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PLA
ASX (primary); PNGX secondary listing as PLC
Pacific Lime and Cement Limited (formerly Mayur Resources Limited)
v8.1 · pla-20261104t223127-full- Last 2026-11-05
- A$0.38
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$354.2M
- EV
- A$350.8M
- Cash
- A$16.4M
- Debt
- A$13M
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 4All sources ▸Event calendar · next 12 months
12 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| early November 2026 | Erection of kiln and process-plant equipment begins (early November 2026) | Construction Or Commissioning | Company Guided | High | First physical plant assembly after the first shipment on 19 Oct 2026. |
| November 2026 (December quarter) | Second and final kiln and process-plant shipment to Port Kido | Construction Or Commissioning | Company Guided | Medium | Completes the equipment delivery needed for Kiln 1 and Kiln 2. |
| before the December quarter | Proposed A$10m working capital facility documented (term sheets from PNG financiers) | Financing | Inferred | High | The facility is the largest near-term unfunded source; not executed at cutoff. |
| December 2026 quarter | Cement early works commence | Construction Or Commissioning | Company Guided | Medium | Early works ahead of the cement FID; funding not yet in place. |
| December 2026 | Phase 3 wharf extension completion (critical path to first lime export) | Construction Or Commissioning | Company Guided | High | Phase 3 was 48.9% complete at the quarter; completion is on the path to first export in 1H CY2027. |
| 17 December 2026 | Annual general meeting | Governance | Confirmed | Medium | Shareholder approvals and remuneration. |
| by 18 December 2026 | Board approval of preferred cement EPC tenderer | Other | Company Guided | High | EPC price and financing route are needed before the cement FID decision. |
| Q1 CY2027 | Cement FID (Q1 CY2027), subject to funding, State option and board approval | Financing | Company Guided | High | Cement FID target was previously calendar 2026; slipped to Q1 CY2027. |
| end Q1 CY2027 to Q2 CY2027 | First quicklime from Kiln 1 (Central Lime) | Production | Company Guided | High | Start of the cash-generating phase; Newmont supply follows commissioning. |
| Q2 CY2027 | Completion of both lime kilns | Construction Or Commissioning | Company Guided | High | Full 400ktpa nameplate. |
| within 180 days of operations starting | State option over a further 5% of the lime company (about US$6.8m) opens with operations | Economic Arrangement | Company Guided | Medium | Modest cash inflow and a further State interest. |
| September 2027 | A$13.0m unsecured loan repayable (15% a year) | Financing | Confirmed | High | Principal falls due before the expected first full quarter of sales. |
Executive roster
As of 2026-11-04Background checks ▸Board and executive leadership as disclosed in the 2026 Annual Report (pages 28-31, rendered and checked) for the executive directors, chief executives, CFO and company secretary, and the project director. Non-executive directors are listed as directors only in the Annual Report and are not repeated here.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Paul Mulder | Managing Director | Executive Director · Chief Executive | 2014-03-01 | 2026 Annual Report (FY to 30 June 2026) |
| Richard Pegum | Executive Chairman | Executive Director | 2023-12-01 | 2026 Annual Report (FY to 30 June 2026) |
| Tim Crossley | Executive Director | Executive Director | 2017-07-03 | 2026 Annual Report (FY to 30 June 2026) |
| Musje Werror | Executive Director and Country Manager | Executive Director · Senior Management | 2024-01-17 | 2026 Annual Report (FY to 30 June 2026) |
| Kevin Savory | Chief Executive Officer, Cement | Chief Executive · Senior Management | 2026-01-12 | 2026 Annual Report (FY to 30 June 2026) |
| John McBride | Chief Executive Officer, Lime | Chief Executive · Operations | 2023-11-01 | 2026 Annual Report (FY to 30 June 2026) |
| Darren Holley | Chief Commercial Officer and Chief Operating Officer | Commercial · Operations · Senior Management | 2026-06-01 | 2026 Annual Report (FY to 30 June 2026) |
| Kerry Parker | Chief Financial Officer and Company Secretary | Finance · Company Secretary | 2021-10-01 | 2026 Annual Report (FY to 30 June 2026) |
| Jason Zoller | Project Director, Central Lime Project; founder and Managing Director of Synergy Alliance | Operations · Technical | — | 2026 Annual Report (FY to 30 June 2026) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime
PG
Construction85% ownedOthers
Construction under the August 2025 equity-only FID. Forecast final cost A$129m against an A$133m funding envelope (base A$84m plus A$49m completion funding). Cumulative spend A$72.0m at 30 Sep 2026. Kiln equipment shipments arriving from October 2026; erection from early November; first lime targeted end Q1 to Q2 CY2027. 40% of nameplate contracted to Newmont from 2027 subject to conditions.
- Study
- —
- Post-tax NPV (study prices, attributable)
- US$136.8md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 29.2%s
- Initial capex (100%)
- A$129.0m
- Capital intensity
- A$356/(t/yr)d
- LoM AISC
- —
- Mine life
- 30.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVUS$161M8% discount
IRR29.2%Published return
Initial capexUS$61MPublished capital estimate
Operating cost81.7USD/t quicklime (derived cash cost at study realisation)
Post-tax, 100% basis, 30-year life, study price deck not disclosed in the documents read; cash cost and realisation derived from the study life-of-project totals. Excludes the A$49m completion funding allowance.
