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2026-11-06
◂ Monitor PGL ASX

Pilbara Gold Limited

PFS Developer · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.4
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$93.6M
EV
A$66M
Cash
A$27.6M
Debt
A$0
6 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$27.6M Finite
Debt A$0 Net cash A$27.6M
Basic shares 234M 2026-09-26
Runway 7.64 quarters A$27.601m cash divided by A$3.611m June-quarter relevant outgoings (operating plus exploration), as in Appendix 5B; no construction financing implied.

Liquidity

Financial position

Cash covers the current exploration/PFS run-rate for about 7.6 quarters, but not the A$276m historical pre-production capital estimate; current lease balances and post-June cash movements are not updated.

Capital structure

Ownership and dilution

Ordinary shares
234M
Fully diluted
244.6M

FY2025 2,630,912,189 ordinary shares became 3,367,390,235 by December 2025 after 673,478,046 placement shares and 63m rights conversions. A 15:1 consolidation produced 224,492,683 shares in April 2026. The July 7 Appendix 2A reports 234,016,028 after subsequent issues/conversions. The diluted allowance includes 3,635,214 issued rights plus the remainder of 10,622,229 approved rights disclosed in August; proposed rights may not yet be issued and are conservatively included.

Security classes3
ClassTypeQuantityStrikeExpiry
Quoted PGL ordinary shares at 7 July 2026Ordinary Share234M——
Unquoted performance rights at 7 July 2026Performance Right3.6MA$0—
Additional performance rights approved to issue, conservative diluted allowanceOther7MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
OtherMt York2026 programme to 15 SeptemberPoint In Time36,600 metres drilledReported
OtherRoe Hills2026 programme to 17 SeptemberPoint In Time5,700 metres drilledReported
Company guidance2
MetricProjectPeriodLowHighStatus
2026 Drilling Programmt_yorkCY202660,00060,000 metresCurrent
2026 Drilling Programroe_hillsCY202612,00012,000 metresCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-19Ann. 2026-01-27RaisingA$100K173.2K—Completed—
2025-10-23Ann. 2025-10-15RaisingA$26.9M673.5M—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.

Complete As Disclosed · as of 2026-09-26

Annual and half-year statements, original PLS MRA, August conditions update, and Pincunah acquisition/royalty disclosure reviewed; undisclosed Nyamal payment rates and royalty sales base remain unknown.

PGL has gold/base metal rights over PLS tenements, with PLS activity consent, priority arrangements, no water rights, rehabilitation obligations and a 2% gross revenue royalty. All conditions precedent satisfied August 2026.

Other · Active
Counterparties
PLS Group Limited · Pilgangoora Operations Pty Ltd · Ngungaju Lithium Operations Pty Ltd
Applies to
Mt York Gold Project · Gold
Economic direction
Mixed
Period
From 2025-10-10; no end date stated
Key terms
mineral rights: all except lithium and tantalum
gross revenue royalty payable: 2 percent
rehabilitation security: — AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

PGL retained 2% sales royalty over ground sold to PLS; no production or sales base for a quantified value was disclosed.

Royalty · Active
Counterparties
PLS Group Limited · Pilgangoora Operations Pty Ltd · Ngungaju Lithium Operations Pty Ltd
Applies to
Mt York Gold Project · Gold
Economic direction
Benefit
Period
From 2026-02-01; no end date stated
Key terms
sales royalty received: 2 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Native title agreement covers heritage, employment and contracting, development milestones and a production royalty; amounts remain undisclosed.

Royalty · Active
Counterparties
Nyamal Aboriginal Corporation
Applies to
Mt York Gold Project · Gold
Economic direction
Burden
Period
From 2025-12-08; no end date stated
Key terms
production royalty: — percent
development milestones: — AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Pincunah acquisition has a contingent performance-right obligation linked to a 50koz gold resource at at least 1g/t within five years.

Other · Active
Counterparties
Trek Metals Limited
Applies to
Pincunah Gold and Base Metals Project · Gold
Economic direction
Burden
Period
2026-01-27 to 2031-01-27
Key terms
upfront consideration: 200,000 AUD
conditional consideration: 200,000 AUD equivalent
How it affects our valuation

No valuation treatment is available for this arrangement.

A 1% NSR burdens the named Pincunah licences; without a resource or mine plan there is no cash-flow basis for a present deduction.

Royalty · Active
Counterparties
Commercial Minerals Exporters Pty Ltd
Applies to
Pincunah Gold and Base Metals Project · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
net smelter return: 1 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

PLS retains 2.5% NSR and lithium/tantalum rights on E45/4640; these restrict the economic interest in that licence.

Royalty · Active
Counterparties
Pilgangoora Operations Pty Ltd
Applies to
Pincunah Gold and Base Metals Project · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
net smelter return: 2.5 percent
reserved lithium and tantalum rights: —
How it affects our valuation

No valuation treatment is available for this arrangement.