James Family #2 A/C> · trustee and beneficial owner of family account Final Director's Interest Notice (AJ) ↗ | FinalMM8 ordinary fully paid shares | 857,696 | — |
| 2024-10-09 | John Fitzgerald
Details & evidence for John Fitzgerald on 2024-10-09Post-change account balance disclosed in the notice.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ | PositionMM8AC unlisted options (exercise $0.01, expiry 2025-10-15) | 225,000 | — |
| 2024-10-09 | John Fitzgerald
Details & evidence for John Fitzgerald on 2024-10-09Post-change account balance disclosed in the notice.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ | PositionMM8 unlisted options (exercise $0.00, expiry 2027-11-26) | 550,000 | — |
| 2024-10-09 | John Fitzgerald
Details & evidence for John Fitzgerald on 2024-10-09Post-change account balance disclosed in the notice.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ | PositionMM8 ordinary fully paid shares | 931,088 | — |
| 2024-10-09 | John Fitzgerald
Details & evidence for John Fitzgerald on 2024-10-09Post-change account balance disclosed in the notice.
Non-Executive Chair · 2020-10-05 John Fitzgerald <J D & TJ Fitzgerald S/F A/C> · trustee and beneficiary of superannuation account John Fitzgerald & Mrs Tracy Fitzgerald <JF & TF Fitzgerald Family A/C> · trustee and beneficiary of family account Change of Director's Interest Notice ↗ | PositionMM8 ordinary fully paid shares | 280,001 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory10 documents
MM8 reference close 4 Nov 2026 (local ASX price database)Market Data · MediumExtracted
Latest eligible ASX close on the evidence cutoff, from data/asx_mining_companies.db (daily_stock_prices) via python -m miners.reference_price MM8 --valuation-date 2026-11-04: close A$0.385, open 0.38, high 0.39, low 0.38, volume 219,126, fresh (0 days). Used as the reference price.
- Document ID
- mm8-reference-price-2026-11-04
- Published UTC
- 2026-11-04T05:00:00Z
- Projects
- —
- Commodities
- —
Gold and copper daily averages to 3 Nov 2026 (local metal price database)Commodity Data · HighExtracted
Spot proxy from data/metal_prices.db (metal_prices, Gold API daily average, 3 Nov 2026): gold US$3,928.47/oz (1-year average 4,450.22; 5-year average 2,797.15; 1-year range 3,876.40 to 5,459.29), copper US$6.4967/lb (1-year average 5.98). AUD/USD 1.4236 from the same database (fx_rates). Used for the spot case; the market snapshot returned no spot value for these symbols.
- Document ID
- mm8-spot-gold-copper-2026-11-03
- Published UTC
- 2026-11-03T12:00:00Z
- Projects
- rgp-kmc-underground
- Commodities
- gold · copper
September 2026 quarterly activities and Appendix 5BResults · HighPartial
September 2026 quarter: 60m placement (125m shares at 0.48), operating outflow 10.9m, investing 3.3m, cash 97.0m at quarter end; FID construction progress, Macmahon UG tender (about 240m over three years), EPC award to GRES, Early Production Strategy with a minimum 200kt toll agreement, commissioning on Kundip ore targeted for Q2 CY2027.
- Document ID
- mm8-appendix-5b-sep-2026
- Published UTC
- 2026-10-28T22:05:05Z
- Projects
- rgp-kmc-underground · forrestania-exploration
- Commodities
- gold · copper
Top-20 register and substantial holders (local ownership product, cutoff 9 Oct 2026)Governance · MediumExtracted
ownership/MM8/investors.json (register as at 18 Sep 2026 from the Annual Report top-20; HSBC custody 15.12%, JP Morgan nominees 10.50%, PHGM 8.74%, Citicorp nominees 6.59%, Lion Selection Group 4.18%). Later substantial-holder notices: Industry Super Holdings 5.01% (2 Oct 2026, Form 603) and Franklin Templeton 5.49% (after 27 Aug 2026, Form 604). Register denominator taken from the 2A share count.
- Document ID
- mm8-share-register-sep-2026
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- —
- Commodities
- —
Management assessment (local research product, background checks)Governance · MediumMetadata Only
management/MM8/summary.md and background-check.json: executive team assessed at 49/100 with low evidence confidence; no supported material adverse findings recorded against the four current executives (Paul Bennett, Tony James, Richard Hill, Aida Tabakovic); individual chronology and qualification checks are incomplete. Used only as a cross-check of the executive roster.
- Document ID
- mm8-management-assessment
- Published UTC
- 2026-10-08T22:00:00Z
- Projects
- —
- Commodities
- —
Annual Report FY2026 (year to 30 June 2026)Results · HighPartial
Full-year audited accounts to 30 June 2026 (camp revenue only, loss 18.6m, cash 53.9m, no debt, 797.1m shares at year end), JORC resource and reserve statements as at 30 June 2026, executive and director roster, FGP acquisition accounting and the rehabilitation provision (48.2m).
