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2026-11-06
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New Murchison Gold Limited

Producer · Gold · AU Rating locked: sign in to view v8.1 · nmg-20261102t225750-full
Last 2026-11-06
A$0.057
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$619.3M
EV
A$400M
Cash
A$220.4M
Debt
A$64K

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$220.4M2026-06-30: 201,730,000 A$2026-09-30: 220,424,000 A$ Self Funding
Debt A$64KFY25A (12 months to 30 Sep 2025): 479,000TY26A (9 months to 30 Jun 2026, transitional): 1,160,000 Net cash A$220.4M
Basic shares 10.9BFY25A (12 months to 30 Sep 2025): 10,793,041,595TY26A (9 months to 30 Jun 2026, transitional): 10,864,241,595 2026-06-30
Runway Self Funding Operating cash flow was positive in the September quarter (+A$25.2m) and the nine-month period (A$195.2m); no debt. Cash of A$220.4m at 30 Sep 2026 is before the A$27m dividend and the A$32.7m current tax liability.

Liquidity

Financial position

Net cash position, nil hedging and no undrawn debt facility disclosed. Cash claims at the cutoff: maiden dividend about A$27m (declared 22 Oct 2026) and current tax liabilities of A$32.7m at 30 June 2026 (not paid in the September quarter per Appendix 5B item 1.6).

Inventory composition1

Proved stockpile at 30 June 2026 (rendered reserve table); carrying value not disclosed in the documents read. Sep quarter ore is sold on certification under the OPA, so no ore inventory is valued in cash.

Crown Prince proved ore stockpile (190,000 t at 0.8 g/t, 4,800 oz)
— carrying · 190,000 t

Capital structure

Ownership and dilution

Ordinary shares
10.9B
Fully diluted
11.4B

Ordinary shares 10,864,241,595 at 30 June 2026 (AR note 15) plus 199,458,205 options and 342,990,866 performance rights (AR p.26) = 11,406,690,666 gross. After 30 June the company issued 10,963,249 rights shares, 15m and 10m option shares; the valuation uses a pro forma basic count of 10,900,204,844 and a treasury-method count of in-the-money options at A$0.057 plus 330,000,000 unvested rights (11,346,842,887 fully diluted). The 2025 comparative count was 10,793,041,595.

