- Last 2026-11-06
- A$0.024
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$229.2M
- EV
- A$209.2M
- Cash
- A$19M
- Debt
- A$91.4K
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 5All sources ▸- Quarterly Appendix 5B Cash Flow Report (quarter to 30 September 2026)Results
- September 2026 Quarterly Activities ReportOperations
- Annual Report to shareholders (FY2026, year to 30 June 2026)Results
- Presentation - DFS Outcomes (15 Sep 2025)Presentation
- DFS - Browns Range Heavy Rare Earth Project (15 Sep 2025)Study
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| By 31 Mar 2027 or 42 business days after Treasury notice, whichever is earlier | Deadline to hold deferred 2025 and 2026 AGMs | Governance | Confirmed | Medium | Register directions under the FIRB disposal orders remain live; a further deferral or adverse outcome affects the share register. |
| Quarter to 31 Dec 2026, due by end January 2027 | December 2026 quarterly activities and cash flow report | Results | Inferred | Medium | Shows funding progress, FEED completion and the next cash burn. |
| Scheduled March 2027 (company guidance) | Process plant EPC contract award | Construction Or Commissioning | Company Guided | High | Largest execution award; contracts before FID remain conditional on FID and project finance. |
Executive roster
As of 2026-11-06Background checks ▸Directors and key management personnel as disclosed in the FY26 annual report (directors section, pages 61-68); non-executive director excluded per schema.
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Browns Range Heavy Rare Earths Project
AU
DFS complete (Sep 2025); FEED 65.9% earned at 30 Sep 2026; main infrastructure works approval granted 22 Oct 2026; FID subject to funding
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Base case, post-tax, real Q4 2024 A$, CRU China price forecast, A$:US$ 0.65
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Global Browns Range MRE (Measured, Indicated and Inferred; includes Dazzler, Wolverine, Gambit, Area 5, Banshee, Cyclops) | 11.8M t | 0.78% TREO | Rare Earths | 2026-06-30 |
| Mineral Resource | Dazzler MRE (90% Indicated by tonnes) | 340K t | 2.1% TREO | Rare Earths | 2026-06-30 |
| Ore Reserve | Probable (Wolverine open pit, underground and Pilot Plant stockpile) | 5.2M t | 0.88% TREO | Rare Earths | 2026-06-30 |
Milestones3
- Final investment decision (subject to funding arrangements)
At Risk · High materiality
- Process plant EPC contract award (company schedule)
Pending · High materiality
- First concentrate production (Q1 2029)
Delayed · High materiality
Permits & approvals4
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mine Development and Closure Plan | WA | Granted | — | No |
| Main Infrastructure Works Approval | WA (DWER) | Granted | — | Yes |
| Groundwater licence amendment (borefield abstraction) | WA (DWER) | Pending | — | Yes |
| Part IV Environmental Protection Act approval (dewatering discharge) | WA (EPA) | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Browns Range Definitive Feasibility Study | DFS | Current | 2025-09-15 | 11-year LOM, 181,000 t concentrate at 25% TREO; base-case post-tax NPV8 A$74m (pre-tax A$187m), IRR 10% post-tax; capex A$591.96m real Q4 2024; base price CRU China forecast; 8% real discount rate. |
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash fell from A$33.6m (cash and deposits, 30 Jun 2026) to A$20.5m (30 Sep 2026). The auditor carries a material uncertainty over going concern. Working-capital funding and the A$592m project capital are both unfunded; the EXIM and EFA letters are non-binding.
Capital structure
Ownership and dilution
- Ordinary shares
- 9.5B
- Fully diluted
- 9.6B
Ordinary shares rose from 8,361,509,218 (30 Jun 2025) to 9,548,507,513 (30 Jun 2026) after 1,186,998,295 placement shares at A$0.051 (A$60.5m gross). No shares issued after 30 Jun 2026 under the rights plan. 7 Oct 2026 register: 9,544,154,113 quoted plus 4,353,400 restricted, equal to the same total. The Iluka convertible note was repaid in full in Nov 2025 and carries no equity claim. Fully diluted adds 84,400,330 performance rights.