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 205M t | 53.5% CaO | Others | 2026-06-30 |
| Mineral Resource | indicated | 128M t | 51.8% CaO | Others | 2026-06-30 |
| Mineral Resource | inferred | 49M t | 48.3% CaO | Others | 2026-06-30 |
| Ore Reserve | probable | 78M t | about 49.7% CaO weighted (Kido 45Mt at 54%, Rearea 33Mt at 44%) | Others | 2026-06-30 |
Tenements2
Milestones3
- Phase 3 wharf extension completion
Pending · High materiality
- First lime production from Kiln 1 (end Q1 to Q2 CY2027), Kiln 2 completion Q2 CY2027
Pending · High materiality
- Start of kiln equipment erection (early November 2026)
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental Permit EP-L2(622), amended 29 Sep 2026 for Phase 4 marine terminal | PNG (CEPA) | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Central Lime Project FID study, revised equity-only strategy (updated DFS basis, 1,200tpd) | Updated Feasibility | Current | 2025-08-25 | Base case: US$61m capex, 30-year life, US$1,704m revenue and US$816m EBITDA over life, post-tax NPV8% US$161m and IRR 29.2%. Study excludes the contingency now carried in the A$133m envelope. The PNG State purchase of 13% was priced at a 22% discount to the same base-case NPV. |
Core asset
Central Cement Project (Buria, Central Province): 2 x 2,500tpd clinker and cement, 1.65Mtpa cement
PG
DFS Unfunded Developer98% ownedOthers
Pre-FID. Four EPC offers received 12 Oct 2026; two bidders proceed to best-and-final offers; preferred tenderer targeted by 18 Dec 2026; FID targeted Q1 CY2027 subject to funding; production targeted Q1 CY2029. The State may take up to 30% (exercisable two months before FID) at a 15% discount to an agreed NPV; landowners hold 2% free-carried.
- Study
- —
- Post-tax NPV (study prices, attributable)
- US$278.3md
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Published study economicsIssuer or study metrics
NPVUS$284MPublished value
Standalone NPV as stated in the PDA announcement (2022 DFS basis, before SEZ benefits); not rerun. EBITDA of US$101.6m a year at maturity is an April 2026 company estimate.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 14M t | 1.0% CaO, 13.6% Al2O3 (correctives) | Others | 2026-06-30 |
Tenements1
Milestones2
- Board approval of preferred EPC tenderer
Pending · High materiality
- Cement FID (targeted Q1 CY2027, subject to finance)
At Risk · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental and social impact assessment to IFC Performance Standards (final review) | PNG (CEPA) | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Central Cement Project DFS (July 2022 basis), standalone NPV before SEZ tax benefits, updated by IFC-supported feasibility in progress | DFS | Current | 2026-03-12 | NPV of about US$284m standalone (without SEZ benefits) and US$339m with SEZ benefits, cited in the PDA (management internal estimate for the latter). Capex and IRR are not disclosed in the documents read. The IFC-supported update and EPC price will replace this basis. |
Material
Star Mountains Copper-Gold Project (EL2770, 950km2, Sandaun and Western Provinces)
PG
Resource Stage100% ownedCopperGold
Strategic review under way since 25 March 2026 with international parties; a separate listing is under consideration (Sept 2026 quarterly). Olgal inferred resource 626Mt at 0.53% CuEq from 2010-2017 drilling; no new drilling by PLC.
- Contained metal (attributable)
- —
- Resource grade
- 0.27% Cu
- % Measured + Indicated
- 0%d
- Resource tonnes
- 626.0m t
- Our value per attrib. contained unit
- Locked
- Mining method
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | inferred | 626M t | 0.27% Cu, 0.26 g/t Au (0.53% CuEq) | Copper · Gold | 2026-04-28 |
Tenements1
Milestones1
- Outcome of Star Mountains strategic review (sale, partner or separate listing)
Pending · Medium materiality
Material
Orokolo Bay Industrial Sands Project (ML541, Gulf Province): magnetite sands, PowerChina development partner
PG
DFS Unfunded Developer100% ownedOthers
PowerChina (through Mayur Iron PNG) finances, constructs and operates; PLC keeps tenements and sales oversight and receives 60% of net profit after agreed costs. No binding offtake; ocean-freight tender and regulatory readiness ongoing; production now expected in CY2027.
- 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 | total | 209.5M t | DTR 5.93%, Fe 8.53% | Others | 2026-06-30 |
| Ore Reserve | proved_probable | 30.6M t | DTR 11.45% | Others | 2026-06-30 |
Tenements1
Milestones1
- Start of construction at Orokolo Bay (target CY2027)
At Risk · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental Permit EP-L2(668) | PNG (CEPA) | Granted | — | No |
Other
Adyton Resources Corporation (TSXV: ADY, PNGX: ADY): approximately 16% equity holding
PG · CA
Early Explorer16% ownedGoldCopper
Listed minority holding in a gold and copper explorer with Feni, Fergusson and Wapolu projects. Value shown is the company estimate of A$16m at 30 Sep 2026.
