- Last 2026-11-06
- A$25.65
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$36.5B
- EV
- A$36.5B
- Cash
- A$1B
- Debt
- A$1.4B
2 newer ASX announcements not yet reflected in this valuation
- September 2026 Quarterly Activities ReportLatest Four Activities Reports
- Application for quotation of securities - NSTPost Cash Checkpoint Security Event
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 0All sources ▸- No announcements are linked to this research.
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Late H1 FY27 | KCGM Stage II commissioning | Construction Or Commissioning | Company Guided | High | Concentrate treatment consolidation and expected 1–2 percentage point recovery gain must translate into cash flow. |
| 15 October 2026 | Final dividend cash payment | Corporate Action | Confirmed | Medium | AUD427.4m cash distribution on15October; record date10September already elapsed at valuation cutoff. |
| 18 November 2026 | Annual general meeting and CEO awards | Governance | Confirmed | Medium | Conditional CEO award approval can add up to 732,613 rights; inspect incentives and execution commitments. |
| Late FY27 | Hemi final investment decision target | Study | Company Guided | High | Updated design, aquifer work, secondary approvals, capital and funding determine whether current option can become investable cash flow. |
Executive roster
As of 2026-10-13Background checks ▸Annual report senior executive baseline updated for CEO commencement confirmed by October AGM notice; incumbent names retained where no later change identified. Independent career diligence and complete post-transition org chart not retrieved.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Suresh Vadnagra | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2026-10-05 | 2026 notice of annual general meeting 06 10 2026 |
| Ryan Gurner | Chief Financial Officer and Deputy Chief Executive Officer | Finance | — | 2 2026 annual report double page 20 08 2026 |
| Simon Jessop | Chief Operating Officer | Operations | — | 2 2026 annual report double page 20 08 2026 |
| Steven McClare | Chief Technical Officer | Technical | — | 2 2026 annual report double page 20 08 2026 |
| Hilary Macdonald | Chief Legal Officer and Company Secretary | Company Secretary | — | 2 2026 annual report double page 20 08 2026 |
| Joanne McDonald | Company Secretary | Company Secretary | — | 2026 notice of annual general meeting 06 10 2026 |
| Marianne Dravnieks | Executive Manager People and Culture | Senior Management | — | 2 2026 annual report double page 20 08 2026 |
| Daniel Howe | Chief Geological Officer | Technical | — | 2 2026 annual report double page 20 08 2026 |
| Sophie Spartalis | General Manager Investor Relations | Senior Management | — | 2 2026 annual report double page 20 08 2026 |
| Rebecca Ciotti | Executive Manager Corporate Services | Senior Management | — | 2 2026 annual report double page 20 08 2026 |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
KCGM
AU
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 545.7k ozd
- Production (last FY, 100%)
- 467.6k oz
- AISC (latest quarter)
- A$2,411/oz
- AISC margin at spot
- 58.8%m
- Delivery vs guidance
- NM
- Reserve life
- 32.1 yrsd
- Head grade
- 2.20 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 42.2M oz contained gold | 1.4 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 15M oz contained gold | 1.2 g/t Au | Gold | 2026-03-31 |
Material
Carosue Dam
AU
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 198.7k ozd
- Production (last FY, 100%)
- 217.0k oz
- AISC (latest quarter)
- A$3,082/oz
- AISC margin at spot
- 47.4%m
- Delivery vs guidance
- NM
- Reserve life
- 3.2 yrsd
- Head grade
- 1.80 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 3.9M oz contained gold | 1.9 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 696K oz contained gold | 1.6 g/t Au | Gold | 2026-03-31 |
Material
Kalgoorlie Operations (Kanowna and South Kalgoorlie)
AU
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 166.5k ozd
- Production (last FY, 100%)
- 159.7k oz
- AISC (latest quarter)
- A$2,580/oz
- AISC margin at spot
- 55.9%m
- Delivery vs guidance
- NM
- Reserve life
- 14.1 yrsd
- Head grade
- 3.30 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 9.6M oz contained gold | 1.9771045703242225 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 2.3M oz contained gold | 1.8831890012977959 g/t Au | Gold | 2026-03-31 |
Material
Jundee
AU
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 227.2k ozd
- Production (last FY, 100%)
- 201.6k oz
- AISC (latest quarter)
- A$3,288/oz
- AISC margin at spot
- 43.9%m
- Delivery vs guidance
- NM
- Reserve life
- 5.0 yrsd
- Head grade
- 2.50 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 6.4M oz contained gold | 2.5 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 999K oz contained gold | 3.2 g/t Au | Gold | 2026-03-31 |
Material
Thunderbox and Bronzewing
AU
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 268.6k ozd
- Production (last FY, 100%)
- 232.2k oz
- AISC (latest quarter)
- A$3,176/oz
- AISC margin at spot
- 45.8%m
- Delivery vs guidance
- NM
- Reserve life
- 6.8 yrsd
- Head grade
- 1.50 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 4.3M oz contained gold | 1.6 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 1.6M oz contained gold | 1.7 g/t Au | Gold | 2026-03-31 |
Material
Pogo
US
Existing operating group; ownership100% and resource/reserve inventory as reported.