Security classes2
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares on issue | Ordinary Share | 9.5B | — | — |
| Unlisted performance rights (nil exercise price, performance conditions) | Performance Right | 84.4M | A$0 | — |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Concentrate Production | browns_range | Q1 2029 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-11-03Ann. 2025-10-27 | Raising | A$60.5M | 1.2B | — | 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.
Live arrangements from the FY26 annual report and the DFS presentation. Third-party royalties are referenced in the DFS but their counterparties and rates are not disclosed in documents read.
Supply of concentrate to Iluka Eneabba refinery. Conditions precedent; some satisfaction dates have passed and the parties are in discussions to satisfy or extend them. Iluka may terminate if they are not met. DFS pricing assumes the structure continues after 30,500 t.
Offtake · Conditional- Counterparties
- Iluka Resources Limited
- Applies to
- Browns Range Heavy Rare Earths Project · Rare Earths
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Contracted quantity: 30,500 t TREO
Maximum annual quantity before right of first refusal: 5,500 t TREO per year
Pricing: fixed component per contained REO plus upside sharing on Iluka realised price
No valuation treatment is available for this arrangement.
Iluka secured convertible note repaid in full on 4 Nov 2025 with accrued interest of A$3.5m. No remaining claim.
Other · Terminated- Counterparties
- Iluka Resources Limited
- Applies to
- Browns Range Heavy Rare Earths Project
- Economic direction
- Burden
- Period
- Through 2025-11-04; start date not stated
- Key terms
- Principal repaid: 15,000,000 AUD
This arrangement has ended; no current valuation treatment is required.
Iluka named as strategic equity partner in the DFS funding plan; conditional on positive FID and completion of due diligence. Not committed.
Strategic Partnership · Conditional- Counterparties
- Iluka Resources Limited
- Applies to
- Browns Range Heavy Rare Earths Project · Rare Earths
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Funding commitment: Strategic partner equity post FID, subject to FID, Iluka DD and the supply agreement
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.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence coverage improved through review of dated annual reports, appointment notices, current role biographies and company/regulator records through 9 October 2026. The sources establish key experience and role transitions for several executives, a reported zero-recordable-injury FY2025, and the completion of a Browns Range DFS. However, the company missed its 30 September 2026 FID target because funding negotiations remained ongoing; attribution to individuals is not established. A foreign-investment enforcement case resulted in penalties against an external shareholder and associate, not NTU or its executives; subsequent share-register directions and AGM deferrals remained unresolved at cutoff. NTU’s issuer page calls Bin Cai a non-executive director, while the later audited 2025 annual report and selected ledger call him an Executive Director; the dated annual report is preferred.
Decision-relevant facts
Material summary
Adam Handley
Executive Chairman
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Adam Handley; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Adam Handley is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Adam Handley was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Adam Handley; name-based searches can miss same-name and non-indexed records.
Shane Hartwig
Managing Director / CEO
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Shane Hartwig; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Shane Hartwig is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Shane Hartwig was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Shane Hartwig; name-based searches can miss same-name and non-indexed records.
Bin Cai
Executive Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Bin Cai; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Bin Cai is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Bin Cai was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Bin Cai; name-based searches can miss same-name and non-indexed records.
Angela Glover
Chief Operating Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Angela Glover; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Angela Glover is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Angela Glover was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Angela Glover; name-based searches can miss same-name and non-indexed records.
Hayley Patton
Head of People and Culture
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Hayley Patton; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Hayley Patton is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Hayley Patton was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Hayley Patton; name-based searches can miss same-name and non-indexed records.
Dale Richards
Head of Technical Services
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Dale Richards; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Dale Richards is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Dale Richards was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Dale Richards; name-based searches can miss same-name and non-indexed records.
Gareth Fleming
Project Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Gareth Fleming; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Gareth Fleming is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Gareth Fleming was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Gareth Fleming; name-based searches can miss same-name and non-indexed records.
David Collins
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for David Collins; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for David Collins is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for David Collins was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for David Collins; name-based searches can miss same-name and non-indexed records.