- Document ID
- mm8-annual-report-fy26
- Published UTC
- 2026-09-22T22:16:38Z
- Projects
- rgp-kmc-underground · forrestania-exploration · cosmic-boy-cbc
- Commodities
- gold · copper · silver
Application for quotation of 125,000,000 placement sharesFinancing · MediumExtracted
Appendix 2A: 125,000,000 ordinary shares quoted on 27 Aug 2026 at A$0.48 under the placement; total quoted ordinary shares 928,262,354 and listed unquoted options after quotation.
- Document ID
- mm8-appendix-2a-aug-2026
- Published UTC
- 2026-08-26T23:34:00Z
- Projects
- —
- Commodities
- —
FID approved, US$50 million loan facility and offtake securedFinancing · HighPartial
Board approved FID for Ravensthorpe after executing the Trafigura US$50m loan facility and a copper-gold concentrate offtake; facility expected to be drawn in H2 2026 subject to completion of the Forrestania acquisition.
- Document ID
- mm8-fid-trafigura-feb-2026
- Published UTC
- 2026-02-16T22:16:34Z
- Projects
- rgp-kmc-underground
- Commodities
- gold · copper
Ravensthorpe KMC underground with Cosmic Boy Concentrator feasibility study (Dec 2025)Study · HighPartial
Feasibility study: 5.7-year underground mine plan on 3.45 Mt production inventory, 650 ktpa processing at Cosmic Boy, base-case post-tax NPV8 A$443m (spot case A$668m), pre-production capital A$138m, AISC A$2,279/oz, price deck US$3,380/oz gold, A$:US$ 0.65, copper US$9,300/t.
- Document ID
- mm8-feasibility-study-dec-2025
- Published UTC
- 2025-12-11T23:28:27Z
- Projects
- rgp-kmc-underground · cosmic-boy-cbc
- Commodities
- gold · copper · silver
US$50 million funding and offtake with TrafiguraEconomic Arrangement · HighPartial
Indicative terms: up to US$50m senior secured prepayment facility, four-year term with one-year grace, USD SOFR plus margin, repayment by offtake deductions or cash, 25% warrant coverage at a 40% premium to 5-day VWAP, seven-year concentrate offtake and gold dore sales agreement; non-binding until long-form documents were signed.
- Document ID
- mm8-trafigura-offtake-oct-2025
- Published UTC
- 2025-10-26T22:00:00Z
- Projects
- rgp-kmc-underground
- Commodities
- gold · copper
Evidence facts62
1308804 AUD
2026-06-30-18559837 AUD
2026-06-30-13115061 AUD
2026-06-3016007306 AUD
2026-06-3053889247 AUD
2026-06-300 AUD
2026-06-30389851 AUD
2026-06-3086271495 AUD
2026-06-30797137354 shares
2026-06-30508645690 shares
2025-06-300.0 AUD/share
2026-11-046430000 t
2025-08-283.3 g/t
2025-08-28680000 oz
2025-08-283780000 t
2025-08-283.5 g/t
2025-08-28420000 oz
2025-08-2810220000 t
2025-08-283.3 g/t
2025-08-281100000 oz
2025-08-2846000 t
2025-08-282087000 t
2025-12-123.54 g/t
2025-12-12237000 oz
2025-12-12granted: EPBC approval Feb 2026; MDCP approved after year end text
2026-09-23100.0 pct
2026-02-2796853000 AUD
2026-09-30-10899000 AUD
2026-09-30-3320000 AUD
2026-09-30-14219000 AUD
2026-09-300 AUD
2026-09-30Ravensthorpe sulphide ore (KMC) and third-party ore under toll agreement text
2026-09-30refurbishment and modification under EPC; EPC about 30% complete mid-September 2026 text
2026-09-302027-06-30 date
2026-10-292026-10-31 date
2026-09-30443000000 AUD
2025-12-1287.0 pct
2025-12-12138000000 AUD
2025-12-122279 AUD/oz
2025-12-125.7 years
2025-12-1277000 oz/yr
2025-12-125200 AUD/oz
2025-12-121641 AUD/oz
2025-12-1249000000 AUD
2025-12-12650000 tpa
2025-12-123450000 t
2025-12-12840000 oz
2025-08-285700000 t
2025-08-284.6 g/t
2025-08-28feasibility study text
2025-12-122025-12-12 date
2025-12-128.0 pct
2025-12-1294.3 pct
2025-12-1253.0 AUD/t
2025-12-12650000 tpa
2025-12-1277000000 AUD
2026-09-30copper-gold concentrate (Trafigura concentrate offtake) and gold dore text
2025-10-27928262354 shares
2026-08-270.385 AUD/share
2026-11-043928.472195 USD/oz
2026-11-036.496675 USD/lb
2026-11-0315.12 pct
2026-09-18Conflicts requiring judgment1
- undrawn facilities at 30 Sep 2026
The Trafigura facility (A$77m equivalent) is executed but was not drawn or counted as unused facility at the quarter end (appendix 5B item 7.5 nil). The model records it as committed funding not yet in cash and leaves undrawn facilities at nil, so the liquidity does not count it twice.