- Production annualised (attributable)
- 327.3k ozd
- Production (last FY, 100%)
- 265.3k oz
- AISC (latest quarter)
- A$1,952/oz
- AISC margin at spot
- 66.7%m
- Delivery vs guidance
- NM
- Reserve life
- 9.0 yrsd
- Head grade
- 7.80 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 9.3M oz contained gold | 7.6 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Proved and probable | 2.4M oz contained gold | 6.8 g/t Au | Gold | 2026-03-31 |
Material
Hemi and regional Pilbara resources
AU
Pre-FID Hemi development project; secondary approvals and updated scope remain required.
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, indicated and inferred | 13.2M oz contained gold | 1.4 g/t Au | Gold | 2026-03-31 |
| Ore Reserve | Probable | 5.5M oz contained gold | 1.2 g/t Au | Gold | 2026-03-31 |
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Secondary development and water approvals | Western Australia | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Hemi September2023 DFS retained in March2025 scheme booklet | DFS | Superseded | 2023-09-28 | 12-year evaluation;5.7Moz recovered;10Mtpa;93.5% recovery;AISC1337/oz LOM and pre-production capex1345m. Current5.508Moz contained reserve in140.118Mt, later timing and redesign supersede original schedule and budget. |
Other
Alaska Range associate
US
Separate reported economic interest; standalone earnings coverage is limited.
- Investee
- Alaska Range
- Holding
- 30%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
Other
Goldfields Power joint venture
AU
Separate reported economic interest; standalone earnings coverage is limited.
- Ownership
- 50%
- Description
- 50% power JV supporting KCGM; construction and future supply obligations.
- Book value
- —
Other
Eastern Goldfields Power joint venture
AU
Separate reported economic interest; standalone earnings coverage is limited.
- Ownership
- 50%
- Description
- 50% power JV supporting KCGM; construction and future supply obligations.
- Book value
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Revenue
- —
- EBITDA margin
- —
- Utilisation
- —
- Order book
- —
- Top customer share
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Reported cash AUD1018.1m at30June2026; facilities AUD1750m undrawn. Borrowings AUD1395.3m and leases AUD329.4m reconcile separately. Final dividend AUD427.4m and other provisions AUD330.7m require liquidity; Hemi is pre-FID.
Inventory composition1
Bullion awaiting settlement AUD217.2m is already within trade receivables. Current inventory AUD962.6m and non-current ore stockpiles AUD1492.2m are operating assets, not cash.
- Refiner/transporter bullion pending settlement
- — carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 1.4B
- Fully diluted
- 1.4B
Ordinary shares1,424,805,062 include treasury stock. Same-day ASX generated performance-right totals conflict (8,950,232 versus8,848,312); larger count retained as explicit bound plus8,488 NED rights and732,613 proposed CEO rights. Pro forma fully diluted1,434,496,395; no exercise proceeds. Difference between rights reports changes value below0.01%. Future employee awards remain an annual economic cost in AISC.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Quoted ordinary shares including any treasury shares | Ordinary Share | 1.4B | — | — |
| Larger conservative same-day count; exact outstanding count unresolved | Performance Right | 9M | A$0 | — |
| Unquoted NED share rights | Performance Right | 8.5K | A$0 | — |
| Proposed CEO STI/LTI/sign-on rights conditional on AGM approval; conservative inclusion | Performance Right | 732.6K | A$0 | — |
KPI history
Operating metrics · Carosue Dam
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| Carosue Dam gold sold | oz | 56,934 | 58,331 | 52,068 | 49,675 | |
| Carosue Dam AISC | AUD/oz | 2,537 | 2,645 | 2,713 | 3,082 |
KPI history
Operating metrics · Jundee
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| Jundee gold sold | oz | 54,537 | 44,464 | 45,807 | 56,792 | |