Belinda Pearce
Financial Controller
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Belinda Pearce; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Belinda Pearce is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Belinda Pearce was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Belinda Pearce; name-based searches can miss same-name and non-indexed records.
Lucy Rowe
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Lucy Rowe; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Lucy Rowe is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Lucy Rowe was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Lucy Rowe; name-based searches can miss same-name and non-indexed records.
Maria Clemente
Joint Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- No sufficiently corroborated, dated biography was located in the reviewed records for Maria Clemente; prior employers, education, qualifications, concurrent directorships and exact role commencement remain gaps.
- Person-specific failure, fraud, legal, safety, environmental and governance coverage for Maria Clemente is incomplete; open-web work documented here is not an exhaustive criminal, sanctions, litigation, reference or credential check.
- No independent public credential verification or complete dated chronology for Maria Clemente was established; private and unindexed employment records were not available.
- No exhaustive person-level court, sanctions, criminal, regulator, safety or environmental record check was performed for Maria Clemente; name-based searches can miss same-name and non-indexed records.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-10-27
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 7.73% | 646,250,091 | |
| 2 | 7.49% | 626,450,546 | |
| 3 | 7.40% | 619,071,000 | |
| 4 | 6.35% | 530,714,012 | |
| 5 | 5.10% | 426,287,294 | |
| 6 | 4.23% | 353,329,914 | |
| 7 | 3.86% | 322,743,589 | |
| 8 | 2.99% | 250,000,000 | |
| 9 | 2.69% | 225,000,000 | |
| 10 | 2.52% | 210,526,316 | |
| 11 | 2.48% | 207,218,042 | |
| 12 | 1.91% | 159,652,251 | |
| 13 | 1.88% | 156,833,095 | |
| 14 | 1.81% | 151,379,472 | |
| 15 | 1.49% | 125,000,000 | |
| 16 | 1.29% | 107,692,308 | |
| 17 | 0.98% | 81,927,548 | |
| 18 | 0.97% | 81,517,695 | |
| 19 | 0.94% | 78,947,368 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is a dated list of registered accounts, not a complete beneficial-ownership register. Nominee and custody accounts may represent multiple underlying investors.
- Substantial-holder notices after the cited annual-report snapshot were not individually reconciled for this candidate; holdings may have changed by the review cutoff.
Sources
- Annual Report to shareholders
ASX / Northern Minerals Limited · Published 2025-10-27 · Accessed 2026-10-09
Dated registered ordinary-shareholder top-20 table and quantities/percentages.
2025/2025-10-27_Annual Report to shareholders.pdf, PDF page 148; shareholder register section
Disclosed activity
Insider transactions
Trading activity1 buy · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2024-10-23 | Bin CaiAustralia Cayenne Holdings Pty Ltd
Details & evidence for Bin Cai on 2024-10-23As disclosed: 1,578,948 ordinary shares issued under the Share Purchase Plan at A$0.019 per share.
director · Start not disclosed Change of Director's Interest Notice ↗ Change of Director's Interest Notice ↗ | SubscriptionOrdinary shares | 1,578,948 | —Not Disclosed | AUD 0.019Disclosed price | 7,178,948 |
Disclosed holding observations3 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 |
|---|---|---|---|---|
| 2024-10-23 | Bin Cai
Details & evidence for Bin Cai on 2024-10-2315,000,000 rights remained after the SPP share issue; no transaction in rights was disclosed.
director · Start not disclosed Change of Director's Interest Notice ↗ | PositionPerformance rights | 15,000,000 | — |
| 2024-05-24 | Nicholas Curtis
Details & evidence for Nicholas Curtis on 2024-05-2470,000,000 rights convertible on satisfaction of performance conditions; no conversion or transaction is disclosed in this final notice.
director · Start not disclosed to 2024-05-24 Final Director's Interest Notice ↗ | FinalPerformance rights | 70,000,000 | — |
| 2024-05-24 | Nicholas Curtis
Details & evidence for Nicholas Curtis on 2024-05-24Wilkes Holdings Pty Ltd is reported to have a relevant interest in 106,600 ordinary shares.
director · Start not disclosed to 2024-05-24 Final Director's Interest Notice ↗ | FinalOrdinary shares | 106,600 | — |
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 inventory7 documents
NTU reference close 6 Nov 2026 (A$0.024, fresh)Market Data · LowExtracted
Latest eligible ASX close on the cutoff date from the local market database (market data provider feed): close A$0.024, volume 5,057,741, status fresh.
