Price, volume & events
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- Last 2026-11-06
- A$0.81
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
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- Upside
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- Mkt cap
- A$250.1M
- EV
- A$294.9M
- Cash
- A$16.8M
- Debt
- A$35.6M
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Sign in or enter a guest codeAnnouncements
Latest 12 of 17All sources ▸- Quarterly Activities/Appendix 4C Cash Flow ReportResults
- Management assessment with external background checks (local research product)Leadership
- Application for quotation of securities - MMICorporate Action
- Half Year Results 2026Results
- Becoming a substantial holderGovernance
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- MMI - Investor Presentation - 2026 Noosa Mining ConferencePresentation
- Director Appointment/ResignationLeadership
- Completion of Security ConsolidationCorporate Action
- Share ConsolidationCorporate Action
- Ore Reserves and Mineral Resources UpdateResource Update
- 2025 Annual ReportGovernance
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 12 months from 27 Feb 2026 announcement; board reviewing | Buy-back authority window closes (on-market buy-back up to 5% not yet commenced) | Corporate Action | Company Guided | Medium | Would use cash that is still needed for debt service; not commenced as at 29 Oct 2026. |
| Matures December 2026 (can be extended) | FX forward book (US$37.5m at 0.65) matures in December 2026; extension decision | Economic Arrangement | Confirmed | Medium | Sets the realised AUD/USD on the remaining US$37.5m of 2026 sales; a shift in the hedge book changes Q4 2026 and early 2027 cash. |
| Application expected Q1 2027; grant timing not guided | Mining lease application over MDL 423 (Pit 5 North continuation) | Permitting | Company Guided | High | Pit 5 North is the continuing mining area once granted; grant timing is not in the 12-month window. |
| From 1 Jan 2027 (contract start as disclosed) | Start of the two binding 4.5 Mwmt per year offtake contracts (2027-2029) | Economic Arrangement | Company Guided | High | Locks roughly two-thirds of planned volume; pricing terms are not disclosed and will show in the realised CIF price. |
| Q1 2027 wet trials (company statement) | Phase 1 screening: wet-mode trials on the hybrid screen | Construction Or Commissioning | Company Guided | Medium | Tests whether screening raises resource-to-reserve conversion and product options (cut-off can move to 20% silica). |
| Appendix 4C/5B for the December 2026 quarter, expected late January 2027 (prior pattern: 28 Jan 2026) | December 2026 quarter and full-year 2026 shipments against the reset 6.0-6.5 Mwmt guidance | Production | Inferred | High | Tests the reset 2026 shipment guidance and Q4 price step-up (agreed US$2-4/DMT above Q3). |
| Expected late February 2027 (FY2025 results released 27 Feb 2026) | FY2026 full-year results and 2026 Annual Report | Results | Inferred | High | First full audited year of the 2026 shipment reset, the buy-back and the dividend policy test. |
Executive roster
As of 2026-11-04Background checks ▸Executive KMP named in the 2025 Annual Report (CFO, site senior executive, GM marine) and the CEO, updated for the company-secretary change notified on 25 Jun 2026. No other 2026 executive appointment or departure was found in the announcements to 3 Nov 2026. Non-executive directors are excluded from this roster.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Simon Wensley | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2021-07-05 | 2025 Annual Report |
| Nathan Quinlin | Chief Financial Officer | Finance · Senior Management | — | 2025 Annual Report |
| Gary Battensby | Site Senior Executive | Operations · Senior Management | — | 2025 Annual Report |
| Vincenzo De Falco | General Manager Marine | Operations · Senior Management | — | 2025 Annual Report |
| Rudi Cohrssen | General Counsel and Company Secretary (from 1 Jul 2026) | Company Secretary · Senior Management | 2026-07-01 | Company Secretary Appointment_Resignation |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland
AU
Producer100% ownedBauxite
Operating bauxite mine and transhipping system; FY2025 shipments 6.17 Mwmt; 2026 shipments guided to 6.0-6.5 Mwmt; Phase 1 screening project commissioning, MDL 423 mining lease application due Q1 2027.
- Production annualised (attributable)
- 8.5m td
- Production (last FY, 100%)
- 6.2m t
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- 96.5%d
- Reserve life
- 11.3 yrsd
- Head grade
- —
Project location
Approximate location
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© 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
No numeric study economics were published.
Recoverable amount A$443.7m-473.7m (FVLCD DCF, 30 Jun 2025). Midpoint A$458.7m; not an NPV of the stated mine plan. Discount rate range 7.2-9.0% nominal post-tax; AUD/USD 0.70; 7 Mwmt per year to 2035.