| Jundee AISC | AUD/oz | 2,687 | 3,452 | 3,507 | 3,288 |
KPI history
Operating metrics · KCGM
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| KCGM gold sold | oz | 103,139 | 111,135 | 116,944 | 136,424 | |
| KCGM AISC | AUD/oz | 2,503 | 2,603 | 2,485 | 2,411 |
KPI history
Operating metrics · Kalgoorlie Operations (Kanowna and South Kalgoorlie)
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold | oz | 42,739 | 34,013 | 41,301 | 41,631 | |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISC | AUD/oz | 2,329 | 3,130 | 2,529 | 2,580 |
KPI history
Operating metrics · Pogo
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| Pogo gold sold | oz | 64,821 | 53,095 | 65,573 | 81,815 | |
| Pogo AISC | USD/oz | 1,453 | 1,871 | 1,529 | 1,384 |
KPI history
Operating metrics · Thunderbox and Bronzewing
| Metric | Unit | Trend | FY26 Q1 | FY26 Q2 | FY26 Q3 | FY26 Q4 |
|---|---|---|---|---|---|---|
| Thunderbox and Bronzewing gold sold | oz | 58,885 | 47,023 | 59,115 | 67,145 | |
| Thunderbox and Bronzewing AISC | AUD/oz | 2,862 | 3,567 | 3,222 | 3,176 |
Operating metric source table48
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| KCGM gold sold | Kcgm | FY26 Q1 | Quarter | 103,139 oz | Reported |
| KCGM AISC | Kcgm | FY26 Q1 | Quarter | 2,503 AUD/oz | Reported |
| KCGM gold sold | Kcgm | FY26 Q2 | Quarter | 111,135 oz | Reported |
| KCGM AISC | Kcgm | FY26 Q2 | Quarter | 2,603 AUD/oz | Reported |
| KCGM gold sold | Kcgm | FY26 Q3 | Quarter | 116,944 oz | Reported |
| KCGM AISC | Kcgm | FY26 Q3 | Quarter | 2,485 AUD/oz | Reported |
| KCGM gold sold | Kcgm | FY26 Q4 | Quarter | 136,424 oz | Reported |
| KCGM AISC | Kcgm | FY26 Q4 | Quarter | 2,411 AUD/oz | Reported |
| Carosue Dam gold sold | Carosue | FY26 Q1 | Quarter | 56,934 oz | Reported |
| Carosue Dam AISC | Carosue | FY26 Q1 | Quarter | 2,537 AUD/oz | Reported |
| Carosue Dam gold sold | Carosue | FY26 Q2 | Quarter | 58,331 oz | Reported |
| Carosue Dam AISC | Carosue | FY26 Q2 | Quarter | 2,645 AUD/oz | Reported |
| Carosue Dam gold sold | Carosue | FY26 Q3 | Quarter | 52,068 oz | Reported |
| Carosue Dam AISC | Carosue | FY26 Q3 | Quarter | 2,713 AUD/oz | Reported |
| Carosue Dam gold sold | Carosue | FY26 Q4 | Quarter | 49,675 oz | Reported |
| Carosue Dam AISC | Carosue | FY26 Q4 | Quarter | 3,082 AUD/oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold | Kalgoorlie | FY26 Q1 | Quarter | 42,739 oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISC | Kalgoorlie | FY26 Q1 | Quarter | 2,329 AUD/oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold | Kalgoorlie | FY26 Q2 | Quarter | 34,013 oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISC | Kalgoorlie | FY26 Q2 | Quarter | 3,130 AUD/oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold | Kalgoorlie | FY26 Q3 | Quarter | 41,301 oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISC | Kalgoorlie | FY26 Q3 | Quarter | 2,529 AUD/oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold | Kalgoorlie | FY26 Q4 | Quarter | 41,631 oz | Reported |
| Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISC | Kalgoorlie | FY26 Q4 | Quarter | 2,580 AUD/oz | Reported |
| Jundee gold sold | Jundee | FY26 Q1 | Quarter | 54,537 oz | Reported |
| Jundee AISC | Jundee | FY26 Q1 | Quarter | 2,687 AUD/oz | Reported |
| Jundee gold sold | Jundee | FY26 Q2 | Quarter | 44,464 oz | Reported |
| Jundee AISC | Jundee | FY26 Q2 | Quarter | 3,452 AUD/oz | Reported |
| Jundee gold sold | Jundee | FY26 Q3 | Quarter | 45,807 oz | Reported |
| Jundee AISC | Jundee | FY26 Q3 | Quarter | 3,507 AUD/oz | Reported |
| Jundee gold sold | Jundee | FY26 Q4 | Quarter | 56,792 oz | Reported |
| Jundee AISC | Jundee | FY26 Q4 | Quarter | 3,288 AUD/oz | Reported |
| Thunderbox and Bronzewing gold sold | Thunderbox | FY26 Q1 | Quarter | 58,885 oz | Reported |
| Thunderbox and Bronzewing AISC | Thunderbox | FY26 Q1 | Quarter | 2,862 AUD/oz | Reported |
| Thunderbox and Bronzewing gold sold | Thunderbox | FY26 Q2 | Quarter | 47,023 oz | Reported |