- Document ID
- ntu_market_close_20261106
- Published UTC
- 2026-11-06T06:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Appendix 5B Cash Flow Report (quarter to 30 September 2026)Results · HighExtracted
Quarter to 30 Sep 2026: operating outflow A$13.3m, cash and cash equivalents A$19.0m, no equity or debt inflow, quarters-of-funding answer stating further funding is required.
- Document ID
- ntu_5b_sep26
- Published UTC
- 2026-10-30T04:38:11Z
- Projects
- browns_range
- Commodities
- rare_earths
September 2026 Quarterly Activities ReportOperations · HighExtracted
FEED 65.9% earned against 78.0% planned; FID still subject to funding; main infrastructure works approval granted 22 Oct 2026; cash and investments A$20.5m; EXIM and EFA letters are non-binding.
- Document ID
- ntu_qtr_activities_sep26
- Published UTC
- 2026-10-30T04:55:51Z
- Projects
- browns_range
- Commodities
- rare_earths
Annual Report to shareholders (FY2026, year to 30 June 2026)Results · HighExtracted
FY26 audited accounts: loss A$37.9m, operating cash outflow A$29.2m, cash A$7.8m plus A$25.8m term deposits at 30 June 2026, 9,548,507,513 shares, Browns Range Ore Reserve 5.18 Mt at 0.88% TREO and global MRE 11.8 Mt at 0.78% TREO; material going-concern uncertainty disclosed.
- Document ID
- ntu_ar_fy26
- Published UTC
- 2026-10-29T21:11:15.000Z
- Projects
- browns_range
- Commodities
- rare_earths
Secondary summaries of ex-China Dy and Tb oxide prices (SMM weekly review; Adamas transaction analysis), pre-cutoffCommodity Data · MediumMetadata Only
Search-result summaries only (page not fetched in full; the Fastmarkets Dy page fetched 2026-11-06 showed no price). SMM June 2026 review: ex-China FOB Dy oxide US$265-319/kg and Tb oxide US$1,096-1,184/kg. Adamas Feb 2026: most transactions near US$224/kg Dy and US$936/kg Tb. Used only as a disclosed spot cross-check; value_kind uncertain, confidence low.
- Document ID
- ntu_secondary_dy_tb_spot
- Published UTC
- 2026-06-30T00:00:00Z
- Projects
- browns_range
- Commodities
- rare_earths
Presentation - DFS Outcomes (15 Sep 2025)Presentation · MediumExtracted
Investor presentation summarising the DFS: base and divergence NPVs, IRR, payback, physicals, AISC A$44.70/kg TREO and capex.
- Document ID
- ntu_dfs_presentation_sep25
- Published UTC
- 2025-09-15T00:01:11Z
- Projects
- browns_range
- Commodities
- rare_earths
DFS - Browns Range Heavy Rare Earth Project (15 Sep 2025)Study · HighExtracted
Definitive feasibility study: 11-year LOM, 45,000 t TREO in concentrate, capex A$591.96m real Q4 2024, base-case post-tax NPV8 A$74m, pre-tax NPV8 A$187m, 8% real discount rate, CRU base and divergence price decks.
- Document ID
- ntu_dfs_study_sep25
- Published UTC
- 2025-09-14T23:57:16Z
- Projects
- browns_range
- Commodities
- rare_earths
Evidence facts6
468458 AUD
2026-06-3091392 AUD
2026-06-3025750000 AUD
2026-06-3019016000 AUD
2026-09-301500000 AUD
2026-09-300.024 AUD/share
2026-11-06Conflicts requiring judgment2
- lease_liabilities
None
- cash
Appendix 5B cash and cash equivalents A$19.0m (item 4.6) are used as cash; the A$1.5m of term deposits over 90 days is reported separately as an investment, consistent with the activities report A$20.5m total.