Resources & reserves7
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 49.2 Mt dry | Al2O3 49.6%, SiO2 13.3% | Bauxite | 2025-12-31 |
| Mineral Resource | indicated | 39.1 Mt dry | Al2O3 49.0%, SiO2 14.6% | Bauxite | 2025-12-31 |
| Mineral Resource | inferred | 19.1 Mt dry | Al2O3 45.1%, SiO2 16.7% | Bauxite | 2025-12-31 |
| Mineral Resource | total | 107.4 Mt dry | Al2O3 48.6%, SiO2 14.4% | Bauxite | 2025-12-31 |
| Ore Reserve | proved | 42.1 Mt wet | Al2O3 49.7%, SiO2 13.3% | Bauxite | 2025-12-31 |
| Ore Reserve | probable | 27.5 Mt wet | Al2O3 49.7%, SiO2 13.7% | Bauxite | 2025-12-31 |
| Ore Reserve | total | 69.6 Mt wet | Al2O3 49.7%, SiO2 13.5% | Bauxite | 2025-12-31 |
Tenements3
Milestones3
- Mining lease application over MDL 423 (conversion to mining lease; Pit 5 North continuation after grant)
Pending · High materiality
- Phase 1 dry screening (two Finlay screens) commissioning Oct 2026; hybrid screen wet trials Q1 2027
Pending · Medium materiality
- Two binding 3-year offtake contracts for 4.5 Mtpa start 2027
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Conversion of MDL 423 to a mining lease (Pit 5 North) | Queensland | Pending | — | Yes |
| State Environmental Authority amendment extending operating season from nine to twelve months | Queensland | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY2025 impairment test: fair value less costs of disposal DCF (Bauxite Hills CGU) | Operating Plan | Current | 2026-02-27 | Company impairment DCF at 30 Jun 2025: nominal post-tax discount rate 7.2-9.0%; 7 Mwmt per year to the end of the 2035 production year; AUD/USD averaging 0.70; bauxite prices from external commodity research (not disclosed). Recoverable amount A$443.7m to A$473.7m, giving a A$47.7m impairment reversal. Not a study NPV; no cash-flow schedule published. |
Other
Ikamba Pte Ltd 50% JV (offshore floating terminal, leased to Metro under bareboat charter)
SG
Care And Maintenance50% ownedBauxite
Operating transhipping vessel owned by a 50:50 JV with ALM; Metro pays the bareboat charter; equity accounted (A$22.2m carrying value at 31 Dec 2025).
- Investee
- Ikamba Pte Ltd (Singapore), owner and lessor of the Ikamba offshore floating terminal
- Holding
- 5,000.0%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- A$24.0md
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Liquidity is thin for a bauxite producer with a wet-season cash cycle: cash fell from A$57.5m (31 Dec 2025) to A$9.6m (31 Mar 2026) and A$16.8m at 30 Sep 2026. Debt service is A$9.4m in Q3 2026 alone (US$6.6m principal), and A$4.0m interest plus A$5.1m lease principal over nine months. FX hedges of US$37.5m at AUD/USD 0.65 run to December 2026. The 5% buy-back, a 20%-of-FCF dividend policy and expansion spend all compete with these claims; none is funded.
Inventory composition1
Inventories were A$7.7m at 31 Dec 2025 (FY2025 balance sheet); the company does not report stockpile tonnes or grades in the documents read, and no 30 Sep 2026 balance is disclosed.
- Inventories per FY2025 balance sheet (bauxite stock, fuel and consumables, not split by the company)
- A$7.7M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 308.8M
- Fully diluted
- 322.4M
Shares before the 1-for-20 consolidation: 6,144,891,087 (22 Apr 2026, share consolidation notice), giving 307,451,347 after consolidation (8 May 2026). Performance rights 11,927,754 at 8 May 2026 rose to 13,631,787 at 2 Oct 2026 after new grants; ordinary shares rose to 308,767,862 through conversion of performance rights (quotations 15 May to 2 Oct 2026). A 5% on-market buy-back authorised 27 Feb 2026 has not commenced, so no cancellation affects the count. The MMIAP subscription-warrant line (592,380,528) on quotation notices is not treated as outstanding: the FY2025 accounts record the loan and subscription warrants as exercised in 2024 and no current terms were found in the documents read. This is an open item for the valuation share basis.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares on issue after Appendix 2A quotation of 2 Oct 2026 | Ordinary Share | 308.8M | — | — |
| Performance rights (MMIAO), 1 share per right on vesting; converted on vesting in 2025-2026 under the Employee Incentive Plan | Performance Right | 13.6M | A$0 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY 2024 actualA | FY 2025 actualA |
|---|---|---|---|---|
| Operations | ||||
| Shipments | Mt WMT | 5.68 | 6.17 | |
| Unit costs | ||||
| Site costs per WMT (production expenses) | AUD/t | 29.5 | 32.1 | |
| Royalties per WMT | AUD/t | 6.69 | 8.22 | |
| Ocean freight per WMT | AUD/t | 8.01 | 5.17 | |
| Profit and loss | ||||
| Revenue | AUDm | 307.3 | 378.4 | |
| Operating costs (revenue less EBITDA) | AUDm | 270.1 | 305.4 | |
| EBITDA (underlying) | AUDm | 37.2 | 72.9 | |
| Net profit after tax (attributable) | AUDm | (22.0) | 142.3 | |
| Cash flow | ||||
| Operating cash flow | AUDm | 46.6 | 75.1 | |
| Capex (PP&E, exploration and drydock) | AUDm | 17.4 | 11.6 | |
| Free cash flow (operating cash flow less capex) | AUDm | 29.3 | 63.4 | |
| Balance sheet | ||||
| Cash and cash equivalents (unrestricted, year end) | AUDm | 31.2 | 57.5 | |
| Borrowings (Nebari) | AUDm | — | 58.9 | |
| Net debt (borrowings less cash) | AUDm | — | 1.4 | |
| Per share | ||||
| Shares on issue (post consolidation) | m shares | 303.6 | 305.5 | |
| Dividends per share declared | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 7.8 | 4.0 | |
| P / E (x, current market cap) | x | (11.2) | 1.7 | |
| FCF yield (current market cap) | % | 11.9% | 25.8% | |