| Thunderbox and Bronzewing AISC | Thunderbox | FY26 Q2 | Quarter | 3,567 AUD/oz | Reported |
| Thunderbox and Bronzewing gold sold | Thunderbox | FY26 Q3 | Quarter | 59,115 oz | Reported |
| Thunderbox and Bronzewing AISC | Thunderbox | FY26 Q3 | Quarter | 3,222 AUD/oz | Reported |
| Thunderbox and Bronzewing gold sold | Thunderbox | FY26 Q4 | Quarter | 67,145 oz | Reported |
| Thunderbox and Bronzewing AISC | Thunderbox | FY26 Q4 | Quarter | 3,176 AUD/oz | Reported |
| Pogo gold sold | Pogo | FY26 Q1 | Quarter | 64,821 oz | Reported |
| Pogo AISC | Pogo | FY26 Q1 | Quarter | 1,453 USD/oz | Reported |
| Pogo gold sold | Pogo | FY26 Q2 | Quarter | 53,095 oz | Reported |
| Pogo AISC | Pogo | FY26 Q2 | Quarter | 1,871 USD/oz | Reported |
| Pogo gold sold | Pogo | FY26 Q3 | Quarter | 65,573 oz | Reported |
| Pogo AISC | Pogo | FY26 Q3 | Quarter | 1,529 USD/oz | Reported |
| Pogo gold sold | Pogo | FY26 Q4 | Quarter | 81,815 oz | Reported |
| Pogo AISC | Pogo | FY26 Q4 | Quarter | 1,384 USD/oz | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Sold | Company | FY27 | 1,500,000 | 1,650,000 oz | Current |
| AISC | Company | FY27 | 3,050 | 3,450 AUD/oz | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-15Ann. 2026-08-20 | Dividend | A$427.4M | — | — | Announced | — |
| 2026-04-23Ann. 2026-04-02 | Buyback | A$500M | — | — | Ongoing | — |
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.
Annual report notes12,15 and June-quarter hedge table reviewed. Exploration joint-operation percentages and power interests retained. Contract-specific private royalty/offtake counterparties remain incomplete.
Fixed-price physical gold forwards total 787,500 ounces at AUD3,397 per ounce as at 30 June; no additions since August 2024. Applied pro rata to Australian forecast ounces over FY27 and FY28 only.
Commodity Hedge · Active- Applies to
- KCGM · Carosue Dam · Kalgoorlie Operations (Kanowna and South Kalgoorlie) · Jundee · Thunderbox and Bronzewing · Gold
- Economic direction
- Burden
- Period
- Through 2028-06-30; start date not stated
- Key terms
- FY27 ounces: 517,500 oz
FY28 ounces: 270,000 oz
No valuation treatment is available for this arrangement.
25-year supply agreement: minimum annual cost131m when fully commissioned; thermal FY28, renewables FY29 conditional on approvals. NST thermal/transmission expected expenditure132m; annual costs replace existing power services to an unknown extent.
Strategic Partnership · Conditional- Counterparties
- Zenith
- Applies to
- KCGM · Eastern Goldfields Power joint venture · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- minimum annual supply cost: 131,000,000 AUD/year
NST future power capital: 132,000,000 AUD
No valuation treatment is available for this arrangement.
Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.
Joint Venture · Active- Applies to
- Goldfields Power joint venture · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic ownership: 50 %
No valuation treatment is available for this arrangement.
Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.
Joint Venture · Active- Applies to
- Eastern Goldfields Power joint venture · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic ownership: 50 %
No valuation treatment is available for this arrangement.
Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.
Joint Venture · Active- Applies to
- Alaska Range associate · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic ownership: 30 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 75.51 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 80 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 40 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 70 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 70 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 86.98 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 10 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 30 %
No valuation treatment is available for this arrangement.
Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.