- Investee
- —
- Holding
- 16%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- —
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Ownership
- —
- Description
- —
- Book value
- —
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Severely constrained. Cash of A$16.4m at 30 Sep 2026 is below the A$57.0m cost to complete Central Lime, the A$13.0m loan due September 2027 at 15% and about A$5m a year of corporate cost. The A$10m working capital facility is at term-sheet stage and the Adyton stake (about A$16m) is unrealised, so a shortfall of roughly A$50m must be met by new equity or other financing before first lime production. Completion funding of A$26m was undrawn or unrealised at 30 Sep 2026 and is not committed.
Capital structure
Ownership and dilution
- Ordinary shares
- 932.1M
- Fully diluted
- 1B
The Appendix 2A of 2 Nov 2026 states 932,077,017 CDIs after the issue of 71,133,355 CDIs on conversion of the ACAM notes; the 30 June 2026 count was 861,018,662 (AR Note 21). The sum of those two numbers is 75,000 higher than the 2A total; the difference is not explained in the documents read and is immaterial (0.01%). The 26 Oct 2026 AR register count of 861,243,661 differs from the 30 June count by 224,999 and is not reconciled. Fully diluted adds unlisted options, LTI rights and salary-sacrifice rights from the annual report; the 2A lists fewer performance rights and a different exercise price for 32.2m options, flagged as conflicts.
Security classes6
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary shares (CDIs) on issue, ASX PLA | Ordinary Share | 932.1M | — | — |
| Unlisted options, expiring 13 Apr 2029 (AR); Appendix 2A describes the same 32.2m class at A$0.40 | Option | 32.2M | A$0.3 | 2029-04-13 |
| Unlisted options, expiring 17 Jun 2029 | Option | 7.5M | A$0.3 | 2029-06-17 |
| Unlisted options, expiring 24 Jul 2029 | Option | 5M | A$0.3 | 2029-07-24 |
| Long-term incentive performance rights (AR, 30 June 2026); Appendix 2A lists 12,808,880 performance rights, a conflict | Performance Right | 65.4M | A$0 | — |
| Salary sacrifice rights | Performance Right | 148.3K | A$0 | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25AA | FY26AA |
|---|---|---|---|---|
| Operations | ||||
| Quicklime sales (400ktpa nameplate, 100% of the plant) | t | 0.00 | 0.00 | |
| Profit and loss | ||||
| Revenue, plant (100%) | AUDm | 0.0 | 1.9 | |
| Net profit after tax (FY26 reported; forecast plant before interest and corporate cost) | AUDm | 0.3 | (27.6) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (8.0) | (9.1) | |
| Capex (FY25 and FY26 investing payments; FY27 remaining cost to complete) | AUDm | 15.9 | 60.2 | |
| Free cash flow (operating cash flow less capex) | AUDm | (23.8) | (69.3) | |
| Balance sheet | ||||
| Cash (company) | AUDm | 39.2 | 16.7 | |
| Borrowings (company) | AUDm | 8.5 | 22.0 | |
| Net debt (company) | AUDm | (30.7) | 5.3 | |
| Per share | ||||
| CDIs on issue (year end) | m | 837.2 | 861.0 | |
| Earnings per share (basic) | AUD/share | 0.00 | (0.03) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| P / E (x, current market cap) | x | 1305.8 | (12.8) | |
| FCF yield (current market cap) | % | -6.7% | -19.6% | |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Revenue from resale of purchased quicklime (no Central Lime production in FY26) | Central Lime Project | FY26 | Year | 1,934,280 AUD | Reported |
| Net operating cash flow, September quarter (Appendix 5B) | Central Lime Project | Sep-26 quarter | Quarter | -5,135,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Forecast Final Project Cost (A$M) | central-lime-project | to first lime production | 129,000,000 | 133,000,000 AUD | Current |
| First Lime Production (Kiln 1), A$ Not Applicable: End Q1 Cy2027 To Q2 Cy2027 | central-lime-project | CY2027 | 0 | 0 date window | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-31Ann. 2026-09-30 | DebtCdi | A$21.8M | 71.1M | A$0.242 | Completed | Noteholders gave conversion notices for all notes; conversion on 31 Oct 2026 removed the cash redemption due at maturity. |
| 2026-08-01Ann. 2026-07-27 | RaisingEquity In Mayur Industrials Png Limited (Subsidiary, Not A Parent Share Issue) | A$22.6M | — | — | Completed | Subsidiary-level equity sold to the PNG State; no parent shares issued.US$16.3m for 13% of the lime project company, a 22% discount to the agreed independently validated NPV |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Arrangements disclosed in the FY26 annual report, the September 2026 quarterly, the PDA and the 27 July 2026 announcement; the Newmont offtake price is not disclosed.
The State holds 13% of Mayur Industrials PNG Limited, the lime project company. The PLC interest is 85% and landowners hold 2% free-carried.
