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- Last 2026-11-06
- A$3.06
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- Mkt cap
- A$1.2B
- EV
- A$952.3M
- Cash
- A$224.7M
- Debt
- A$0
1 newer ASX announcement not yet reflected in this valuation
- Notification of cessation of securities - PNRPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 20All sources ▸- Notice of Annual General Meeting 2026Governance
- Quarterly Report for the period ending 30 September 2026 (Appendix 5B)Operations
- Vault Minerals Quarterly Activities Report, September 2026 (22 October 2026)Operations
- Genesis Minerals Quarterly Activities Report, September 2026 (22 October 2026)Operations
- Westgold Resources September 2026 Quarterly Results (21 October 2026)Operations
- Regis Resources Quarterly Activities Report, September 2026 (20 October 2026)Operations
- Bellevue Gold Quarterly Activities Report, September 2026 (20 October 2026)Operations
- Update - Notification of buy-back (Appendix 3C, 12 October 2026)Corporate Action
- Update - Notification of buy-back (Appendix 3C, 7 October 2026)Corporate Action
- 2026 Annual Report (year ended 30 June 2026)Results
- Annual Mineral Resource & Ore Reserve Statement (29 September 2026)Resource Update
- Operations Update & North American Roadshow Presentation (21 September 2026)Presentation
Event calendar · next 12 months
13 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| December 2026 quarter | Updated five-year plan including Racetrack | Study | Company Guided | High | First multi-year production, cost and capital profile since the 2024 growth strategy; decides whether our conversion case is supported. |
| Late December 2026 quarter | Gladstone Stage 3 ore production starts | Production | Company Guided | Medium | About 18,000 oz expected from Gladstone in the rest of FY2027; needed for the second-half weighting of guidance. |
| 24 November 2026 | Annual general meeting | Governance | Confirmed | Medium | Votes on the incentive plan and related-party performance rights; first shareholder meeting since the FY2026 guidance miss. |
| 29 November 2026 | Halls Creek A$2m deferred consideration due | Transaction | Confirmed | Medium | Cash receipt already in the equity bridge; a default would test the mortgage security. |
| By 31 December 2026 | Mega Resources advance repayable in full | Economic Arrangement | Confirmed | Medium | A$13.7m receivable at 30 June 2026; Rama haulage halted in June-July 2026 by groundwater, so collection is a credit risk. |
| Second half FY2027 | O'Briens Reef accessed at Bullen | Production | Company Guided | Medium | First Mainfield production front beyond Phoenix/Butterfly; slipped from earlier plans. |
| By end of March 2027 quarter | Racetrack exploration decline complete | Exploration | Company Guided | Medium | Allows close-spaced underground drilling ahead of a maiden resource and level development. |
| During FY2027 | Maiden Racetrack Mineral Resource | Resource Or Reserve | Company Guided | High | Converts the discovery into an estimate that can enter a mine plan; our option value assumes about 300 koz. |
| Late January 2027 | December 2026 quarterly report | Results | Inferred | High | Shows whether H1 lands at 40-45% of the 90-105 koz guidance and whether AISC is moving toward the A$2,800-3,400/oz range. |
| February-March 2027 | December 2026 half-year accounts | Results | Inferred | Medium | First period of cash income tax after losses are used; tests the cash-tax step-up in our model. |
| 9 March 2027 | On-market buy-back programme ends | Corporate Action | Confirmed | Medium | About 30.5m shares remain under the 38.3m cap; renewal or a dividend would signal capital-return intent. |
| July 2027 | June 2027 quarter and FY2027 production result | Results | Inferred | High | Delivery against FY2027 guidance after two years of misses; FY2028 guidance. |
| Late September 2027 | Annual Mineral Resource and Ore Reserve statement 2027 | Resource Or Reserve | Inferred | High | Measures reserve conversion against the roughly 600 koz our base case assumes over the mine life. |
Executive roster
As of 2026-10-31Background checks ▸Executive director, key management personnel and named executive leadership from the 2026 annual report (note 35 and remuneration report) and the 21 September 2026 presentation; non-executive directors are covered in the report. The annual report gives the CFO as SM Balloch and the presentation as Scott Balloch.
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Norseman Gold Project
AU
Producer100% ownedGoldSilver
Producing from the Scotia and OK underground mines and the Gladstone and Green Lantern open pits through a 1.2 Mtpa CIL plant (two of three upgrade stages towards 1.4-1.5 Mtpa complete); Bullen/Mainfield underground in development; third-party ore from Mega Resources (Rama) under an ore purchase agreement.
- Production annualised (attributable)
- 87.5k ozd
- Production (last FY, 100%)
- 77.4k oz
- AISC (latest quarter)
- A$3,860/oz
- AISC margin at spot
- 34.1%m
- Delivery vs guidance
- 87%d
- Reserve life
- 12.1 yrsd
- Head grade
- 2.74 g/t
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 & reserves19
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 5.2M t | 2.2 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Indicated | 17.9M t | 3.6 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Inferred | 20.1M t | 3.5 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total | 43.2M t | 3.4 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 754K t | 9.8 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 3.6M t | 8.4 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 1.3M t | 14.4 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 754K t | 17.3 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 1.9M t | 5.5 g/t Au | Gold | 2026-09-29 |
| Mineral Resource | Total (by area) | 34.9M t | 1.9 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Proved | 4.8M t | 1.4 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Probable | 8.2M t | 2.7 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total | 13M t | 2.2 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 674K t | 5.7 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 1.7M t | 5.0 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 4.1M t | 2.1 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 709K t | 2.9 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 440K t | 2.3 g/t Au | Gold | 2026-09-29 |
| Ore Reserve | Total (by area) | 5.4M t | 0.9 g/t Au | Gold | 2026-09-29 |
Tenements1
Milestones5
- Updated five-year plan including Racetrack
Pending · High materiality
- Gladstone Stage 3 ore production
Pending · Medium materiality
- O'Briens Reef accessed from Bullen
Delayed · Medium materiality
- Final plant upgrade stage to 1.4-1.5 Mtpa
Pending · High materiality
- Gladstone mining centre (Stage 3 and Daisy South) complete
Pending · Medium materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Green Lantern Stage 2 open pit approvals and clearing | Western Australia | Granted | — | No |
| Aboriginal heritage clearances for Lake Cowan drilling | Western Australia | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| FY2027 budget and guidance (operating plan); updated five-year plan pending | Operating Plan | Current | 2026-07-09 | FY2027 guidance of 90-105 koz at AISC A$2,800-3,400/oz from Scotia, OK, Gladstone, Green Lantern, initial Bullen ore and Mega ore; no life-of-mine NPV is published. A five-year plan including Racetrack is targeted for the December 2026 quarter. |
Material
Racetrack discovery
AU
Discovery Drill Stage100% ownedGold
High-grade cross-link structure about 600 m north of the OK underground mine, drilled over 900 m of strike and open east and at depth; three surface diamond rigs; exploration decline from OK started late in the September 2026 quarter, due by the end of the March 2027 quarter; maiden Mineral Resource targeted for 2027.
