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2026-11-06
◂ Monitor PLA ASX (primary); PNGX secondary listing as PLC

Pacific Lime and Cement Limited (formerly Mayur Resources Limited)

Construction · Others · PG · CA Rating locked: sign in to view v8.1 · pla-20261104t223127-full
Last 2026-11-05
A$0.38
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$354.2M
EV
A$350.8M
Cash
A$16.4M
Debt
A$13M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$16.4MFY25A: 39,200,071FY26A: 16,723,500 Finite
Debt A$13MFY25A: 8,472,028FY26A: 22,046,788 Net cash A$3.4M
Basic shares 932.1MFY25A: 837FY26A: 861 2026-11-02
Runway 0.46 quarters Appendix 5B item 8.7: cash of A$16.4m at 30 Sep 2026 against net operating and development outflows of A$35.7m in the quarter, before the A$22.6m PNG equity receipt and A$13.0m loan.

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
ClassTypeQuantityStrikeExpiry
Ordinary shares (CDIs) on issue, ASX PLAOrdinary Share932.1M——
Unlisted options, expiring 13 Apr 2029 (AR); Appendix 2A describes the same 32.2m class at A$0.40Option32.2MA$0.32029-04-13
Unlisted options, expiring 17 Jun 2029Option7.5MA$0.32029-06-17
Unlisted options, expiring 24 Jul 2029Option5MA$0.32029-07-24
Long-term incentive performance rights (AR, 30 June 2026); Appendix 2A lists 12,808,880 performance rights, a conflictPerformance Right65.4MA$0—
Salary sacrifice rightsPerformance Right148.3KA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Quicklime sales (400ktpa nameplate, 100% of the plant)t0.000.00
Profit and loss
Revenue, plant (100%)AUDmFY25A: 0.00 AUDFY26A: 1,934,280 AUD0.01.9
Net profit after tax (FY26 reported; forecast plant before interest and corporate cost)AUDmFY25A: 271,245 AUDFY26A: -27,576,205 AUD0.3(27.6)
Cash flow
Operating cash flowAUDmFY25A: -7,959,366 AUDFY26A: -9,055,080 AUD(8.0)(9.1)
Capex (FY25 and FY26 investing payments; FY27 remaining cost to complete)AUDmFY25A: 15,856,461 AUDFY26A: 60,204,476 AUD15.960.2
Free cash flow (operating cash flow less capex)AUDmFY25A: -23,815,827 AUDFY26A: -69,259,556 AUD(23.8)(69.3)
Balance sheet
Cash (company)AUDmFY25A: 39,200,071 AUDFY26A: 16,723,500 AUD39.216.7
Borrowings (company)AUDmFY25A: 8,472,028 AUDFY26A: 22,046,788 AUD8.522.0
Net debt (company)AUDmFY25A: -30,728,043 AUDFY26A: 5,323,288 AUD(30.7)5.3
Per share
CDIs on issue (year end)mFY25A: 837 mFY26A: 861 m837.2861.0
Earnings per share (basic)AUD/shareFY25A: 0.00 AUD/shareFY26A: -0.03 AUD/share0.00(0.03)
Dividends per shareAUD/share0.000.00
Multiples and ratios
P / E (x, current market cap)xFY25A: 1,306 xFY26A: -12.84 x1305.8(12.8)
FCF yield (current market cap)%FY25A: -0.07 fractionFY26A: -0.20 fraction-6.7%-19.6%

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
Revenue from resale of purchased quicklime (no Central Lime production in FY26)Central Lime ProjectFY26Year1,934,280 AUDReported
Net operating cash flow, September quarter (Appendix 5B)Central Lime ProjectSep-26 quarterQuarter-5,135,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Forecast Final Project Cost (A$M)central-lime-projectto first lime production129,000,000133,000,000 AUDCurrent
First Lime Production (Kiln 1), A$ Not Applicable: End Q1 Cy2027 To Q2 Cy2027central-lime-projectCY202700 date windowCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-31Ann. 2026-09-30DebtCdiA$21.8M71.1MA$0.242CompletedNoteholders gave conversion notices for all notes; conversion on 31 Oct 2026 removed the cash redemption due at maturity.
2026-08-01Ann. 2026-07-27RaisingEquity In Mayur Industrials Png Limited (Subsidiary, Not A Parent Share Issue)A$22.6M——CompletedSubsidiary-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.

Complete As Disclosed · as of 2026-11-04

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.