Joint Venture · Active- Counterparties
- Kumul Minerals Holdings Limited (PNG State)
- Applies to
- Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime · Others
- Economic direction
- Burden
- Period
- From 2026-07-27; no end date stated
- Key terms
- Interest sold: 13 %
Consideration received: 16.3 US$m
Discount to NPV: 22 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Option for a further 5% of the lime project company, taking the State to 18%.
Other · Conditional- Counterparties
- Kumul Minerals Holdings Limited (PNG State)
- Applies to
- Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime · Others
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Option interest: 5 %
Approximate price: 6.8 US$m
How it affects our valuation
No valuation treatment is available for this arrangement.
Staged State options over the cement SPV before FID, with a possible dual listing.
Other · Conditional- Counterparties
- Kumul Minerals Holdings Limited (PNG State)
- Applies to
- Central Cement Project (Buria, Central Province): 2 x 2,500tpd clinker and cement, 1.65Mtpa cement · Others
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Option interest: 30 %
Valuation basis: 15 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Cornerstone multi-year quicklime supply for about 40% of nameplate; supply starts after commissioning. Price terms are not disclosed, so the valuation uses a study realisation.
Offtake · Conditional- Counterparties
- Newmont (Lihir gold mine, PNG)
- Applies to
- Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime · Others
- Economic direction
- Benefit
- Period
- From 2026-02-16; no end date stated
- Key terms
- Volume: 40 % of Central Lime nameplate capacity
Start: after construction and commissioning
Price: not disclosed
How it affects our valuation
No valuation treatment is available for this arrangement.
Landowners hold 2% of the lime project company free-carried under the PDA; it is reflected in the 85% ownership.
Free Carry · Active- Counterparties
- Kido and Rearea landowner companies
- Applies to
- Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime · Others
- Economic direction
- Burden
- Period
- From 2026-03-12; no end date stated
- Key terms
- Free-carried interest: 2 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Landowners hold 2% of the cement SPV free-carried; reflected in the 98% ownership before the State option.
Free Carry · Conditional- Counterparties
- Kido and Rearea landowner companies
- Applies to
- Central Cement Project (Buria, Central Province): 2 x 2,500tpd clinker and cement, 1.65Mtpa cement · Others
- Economic direction
- Burden
- Period
- From 2026-03-12; no end date stated
- Key terms
- Free-carried interest: 2 %
How it affects our valuation
No valuation treatment is available for this arrangement.
PowerChina finances, builds and operates the Orokolo Bay sands project; PLC receives 40% of net profit after agreed costs and keeps oversight of sales.
Farm Out · Active- Counterparties
- PowerChina PNG Limited
- Applies to
- Orokolo Bay Industrial Sands Project (ML541, Gulf Province): magnetite sands, PowerChina development partner · Others
- Economic direction
- Mixed
- Period
- From 2025-12-02; no end date stated
- Key terms
- Share of net profit to PowerChina: 60 %
Funding: 100% of construction capital
How it affects our valuation
No valuation treatment is available for this arrangement.
Land in the 4,500ha SEZ is held through 50:50 joint ventures with landowner companies. Precinct income depends on tenants and is not yet contracted.
Joint Venture · Active- Counterparties
- Kido and Rearea landowner companies
- Applies to
- Company-wide · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Structure: 50:50 joint ventures holding 99-year State leases
How it affects our valuation
No valuation treatment is available for this arrangement.
PLC owns 50% of Synergy Alliance, the construction company on site.
Joint Venture · Active- Counterparties
- Synergy Alliance Limited (landowner JV construction company)
- Applies to
- Central Lime Project (Kido, Central Province, PNG): 2 x 600tpd kilns, 400ktpa nameplate quicklime · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- PLC interest: 50 %
How it affects our valuation
No valuation treatment is available for this arrangement.
US$10m convertible notes converted into 71,133,355 CDIs on 31 Oct 2026; no longer a liability at the cutoff.
Other · Terminated- Counterparties
- ACAM LP affiliates
- Applies to
- Company-wide
- Economic direction
- Burden
- Period
- 2024-10-01 to 2026-10-31
- Key terms
- Principal: 10 US$m
Conversion price: 0.24 AUD/CDI
How it affects our valuation
This arrangement has ended; no current valuation treatment is required.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This remains a screening-level review. It now includes a dated pre-cutoff career chronology for most senior executives, an adjudicated Mayur Renewables permit dispute with the appeal status checked, and a contemporaneous Ok Tedi incident. Many prior-career dates and qualifications still rely on issuer biographies, and comprehensive adverse-record searches remain outside scope.
Decision-relevant facts
Material summary
Richard Pegum
Executive Chairman
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Paul Mulder
Managing Director
LegalDocumented · Medium materiality
Mayur Renewables carbon permits: judicial review and appeal outcome
Mayur Renewables challenged the May 2022 cancellation of three 35-year Kamula Doso forest carbon permits. The National Court on 22 January 2024 upheld review, quashed the minister’s cancellation and ordered a permanent injunction subject to the minister exercising cancellation powers through the Forestry Act process. The 2024 Mayur annual report records that a later application by PNGFA and four landowner groups for leave to review the judgment was dismissed on 4 October 2024. The judgment cites four sworn affidavits from Paul Mulder (July 2022, March 2023, October 2023 and October 2023) and describes the underlying Mayur Renewables agreements. His role as the group MD is directly connected to Mayur’s litigation strategy, though the Court’s findings concern ministerial authority and process, not a finding about Mulder personally. No evidence reviewed establishes deforestation, environmental breach or personal misconduct by this executive.