| EBITDA margin | % | 12.1% | 19.3% | |
| Net debt / EBITDA (x) | x | — | 0.0 | |
KPI history
Operating metrics
Operating metric source table21
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Bauxite shipped, Q3 2026 | Bauxite Hills | Q3 2026 | Quarter | 2,114,000 WMT shipped | Reported |
| Bauxite shipped, Q2 2026 | Bauxite Hills | Q2 2026 | Quarter | 1,799,000 WMT shipped | Reported |
| Bauxite shipped, Q4 2025 | Bauxite Hills | Q4 2025 | Quarter | 2,058,000 WMT shipped | Reported |
| Bauxite shipped, Q3 2025 | Bauxite Hills | Q3 2025 | Quarter | 2,246,000 WMT shipped | Reported |
| Bauxite shipped, FY2025 | Bauxite Hills | FY2025 | Year | 6,174,000 WMT shipped | Reported |
| Bauxite shipped, FY2024 | Bauxite Hills | FY2024 | Year | 5,684,000 WMT shipped | Reported |
| CIF pricing, Q3 2026 | Bauxite Hills | Q3 2026 | Quarter | 60.8 AUD/WMT CIF-adjusted realised price | Reported |
| CIF pricing, Q2 2026 | Bauxite Hills | Q2 2026 | Quarter | 57.1 AUD/WMT CIF-adjusted realised price | Reported |
| CIF pricing, Q4 2025 | Bauxite Hills | Q4 2025 | Quarter | 73.7 AUD/WMT CIF-adjusted realised price | Reported |
| CIF pricing, Q3 2025 | Bauxite Hills | Q3 2025 | Quarter | 63.3 AUD/WMT CIF-adjusted realised price | Reported |
| Total costs (site costs A$30.3 plus royalties A$6.1), Q3 2026 | Bauxite Hills | Q3 2026 | Quarter | 36.4 AUD/WMT site costs plus royalties | Reported |
| Total costs (site costs A$33.7 plus royalties A$5.8), Q2 2026 | Bauxite Hills | Q2 2026 | Quarter | 39.5 AUD/WMT site costs plus royalties | Reported |
| Site EBITDA per WMT, Q3 2026 | Bauxite Hills | Q3 2026 | Quarter | 7 AUD/WMT site EBITDA | Reported |
| Site EBITDA per WMT, Q2 2026 | Bauxite Hills | Q2 2026 | Quarter | 4.4 AUD/WMT site EBITDA | Reported |
| Site EBITDA per WMT, Q3 2025 | Bauxite Hills | Q3 2025 | Quarter | 16.1 AUD/WMT site EBITDA | Reported |
| Underlying EBITDA, FY2025 (company) | Company | FY2025 | Year | 72,933,000 AUD underlying EBITDA (unaudited non-IFRS) | Reported |
| Cash and cash equivalents, 31 Dec 2025 | Company | 31 Dec 2025 | Point In Time | 57,463,000 AUD | Reported |
| Cash and cash equivalents, 30 Jun 2026 | Company | 30 Jun 2026 | Point In Time | 23,765,000 AUD | Reported |
| Cash and cash equivalents, 30 Sep 2026 | Company | 30 Sep 2026 | Point In Time | 16,834,000 AUD | Reported |
| Borrowings (Nebari), 31 Dec 2025 | Company | 31 Dec 2025 | Point In Time | 58,891,000 AUD | Reported |
| Loan facility drawn (Nebari, US$24.8m), 30 Sep 2026 | Company | 30 Sep 2026 | Point In Time | 35,612,000 AUD | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Calendar 2025 Shipments | bauxite-hills | CY2025 | 6,200,000 | 6,600,000 WMT | Missed |
| Calendar 2026 Shipments | bauxite-hills | CY2026 | 6,600,000 | 7,100,000 WMT | Withdrawn |
| Calendar 2026 Shipments | bauxite-hills | CY2026 | 6,000,000 | 6,500,000 WMT | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-04-22Ann. 2026-04-23 | Raising | — | — | — | Completed | — |
| 2026-02-27 | BuybackOrdinary Fully Paid | — | — | — | Announced | Board-approved on-market buy-back of up to 5% of shares (305,539,530 before the 20:1 consolidation, about 15.3 million after), within 12 months. Not commenced at 29 Oct 2026 and under review by the Board (Q3 2026 release). Authorisation is not execution and does not change the share count.Max 305.5M · Period 2026-02-27 to 2027-02-27 · on-market at prevailing prices; no price fixed · not named in the notice |
| 2026-02-25 | Debt | — | — | — | 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.
Offtake, freight, FX hedge, JV and charter arrangements disclosed in the FY2025 report, the Q3 2026 release and the July 2026 deck. The traditional-owner agreements (Ancillary Agreement and Cultural Heritage Management Agreement with SRAC and OMAC) are named but their payment terms are not disclosed in the documents read.
Chinese refinery offtake (binding) that absorbed all FY2025 shipments. The 2022 fixed-price legacy contract ended with its final cargo in July 2026.
Offtake · Active- Counterparties
- Xinfa Aluminium Group · Xiamen Xiangsen Aluminum Co., Limited · Shandong Lubei Enterprise Group General Company · Guangxi Longzhou Xinxiang Ecological Aluminum Industry Co., Ltd.
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Sales basis: CIF or FOB, Capesize shipments up to 210,000 WMT; mix of fixed-price legacy contracts and market-linked pricing
How it affects our valuation
No valuation treatment is available for this arrangement.
Two binding 3-year offtake contracts totalling 4.5 Mwmt per year for 2027-2029 agreed after the quarter (Q3 2026 release). About 65-70% of planned 6.5 Mwmt volume; pricing terms not disclosed.
Offtake · Active- Counterparties
- two existing customers (names not disclosed)
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Benefit
- Period
- 2027-01-01 to 2029-12-31
- Key terms
- Contracted volume: 4,500,000 WMT per year
Pricing: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Contracts of affreightment and bunker fixed under 2025 contracts, covering about 80% of 2026 volume and extended through 2028. Freight is in the cost base; post-2028 freight is an open risk.
Other · Active- Counterparties
- ocean freight providers (not named)
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Burden
- Period
- 2025-01-01 to 2028-12-31
- Key terms
- Freight coverage 2026: 80 % of 2026 offtake
Freight cost per WMT: 17.4 AUD/WMT
How it affects our valuation
No valuation treatment is available for this arrangement.