- Ownership
- 100%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- 1,725 g/t*md
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Milestones2
- Racetrack exploration decline from OK complete
Pending · Medium materiality
- Maiden Racetrack Mineral Resource
Pending · High materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Stock database
Other assets
- Royalty type
- —
- Rate
- 1%
- Underlying asset and operator
- Halls Creek Project (Kimberley Minerals Group)
- Operator's stage
- —
- Attrib. royalty units per year
- —
- Royalty receipts (12M)
- —
- Our attributable value
- Locked
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
No borrowings and no facilities; lease liabilities A$70.1m at 30 June 2026 (equipment, haulage, camp). Cash and gold of A$240m cover the FY27 growth and exploration budget (about A$113m) and the remaining buy-back; October 2026 buy-backs used about A$10m. The Mega advance (A$13.7m) is due back by 31 December 2026 and A$2m of Halls Creek consideration on 29 November 2026.
Inventory composition2
Cash and gold A$240.0m at 30 September 2026: A$224.7m cash, about A$0.2m gold at the mint and 2,542 oz in circuit (A$15.2m at A$5,963.04/oz). Ore stockpiles (book A$5.8m at 30 June 2026) and stores are excluded.
- Gold in circuit at the Norseman plant (2,542 oz valued at A$5,963.04/oz)
- — carrying · 2,542 oz
- Refined gold held at the Perth Mint (inside the A$224.9m cash and gold at mint)
- — carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 389.7M
- Fully diluted
- 394.1M
392,812,933 shares at 30 June 2025 + 1,367,974 Nebari option exercises (August 2025) - 4,462,265 bought back to 30 June 2026 = 389,718,642 (note 24); + 8,409 director salary-sacrifice shares (18 August 2026) = 389,727,051 at 30 September 2026. A further 3,336,570 shares were bought back on 6-9 October 2026 (cumulative 7,798,835 under the programme), giving about 386,390,481 shares before cancellation notices; rights add 4,391,801 nil-priced securities.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 389.7M | — | — |
| Unlisted employee performance rights (Tranche C, nil price) | Performance Right | 1.9M | A$0 | 2027-05-29 |
| Unlisted employee performance rights (nil price) | Performance Right | 631.1K | A$0 | 2028-06-30 |
| Employee share rights (nil price, service-vesting, four tranches to 2029) | Other | 1.9M | A$0 | 2029-07-31 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025AA | FY2026AA |
|---|---|---|---|---|
| Operations | ||||
| Plant capacity (Mtpa) | Mt | 1.20 | 1.20 | |
| Gold produced (Norseman) | oz | 84,564 | 77,408 | |
| Profit and loss | ||||
| Revenue | AUDm | 357.3 | 480.7 | |
| Revenue - gold | AUDm | 356.5 | 479.4 | |
| Site operating costs (cash, excl. leases) | AUDm | 171.0 | 198.7 | |
| Royalties | AUDm | 11.3 | 15.2 | |
| EBITDA | AUDm | 175.0 | 266.9 | |
| Depreciation and amortisation | AUDm | 102.6 | 103.2 | |
| EBIT | AUDm | 72.5 | 163.8 | |
| Net finance and other items | AUDm | (5.9) | (0.9) | |
| Income tax expense | AUDm | 9.9 | 49.7 | |
| Net profit after tax | AUDm | 56.7 | 113.2 | |
| Cash flow | ||||
| Operating cash flow | AUDm | 182.0 | 276.2 | |
| Total capex (incl. exploration) | AUDm | 106.7 | 173.3 | |
| Lease principal payments | AUDm | 20.3 | 27.4 | |
| Free cash flow after leases | AUDm | 55.0 | 75.6 | |
| Share buy-back | AUDm | 0.0 | 14.9 | |
| Net change in cash | AUDm | 53.5 | 51.2 | |
| Balance sheet | ||||
| Cash | AUDm | 151.6 | 202.9 | |
| Debt (excl. leases) | AUDm | 0.0 | 0.0 | |
| Net debt (negative = net cash) | AUDm | (151.6) | (202.9) | |
| Per share | ||||
| Shares (period end; forecast diluted) | m shares | 392.8 | 389.7 | |
| EPS | AUD/share | 0.14 | 0.29 | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 5.0 | 3.3 | |
| P / E (x, current market cap) | x | 19.5 | 9.8 | |
| FCF yield (current market cap) | % | 5.0% | 6.8% | |
| EBITDA margin | % | 49.0% | 55.5% | |
| Net debt / EBITDA (x) | x | (0.9) | (0.8) | |
KPI history
Operating metrics · Norseman Gold Project
| Metric | Unit | Trend | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gold produced (Norseman, 100%) | oz | 19,438 | 18,334 | 25,417 | 19,551 | 22,071 | 17,757 | 18,028 | 21,864 | |
| All-in sustaining cost (excl. purchased-ore ounces) | AUD/oz | 2,346 | 2,420 | 1,991 | 3,139 | 2,573 | 3,183 | 4,107 | 3,860 | |
| C1 cash cost | AUD/oz | 1,937 | 1,811 | 1,504 | 2,493 | 1,962 | 2,304 | 3,305 | 3,000 | |
| Head grade processed | g/t | 2.12 | 1.98 | 2.83 | 2.21 | 2.68 | 2.22 | 2.32 | 2.74 | |
| Plant recovery | % | 94.8 | 94.2 | 95.8 | 95.5 | 95.3 | 94.5 | 93.8 | 95.1 | |
| Ore processed (incl. purchased ore) | t | 300,400 | 305,876 | 291,335 | 288,768 | 268,718 | 262,729 | 257,453 | 260,783 | |
| Gold sold | oz | — | — | — | — | 22,473 | 20,016 | 16,366 | 22,834 | |
| Average realised gold price | AUD/oz | — | — | — | — | 6,077 | 6,916 | 6,293 | 6,067 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Company-reported EBITDA | AUD | 53,900,000 | 83,600,000 | 88,400,000 | 44,800,000 | 63,100,000 | |
| Cash and gold (incl. gold in circuit at spot) | AUD | 181,500,000 | 216,500,000 | 250,300,000 | 223,400,000 | 240,000,000 |
Operating metric source table75
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Gold produced (Norseman, 100%) | Norseman | Q2 FY25 | Quarter | 19,438 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q2 FY25 | Quarter | 2,346 AUD/oz | Reported |
| C1 cash cost | Norseman | Q2 FY25 | Quarter | 1,937 AUD/oz | Reported |
| Head grade processed | Norseman | Q2 FY25 | Quarter | 2.12 g/t | Reported |
| Plant recovery | Norseman | Q2 FY25 | Quarter | 94.8 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q2 FY25 | Quarter | 300,400 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q3 FY25 | Quarter | 18,334 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q3 FY25 | Quarter | 2,420 AUD/oz | Reported |
| C1 cash cost | Norseman | Q3 FY25 | Quarter | 1,811 AUD/oz | Reported |