Individual involvement documented · The court record specifically identifies executive affidavits and the named subsidiary. There was no personal finding of liability or wrongdoing.
Mayur Renewables Ltd v Mirisim [2024] PGNC 7; N10649 · Judgment paras. 10–12, 30, 44–45; paras. 138 and final orders, pp. 11–13, 39–40
Annual Financial Report FY2024 · Events after reporting date; section on Mayur Renewables permit and 4 Oct 2024 leave application dismissal
Evidence gaps · 4
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
- Several prior-role dates and outcomes are not disclosed in reviewed issuer biographies; qualifications remain issuer-reported unless otherwise stated.
Musje Werror
Executive Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Kerry Parker
Group Chief Financial Officer / Company Secretary (Australia)
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
John McBride
CEO Central Lime Project
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Keith Downham
CEO Industrial Sands
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Darren Lockyer
Head of Business Affairs
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Tom Charlton
Chief Geologist
LegalDocumented · Medium materiality
Mayur Renewables carbon permits: judicial review and appeal outcome
Mayur Renewables challenged the May 2022 cancellation of three 35-year Kamula Doso forest carbon permits. The National Court on 22 January 2024 upheld review, quashed the minister’s cancellation and ordered a permanent injunction subject to the minister exercising cancellation powers through the Forestry Act process. The 2024 Mayur annual report records that a later application by PNGFA and four landowner groups for leave to review the judgment was dismissed on 4 October 2024. The judgment cites a 2 November 2023 affidavit by Tom Charlton. It treats him as a company witness; the ruling concerned legality/procedure of the ministerial permit cancellation and establishes no personal misconduct. No evidence reviewed establishes deforestation, environmental breach or personal misconduct by this executive.
Role overlaps event; causation unproven · The court record specifically identifies executive affidavits and the named subsidiary. There was no personal finding of liability or wrongdoing.
Mayur Renewables Ltd v Mirisim [2024] PGNC 7; N10649 · Judgment paras. 10–12, 30, 44–45; paras. 138 and final orders, pp. 11–13, 39–40
Annual Financial Report FY2024 · Events after reporting date; section on Mayur Renewables permit and 4 Oct 2024 leave application dismissal
Evidence gaps · 4
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
- Several prior-role dates and outcomes are not disclosed in reviewed issuer biographies; qualifications remain issuer-reported unless otherwise stated.
Kevin Savory
CEO-Cement
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Darren Holley
Chief Commercial Officer / Chief Operating Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Tim Smart
Group Executive – Capital Markets and Corporate Development
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Full role chronology, earlier employers and dates were not independently established in this limited pass.
- Credentials and memberships were not independently verified.
- The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-10-29 · 838,658,454 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 22.65% | 189,942,270 | |
| 2 | 8.52% | 71,471,250 | |
| 3 | 8.49% | 71,231,103 | |
| 4 | 7.13% | 59,755,475 | |
| 5 | 6.54% | 54,840,086 | |
| 6 | 4.67% | 39,167,857 | |
| 7 | 2.58% | 21,667,538 | |
| 8 | 2.40% | 20,152,286 | |
| 9 | 2.19% | 18,378,571 | |
| 10 | 2.10% | 17,625,327 | |
| 11 | 1.79% | 15,000,000 | |
| 12 | 1.34% | 11,250,000 | |
| 13 | 1.34% | 11,250,000 | |
| 14 | 1.20% | 10,039,303 | |
| 15 | 1.12% | 9,419,472 | |
| 16 | 0.96% | 8,036,696 | |
| 17 | 0.85% | 7,142,858 | |
| 18 | 0.85% | 7,142,857 | |
| 19 | 0.83% | 7,000,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 22.65%Issued shares | 2025-10-29 | |
| 8.81%Issued shares | 2026-05-14 | |
| 8.52%Issued shares | 2025-10-29 | |
| 8.49%Issued shares | 2025-10-29 | |
| 7.13%Issued shares | 2025-10-29 | |
| 6.54%Issued shares | 2025-10-29 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is dated 29 October 2025 and is not current to the cutoff. Later substantial-holder positions are recorded at their filing dates; no post-report full top-20 register was located. The issuer table prints the same Quality Life account name twice; those rows are combined in the register. Nominee positions do not identify ultimate beneficial owners.
Sources
- Pacific Lime and Cement Limited Annual Report 2025
ASX / issuer filing · Published 2025-10-31 · Accessed 2026-10-09
Provides the 20 largest registered accounts, substantial holders and 838,658,454 issued ordinary shares.
Shareholder Information, pp. 88–89; information applicable at 29 October 2025; twenty largest quoted equity holders and total issued capital
- Notice of initial substantial holder – Maybank Securities Pte. Ltd.
ASX / issuer filing · Published 2026-05-11 · Accessed 2026-10-09
Reports Maybank as a substantial holder from 11 May 2026 with an initial 74,609,416-share direct interest.