50:50 JV that owns and leases the Ikamba offshore floating terminal to Metro under a bareboat charter. Metro's charter payments are in the cost base; the JV stake is valued at zero to avoid double counting.
Joint Venture · Active- Counterparties
- ALM (50% partner in Ikamba Pte Ltd)
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Mixed
- Period
- From 2024-02-01; no end date stated
- Key terms
- Ownership: 50 pct
Bareboat charter committed outflow at 31 Dec 2025: 24,800,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Forward sales of US$37.5m at AUD/USD 0.65 maturing December 2026 (can be extended). Gains of A$15.1m in H1 2026. The remaining hedge is modelled as a Q4 2026 realised-price effect only.
FX Hedge · Active- Counterparties
- Australian banks (not named)
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Benefit
- Period
- 2025-01-01 to 2026-12-31
- Key terms
- Hedged USD sales: 37,500,000 USD
Average strike: 0.65 AUD per USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Ancillary Agreement and Cultural Heritage Management Agreement with the traditional owners, with indigenous employment and procurement commitments. Economic payment terms are not disclosed and are not separately modelled.
Other · Active- Counterparties
- Seven Rivers Aboriginal Corporation (SRAC) · Old Mapoon Aboriginal Corporation (OMAC)
- Applies to
- Bauxite Hills Mine (Skardon River), Weipa plateau, Queensland · Bauxite
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Payment terms: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
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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
Simon Wensley
Managing Director and Chief Executive Officer
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Role overlaps event; causation unproven · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
Company SuccessIssuer Reported · Medium materiality
Metro reported record FY2025 mine production and sales
Metro’s FY2025 annual report and remuneration disclosures state that production, shipping and sales reached 6.2 million wet metric tonnes, 9% above 2024, and record revenue was A$378m. The same report records six lost-time injuries and 16 high-potential incidents across mine and marine operations, and one environmental non-compliance for missing Sediment Pond 2’s 30 November completion deadline; works completed 15 December and the regulator advised no further action. These are company outcomes, not individually attributed findings.
Role overlaps event; causation unproven · The annual report reports aggregate operating, safety and environmental results and does not connect a specific executive to the incidents.
Annual Report 2025 · Annual Report 2025, Directors’ Report performance highlights and Sustainability section; safety performance, environmental non-compliance
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.
Nathan Quinlin
Chief Financial Officer
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Role overlaps event; causation unproven · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
Company SuccessIssuer Reported · Medium materiality
Metro reported record FY2025 mine production and sales
Metro’s FY2025 annual report and remuneration disclosures state that production, shipping and sales reached 6.2 million wet metric tonnes, 9% above 2024, and record revenue was A$378m. The same report records six lost-time injuries and 16 high-potential incidents across mine and marine operations, and one environmental non-compliance for missing Sediment Pond 2’s 30 November completion deadline; works completed 15 December and the regulator advised no further action. These are company outcomes, not individually attributed findings.
Role overlaps event; causation unproven · The annual report reports aggregate operating, safety and environmental results and does not connect a specific executive to the incidents.
Annual Report 2025 · Annual Report 2025, Directors’ Report performance highlights and Sustainability section; safety performance, environmental non-compliance
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.
Paul Green
Executive General Manager Operations
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Employer context; no individual link established · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
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.
Matthew Graham
General Manager Technical Services and Projects
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Employer context; no individual link established · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
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.
Vincenzo De Falco
General Manager Marine Services
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Role overlaps event; causation unproven · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
Company SuccessIssuer Reported · Medium materiality
Metro reported record FY2025 mine production and sales
Metro’s FY2025 annual report and remuneration disclosures state that production, shipping and sales reached 6.2 million wet metric tonnes, 9% above 2024, and record revenue was A$378m. The same report records six lost-time injuries and 16 high-potential incidents across mine and marine operations, and one environmental non-compliance for missing Sediment Pond 2’s 30 November completion deadline; works completed 15 December and the regulator advised no further action. These are company outcomes, not individually attributed findings.
Role overlaps event; causation unproven · The annual report reports aggregate operating, safety and environmental results and does not connect a specific executive to the incidents.
Annual Report 2025 · Annual Report 2025, Directors’ Report performance highlights and Sustainability section; safety performance, environmental non-compliance
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.
Norman Ting
China Sales Services and Logistics Lead
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Employer context; no individual link established · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
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.
Troy McMillan
General Manager People and Culture
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Employer context; no individual link established · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
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.
Rudi Cohrssen
General Counsel and Company Secretary
EnvironmentIssuer Reported · Medium materiality
FY2025 report disclosed one environmental non-compliance, subsequently remedied
Metro’s FY2025 annual report states one non-compliance: Sediment Pond 2 expansion works missed the 30 November 2025 completion date and were completed on 15 December 2025. The Queensland environmental department determined non-compliance but advised no further regulatory action. The company also reported six lost-time injuries and 16 high-potential incidents across mine and marine operations during the 2025 production season. No evidence reviewed linked a specific executive personally to these outcomes.
Employer context; no individual link established · The cited record establishes a company or employer event. For role_overlap, the executive held a relevant role in the period, but the reviewed source does not establish personal causation or an individual enforcement finding. For employer_only, no individual link or matching tenure was established.
Annual Report 2025 · Annual Report 2025, Sustainability Report environmental non-compliance disclosure and Safety Performance section.