| Head grade processed | Norseman | Q3 FY25 | Quarter | 1.98 g/t | Reported |
| Plant recovery | Norseman | Q3 FY25 | Quarter | 94.2 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q3 FY25 | Quarter | 305,876 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q4 FY25 | Quarter | 25,417 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q4 FY25 | Quarter | 1,991 AUD/oz | Reported |
| C1 cash cost | Norseman | Q4 FY25 | Quarter | 1,504 AUD/oz | Reported |
| Head grade processed | Norseman | Q4 FY25 | Quarter | 2.83 g/t | Reported |
| Plant recovery | Norseman | Q4 FY25 | Quarter | 95.8 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q4 FY25 | Quarter | 291,335 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q1 FY26 | Quarter | 19,551 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q1 FY26 | Quarter | 3,139 AUD/oz | Reported |
| C1 cash cost | Norseman | Q1 FY26 | Quarter | 2,493 AUD/oz | Reported |
| Head grade processed | Norseman | Q1 FY26 | Quarter | 2.21 g/t | Reported |
| Plant recovery | Norseman | Q1 FY26 | Quarter | 95.5 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q1 FY26 | Quarter | 288,768 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q2 FY26 | Quarter | 22,071 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q2 FY26 | Quarter | 2,573 AUD/oz | Reported |
| C1 cash cost | Norseman | Q2 FY26 | Quarter | 1,962 AUD/oz | Reported |
| Head grade processed | Norseman | Q2 FY26 | Quarter | 2.68 g/t | Reported |
| Plant recovery | Norseman | Q2 FY26 | Quarter | 95.3 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q2 FY26 | Quarter | 268,718 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q3 FY26 | Quarter | 17,757 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q3 FY26 | Quarter | 3,183 AUD/oz | Reported |
| C1 cash cost | Norseman | Q3 FY26 | Quarter | 2,304 AUD/oz | Reported |
| Head grade processed | Norseman | Q3 FY26 | Quarter | 2.22 g/t | Reported |
| Plant recovery | Norseman | Q3 FY26 | Quarter | 94.5 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q3 FY26 | Quarter | 262,729 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q4 FY26 | Quarter | 18,028 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q4 FY26 | Quarter | 4,107 AUD/oz | Reported |
| C1 cash cost | Norseman | Q4 FY26 | Quarter | 3,305 AUD/oz | Reported |
| Head grade processed | Norseman | Q4 FY26 | Quarter | 2.32 g/t | Reported |
| Plant recovery | Norseman | Q4 FY26 | Quarter | 93.8 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q4 FY26 | Quarter | 257,453 t | Reported |
| Gold produced (Norseman, 100%) | Norseman | Q1 FY27 | Quarter | 21,864 oz | Reported |
| All-in sustaining cost (excl. purchased-ore ounces) | Norseman | Q1 FY27 | Quarter | 3,860 AUD/oz | Reported |
| C1 cash cost | Norseman | Q1 FY27 | Quarter | 3,000 AUD/oz | Reported |
| Head grade processed | Norseman | Q1 FY27 | Quarter | 2.74 g/t | Reported |
| Plant recovery | Norseman | Q1 FY27 | Quarter | 95.1 % | Reported |
| Ore processed (incl. purchased ore) | Norseman | Q1 FY27 | Quarter | 260,783 t | Reported |
| Company-reported EBITDA | Company | Q1 FY26 | Quarter | 53,900,000 AUD | Reported |
| Company-reported EBITDA | Company | Q2 FY26 | Quarter | 83,600,000 AUD | Reported |
| Company-reported EBITDA | Company | Q3 FY26 | Quarter | 88,400,000 AUD | Reported |
| Company-reported EBITDA | Company | Q4 FY26 | Quarter | 44,800,000 AUD | Reported |
| Company-reported EBITDA | Company | Q1 FY27 | Quarter | 63,100,000 AUD | Reported |
| Cash and gold (incl. gold in circuit at spot) | Company | 30 Sep 2025 | Point In Time | 181,500,000 AUD | Reported |
| Cash and gold (incl. gold in circuit at spot) | Company | 31 Dec 2025 | Point In Time | 216,500,000 AUD | Reported |
| Cash and gold (incl. gold in circuit at spot) | Company | 31 Mar 2026 | Point In Time | 250,300,000 AUD | Reported |
| Cash and gold (incl. gold in circuit at spot) | Company | 30 Jun 2026 | Point In Time | 223,400,000 AUD | Reported |
| Cash and gold (incl. gold in circuit at spot) | Company | 30 Sep 2026 | Point In Time | 240,000,000 AUD | Reported |
| Gold sold | Norseman | Q2 FY26 | Quarter | 22,473 oz | Reported |
| Average realised gold price | Norseman | Q2 FY26 | Quarter | 6,077 AUD/oz | Reported |
| Gold sold | Norseman | Q3 FY26 | Quarter | 20,016 oz | Reported |
| Average realised gold price | Norseman | Q3 FY26 | Quarter | 6,916 AUD/oz | Reported |
| Gold sold | Norseman | Q4 FY26 | Quarter | 16,366 oz | Reported |
| Average realised gold price | Norseman | Q4 FY26 | Quarter | 6,293 AUD/oz | Reported |
| Gold sold | Norseman | Q1 FY27 | Quarter | 22,834 oz | Reported |
| Average realised gold price | Norseman | Q1 FY27 | Quarter | 6,067 AUD/oz | Reported |
| Gold produced (annual) | Norseman | FY2025 | Year | 84,564 oz | Reported |
| Gold produced (annual) | Norseman | FY2026 | Year | 77,408 oz | Reported |
| Revenue | Company | FY2025 | Year | 357,302,451 AUD | Reported |
| Revenue | Company | FY2026 | Year | 480,744,029 AUD | Reported |
| EBITDA (PBT + finance costs + D&A - interest income) | Company | FY2025 | Year | 175,023,160 AUD | Source Derived |
| EBITDA (PBT + finance costs + D&A - interest income) | Company | FY2026 | Year | 266,917,675 AUD | Source Derived |
| Operating cash flow less capex (PP&E, exploration, mine development) | Company | FY2026 | Year | 102,942,333 AUD | Source Derived |
| Operating cash flow less capex (PP&E, exploration, mine development) | Company | FY2025 | Year | 75,259,127 AUD | Source Derived |
| Borrowings (nil; leases excluded) | Company | 30 Sep 2026 | Point In Time | 0 AUD | Reported |
Company guidance8
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production | norseman | FY2026 (original) | 100,000 | 110,000 oz | Superseded |
| AISC | norseman | FY2026 (original) | 1,950 | 2,250 AUD/oz | Missed |
| Gold Production | norseman | FY2026 (revised 9 March 2026) | 86,000 | 92,000 oz | Missed |