Form 603, sections 1–4
- Change in substantial holding – Maybank Securities Pte. Ltd.
ASX / issuer filing · Published 2026-05-18 · Accessed 2026-10-09
Updates Maybank to 75,559,210 ordinary shares and 8.81% voting power as at 14 May 2026.
Form 604, sections 1–4
Disclosed activity
Insider transactions
Trading activity4 buys · 0 sells shownNet cash last 12 months A$11.9kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-05-11 | Richard Pegum
Details & evidence for Richard Pegum on 2026-05-11As disclosed: 11 May 2026 purchase: 10,000 shares/CDIs at $0.30 each.
director · Start not disclosed Appendix 3Y - Pegum ↗ | PurchaseOrdinary shares / CDIs | 10,000 | AUD 3,000.00 | AUD 0.3Disclosed price | — |
| 2026-05-08 | Richard Pegum
Details & evidence for Richard Pegum on 2026-05-08As disclosed: 8 May 2026 purchase: 12,600 shares/CDIs at $0.3094 each.
director · Start not disclosed Appendix 3Y - Pegum ↗ | PurchaseOrdinary shares / CDIs | 12,600 | AUD 3,898.44 | AUD 0.3094Disclosed price | — |
| 2026-04-13 | Chris Indermaur
Details & evidence for Chris Indermaur on 2026-04-13As disclosed: 4,500,000 Long Term Incentive Performance Options granted for nil consideration.
director · Start not disclosed Appendix 3Y - 3 Directors ↗ | GrantLong Term Incentive Performance Options | 4,500,000 | —Non Cash | — | — |
| 2026-04-13 | Musje Werror
Details & evidence for Musje Werror on 2026-04-13As disclosed: 6,000,000 Long Term Incentive Performance Options granted for nil consideration.
director · Start not disclosed Appendix 3Y - 3 Directors ↗ | GrantLong Term Incentive Performance Options | 6,000,000 | —Non Cash | — | — |
| 2026-04-13 | Timothy Crossley
Details & evidence for Timothy Crossley on 2026-04-13As disclosed: 9,000,000 Long Term Incentive Performance Options granted for nil consideration.
director · Start not disclosed Appendix 3Y - 3 Directors ↗ | GrantLong Term Incentive Performance Options | 9,000,000 | —Non Cash | — | — |
| 2026-04-07 | Musje Werror
Details & evidence for Musje Werror on 2026-04-07As disclosed: On-market purchase; 18,181 shares/CDIs; $0.275 per share; total $4,999.78.
director · Start not disclosed Appendix 3Y - Werror ↗ | PurchaseFully paid CDI / shares | 18,181 | AUD 4,999.78 | AUD 0.275Disclosed price | — |
| 2025-05-30 | Timothy Crossley
Details & evidence for Timothy Crossley on 2025-05-30As disclosed: 5,000,000 shares/CDIs acquired on conversion of performance rights for nil consideration.
director · Start not disclosed Appendix 3Y Crossley ↗ | ExerciseOrdinary shares / CDIs | 5,000,000 | —Non Cash | — | — |
| 2025-05-14 | Paul Mulder
Details & evidence for Paul Mulder on 2025-05-14As disclosed: 30,000,000 shares/CDIs acquired on conversion of performance rights for nil consideration.
director · Start not disclosed Appendix 3Y Paul Mulder ↗ | ExerciseOrdinary shares / CDIs | 30,000,000 | —Non Cash | — | — |
| 2025-04-09 | Richard Pegum
Details & evidence for Richard Pegum on 2025-04-09As disclosed: 10,000,000 shares/CDIs acquired on conversion of performance rights for nil consideration.
director · Start not disclosed Appendix 3Y Richard Pegum ↗ | ExerciseOrdinary shares / CDIs | 10,000,000 | —Non Cash | — | — |
| 2024-12-23 | Richard Pegum
Details & evidence for Richard Pegum on 2024-12-23As disclosed: 3,333,333 shares/CDIs acquired on conversion of performance rights for nil consideration.
director · Start not disclosed Appendix 3Y - Pegum ↗ | ExerciseOrdinary shares / CDIs | 3,333,333 | —Non Cash | — | — |
| 2024-12-19 | Chris Indermaur
Details & evidence for Chris Indermaur on 2024-12-19As disclosed: 2,500,000 Long Term Incentive Performance Rights acquired; nil cash consideration.
director · Start not disclosed Appendix 3Y - 5 Directors ↗ | GrantLong Term Incentive Performance Rights | 2,500,000 | —Non Cash | — | — |
| 2024-12-19 | Timothy Crossley
Details & evidence for Timothy Crossley on 2024-12-19As disclosed: 3,500,000 Long Term Incentive Performance Rights acquired; nil cash consideration.
director · Start not disclosed Appendix 3Y - 5 Directors ↗ | GrantLong Term Incentive Performance Rights | 3,500,000 | —Non Cash | — | — |
| 2024-12-19 | Paul Mulder
Details & evidence for Paul Mulder on 2024-12-19As disclosed: 30,000,000 Long Term Incentive Performance Rights acquired; nil cash consideration.