Joint Venture · Active- Applies to
- Company-wide · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- economic interest: 75 %
No valuation treatment is available for this arrangement.
FY26 Australian royalty charges are reported within operating/AISC schedules. Contract-specific government/private rates are not fully separated.
Royalty · Active- Applies to
- KCGM · Carosue Dam · Kalgoorlie Operations (Kanowna and South Kalgoorlie) · Jundee · Thunderbox and Bronzewing · Gold
- Economic direction
- Burden
- Period
- Dates not stated
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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Management background checks
Northern Star has a newly commenced CEO and announced CFO succession. Corporate safety prosecutions and former-employer operating setbacks are material, with precise limits on personal attribution.
Decision-relevant facts
Material summary
Suresh Vadnagra
Chief Executive Officer and Managing Director
Experience relevant to role
Previously Head of Nickel and Zinc Industrial Assets at Glencore, Chief Technical and Projects Officer at Newcrest and operational leadership at MMG, Iluka and BHP; issuer reports engineering and MBA qualifications. On its face this experience is relevant to the role; the degree and employment claims are issuer-reported and are not independently verified.
Responsibility not applicable · The relevance assessment is an analytical judgment; independent credential and full career checks remain incomplete.
Las Bambas community concerns and route interruption
MMG described 2018 community complaints concerning road use, noise, dust and vibration, a blockade and discussions involving communities, the government and company. Vadnagra signed the report as operations executive. MMG described its own efforts to resolve the dispute; those statements are its account.
Role overlaps event; causation unproven · The documented operations role overlaps the dispute; sources do not establish individual fault.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Ryan Gurner
Chief Financial Officer; announced departure 30 November 2026
CFO transition planned
The 31 August 2026 issuer notice said Gurner would return to the CFO role after the CEO commenced on 5 October and leave on 30 November; Northern Star said it would recruit a successor.
Individual involvement documented · The transition concerns his employment; the notice gives no adverse reason for departure.
FY2026 company results
Northern Star reported FY2026 revenue of A$7.6 billion, up 19%, and net profit after tax of A$1.7 billion, up 24%. The company noted a higher realised gold price.
Role overlaps event; causation unproven · Gurner was CFO during the year; market prices and wider management materially affect financial results.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
- A named permanent CFO successor was not identified from the sources reviewed.
Simon Jessop
Chief Operating Officer
Whirling Dervish fatality and corporate convictions
A Byrnecut worker died in July 2020 at Whirling Dervish. In December 2023 Northern Star (Carosue Dam), successor to the prior mine operator, and contractor Byrnecut pleaded guilty and were fined A$700,000 and A$850,000 respectively; a supervisor received a separate fine.
Role overlaps event; causation unproven · Jessop was Saracen COO; the cited convictions concern the companies and a mine supervisor, not Jessop.
Thunderbox fatality and pending company charges
WorkSafe alleges a worker died after cyanide exposure at Thunderbox in August 2024. In August 2026 it charged Northern Star Resources, Northern Star Thunderbox and the worker employer with separate offences. ABC reported that lawyers for Northern Star Resources and Coogee entered no pleas at the September hearing and the matter was adjourned until November; the outcome of the charges was not established by the cutoff.
Role overlaps event; causation unproven · Jessop had company-wide operations and safety responsibilities. The cited charges concern companies; the sources reviewed do not establish a personal allegation or conviction against him.
2023 maintenance injury and subsidiary conviction
WorkSafe records that Northern Star Mining Services pleaded guilty and received a A$750,000 global fine in April 2025 for breaches following a January 2023 serious maintenance injury. WorkSafe describes subsequent isolation training and barricading changes.
Role overlaps event; causation unproven · Jessop held a company-wide COO role; no source attributes personal responsibility for the incident to him.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
- Final Thunderbox prosecution outcome is unknown as at the research cutoff; the companies had not entered pleas at the September hearing.
Steven McClare
Chief Technical Officer
Kanmantoo rock fall and revised plan
Hillgrove reported a December 2018 open-pit rock fall, subsequent restriction and remediation; by January 2019 the inspector lifted the restriction. Hillgrove estimated modified pit design could reduce remaining recovered copper by about 10%.
Role overlaps event; causation unproven · McClare was Hillgrove CEO; no cited determination of personal fault.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Hilary Macdonald
Former company secretary; legal-officer continuity unconfirmed
Retirement from company-secretary role
The company announced Hilary Macdonald would retire as company secretary on 30 September 2026 and Joanne McDonald would become sole secretary. The announcement does not expressly specify the separate chief legal officer end date.