| Gold Production | norseman | FY2027 (40-45% in H1) | 90,000 | 105,000 oz | Current |
| AISC | norseman | FY2027 | 2,800 | 3,400 AUD/oz | Current |
| Exploration Budget | norseman | FY2027 | 45,900,000 | 45,900,000 AUD | Current |
| Major Project Capital (Approximate) | norseman | FY2027 | 67,000,000 | 67,000,000 AUD | Current |
| Aspirational Production Rate | norseman | Long term (no date) | 200,000 | — oz/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30Ann. 2026-09-29 | Lease | A$70.1M | — | — | Ongoing | — |
| 2026-03-09Ann. 2026-02-23 | BuybackOrdinary Fully Paid Shares | A$24.8M | 7.8M | — | Ongoing | 10% on-market buy-back: 4,462,265 shares for A$14.86m to 30 June 2026, none in the September quarter, then 3,336,570 shares on 6-9 October 2026 (about A$10.0m at A$2.93-3.10). Amount is the analyst estimate of cash spent to 9 October 2026.Max 38.3M · Period 2026-03-09 to 2027-03-09 · On-market; prices paid A$2.25-3.93 to 9 October 2026 · Canaccord Genuity (Australia) Limited |
| 2025-08-08 | Raising | A$2.3M | 1.4M | — | 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.
Royalties, sales, ore purchase, native title, hedging and disposal arrangements disclosed in the 2026 annual report (notes 6, 7, 12, 23, 27, 36) and the 2026 quarterlies; mining contracts (Redpath) are service contracts and not economic interests.
Royalties on gold sales (WA state royalty and other royalties) cost A$15.2m in FY2026, 3.15% of revenue, A$208/oz in the September 2026 quarter.
Royalty · Active- Counterparties
- State of Western Australia
- Applies to
- Norseman Gold Project · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Total royalties expensed FY2026: 15,162,710 AUD
Royalties per ounce, Q1 FY27: 208 AUD/oz
How it affects our valuation
No valuation treatment is available for this arrangement.
Native title agreement with production-based quarterly payments; amounts not separately disclosed and assumed inside reported royalties and costs.
Other · Active- Counterparties
- Ngadju Native Title Aboriginal Corporation
- Applies to
- Norseman Gold Project · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Payments: production-based quarterly payments plus community programmes
How it affects our valuation
No valuation treatment is available for this arrangement.
Ore purchase agreement for Rama open-pit ore processed at Norseman (21,374 t in June quarter, 12,281 t in September quarter); Pantoro advanced A$15m at 5% secured, repayable at A$1,000/oz and in full by 31 December 2026. Ore deliveries expected to resume in November 2026 and continue into the March 2027 quarter.
Tolling Or Processing · Active- Counterparties
- Bain Global Resources Pty Ltd (Mega Resources)
- Applies to
- Norseman Gold Project · Gold
- Economic direction
- Benefit
- Period
- From 2026-06-01; no end date stated
- Key terms
- Advance outstanding: 13,732,873 AUD
Interest on advance: 5 %
Mandatory repayment: 1,000 AUD/oz recovered
Security: first-ranking general security and mortgage over Rama tenure
How it affects our valuation
No valuation treatment is available for this arrangement.
Dore refined and sold at spot to the Perth Mint (A$451.3m in FY2026); no forward sales after the CBA collar expired.
Offtake · Active- Counterparties
- The Perth Mint
- Applies to
- Norseman Gold Project · Gold · Silver
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- FY2026 sales: 451,344,029 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Consideration for the 2024 sale of Halls Creek: A$2m cash due 29 November 2026 and a 1% royalty capped at A$1m, secured by mortgage; carried at A$2.37m.
Royalty · Active- Counterparties
- Kimberley Minerals Group Pty Ltd
- Applies to
- Company-wide · Gold
- Economic direction
- Benefit
- Period
- From 2024-11-29; no end date stated
- Key terms
- Deferred cash due 29 November 2026: 2,000,000 AUD
Royalty: 1 %
How it affects our valuation
No valuation treatment is available for this arrangement.
15% free-carried interest in nickel and PGEs on the Halls Creek tenure via a mineral rights agreement; no resource or plan, so no value assigned.
Free Carry · Active- Counterparties
- Kimberley Minerals Group Pty Ltd
- Applies to
- Company-wide · Nickel · Platinum Group Metals
- Economic direction
- Benefit
- Period
- From 2024-11-29; no end date stated
- Key terms
- Free-carried interest: 15 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Zero-cost collar for calendar 2025; last settlement 5 January 2026; no forward sales at 30 June 2026.
Commodity Hedge · Expired- Counterparties
- Commonwealth Bank of Australia
- Applies to
- Norseman Gold Project · Gold
- Economic direction
- Mixed
- Period
- 2025-01-01 to 2025-12-31
- Key terms
- Put / call strikes: 2,000 oz/month at A$3,500 put, 1,000 oz/month at A$4,200 call
How it affects our valuation
No valuation treatment is available for this arrangement.
Diesel forward contracts for calendar 2025, not hedge-accounted; none outstanding at 30 June 2026.
Other · Expired- Counterparties
- Not disclosed
- Applies to
- Norseman Gold Project · Gold
- Economic direction
- Mixed
- Period
- 2025-01-01 to 2025-12-31
- Key terms
- Diesel forwards: monthly AUD diesel forwards for calendar 2025
How it affects our valuation
No valuation treatment is available for this arrangement.
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
The six-person roster has long-serving leadership with reported mining operations, engineering, finance, legal/secretarial and exploration backgrounds. Pantoro missed revised FY2026 production guidance, citing contractor delivery and labour conditions; Q1 FY2027 disclosures show improved contractor staffing alongside high unit costs and active Norseman development/exploration. A CEO incentive and termination-benefit package was proposed for shareholder approval but remained pending at cutoff. Most outcomes are issuer-reported and role-overlap evidence does not establish personal causation.
