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2026-11-06
◂ Monitor MRT ASX

Maritana Minerals Limited

Funded Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.53
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$197.1M
EV
A$-32.4M
Cash
A$229.5M
Debt
A$0
8 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$229.5M Construction Funded
Debt A$0 Net cash A$229.5M
Basic shares 372M 2026-08-06
Runway Construction Funded A$229.5m June cash against A$131m study maximum project drawdown, but remaining construction commitments and FY2026 audited balances have not been reconciled.

Liquidity

Financial position

Large cash buffer following A$175m placement; net cash is not recurring self-funded generation and full EPC/final approvals remain gates.

Inventory composition1

Boorara stockpile contains approximately 14,600oz gold; no separable stockpile value added because commissioning feed is embedded in hub NAV.

Boorara run-of-mine ore stockpile on hand
— carrying · 460,000 tonnes

Capital structure

Ownership and dilution

Ordinary shares
372M
Fully diluted
375.5M

30 June 371,850,639 ordinary shares plus 45,186 July tenement issues, 514 July option exercises and 66,667 August issue = 371,963,006. The 3 September 2026 expiry removes 1,130,488 options from current dilution absent later exercise proof. September quotation notices and FY2026 annual PDF were inaccessible; this is the latest fully reconciled issuer basis.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX MRT fully paid ordinary sharesOrdinary Share372M——
Unquoted employee performance rightsPerformance Right3.2M——
Unlisted options exercisable at A$1.80Option400KA$1.82028-09-30

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
InventoryBsph30 June 2026Point In Time460,000 tonnes ROMReported
OtherCompanyFY2026Year8,528,000 AUD operating cash flow, not FCFReported
Company guidance2
MetricProjectPeriodLowHighStatus
First GoldbsphH2 CY2027—— dateCurrent
Mining Restartbsphmid CY2027—— dateCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-06RaisingMrt Ordinary—66.7K—Completed66,667 ordinary shares quoted; August quoted balance 371,963,006.
2026-07-15RaisingMrt Ordinary—514—Completed514 option-exercise ordinary shares quoted.
2026-07-09RaisingMrt Ordinary—45.2K—Completed18,519 and 26,667 shares quoted; post-June incremental issue.
2026-04-29RaisingMrt OrdinaryA$175M——CompletedTwo-tranche A$175m placement completed; shares incorporated in June ordinary base.

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

2025 annual contractual schedule plus 2026 June quarter and May tenement terms; FY2026 annual PDF filed 24 September but denied by host.

Conico manages the 50:50 JV; value only the attributable interest, here carried at zero until an economic study.

Joint Venture · Active
Counterparties
Conico Ltd
Applies to
Mt Thirsty nickel-cobalt-manganese JV · Nickel · Cobalt · Manganese
Economic direction
Mixed
Period
Dates not stated
Key terms
Maritana interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Maritana retains 25% today; further earn-in can reduce it to 10%. No production cash flow is assumed.

Earn In · Active
Counterparties
Gold Tiger Resources (Australia) Ltd
Applies to
Yarmany Gold Tiger earn-in · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Gold Tiger earned interest: 75 %
Potential Gold Tiger final interest: 90 %
Spend commitment: 300,000 AUD
Cash payment: 120,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Applies only to White Flag M26/616; no ore from that tenement is in valued hub cash flow.

Royalty · Active
Counterparties
Pamela Jean Buchhorn
Applies to
Regional gold and White Flag tenements · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Ore mined and treated royalty: 1 AUD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Five campaigns and sales completed; final distribution and settlement remain outstanding, amount not disclosed.

Joint Venture · Active
Counterparties
BML Ventures Pty Ltd
Applies to
Phillips Find historic tolling JV · Gold
Economic direction
Mixed
Period
From 2024-08-07; no end date stated
Key terms
Toll-treated ore programme: 200,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

Historic tolling programme completed; no future processing cost projected.

Tolling Or Processing · Active
Counterparties
FMR Investments Pty Ltd
Applies to
Phillips Find historic tolling JV · Gold
Economic direction
Burden
Period
From 2024-08-07; no end date stated
Key terms
Contracted toll ore: 200,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

Applies to Kanowna East tenure on completion; no Kanowna production in current value.

Royalty · Conditional
Counterparties
Accelerate Resources Ltd
Applies to
Regional gold and White Flag tenements · Gold · Nickel
Economic direction
Burden
Period
From 2026-05-19; no end date stated
Key terms
Net smelter return on acquired tenements: 1 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty receivable if Balagundi is developed; no forecast or base value.

Royalty · Conditional
Counterparties
Accelerate Resources Ltd
Applies to
Regional gold and White Flag tenements · Gold · Nickel
Economic direction
Benefit
Period
From 2026-05-19; no end date stated
Key terms
Net smelter return on divested tenements: 1 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Maritana would grant Accelerate a five-year first-refusal right over future gold toll treatment; no volume or margin is committed.

Tolling Or Processing · Conditional
Counterparties
Accelerate Resources Ltd
Applies to
Black Swan Processing Hub and current gold feed plan · Gold
Economic direction
Burden
Period
From 2026-05-19; no end date stated
Key terms
Right of first refusal: 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.