Individual involvement documented · This finding is limited to the specific role in the announcement.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
- The issuer announced retirement from the company secretary role but did not separately state the date or status of the chief legal officer role.
Joanne McDonald
Company Secretary
Sole company-secretary appointment
Northern Star announced that Joanne McDonald would become sole company secretary from 30 September 2026 following Hilary Macdonald’s retirement as company secretary.
Individual involvement documented · The company directly announced the appointment.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Marianne Dravnieks
Executive Manager People and Culture
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Daniel Howe
Chief Geological Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
- Issuer sources differ on the year he became chief geological officer; primary appointment confirmation was not found.
Sophie Spartalis
General Manager Investor Relations
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Rebecca Ciotti
Executive Manager Corporate Services
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Independent university, professional membership and credential verification remains incomplete.
- Comprehensive prior-employer chronology, company outcomes and court, regulator, fraud, safety and environmental searches remain incomplete.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-17 · 1,424,805,062 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 45.53% | 648,745,269 | |
| 2 | 18.37% | 261,767,856 | |
| 3 | 15.26% | 217,461,922 | |
| 4 | 3.03% | 43,192,084 | |
| 5 | 1.89% | 26,971,089 | |
| 6 | 0.76% | 10,793,928 | |
| 7 | 0.52% | 7,458,138 | |
| 8 | 0.45% | 6,471,011 | |
| 9 | 0.29% | 4,149,269 | |
| 10 | 0.23% | 3,221,534 | |
| 11 | 0.22% | 3,104,895 | |
| 12 | 0.21% | 2,961,299 | |
| 13 | 0.20% | 2,833,987 | |
| 14 | 0.18% | 2,552,436 | |
| 15 | 0.17% | 2,410,154 | |
| 16 | 0.17% | 2,395,909 | |
| 17 | 0.13% | 1,895,971 | |
| 18 | 0.13% | 1,827,154 | |
| 19 | 0.10% | 1,468,170 | |
| 20 | 0.10% | 1,400,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 6.24%Voting power | 2026-09-09 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Registered nominee accounts and reported group relevant interests can overlap; do not sum them.
- Substantial-holder figures are dated 31 July or 9 September and may have changed below notice thresholds; coverage is a disclosed snapshot rather than live ownership.
- Two identical HSBC names are separate source rows and are distinguished by entry number.
- Subsequent share issues can alter ownership percentages; October securities quotation was announced after the register date.
- The annual report labels a substantial-holder table as at 31 July 2026, but individual underlying notice measurement dates were not independently established; the three older reported group figures are withheld pending reconciliation.
Sources
- 2026 annual report
Northern Star Resources Ltd via ASX · Published 2026-08-20 · Accessed 2026-10-31
Top 20 register at 17 August; substantial holders table explicitly at 31 July.
downloads/NST/2026/2026-08-20_2026 Annual Report to Shareholders_96a50841edcdab5d.pdf, page 206
- Elliott initial substantial holder notice
Northern Star Resources Ltd via ASX · Published 2026-09-10 · Accessed 2026-10-31
Elliott group 88,941,308 shares / 6.24% voting power at 9 September.
downloads/NST/2026/2026-09-10_Becoming a substantial holder_09cd33959270f113.pdf, page 1
Disclosed activity
Insider transactions
Trading activity3 buys · 0 sells shownNet cash last 12 months A$361.1kShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-10-29 | Peter RozenauersAlenic Pty Ltd ATF The Rozenauers Family Trust
Details & evidence for Peter Rozenauers on 2026-10-29On-market purchase. As disclosed: On-market trade
director · Start not disclosed Alenic Pty Ltd ATF The Rozenauers Family Trust · Relevant indirect interest held through registered account. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseOrdinary fully paid shares | 3,916 | AUD 100,014.64 | AUD 25.54Disclosed price | 3,916 |
| 2026-09-11 | Marnie Helen FinlaysonMarnie Helen Finlayson
Details & evidence for Marnie Helen Finlayson on 2026-09-11On-market purchase. As disclosed: On-market trade
director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseOrdinary fully paid shares | 1,309 | AUD 28,902.72 | AUD 22.08Disclosed price | 9,533 |
| 2026-09-04 | Jeffrey Allan QuartermaineJeffrey Allan Quartermaine and Susan Jennifer Quartermaine as Quartermaine Super Fund account
Details & evidence for Jeffrey Allan Quartermaine on 2026-09-04On-market purchase. As disclosed: On-market trade
director · Start not disclosed Jeffrey Allan Quartermaine and Susan Jennifer Quartermaine as Quartermaine Super Fund account · Relevant indirect interest held through joint super fund account. Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | PurchaseOrdinary fully paid shares | 10,000 | AUD 232,170.59 | AUD 23.18Disclosed price | 10,000 |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
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 inventory15 documents
NST local daily close, 13 October 2026Market Data · LowExtracted
Latest eligible local raw close AUD24.98, volume5,092,958, market data provider via miners.collect_stock_prices. This is the cutoff close, not an October24 live quote.