Decision-relevant facts
Material summary
Paul Cmrlec
Managing Director
FailureIssuer Reported · Medium materiality
FY2026 production below revised guidance
Pantoro revised FY2026 gold production guidance to 86,000–92,000 ounces in March 2026 after flooding from Ex-Tropical Cyclone Mitchell, equipment/personnel availability, and a planned contractor transition. The July result reported 77,408 ounces, about 10% below the bottom of revised guidance. The issuer attributed the underground shortfall primarily to principal contractor delivery and acute WA labour-market conditions, while open-pit operations were in line with plan. Cmrlec was Managing Director during the period, but these sources do not establish personal causation; this is a delivery outcome during his tenure.
Role overlaps event; causation unproven · The sources attribute operational causes to contractor delivery and labour-market conditions; they do not establish that Cmrlec personally caused the shortfall.
December 2025 Half Year Report and FY 2026 Guidance Update · FY2026 Guidance Update, 9 March 2026
Pantoro Gold FY2026 Result and FY2027 Guidance · FY2026 Result, 9 July 2026
GovernanceIssuer Reported · Medium materiality
CEO rights and termination-benefit approvals proposed
The 2026 AGM notice asks shareholders to approve 457,776 performance rights for Cmrlec and potential termination-benefit arrangements. It describes relative TSR, absolute TSR and ore-reserve-growth hurdles, estimated fair value of about A$741,000 and maximum face value of about A$1.021m. The AGM was scheduled for 24 November 2026, so approval remained pending at cutoff; the proposal is not evidence that rights vested or benefits were paid.
Individual involvement documented · The notice names Cmrlec as the recipient and describes potential termination benefits; the shareholder vote had not occurred by cutoff.
Pantoro 2026 Notice of Annual General Meeting and Proxy Form · pp.4-7 and 11-13
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.
Scott Balloch
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Exact Westgold/Metals X employment dates and finance-role sequence were not established.
- CPA membership status and the degree were not independently checked; the credential disclosure is historical.
- No exhaustive criminal, sanctions, litigation, professional-discipline, safety, environmental or education-register check was performed.
Scott Huffadine
Chief Operating Officer
FailureIssuer Reported · Medium materiality
FY2026 production below revised guidance during COO tenure
Pantoro's FY2026 output of 77,408 oz was about 10% below revised guidance's lower bound of 86,000 oz. The issuer cited underground contractor delivery and WA labour-market conditions; open-pit operations were in line with plan. Huffadine had operating responsibilities during the period, but the sources do not establish personal causation.
Role overlaps event; causation unproven · The shortfall overlaps the COO remit; cited contractor and labour factors do not establish personal responsibility.
December 2025 Half Year Report and FY 2026 Guidance Update · 9 March 2026
Pantoro Gold FY2026 Result and FY2027 Guidance · 9 July 2026
Pantoro 2026 Annual Report · p.18
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.
David Okeby
Company Secretary
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 Androvic
General Manager of Norseman
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- The 2019 announcement and 2026 roster do not state the exact effective date of his current Norseman role.
- No degree, current professional membership, complete chronology or independent reference check was established.
- Q1 milestones are employer-reported and do not demonstrate individual contribution; earlier Norseman incidents before his Pantoro role were not attributed to him.
Gary Sparks
Exploration Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Gold Fields departure and Pantoro start dates were not confirmed.
- Qualifications and memberships are historical employer disclosures; current status was not verified.
- Searches returned unrelated same-name US people, excluded by geography and employer mismatch.
- No individual discovery, resource addition or reserve conversion was attributed to Sparks.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-24 · 389,727,051 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 19.81% | 77,216,235 | |
| 2 | 18.04% | 70,304,800 | |
| 3 | 13.57% | 52,892,920 | |
| 4 | 6.18% | 24,070,940 | |
| 5 | 2.88% | 11,205,522 | |
| 6 | 2.57% | 10,026,431 | |
| 7 | 1.62% | 6,295,112 | |
| 8 | 1.29% | 5,037,109 | |
| 9 | 1.21% | 4,718,980 | |
| 10 | 1.20% | 4,677,747 | |
| 11 | 1.13% | 4,405,000 | |
| 12 | 1.12% | 4,348,762 | |
| 13 | 1.08% | 4,228,040 | |
| 14 | 0.98% | 3,825,768 | |
| 15 | 0.74% | 2,877,257 | |
| 16 | 0.70% | 2,732,145 | |
| 17 | 0.67% | 2,600,000 | |
| 18 | 0.67% | 2,594,602 | |
| 19 | 0.56% | 2,200,000 | |
| 20 | 0.56% | 2,166,926 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 12.07%Voting power | 2026-09-03 | |
| 7.87%Voting power | 2026-09-01 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Later substantial-holder notices update reporting groups individually and do not rewrite registered nominee positions.
- Norges Bank filed an initial Form 603 on 25 September and a cessation Form 605 published 28 September. The cessation notice says it ceased on 24 September and reports return of collateral shares but gives no final aggregate holding; it is therefore excluded from the current substantial-holder list.
Sources
- Change in substantial holding
ASX announcement / Pantoro Gold Limited · Published 2026-09-03 · Accessed 2026-10-09
UBS Group AG and its related bodies corporate report 30,665,419 ordinary-share votes and 7.87% current voting power after a change on 1 September 2026.
Form 604, sections 1–4; local copy downloads/PNR/2026/2026-09-03_Change in substantial holding_2046f7bfb94a14a4.pdf
- Change in substantial holding
ASX announcement / Pantoro Gold Limited · Published 2026-09-07 · Accessed 2026-10-09
Regal Partners Funds Management Pty Limited and its associates report 47,023,724 ordinary-share votes and 12.07% current voting power after a change on 3 September 2026.
Form 604, sections 1–4; local copy downloads/PNR/2026/2026-09-07_Change in substantial holding_3be60f13a09220c9.pdf
- Becoming a substantial holder
ASX announcement / Pantoro Gold Limited · Published 2026-09-25 · Accessed 2026-10-09
Norges Bank reported 21,163,248 ordinary shares and 5.43% voting power as at 24 September 2026.
Form 603, sections 1–2; local copy downloads/PNR/2026/2026-09-25_Becoming a substantial holder_8ac369fabef14d61.pdf
- Ceasing to be a substantial holder
ASX announcement / Pantoro Gold Limited · Published 2026-09-28 · Accessed 2026-10-09
Norges Bank states it ceased to be substantial on 24 September 2026; Appendix A identifies return of 1,682,324 collateral shares, with no final share count.