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 2026-02-16 · 6,110,790,614 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 19.71% | 1,204,231,703 | |
| 2 | 18.43% | 1,126,319,878 | |
| 3 | 8.20% | 500,804,202 | |
| 4 | 5.07% | 309,578,070 | |
| 5 | 4.12% | 251,565,305 | |
| 6 | 3.24% | 198,026,832 | |
| 7 | 2.31% | 141,310,047 | |
| 8 | 1.75% | 106,701,557 | |
| 9 | 1.36% | 83,307,309 | |
| 10 | 1.36% | 82,980,341 | |
| 11 | 1.28% | 78,168,678 | |
| 12 | 1.26% | 76,799,195 | |
| 13 | 0.82% | 50,000,000 | |
| 14 | 0.82% | 49,872,361 | |
| 15 | 0.72% | 43,800,780 | |
| 16 | 0.63% | 38,535,327 | |
| 17 | 0.59% | 35,895,738 | |
| 18 | 0.57% | 35,000,000 | |
| 19 | 0.51% | 31,145,956 | |
| 20 | 0.43% | 26,502,152 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 19.71%Voting power | 2026-02-16 | |
| 18.43%Voting power | 2026-02-16 | |
| 8.20%Voting power | 2026-02-16 | |
| 5.07%Voting power | 2026-02-16 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The report’s substantial-holder section names registered entities (including nominees); it does not establish their underlying beneficial owners.
- Top-20 register is dated 16 February 2026; no newer complete register located in the reviewed cache.
Sources
- 2025 Annual Report
ASX announcement / Metro Mining Limited · Published 2026-03-20 · Accessed 2026-10-09
Shareholder information is stated as at 16 February 2026; top-20 table includes quantities and percentages.
pages 119–120, Substantial holders and Top 20 shareholders, local copy downloads/MMI/2026/2026-03-20_2025 Annual Report.pdf
Disclosed activity
Insider transactions
Trading activity0 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 |
|---|---|---|---|---|---|---|
| 2025-03-04 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2025-03-04The $0.053 per-share estimated value disclosed for converted rights is not cash consideration. As disclosed: 23,850,906 performance rights vested and became capable of conversion; no share acquisition is reported for these rights.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | VestingPerformance Rights | 23,850,906 | —Non Cash | — | — |
| 2025-03-04 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2025-03-04The $0.053 per-share estimated value disclosed for converted rights is not cash consideration. As disclosed: 18,882,500 vested rights converted into ordinary shares for nil consideration under the Employee Incentive Plan.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | ExerciseOrdinary Shares | 18,882,500 | —Non Cash | — | — |
| 2025-02-25 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2025-02-25The $0.053 per-share estimated value disclosed for converted rights is not cash consideration. As disclosed: 6,016,594 2024 STI rights and 9,472,265 2022–24 LTI rights lapsed because they could not vest.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | CancellationPerformance Rights | 15,488,859 | —Not Disclosed | — | — |
| 2023-07-31 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2023-07-31Non-cash equity incentive; award fair value, if disclosed, is not cash paid. As disclosed: Issue/grant of 23,603,125 performance rights for 2023 short-term incentive rights; unvested and subject to performance metrics.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | GrantPerformance Rights | 23,603,125 | —Non Cash | — | — |
| 2023-07-31 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2023-07-31Non-cash equity incentive; award fair value, if disclosed, is not cash paid. As disclosed: Issue/grant of 44,958,333 performance rights for 2023–2025 long-term incentive rights; unvested and subject to performance metrics.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | GrantPerformance Rights | 44,958,333 | —Non Cash | — | — |
| 2023-07-31 | Simon WensleyBlack Falcon Investments Qld Pty Ltd
Details & evidence for Simon Wensley on 2023-07-31Non-cash equity incentive; award fair value, if disclosed, is not cash paid. As disclosed: Issue/grant of 18,994,530 performance rights for 2022–2024 long-term incentive rights; unvested and subject to performance metrics.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | GrantPerformance Rights | 18,994,530 | —Non Cash | — | — |
Disclosed holding observations20 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 |
|---|---|---|---|---|
| 2026-05-04 | Simon Wensley
Details & evidence for Simon Wensley on 2026-05-04Post 20:1 consolidation; source notes administrative correction of 24,896 rights and says it is not a disposal.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice - Simon Wensley ↗ | PositionUnvested Performance Rights | 2,748,720 | — |
| 2026-05-04 | Simon Wensley
Details & evidence for Simon Wensley on 2026-05-04Post 20:1 consolidation; filing reports rights escrowed.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice - Simon Wensley ↗ | PositionVested Performance Rights | 2,181,824 | — |
| 2026-04-28 | Douglas Ritchie
Details & evidence for Douglas Ritchie on 2026-04-28
director · Start not disclosed Pleiades Partners Pty Ltd · Indirect shares held by Pleiades Partners Pty Ltd as trustee Change of Director's Interest Notice - Douglas Ritchie ↗ | PositionVested Performance Rights | 831,955 | — |
| 2026-04-28 | Douglas Ritchie
Details & evidence for Douglas Ritchie on 2026-04-28Pleiades Partners Pty Ltd as trustee.