director · Start not disclosed Appendix 3Y - 5 Directors ↗ | GrantLong Term Incentive Performance Rights | 30,000,000 | —Non Cash | — | — |
| 2024-12-19 | Richard Pegum
Details & evidence for Richard Pegum on 2024-12-19As disclosed: 15,000,000 Long Term Incentive Performance Rights acquired; nil cash consideration.
director · Start not disclosed Appendix 3Y - 5 Directors ↗ | GrantLong Term Incentive Performance Rights | 15,000,000 | —Non Cash | — | — |
| 2024-12-19 | Musje Werror
Details & evidence for Musje Werror on 2024-12-19As disclosed: 2,500,000 Long Term Incentive Performance Rights acquired; nil cash consideration.
director · Start not disclosed Appendix 3Y - 5 Directors ↗ | GrantLong Term Incentive Performance Rights | 2,500,000 | —Non Cash | — | — |
| 2024-01-17 | Richard Pegum
Details & evidence for Richard Pegum on 2024-01-17As disclosed: 543,905 fully paid shares acquired for $100,000.
director · Start not disclosed Appendix 3Y - Pegum ↗ | PurchaseFully paid shares / CDIs | 543,905 | AUD 100,000.00 | AUD 0.183856Disclosed price | — |
| 2023-04-12 | Timothy Crossley
Details & evidence for Timothy Crossley on 2023-04-12As disclosed: Cancellation of 429,480 Salary Sacrifice Rights previously issued without shareholder approval.
director · Start not disclosed Appendix 3Y Tim Crossley ↗ | CancellationSalary Sacrifice Rights | 429,480 | —Non Cash | — | — |
| 2023-04-12 | Paul Mulder
Details & evidence for Paul Mulder on 2023-04-12As disclosed: Cancellation of 173,428 Salary Sacrifice Rights previously issued without shareholder approval.
director · Start not disclosed Appendix 3Y Paul Mulder ↗ | CancellationSalary Sacrifice Rights | 173,428 | —Non Cash | — | — |
| 2023-03-29 | Timothy Crossley
Details & evidence for Timothy Crossley on 2023-03-29As disclosed: 429,480 Salary Sacrifice Rights issued in lieu of payment of portion of cash salary; escrowed 12 months.
director · Start not disclosed Appendix 3Y Crossley ↗ | GrantSalary Sacrifice Rights | 429,480 | —Non Cash | — | — |
| 2023-03-29 | Paul Mulder
Details & evidence for Paul Mulder on 2023-03-29As disclosed: 173,428 Salary Sacrifice Rights issued in lieu of payment of portion of cash salary; escrowed 12 months.
director · Start not disclosed Appendix 3Y Mulder ↗ | GrantSalary Sacrifice Rights | 173,428 | —Non Cash | — | — |
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Narrative and provenance
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Sign in or enter a guest codeChronological evidenceSource-document inventory9 documents
PLA ASX close on 4 Nov 2026 (reference price, market data provider via miners.reference_price)Market Data · LowMetadata Only
Latest eligible local close on 4 Nov 2026: A$0.38 (open 0.36, high 0.385, low 0.355, volume 445,558), fresh (0 days), one ASX PLA ordinary CDI, source data/asx_mining_companies.db (market data provider history). Registered as the valuation reference price.
- Document ID
- ref_price_20261104
- Published UTC
- 2026-11-04T05:10:00Z
- Projects
- —
- Commodities
- —
Market snapshot for PLA at 4 Nov 2026 (miners.v8db.market_snapshot)Market Data · LowMetadata Only
Market snapshot at the cutoff: 52-week range A$0.25 to A$0.44; 12-month return +38.2%; 20-day average traded value A$72,820; AUD per USD 1.4236 (used to convert study US$ amounts to A$); no published peers with the same primary commodity in the stock database.
- Document ID
- snapshot_20261104
- Published UTC
- 2026-11-04T05:10:00Z
- Projects
- —
- Commodities
- —
Appendix 2A: 71,133,355 CDIs on conversion of ACAM notes (2 Nov 2026)Corporate Action · MediumExtracted
Appendix 2A dated 2 Nov 2026: 71,133,355 CDIs issued on 31 Oct 2026 on conversion of US$10,000 notes (ACAM) at A$0.2425; post-conversion CDIs 932,077,017; unquoted options and performance rights.
- Document ID
- appx2a_conv_2026
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- —
- Commodities
- others
2026 Annual Report (FY to 30 June 2026)Results · HighPartial
FY26 audited annual report (year to 30 June 2026, published 30 Oct 2026): loss of A$27.6m, A$1.9m revenue from resold imported quicklime, A$60.2m development and exploration payments, A$16.7m cash at 30 June 2026, ACAM convertible notes and leases, 861.0m CDIs, resource and reserve tables, board and executives, top-20 register, Central Lime status (85% PLC) and the offtake, PDA and SEZ summary.