- Document ID
- nst-price-20261013
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- gold
Cutoff gold and FX observationsMarket Data · LowExtracted
Local Gold API observation USD4174.107919/oz on 13Oct2026; RBA AUD/USD0.6941 collected10Oct2026. Independently checked Umicore13Oct indication USD4172.50. Dated observations only; long-run deck is analyst judgment.
- Document ID
- nst-gold-fx-20261013
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- gold
notification regarding unquoted securities nst 07 10 2026Governance · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-rights-20261007
- Published UTC
- 2026-10-07T13:59:59+00:00
- Projects
- —
- Commodities
- gold
notification of cessation of securities nst 07 10 2026Governance · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-ceased-20261007
- Published UTC
- 2026-10-07T13:59:59+00:00
- Projects
- —
- Commodities
- gold
2026 notice of annual general meeting 06 10 2026Governance · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-agm-20261006
- Published UTC
- 2026-10-06T13:59:59+00:00
- Projects
- —
- Commodities
- gold
2 2026 annual report double page 20 08 2026Results · HighPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-ar-20260820
- Published UTC
- 2026-08-20T13:59:59+00:00
- Projects
- kcgm · carosue · kalgoorlie · jundee · thunderbox · pogo · hemi · alaska-range · goldfields-power · eastern-power
- Commodities
- gold
4 fy26 financial results 20 08 2026Results · HighPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-fy-20260820
- Published UTC
- 2026-08-20T13:59:59+00:00
- Projects
- kcgm · carosue · kalgoorlie · jundee · thunderbox · pogo · hemi · alaska-range · goldfields-power · eastern-power
- Commodities
- gold
5 fy26 financial results presentation 20 08 2026Presentation · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-pres-20260820
- Published UTC
- 2026-08-20T13:59:59+00:00
- Projects
- —
- Commodities
- gold
june 2026 quarterly activities report 29 07 2026Results · HighPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-q4-20260729
- Published UTC
- 2026-07-29T13:59:59+00:00
- Projects
- kcgm · carosue · kalgoorlie · jundee · thunderbox · pogo · hemi · alaska-range · goldfields-power · eastern-power
- Commodities
- gold
march 2026 quarterly activities report 22 04 2026Results · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-q3-20260422
- Published UTC
- 2026-04-22T13:59:59+00:00
- Projects
- —
- Commodities
- gold
half year report ended 31 dec 2025 replacement website versionResults · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-h1-20260212
- Published UTC
- 2026-02-12T13:59:59+00:00
- Projects
- —
- Commodities
- gold
december 2025 quarterly activities report 22 01 2026Results · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-q2-20260122
- Published UTC
- 2026-01-22T13:59:59+00:00
- Projects
- —
- Commodities
- gold
september 2025 quarterly activities report 23 10 2025Results · MediumPartial
Material operating, financial and capital pages reviewed; critical tables visually checked when used. Issuer publication date is verified; release clock is unavailable. Typed timestamps conservatively normalize to end of publication day, with next-session effective date; they are not observed ASX release times.
- Document ID
- nst-q1-20251023
- Published UTC
- 2025-10-23T13:59:59+00:00
- Projects
- —
- Commodities
- gold
De Grey scheme booklet: retained Hemi DFS and independent technical cost reviewStudy · HighPartial
Selected primary technical/financial pages read through V8 page cache; source is historical context superseded where current issuer evidence differs.
- Document ID
- nst-scheme-20250311
- Published UTC
- 2025-03-11T15:59:59+00:00
- Projects
- kcgm · carosue · kalgoorlie · jundee · thunderbox · pogo · hemi · alaska-range · goldfields-power · eastern-power
- Commodities
- gold
De Grey acquisition agreement and production-target basisStudy · HighPartial
Selected primary technical/financial pages read through V8 page cache; source is historical context superseded where current issuer evidence differs.