director · Start not disclosed Pleiades Partners Pty Ltd · Indirect shares held by Pleiades Partners Pty Ltd as trustee Change of Director's Interest Notice - Douglas Ritchie ↗ | PositionOrdinary Shares | 272,570 | — |
| 2026-04-28 | Simon Wensley
Details & evidence for Simon Wensley on 2026-04-28Post 20:1 share consolidation; filing reports position after change.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice - Simon Wensley ↗ | PositionOrdinary Shares | 1,845,854 | — |
| 2026-03-20 | Andrew Lloyd
Details & evidence for Andrew Lloyd on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionPerformance Rights | 1,900,000 | — |
| 2026-03-20 | Andrew Lloyd
Details & evidence for Andrew Lloyd on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionOrdinary Shares | 4,379,336 | — |
| 2026-03-20 | Douglas Ritchie
Details & evidence for Douglas Ritchie on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed Pleiades Partners Pty Ltd · Indirect shares held by Pleiades Partners Pty Ltd as trustee 2025 Annual Report ↗ | PositionPerformance Rights | 16,639,116 | — |
| 2026-03-20 | Douglas Ritchie
Details & evidence for Douglas Ritchie on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed Pleiades Partners Pty Ltd · Indirect shares held by Pleiades Partners Pty Ltd as trustee 2025 Annual Report ↗ | PositionOrdinary Shares | 5,451,404 | — |
| 2026-03-20 | Jennifer Purdie
Details & evidence for Jennifer Purdie on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionOrdinary Shares | 120,481 | — |
| 2026-03-20 | Jo-Anne Scarini
Details & evidence for Jo-Anne Scarini on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionOrdinary Shares | 322,580 | — |
| 2026-03-20 | Paul Lucas
Details & evidence for Paul Lucas on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionPerformance Rights | 222,543 | — |
| 2026-03-20 | Paul Lucas
Details & evidence for Paul Lucas on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
director · Start not disclosed 2025 Annual Report ↗ | PositionOrdinary Shares | 1,087,561 | — |
| 2026-03-20 | Simon Wensley
Details & evidence for Simon Wensley on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust 2025 Annual Report ↗ | PositionPerformance Rights | 107,954,557 | — |
| 2026-03-20 | Simon Wensley
Details & evidence for Simon Wensley on 2026-03-20Annual report says “as at the date of this report”; dated to ASX publication (20 March 2026), since no more precise as-of date is stated in the table.
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust 2025 Annual Report ↗ | PositionOrdinary Shares | 23,066,188 | — |
| 2025-03-04 | Simon Wensley
Details & evidence for Simon Wensley on 2025-03-04
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | PositionOrdinary Shares | 29,566,188 | — |
| 2025-03-04 | Simon Wensley
Details & evidence for Simon Wensley on 2025-03-04
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | PositionUnvested Performance Rights | 74,094,383 | — |
| 2025-03-04 | Simon Wensley
Details & evidence for Simon Wensley on 2025-03-04
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | PositionVested Performance Rights | 23,850,906 | — |
| 2023-07-31 | Simon Wensley
Details & evidence for Simon Wensley on 2023-07-31
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | PositionUnvested Performance Rights | 93,855,988 | — |
| 2023-07-31 | Simon Wensley
Details & evidence for Simon Wensley on 2023-07-31
Managing Director and CEO / director · Start not disclosed Black Falcon Investments Qld Pty Ltd · Indirect interest held through Black Falcon Investments Qld Pty Ltd as trustee for Wensley Family Trust Change of Director's Interest Notice ↗ | PositionVested Performance Rights | 15,683,688 | — |
The closest covered peers
Peer comparison
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Narrative and provenance
Research & Sources
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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 inventory22 documents
MMI ASX close 4 Nov 2026 (reference price)Market Data · MediumExtracted
Reference price from miners.reference_price (market data provider via the local ASX price database): close A$0.795 on 4 Nov 2026, open 0.82, high 0.845, low 0.78, volume 596,399; freshness 0 days.
- Document ID
- mkt-reference-price-mmi
- Published UTC
- 2026-11-04T06:00:00Z
- Projects
- —
- Commodities
- —
Peer multiples from the local stock database, 4 Nov 2026 (AAI, S32)Market Data · LowExtracted
Local stock_daily rows for AAI and S32 on 4 Nov 2026 (market cap, EV, EV/EBITDA, P/NAV, 12-month return) from the v8 database; peer context only.
- Document ID
- peer-database-stock-daily
- Published UTC
- 2026-11-04T06:00:00Z
- Projects
- —
- Commodities
- bauxite
Aluminium, alumina and FX observations to 3-4 Nov 2026 (local price database)Commodity Data · MediumExtracted
Local metal price database: COMEX aluminium continuous futures US$3,235.25/t (3 Nov 2026; 3,314.75 on 2 Nov); SHFE alumina futures CNY 2,636/t (3 Nov 2026). The local database has no bauxite daily series; the Q3 2026 company release reports the Australian high-temperature reference at US$60/DMT CIF China.
- Document ID
- mkt-commodity-prices-2026-11
- Published UTC
- 2026-11-03T06:00:00Z
- Projects
- —
- Commodities
- bauxite
Quarterly Activities/Appendix 4C Cash Flow ReportResults · HighExtracted
September 2026 quarter activities and Appendix 5B: shipments 2.114 Mwmt, CIF A$60.8/WMT, site costs A$30.3/WMT, royalties A$6.1/WMT, site EBITDA A$7.0/WMT, cash A$16.8m, Nebari debt A$35.6m (US$24.8m), FX hedges US$37.5m at 0.65, 2026 guidance reset to 6.0-6.5 Mwmt, two 3-year offtakes 2027-2029 totalling 4.5 Mtpa, buy-back not yet commenced.
- Document ID
- mmi-q3-2026-quarterly-4c
- Published UTC
- 2026-10-28T21:18:49Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Management assessment with external background checks (local research product)Leadership · MediumExtracted
Local management assessment: executive team scored 49/100 with low evidence confidence; company-level delivery items include the FY2025 environmental non-compliance (Sediment Pond 2), six lost-time injuries and 16 high-potential incidents in the 2025 season, and the FY2025 production hurdle (>6.7 Mt) not achieved. Personal attribution limited.
- Document ID
- management-assessment-mmi
- Published UTC
- 2026-10-08T13:00:00Z
- Projects
- —
- Commodities
- bauxite
Application for quotation of securities - MMICorporate Action · LowExtracted
Appendix 2A quotation of 31,015 ordinary shares issued 24 Sep 2026 on conversion of performance rights; totals after quotation 308,767,862 ordinary and 13,631,787 performance rights.