Security classes7
ClassTypeQuantityStrikeExpiry
Unquoted options exercisable at A$0.0087, expiring 28 Feb 2027 (10m exercised after balance date)Option40MA$0.0092027-02-28
Unquoted options exercisable at A$0.0120, expiring 21 Oct 2026 (15m exercised after balance date)Option15MA$0.0122026-10-21
Unquoted options exercisable at A$0.0236, expiring 5 May 2028Option20MA$0.0242028-05-05
Unquoted options exercisable at A$0.0259, expiring 15 Aug 2028Option40MA$0.0262028-08-15
Unquoted options exercisable at A$0.062, expiring 30 Mar 2029Option20MA$0.0622029-03-30
Performance options exercisable at A$0.006, expiring 27 Mar 2028Option64.5MA$0.0062028-03-27
Performance rights (employee and executive LTI, hurdle-based)Performance Right343M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25A (12 months to 30 Sep 2025)ATY26A (9 months to 30 Jun 2026, transitional)A
Operations
Gold sold in ore (attributable)oz—54,952
Unit costs
AISCAUD/oz Au—2,882
Profit and loss
Revenue (net of OPA margin and haulage)AUDmFY25A (12 months to 30 Sep 2025): 17,960,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 272,118,000 AUD18.0272.1
Operating costs (royalties, mining, site, corporate)AUDmFY25A (12 months to 30 Sep 2025): 13,018,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 89,712,000 AUD13.089.7
EBITDAAUDmFY25A (12 months to 30 Sep 2025): 4,942,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 182,406,000 AUD4.9182.4
Net profit after taxAUDmFY25A (12 months to 30 Sep 2025): 4,793,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 146,951,000 AUD4.8147.0
Cash flow
Operating cash flow (forecast after tax and closure)AUDmFY25A (12 months to 30 Sep 2025): -3,795,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 195,198,000 AUD(3.8)195.2
Capex (actual PP&E, E&E and mine properties; forecast sustaining)AUDmFY25A (12 months to 30 Sep 2025): 17,998,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 12,857,000 AUD18.012.9
Free cash flowAUDmFY25A (12 months to 30 Sep 2025): -21,793,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 182,341,000 AUD(21.8)182.3
Balance sheet
Cash and cash equivalents (period end)AUDmFY25A (12 months to 30 Sep 2025): 19,748,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 201,730,000 AUD19.7201.7
Borrowings and leasesAUDmFY25A (12 months to 30 Sep 2025): 479,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 1,160,000 AUD0.51.2
Net debt (negative = net cash)AUDmFY25A (12 months to 30 Sep 2025): -19,269,000 AUDTY26A (9 months to 30 Jun 2026, transitional): -200,570,000 AUD(19.3)(200.6)
Book equity (period end)AUDmFY25A (12 months to 30 Sep 2025): 58,239,000 AUDTY26A (9 months to 30 Jun 2026, transitional): 208,680,000 AUD58.2208.7
Per share
Shares (period end, pro forma for Oct 2026 issues in forecasts)m sharesFY25A (12 months to 30 Sep 2025): 10,793,041,595 sharesTY26A (9 months to 30 Jun 2026, transitional): 10,864,241,595 shares10,793.010,864.2
Earnings per shareAUD/shareFY25A (12 months to 30 Sep 2025): 0.00 AUD/shareTY26A (9 months to 30 Jun 2026, transitional): 0.01 AUD/share0.000.01
Dividends per share declaredAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A (12 months to 30 Sep 2025): 80.94 xTY26A (9 months to 30 Jun 2026, transitional): 2.19 x80.92.2
P / E (x, current market cap)xFY25A (12 months to 30 Sep 2025): 129 xTY26A (9 months to 30 Jun 2026, transitional): 4.21 x129.24.2
FCF yield (current market cap)%FY25A (12 months to 30 Sep 2025): -0.04 fractionTY26A (9 months to 30 Jun 2026, transitional): 0.29 fraction-3.5%29.4%
EBITDA margin%FY25A (12 months to 30 Sep 2025): 0.28 fractionTY26A (9 months to 30 Jun 2026, transitional): 0.67 fraction27.5%67.0%
Net debt / EBITDA (x)xFY25A (12 months to 30 Sep 2025): -3.90 xTY26A (9 months to 30 Jun 2026, transitional): -1.10 x(3.9)(1.1)

KPI history

Operating metrics

Source values by period
Operating metric source table13
MetricProjectPeriodPeriod typeValueStatus
Gold sold in ore (attributable)Crown Prince OpSep 2026 quarterQuarter10,837 ozReported
Attributable AISC (OPA-implied bullion price A$6,055/oz)Crown Prince OpSep 2026 quarterQuarter4,972 AUD/ozReported
Cash cost including OPA margin and haulageCrown Prince OpSep 2026 quarterQuarter4,624 AUD/ozReported
Sold ore gradeCrown Prince OpSep 2026 quarterQuarter2.2 g/t AuReported
Agreed gold recovery under OPACrown Prince OpSep 2026 quarterQuarter96.5 %Reported
Gold sold in ore (attributable), nine monthsCrown Prince OpNine months to 30 Jun 2026Year54,952 ozReported
Attributable AISC, nine months (A$6,531/oz OPA price)Crown Prince OpNine months to 30 Jun 2026Year2,882 AUD/ozReported
Ore sold (tonnes), exceeded 450,000 t OPA maximum by agreementCrown Prince OpNine months to 30 Jun 2026Year516,925 tReported
Revenue under the OPA (corporate)Crown Prince OpNine months to 30 Jun 2026Year272,118,000 AUDReported
Statutory-derived EBITDA: PBT plus finance costs and D&ACrown Prince OpNine months to 30 Jun 2026Year182,406,000 AUDSource Derived
Net cash from operating activities (pre-capex; not FCF)Crown Prince OpNine months to 30 Jun 2026Year195,198,000 AUDReported
Cash and cash equivalentsCrown Prince OpAt 30 Jun 2026Point In Time201,730,000 AUDReported
Cash at end of September 2026 quarter (Appendix 5B 4.6)Crown Prince OpAt 30 Sep 2026Point In Time220,424,000 AUDReported