Form 605, sections 1–2 and Appendix A; local copy downloads/PNR/2026/2026-09-28_Ceasing to be a substantial holder_e47454a48e1d3c56.pdf
- 2026 Annual Report
ASX announcement / Pantoro Gold Limited · Published 2026-09-29 · Accessed 2026-10-09
Security-holder information is explicitly as at 24 September 2026; total ordinary shares 389,727,051.
page 133, Top 20 Quoted Shareholders and distribution of quoted ordinary shares, local copy downloads/PNR/2026/2026-09-29_2026 Annual Report_15a94b7eaa3deb3f.pdf
Disclosed activity
Insider transactions
Trading activity3 buys · 9 sells shownNet cash last 12 months −A$130.1mShow 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 |
|---|---|---|---|---|---|---|
| 2026-08-18 | Fiona Jayne Van MaanenPeter Jason Van Maanen
Details & evidence for Fiona Jayne Van Maanen on 2026-08-18The 3Y reports direct and indirect interests jointly with spouse and aggregate ordinary shares held before/after of 14,019/19,044. The 2A identifies Peter Jason Van Maanen as registered holder for this 5,025-share conversion; it does not provide account-level opening or closing balances, so aggregate 3Y balances are preserved separately in the holding observation. As disclosed: Conversion of 5,025 salary-sacrifice share rights into 5,025 ordinary shares; nil consideration.
Peter Jason Van Maanen · Spouse, with interests reported jointly/indirectly Change of Director's Interest Notices ↗ Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares from salary-sacrifice share rights | 5,025 | —Non Cash | — | — |
| 2026-08-18 | Paul M CmrlecBerrimil Services Pty Ltd ATF Berrimil Services Trust
Details & evidence for Paul M Cmrlec on 2026-08-18The 3Y reports Cmrlec's direct and indirect interests through trusts and spouse and aggregate ordinary shares held before/after of 676,281/679,665. The 2A identifies Berrimil Services Pty Ltd as registered holder for this 3,384-share conversion; it does not provide account-level opening or closing balances, so aggregate 3Y balances are preserved separately in the holding observation. As disclosed: Conversion of 3,384 unlisted salary-sacrifice share rights into ordinary shares; nil consideration.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notices ↗ Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares from salary-sacrifice share rights | 3,384 | —Non Cash | — | — |
| 2026-08-18 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2026-08-18Disclosure filed on 18 August 2026 reports the lapse of rights with 29 May 2026 expiry. The separate 18 August Appendix 3H reports 3,795,883 PNRAU rights lapsed across the class, but gives no individual allocation; no additional lapse is inferred. As disclosed: Lapse of 1,224,478 unvested performance rights; notice gives nil consideration.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notices ↗ | Cancellationperformance rights expiring 2026-05-29 | 1,224,478 | —Non Cash | — | — |
| 2025-12-02 | Mark Maloney
Details & evidence for Mark Maloney on 2025-12-02Direct and indirect holdings are reported in aggregate; notice describes related Tulla Capital and Tulla Resources interests. As disclosed: Block trade sale of 25,803,360 ordinary shares for AUD 129,016,800, excluding brokerage and fees.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Change of Director's Interest Notice ↗ | Saleordinary shares | 25,803,360 | AUD 129,016,800.00 | AUD 5Calculated average | 24,107,395 |
| 2025-11-27 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2025-11-27The source identifies Scott Huffadine as KMP and Scott James Huffadine as registered holder; it does not state direct/indirect interest, award fair value, or vesting and expiry terms. As disclosed: Scott Huffadine — registered holder Scott James Huffadine — 129,439 PNRAU performance rights; issue date 27/11/2025.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (PNRAU) | 129,439 | —Not Disclosed | — | — |
| 2025-11-27 | Scott Martin Balloch
Details & evidence for Scott Martin Balloch on 2025-11-27The source identifies Scott Balloch as KMP and reports the registered holder as Mr Scott Martin Balloch & Mrs Sandra Jane Balloch; it does not state direct/indirect interest, award fair value, or vesting and expiry terms. As disclosed: Scott Balloch — registered holder Mr Scott Martin Balloch & Mrs Sandra Jane Balloch — 88,759 PNRAU performance rights; issue date 27/11/2025.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (PNRAU) | 88,759 | —Not Disclosed | — | — |
| 2025-11-27 | David OkebyOkelee Holdings Pty Ltd
Details & evidence for David Okeby on 2025-11-27The source identifies David Okeby as KMP and Okelee Holdings Pty Ltd as registered holder; it does not state direct/indirect interest, award fair value, or vesting and expiry terms. As disclosed: David Okeby — registered holder Okelee Holdings Pty Ltd — 88,759 PNRAU performance rights; issue date 27/11/2025.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (PNRAU) | 88,759 | —Not Disclosed | — | — |
| 2025-11-27 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-11-27Rights terms and vesting conditions are detailed in AGM materials and FY2026 annual report. As disclosed: 230,113 performance rights issued under Incentive Awards Plan after AGM approval; maximum fair value AUD 1,227,492, which is not cash consideration.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ | Grantperformance rights | 230,113 | —Non Cash | — | — |
| 2025-11-10to 2025-11-11 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-11-10Appendix 3Y states direct and indirect interests and does not allocate the sale to a specific registered account. The reported positions reconcile exactly: 896,281 - 220,000 = 676,281. As disclosed: Appendix 3Y: date of change 10-11 November 2025; 220,000 fully paid ordinary shares disposed; consideration AUD 1,130,065.75 excluding brokerage; on-market trade.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Director Share Sale ↗ | Salefully paid ordinary shares | 220,000 | AUD 1,130,065.75 | AUD 5.136662Calculated average | 676,281 |
| 2025-11-03to 2025-11-10 | Kevin Maloney
Details & evidence for Kevin Maloney on 2025-11-03Appendix 3Y says the sale was from personally controlled entities and reports direct/indirect interests. It does not identify the particular registered selling account. Reported positions reconcile exactly: 50,985,645 - 1,074,890 = 49,910,755. As disclosed: Appendix 3Y: date of change 3 November 2025 to 10 November 2025; 1,074,890 fully paid ordinary shares disposed; consideration AUD 5,303,333.67 exclusive of brokerage; on-market sale.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director/shareholder; associated entity holding shares Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale ↗ | Salefully paid ordinary shares | 1,074,890 | AUD 5,303,333.67 | AUD 4.933839Calculated average | 49,910,755 |
| 2025-09-10to 2025-09-11 | Mark Maloney
Details & evidence for Mark Maloney on 2025-09-10Appendix 3Y reports direct/indirect interests and the post-sale position through Tulla Resources Group and associated entities, but does not identify the selling account. Reported positions reconcile exactly: 51,911,973 - 939,776 = 50,972,197. As disclosed: Appendix 3Y: date of change 10-11 September 2025; 939,776 fully paid ordinary shares disposed; consideration AUD 4,601,455.60; on-market sale.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale ↗ | Salefully paid ordinary shares | 939,776 | AUD 4,601,455.60 | AUD 4.896332Calculated average | 50,972,197 |
| 2025-04-28 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-04-28As disclosed: On-market purchase of 10,000 ordinary shares for AUD 28,049.66.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ | Purchaseordinary shares | 10,000 | AUD 28,049.66 | AUD 2.804966Calculated average | 896,281 |
| 2025-03-05 | Stuart Mathews
Details & evidence for Stuart Mathews on 2025-03-05As disclosed: On-market purchase of 499,978 ordinary shares for AUD 67,711.13.