- Document ID
- mmi-appendix2a-2026-10
- Published UTC
- 2026-10-02T04:43:49Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Half Year Results 2026Results · HighExtracted
2026 half-year results announcement: record H1 shipments 1.9 Mwmt, gross operating loss A$27.4m, cash A$23.8m, senior debt US$31.5m after US$10.0m repaid, FX hedging gains A$15.1m, carry-forward tax losses A$214.1m. Full half-year accounts were not in the downloads.
- Document ID
- mmi-hy-2026-results
- Published UTC
- 2026-08-28T06:23:26Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Becoming a substantial holderGovernance · LowExtracted
Initial substantial holder notice: Pinnacle Investment Management Group, 15,449,761 ordinary shares (5.01%) from 3 Aug 2026.
- Document ID
- mmi-substantial-holder-2026-08
- Published UTC
- 2026-08-06T06:18:18Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted
June 2026 quarter Appendix 5B and activities: Q2 operating cash flow A$24.2m, cash A$23.8m at 30 Jun 2026, Q2 shipments 1.799 Mwmt.
- Document ID
- mmi-q2-2026-quarterly-5b
- Published UTC
- 2026-07-29T23:28:54Z
- Projects
- bauxite-hills
- Commodities
- bauxite
MMI - Investor Presentation - 2026 Noosa Mining ConferencePresentation · MediumExtracted
July 2026 investor presentation: reserves of about 10 years plus about 5 years of resources (107 Mt DMT total), economies of scale at 7-8 Mt/a, capital allocation framework with a dividend policy of at least 20% of free cash flow net of debt service from 2026 and a >A$300m five-year cash outlook (management statement, not a forecast).
- Document ID
- mmi-investor-presentation-2026-07
- Published UTC
- 2026-07-22T00:11:37Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Company Secretary Appointment_ResignationLeadership · MediumExtracted
Rudi Cohrssen becomes General Counsel and Company Secretary from 1 Jul 2026; Robin Bates remains until 31 Jul 2026.
- Document ID
- mmi-company-secretary-2026-06
- Published UTC
- 2026-06-24T23:00:00Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Director Appointment/ResignationLeadership · MediumExtracted
Resignation of non-executive director Jo-Anne Scarini effective 30 May 2026 (chair of the Audit and Risk Committee).
- Document ID
- mmi-resignation-2026-06
- Published UTC
- 2026-05-31T22:25:56Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Completion of Security ConsolidationCorporate Action · MediumExtracted
Completion of the 1-for-20 consolidation: 307,451,347 ordinary shares and 11,927,754 performance rights after consolidation.
- Document ID
- mmi-consolidation-complete-2026-05
- Published UTC
- 2026-05-08T08:08:13Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Share ConsolidationCorporate Action · MediumExtracted
Notice of 20-for-1 share consolidation approved 22 Apr 2026: 6,144,891,087 ordinary shares before consolidation; performance rights consolidated on the same basis.
- Document ID
- mmi-share-consolidation-2026-04
- Published UTC
- 2026-04-22T22:21:27Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Ore Reserves and Mineral Resources UpdateResource Update · HighExtracted
JORC 2012 Bauxite Hills Ore Reserves (69.6 Mt wet DSO, Al2O3 49.7%, SiO2 13.5%) and Mineral Resources (107.4 Mt dry: Measured 49.2, Indicated 39.1, Inferred 19.1) at 31 Dec 2025, by resource area BH1, BH6 and BH2.
- Document ID
- mmi-ore-reserves-2026-04
- Published UTC
- 2026-04-21T22:30:33Z
- Projects
- bauxite-hills
- Commodities
- bauxite
2025 Annual ReportGovernance · MediumExtracted
2025 Annual Report: directors and officers (biographies), committee roles, executive remuneration roles (CFO, site senior executive, GM marine), governance, top-20 register as at 16 Feb 2026.
- Document ID
- mmi-annual-report-2025
- Published UTC
- 2026-03-20T05:26:53Z
- Projects
- bauxite-hills
- Commodities
- bauxite
2025 Financial ResultsResults · HighExtracted
FY2025 audited financial report (year to 31 Dec 2025): revenue, NPAT, cash flows, balance sheet, borrowings, leases, Nebari facility terms, FX forward book, Ikamba JV, tax losses, impairment reversal and share capital.
- Document ID
- mmi-fy25-financial-report
- Published UTC
- 2026-02-26T22:43:12Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Notification of buy-back - MMICorporate Action · HighExtracted
Appendix 3C: on-market buy-back of up to 5% of ordinary shares (305,539,530 before consolidation), no security holder approval required; not commenced at 29 Oct 2026.
- Document ID
- mmi-buyback-notice-2026-02
- Published UTC
- 2026-02-26T22:45:32Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Rio Tinto FY2025 results (6-K, 19 Feb 2026): underlying EBITDA and net debtResults · LowExtracted
Rio Tinto FY2025 press release (SEC 6-K): underlying EBITDA US$25,363m (2024: US$23,314m); net debt US$14,362m (2024: US$5,491m). Used only for the peer context row; shares on issue not verified, so no market multiple is computed.
- Document ID
- web-rio-fy25-results
- Published UTC
- 2026-02-18T22:00:00Z
- Projects
- —
- Commodities
- bauxite
Top-20 register and substantial holders as at 16 Feb 2026 (local ownership product)Governance · MediumExtracted
Local research product built from the 2025 Annual Report top-20 table and substantial-holder list (register date 16 Feb 2026, 6,110,790,614 securities before consolidation). Used for ownership context only; superseded by later substantial-holder notices.