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-22DividendA$27M——Announced—

Contracts and ownership

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

Partial · as of 2026-10-22

OPA, alliance, royalties and farm-ins from the 2026 annual report and October 2026 quarterly; the OPA price, term and deductions beyond the quarterly footnote are not fully disclosed.

NMG sells all ore to Westgold at Bluebird. The OPA invoice equals certified tonnes x grade x recovery x LBMA monthly average gold price less OPA deductions (AR p.56). Payment is the month after certification. NMG reports attributable gold and AISC on the OPA price.

Tolling Or Processing · Active
Counterparties
Westgold Resources Limited (Big Bell Gold Operations Pty Ltd)
Applies to
Crown Prince open pit complex (Crown Prince OP, Cloudkicker OP, stockpiles) · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
OPA margin: 17 % of attributable gold price
OPA haulage and processing cost: 785 AUD/oz sold
Initial OPA period: 24 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Strategic alliance from the 2024 placement. Westgold holds 1,689,427,459 shares (15.53%) at 30 June 2026 (AR p.88). Its rights limit dilution options and shape any sale of ore from future NMG tenements.

Strategic Partnership · Active
Counterparties
Westgold Resources Limited
Applies to
Crown Prince open pit complex (Crown Prince OP, Cloudkicker OP, stockpiles) · Gold
Economic direction
Burden
Period
From 2024-06-04; no end date stated
Key terms
Right of first refusal over ore from NMG tenements processed at Bluebird: —
Equity participation right: —
Board nominee right: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Native title agreement royalty; TY26 royalty payments A$1.752m (AR p.9).

Royalty · Active
Counterparties
Wajarri Yamaji Aboriginal Corporation
Applies to
Crown Prince open pit complex (Crown Prince OP, Cloudkicker OP, stockpiles) · Garden Gully extensions: Crown Prince underground, Lydia, Abbotts and Cloudkicker non-reserve resource · Gold
Economic direction
Burden
Period
From 2021-01-01; no end date stated
Key terms
Royalty over minerals produced by NMGOps on M51/886 and M51/889: 0.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty deeds replaced historical arrangements on 14 Aug 2024; the 2% rate applies to the Crown Prince reserve ore, which is inside the DCF royalty line.

Royalty · Active
Counterparties
Chin Nominees Pty Ltd
Applies to
Crown Prince open pit complex (Crown Prince OP, Cloudkicker OP, stockpiles) · Garden Gully extensions: Crown Prince underground, Lydia, Abbotts and Cloudkicker non-reserve resource · Gold
Economic direction
Burden
Period
From 2024-08-14; no end date stated
Key terms
NSR over part of Crown Prince M51/886 and P51/3009: 2 %
NSR over Lydia M51/889: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Red Bore is not valued; the royalty is recorded for completeness and has no modelled cash flow.

Royalty · Active
Counterparties
Third party (not named)
Applies to
Company-wide · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
NSR over minerals from Red Bore: 1.25 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Exploration farm-ins and JVs; no development value attached and no cash flow modelled.

Farm In · Active
Counterparties
Abernethy South JV partner (Mark Selga) · East Burnakurra and Lake Annean JV partners
Applies to
Garden Gully regional exploration (619 km2 tenure, Abbernethy and Airstrip) · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Beneficial interest, Abernethy South tenements: 90 %
Beneficial interest, East Burnakurra and Lake Annean: 51 %
How it affects our valuation

No valuation treatment is available for this arrangement.