Change of Director's Interest Notice ↗ | Purchaseordinary shares | 499,978 | AUD 67,711.13 | AUD 0.135428Calculated average | 499,978 |
| 2025-02-19 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2025-02-19The 30 May 2024 Appendix 3G includes multiple 14,571,285-right tranches for this KMP. The 2A does not identify which tranche was converted or disclose this individual's before/after share balance, so no specific expiry or vesting condition is assigned. As disclosed: Scott Huffadine — registered holder Scott James Huffadine — 14,571,285 ordinary shares issued on exercise of performance rights on 19 February 2025.
Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares issued on performance-right exercise | 14,571,285 | —Non Cash | — | — |
| 2025-02-19 | Scott Martin Balloch
Details & evidence for Scott Martin Balloch on 2025-02-19The 30 May 2024 Appendix 3G includes multiple 14,571,285-right tranches for this KMP. The 2A does not identify which tranche was converted or disclose this joint account's before/after share balance, so no specific expiry or vesting condition is assigned. As disclosed: Scott Balloch — registered holder Scott Martin Balloch & Sandra Jane Balloch — 14,571,285 ordinary shares issued on exercise of performance rights on 19 February 2025.
Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares issued on performance-right exercise | 14,571,285 | —Non Cash | — | — |
| 2025-02-19 | David OkebyOkelee Holdings Pty Ltd
Details & evidence for David Okeby on 2025-02-19The 30 May 2024 Appendix 3G includes multiple 14,571,285-right tranches for this KMP. The 2A does not identify which tranche was converted or disclose this account's before/after share balance, so no specific expiry or vesting condition is assigned. As disclosed: David Okeby — registered holder Okelee Holdings Pty Ltd — 14,571,285 ordinary shares issued on exercise of performance rights on 19 February 2025.
Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares issued on performance-right exercise | 14,571,285 | —Non Cash | — | — |
| 2025-02-19 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-02-19The same notice separately reports sale of 14,700,000 resulting ordinary shares; that sale is recorded as a separate event. As disclosed: 20,816,122 ordinary shares acquired on exercise of 20,816,122 performance rights; cost of acquisition nil.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ Application for quotation of securities - PNR ↗ Application for quotation of securities - PNR ↗ | Exerciseordinary shares issued on performance-right exercise | 20,816,122 | —Non Cash | — | 29,726,738 |
| 2025-02-19 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-02-19As disclosed: On-market sale of 14,700,000 ordinary shares for AUD 2,047,710.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ | Saleordinary shares | 14,700,000 | AUD 2,047,710.00 | AUD 0.1393Calculated average | 15,066,738 |
| 2024-12-05 | Kevin Maloney
Details & evidence for Kevin Maloney on 2024-12-05Shares were held through direct and indirect interests, including Intrepic Investments Pty Ltd and Marley Holdings Pty Ltd; the notice says sale met a tax liability. As disclosed: On-market sale to meet tax liability; less brokerage.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director/shareholder; associated entity holding shares Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale & Change of Director's Interest Notice ↗ | Saleordinary shares | 15,840,171 | AUD 1,582,433.08 | AUD 0.0999Calculated average | 875,328,236 |
| 2024-07-02 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-07-02Not an exercise or market sale. As disclosed: Lapse of 2,456,438 nil-exercise-price options because vesting conditions were not met.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ | Cancellationunlisted employee options expiring 2026-06-30 | 2,456,438 | —Non Cash | — | — |
| 2024-05-30 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2024-05-30The Appendix 3G identifies Scott Huffadine as KMP and Scott James Huffadine as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Huffadine — registered holder Scott James Huffadine — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2026; vesting condition: gold production above 100,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2026-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2024-05-30The Appendix 3G identifies Scott Huffadine as KMP and Scott James Huffadine as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Huffadine — registered holder Scott James Huffadine — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: 3-month VWAP of $0.12.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2024-05-30The Appendix 3G identifies Scott Huffadine as KMP and Scott James Huffadine as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Huffadine — registered holder Scott James Huffadine — 7,285,642 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: gold production above 125,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 7,285,642 | —Not Disclosed | — | — |
| 2024-05-30 | Scott Martin Balloch
Details & evidence for Scott Martin Balloch on 2024-05-30The Appendix 3G identifies Scott Balloch as KMP and Scott Martin Balloch & Sandra Jane Balloch as joint registered holders; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Balloch — registered holder Scott Martin Balloch & Sandra Jane Balloch — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2026; vesting condition: gold production above 100,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2026-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | Scott Martin Balloch
Details & evidence for Scott Martin Balloch on 2024-05-30The Appendix 3G identifies Scott Balloch as KMP and Scott Martin Balloch & Sandra Jane Balloch as joint registered holders; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Balloch — registered holder Scott Martin Balloch & Sandra Jane Balloch — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: 3-month VWAP of $0.12.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | Scott Martin Balloch
Details & evidence for Scott Martin Balloch on 2024-05-30The Appendix 3G identifies Scott Balloch as KMP and Scott Martin Balloch & Sandra Jane Balloch as joint registered holders; it does not state direct/indirect interest or grant fair value. As disclosed: Scott Balloch — registered holder Scott Martin Balloch & Sandra Jane Balloch — 7,285,642 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: gold production above 125,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 7,285,642 | —Not Disclosed | — | — |
| 2024-05-30 | David Okeby
Details & evidence for David Okeby on 2024-05-30The Appendix 3G identifies David Okeby as KMP and Okelee Holdings Pty Ltd as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: David Okeby — registered holder Okelee Holdings Pty Ltd — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2026; vesting condition: gold production above 100,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2026-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | David Okeby
Details & evidence for David Okeby on 2024-05-30The Appendix 3G identifies David Okeby as KMP and Okelee Holdings Pty Ltd as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: David Okeby — registered holder Okelee Holdings Pty Ltd — 14,571,285 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: 3-month VWAP of $0.12.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 14,571,285 | —Not Disclosed | — | — |
| 2024-05-30 | David Okeby
Details & evidence for David Okeby on 2024-05-30The Appendix 3G identifies David Okeby as KMP and Okelee Holdings Pty Ltd as registered holder; it does not state direct/indirect interest or grant fair value. As disclosed: David Okeby — registered holder Okelee Holdings Pty Ltd — 7,285,642 performance rights; issue date 30/05/2024; expiry 29/05/2025; vesting condition: gold production above 125,000 ounces in a trailing 12-month period and target AISC of $1,900.