- Document ID
- ownership-register-mmi-2026
- Published UTC
- 2026-02-15T13:00:00Z
- Projects
- —
- Commodities
- bauxite
Quarterly Activities/Appendix 4C Cash Flow ReportResults · MediumExtracted
December 2025 quarter: CIF pricing A$73.7/WMT, site costs A$28.5/WMT, royalties A$8.6/WMT, site EBITDA A$12.0/WMT; cash A$57.5m at quarter end.
- Document ID
- mmi-q4-2025-quarterly-4c
- Published UTC
- 2026-01-27T22:14:57Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Quarterly Activities/Appendix 5B Cash Flow ReportResults · LowExtracted
September 2025 quarter: CIF A$63.3/WMT, site costs A$25.7/WMT, royalties A$6.8/WMT, site EBITDA A$16.1/WMT; Appendix 5B cash flows.
- Document ID
- mmi-q3-2025-quarterly-5b
- Published UTC
- 2025-10-15T22:02:15Z
- Projects
- bauxite-hills
- Commodities
- bauxite
Evidence facts120
378362000 AUD
2025-12-31307337000 AUD
2024-12-31142334000 AUD
2025-12-3172933000 AUD
2025-12-3175055000 AUD
2025-12-3110768000 AUD
2025-12-31874000 AUD
2025-12-3157463000 AUD
2025-12-3158891000 AUD
2025-12-3131081000 AUD
2025-12-31186871000 AUD
2025-12-315302000 AUD
2025-12-3120825000 AUD
2025-12-316110791000 shares_pre_consolidation
2025-12-316071862000 shares_pre_consolidation
2024-12-31183900000 AUD
2025-12-310 AUD/share
2025-12-31167000000 USD
2025-12-3147738000 AUD
2025-12-31443700000 AUD
2025-06-30473700000 AUD
2025-06-3024800000 USD
2025-12-3122156000 AUD
2025-12-319590000 AUD
2025-12-3128720000 AUD
2025-12-3124025000 AUD
2025-12-3116763000 AUD
2025-12-3150760000 AUD
2025-12-31198218000 AUD
2025-12-3131943000 AUD
2025-12-316174000 WMT
2025-12-316291000 WMT
2025-12-310 text
2026-02-2550 pct
2025-12-316 count
2026-02-270 text
2025-08-016110790614 shares_pre_consolidation
2026-02-162114000 WMT
2026-09-302013000 WMT
2026-09-3060.8 AUD/WMT
2026-09-3030.3 AUD/WMT
2026-09-306.1 AUD/WMT
2026-09-307.0 AUD/WMT
2026-09-3010552000 AUD
2026-09-30-3710000 AUD
2026-09-303207000 AUD
2026-09-307578000 AUD
2026-09-30402000 AUD
2026-09-30-4674000 AUD
2026-09-30-1359000 AUD
2026-09-30-3220000 AUD
2026-09-30-12472000 AUD
2026-09-3023668000 AUD
2026-09-305089000 AUD
2026-09-3016834000 AUD
2026-09-3023765000 AUD
2026-06-3035612000 AUD
2026-09-300 AUD
2026-09-3037500000 USD
2026-09-306.25 Mwmt midpoint
2026-10-194500000 WMT/yr
2026-10-290 text
2026-10-290 text
2026-10-290 text
2026-10-293 USD/DMT uplift
2026-10-291900000 WMT
2026-06-30-27400000 AUD
2026-06-3023800000 AUD
2026-06-3031500000 USD
2026-06-3015100000 AUD
2026-06-30214100000 AUD
2026-06-3010 years
2026-07-227000000 tpa
2026-07-22300000000 AUD
2026-07-220.2 fraction
2026-07-2269600000 t wet
2025-12-3142100000 t wet
2025-12-3127500000 t wet
2025-12-3149.7 %
2025-12-3113.5 %
2025-12-31107400000 t dry
2025-12-3149200000 t dry
2025-12-3139100000 t dry
2025-12-3119100000 t dry
2025-12-3148.6 %
2025-12-3114.4 %
2025-12-3157100000 t wet
2025-12-3110000000 t wet
2025-12-312400000 t wet
2025-12-317000000 t dry
2025-12-316144891087 shares_pre_consolidation
2026-04-2220 ratio
2026-04-22307451347 shares
2026-05-0811927754 rights
2026-05-086110790614 shares_pre_consolidation
2026-02-27305539530 shares_pre_consolidation
2026-02-27308767862 shares
2026-10-0213631787 rights
2026-10-0215449761 shares
2026-08-035.01 %
2026-08-030 text
2026-05-300 text
2026-07-0174654000 AUD
2025-12-3173.7 AUD/WMT
2025-12-3128.5 AUD/WMT
2025-12-318.6 AUD/WMT
2025-12-3163.3 AUD/WMT
2025-09-3025.7 AUD/WMT
2025-09-3024169000 AUD
2026-06-3023765000 AUD
2026-06-300.795 AUD/share
2026-11-04596399 shares
2026-11-043235.25 USD/t
2026-11-032636.0 CNY/t
2026-11-031.4236 AUD per USD
2026-11-046110790614 shares_pre_consolidation
2026-02-1649 score
2026-10-0925363 USD m
2025-12-3114362 USD m
2025-12-3114692563186.84 USD
2026-11-04Conflicts requiring judgment2
- net cash used in investing activities, Q3 2026
Item 4.3 (4,674) is used: it equals the sum of line items 2.1 (3,207 + 108) and 2.5 (1,359) and ties to the closing cash bridge (23,765 + 10,552 - 4,674 - 12,472 - 337 = 16,834). The printed subtotal 2.6 (1,359) is treated as a typographical error in the release.
- net cash from operating activities, FY2025
The audited statement of cash flows (75,055) is used; the Appendix 4C figure (74,654) was released before the audit and is superseded.