- Document ID
- nst-acquisition-20241202
- Published UTC
- 2024-12-02T15:59:59+00:00
- Projects
- kcgm · carosue · kalgoorlie · jundee · thunderbox · pogo · hemi · alaska-range · goldfields-power · eastern-power
- Commodities
- gold
Evidence facts125
1018100000.0 AUD
2026-06-301395300000.0 AUD
2026-06-30329400000.0 AUD
2026-06-3015681900000.0 AUD
2026-06-301750000000.0 AUD
2026-06-304091700000.0 AUD
2026-06-301664300000.0 AUD
2026-06-303183300000.0 AUD
2026-06-302712700000.0 AUD
2026-06-301428548599 shares
2025-06-30905195000 t
2026-03-311.4 g/t
2026-03-3142191000 oz
2026-03-31385979000 t
2026-03-311.2 g/t
2026-03-3114997000 oz
2026-03-313041000 oz
2026-03-3120734000 oz
2026-03-3167385000 t
2026-03-311.9 g/t
2026-03-313888000 oz
2026-03-3113587000 t
2026-03-311.6 g/t
2026-03-31696000 oz
2026-03-31605000 oz
2026-03-312074000 oz
2026-03-31150884000 t
2026-03-311.9771045703242225 g/t
2026-03-319591000 oz
2026-03-3137294000 t
2026-03-311.8831890012977959 g/t
2026-03-312258000 oz
2026-03-311043000 oz
2026-03-315445000 oz
2026-03-3179583000 t
2026-03-312.5 g/t
2026-03-316405000 oz
2026-03-319570000 t
2026-03-313.2 g/t
2026-03-31999000 oz
2026-03-3184000 oz
2026-03-314522000 oz
2026-03-3181123000 t
2026-03-311.6 g/t
2026-03-314294000 oz
2026-03-3129704000 t
2026-03-311.7 g/t
2026-03-311576000 oz
2026-03-31722000 oz
2026-03-312794000 oz
2026-03-3137900000 t
2026-03-317.6 g/t
2026-03-319305000 oz
2026-03-3110960000 t
2026-03-316.8 g/t
2026-03-312385000 oz
2026-03-3178000 oz
2026-03-314106000 oz
2026-03-31295403000 t
2026-03-311.4 g/t
2026-03-3113198000 oz
2026-03-31140118000 t
2026-03-311.2 g/t
2026-03-315508000 oz
2026-03-3156000 oz
2026-03-317885000 oz
2026-03-31100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-30100 %
2026-06-3030 %
2026-06-3050 %
2026-06-3050 %
2026-06-30100 %
2026-06-30Alaska Range text
2026-06-3030 %
2026-06-3016000000.0 AUD
2026-06-3050% power JV supporting KCGM; construction and future supply obligations. text
2026-06-3050% power JV supporting KCGM; construction and future supply obligations. text
2026-06-301.794617760605476 g/t
2026-03-317623100000.0 AUD
2026-06-30136424 oz
2026-06-30467642 oz
2026-06-302411 AUD/oz
2026-06-302.2 g/t
2026-06-3082 %
2026-06-302348876 t
2026-06-3049675 oz
2026-06-30217008 oz
2026-06-303082 AUD/oz
2026-06-301.8 g/t
2026-06-3090 %
2026-06-30925683 t
2026-06-3041631 oz
2026-06-30159684 oz
2026-06-302580 AUD/oz
2026-06-303.3 g/t
2026-06-3088 %
2026-06-30471401 t
2026-06-3056792 oz
2026-06-30201600 oz
2026-06-303288 AUD/oz
2026-06-302.5 g/t
2026-06-3086 %
2026-06-30791599 t
2026-06-3067145 oz
2026-06-30232168 oz
2026-06-303176 AUD/oz
2026-06-301.5 g/t
2026-06-3090 %
2026-06-301621222 t
2026-06-3081815 oz
2026-06-30265304 oz
2026-06-301952 AUD/oz
2026-06-307.8 g/t
2026-06-3088 %
2026-06-30381693 t
2026-06-301424805062 shares
2026-10-071434496395 shares
2026-10-0724.98 AUD/share
2026-10-134174.107919 USD/oz
2026-10-130.6941 USD/AUD
2026-10-10Conflicts requiring judgment1
- performance rights outstanding
Both 7 October forms show identical quoted ordinary shares but auto-generated performance rights differ (8,950,232 versus 8,848,312). Intraday sequence is unavailable. Select larger rights count solely for conservative dilution; exact outstanding rights remain uncertain.