- Document ID
- ar_fy26
- Published UTC
- 2026-10-30T05:38:46Z
- Projects
- central-lime-project · central-cement-project · star-mountains-project · orokolo-bay-sands · adyton-stake
- Commodities
- others · copper · gold
September 2026 Quarterly Activities and Cash Flow ReportOperations · HighPartial
September 2026 quarterly report and Appendix 5B: A$16.4m cash at 30 Sep 2026, A$13.0m 15% loan drawn, A$30.5m development payments and A$22.6m PNG equity receipt, updated Central Lime forecast cost A$129m against an A$133m funding envelope, A$57.0m cost to complete, A$26m undrawn or unrealised completion funding, ACAM notes conversion, cement EPC tender and Star Mountains review.
- Document ID
- q_sep26
- Published UTC
- 2026-10-29T22:50:00Z
- Projects
- central-lime-project · central-cement-project · star-mountains-project · orokolo-bay-sands · adyton-stake
- Commodities
- others · copper · gold
PNG Government exercises US$16.3m equity participation (27 Jul 2026)Economic Arrangement · HighExtracted
Announcement of 27 Jul 2026: Kumul Minerals Holdings exercised its right to acquire 13% of Mayur Industrials PNG for US$16.3m, priced at a discount to the base-case project NPV, with a 5% option (about US$6.8m) and cement rights.
- Document ID
- png_stake_2026
- Published UTC
- 2026-07-26T23:00:00Z
- Projects
- central-lime-project
- Commodities
- others
Q3 FY26 Investor Presentation (20 Apr 2026)Presentation · MediumPartial
Q3 FY26 investor presentation (20 Apr 2026): Central Lime and cement EBITDA estimates, PDA summary and the Newmont offtake; mostly image pages. Used only for the company EBITDA references, which are cited as company estimates.
- Document ID
- inv_pres_2026
- Published UTC
- 2026-04-19T23:00:00Z
- Projects
- central-lime-project · central-cement-project
- Commodities
- others
Execution of Project Development Agreement (12 Mar 2026)Economic Arrangement · HighPartial
Execution of the Project Development Agreement (12 Mar 2026): State participation in the lime and cement SPVs, landowner 2% free carry, cement NPV of US$284m standalone (2022 DFS basis) rising to US$339m with SEZ benefits, cement FID target and State option mechanics. Pages 1-8 are image pages read visually.
- Document ID
- pda_2026
- Published UTC
- 2026-03-12T06:00:00Z
- Projects
- central-lime-project · central-cement-project
- Commodities
- others
Amended announcement: Central Lime Project FID (25 Aug 2025)Study · HighPartial
Amended final investment decision announcement (25 Aug 2025) for the Central Lime Project: revised equity-only strategy, US$61m capex, US$161m post-tax NPV8% base case, 29.2% IRR, 30-year life, 1,200tpd nameplate, and the capex and EBITDA bridges from the 2022 DFS.
- Document ID
- fid_study_2025
- Published UTC
- 2025-08-24T07:00:00Z
- Projects
- central-lime-project
- Commodities
- others
Evidence facts57
1934280 AUD
2026-06-30-27576205 AUD
2026-06-30-9055080 AUD
2026-06-3060204476 AUD
2026-06-3016723500 AUD
2026-06-3022046788 AUD
2026-06-30221515 AUD
2026-06-30142500999 AUD
2026-06-30837183455 shares
2025-06-30861018662 shares
2026-06-300 AUD/share
2026-11-0485 %
2026-06-302027-06-30 date
2026-10-30205000000 t
2026-06-30128000000 t
2026-06-3049000000 t
2026-06-3053.5 % CaO
2026-06-3051.8 % CaO
2026-06-3048.3 % CaO
2026-06-30382000000 t
2026-06-302018-01-10 date
2018-01-1078000000 t
2026-06-3049.7 % CaO
2026-06-3098 %
2026-03-12626000000 t
2026-04-280.27 % Cu
2026-04-283320000 t
2026-04-28209500000 t
2026-06-3030600000 t
2026-06-302026-04-28 date
2026-04-280 %
2026-04-280.53 % CuEq
2026-04-2814000000 t
2026-06-301.0 % CaO
2026-06-305.93 % DTR
2026-06-300 AUD
2026-09-3016437000 AUD
2026-09-3013000000 AUD
2026-09-300 AUD
2026-09-30-5135000 AUD
2026-09-30-30525000 AUD
2026-09-30129000000 AUD
2026-09-3055.8 %
2026-09-30Environmental permit EP-L2(622) amended 29 Sep 2026 for Phase 4 marine terminal; Mining Lease 526 held 100% text
2026-09-302029-03-31 date
2026-10-30100 %
2026-09-30100 %
2026-09-3016 %
2026-09-3016000000 AUD
2026-09-30161000000 USD
2025-08-2429.2 %
2025-08-248 %
2025-08-2461000000 USD
2025-08-2430 years
2025-08-24362000 t/yr
2025-08-24284000000 USD
2022-07-26932077017 shares
2026-11-02Conflicts requiring judgment3
- exercise price of 32,200,000 unlisted options expiring 13 Apr 2029
None
- performance rights on issue (unquoted)
None
- Central Lime Project capital cost
The FID study capex of US$61m is the base capital before contingency and risk allowances (A$84m base in the September 2026 quarterly); the updated forecast final cost of A$129m (including the A$49m completion funding allowance) is the current basis for valuation.