Notification regarding unquoted securities - PNR ↗ | Grantperformance rights (unquoted; expiry 2025-05-29; class code to be confirmed) | 7,285,642 | —Not Disclosed | — | — |
| 2024-05-30 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-05-30The Appendix 3Y identifies Paul Cmrlec as the director and reports the right grant. The Appendix 3G names Paul Mathew Cmrlec as registered holder; the notices do not specify direct/indirect interest. As disclosed: Performance rights issued as performance incentive under Incentive Awards Plan after shareholder approval; estimated valuation $0.089 per right, not cash.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ Notification regarding unquoted securities - PNR ↗ Change of Director's Interest Notice ↗ | Grantperformance rights expiring 2027-05-29 | 10,408,061 | —Non Cash | — | — |
| 2024-05-30 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-05-30The Appendix 3Y identifies Paul Cmrlec as the director and reports the right grant. The Appendix 3G names Paul Mathew Cmrlec as registered holder; the notices do not specify direct/indirect interest. As disclosed: Performance rights issued as performance incentive under Incentive Awards Plan after shareholder approval; estimated valuation $0.089 per right, not cash.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ Notification regarding unquoted securities - PNR ↗ | Grantperformance rights expiring 2026-05-29 | 20,816,122 | —Non Cash | — | — |
| 2024-05-30 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-05-30The Appendix 3Y identifies Paul Cmrlec as the director and reports the right grant. The Appendix 3G names Paul Mathew Cmrlec as registered holder; the notices do not specify direct/indirect interest. As disclosed: Performance rights issued as performance incentive under Incentive Awards Plan after shareholder approval; estimated valuation $0.089 per right, not cash.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ Notification regarding unquoted securities - PNR ↗ | Grantperformance rights expiring 2025-05-29 | 20,816,122 | —Non Cash | — | — |
| 2024-05-02to 2024-05-07 | Colin McIntyre
Details & evidence for Colin McIntyre on 2024-05-02As disclosed: On-market sale of 1,000,000 ordinary shares over 2–7 May 2024 for AUD 86,236.74.
Director Share Sale & Change of Director's Interest Notice ↗ | Saleordinary shares | 1,000,000 | AUD 86,236.74 | AUD 0.086237Calculated average | 0 |
| 2024-01-30to 2024-02-01 | Colin McIntyre
Details & evidence for Colin McIntyre on 2024-01-30As disclosed: On-market sale of 8,890,000 ordinary shares over 30 Jan–1 Feb 2024 for AUD 349,970.
Director Share Sale & Change of Director's Interest Notice ↗ | Saleordinary shares | 8,890,000 | AUD 349,970.00 | AUD 0.039367Calculated average | 1,000,000 |
| 2023-11-22 | Colin McIntyre
Details & evidence for Colin McIntyre on 2023-11-22As disclosed: On-market sale of 3,005,237 ordinary shares for AUD 154,839.83.
Director Share Sale & Change of Director's Interest Notice ↗ | Saleordinary shares | 3,005,237 | AUD 154,839.83 | AUD 0.051523Calculated average | 9,890,000 |
| 2023-03-10to 2023-03-13 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2023-03-10As disclosed: On-market acquisition of 620,000 ordinary shares over 10–13 Mar 2023 for AUD 31,928.16.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notice ↗ | Purchaseordinary shares | 620,000 | AUD 31,928.16 | AUD 0.051497Calculated average | 8,950,616 |
Disclosed holding observations15 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 |
|---|---|---|---|---|
| 2026-08-18 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2026-08-18Direct and indirect interests include spouse-related trusts; exact allocation by account is not disclosed.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Change of Director's Interest Notices ↗ | Positionordinary shares | 679,665 | — |
| 2026-08-18 | Fiona Jayne Van Maanen
Details & evidence for Fiona Jayne Van Maanen on 2026-08-18Aggregate direct and indirect ordinary-share position with spouse as reported by the 3Y after change; account-level allocation is not disclosed.
Peter Jason Van Maanen · Spouse, with interests reported jointly/indirectly Change of Director's Interest Notices ↗ | Positionordinary shares | 19,044 | — |
| 2025-12-02 | Mark Maloney
Details & evidence for Mark Maloney on 2025-12-02
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Change of Director's Interest Notice ↗ | Positionordinary shares | 24,107,395 | — |
| 2025-11-26 | Kevin Maloney
Details & evidence for Kevin Maloney on 2025-11-26
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director/shareholder; associated entity holding shares Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Final Director's Interest Notice ↗ | Positionordinary shares | 49,910,755 | — |
| 2025-11-11 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2025-11-11Aggregate direct/indirect position disclosed after the sale; account allocation is not stated.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Director Share Sale ↗ | Positionfully paid ordinary shares | 676,281 | — |
| 2025-11-10 | Kevin Maloney
Details & evidence for Kevin Maloney on 2025-11-10Aggregate position reported across associated entities; account allocation is not stated.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director/shareholder; associated entity holding shares Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale ↗ | Positionfully paid ordinary shares | 49,910,755 | — |
| 2025-09-11 | Mark Maloney
Details & evidence for Mark Maloney on 2025-09-11Aggregate position disclosed across associated entities; account allocation is not stated.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale ↗ | Positionfully paid ordinary shares | 50,972,197 | — |
| 2025-03-05 | Stuart Mathews
Details & evidence for Stuart Mathews on 2025-03-05
Change of Director's Interest Notice ↗ | Positionordinary shares | 499,978 | — |
| 2024-12-05 | Kevin Maloney
Details & evidence for Kevin Maloney on 2024-12-05Aggregate direct and indirect interests; notice says 875,328,236 ordinary shares remain, including interests via associated entities.
Tulla Capital Partners Pty Ltd · Director and shareholder; indirect interest Marley Holdings Pty Ltd · Director/shareholder; associated entity holding shares Tulla Partners Holdings Pty Ltd · Director and shareholder; indirect interest Tulla Resources Group Pty Ltd · Beneficial interest Director Share Sale & Change of Director's Interest Notice ↗ | Positionordinary shares | 875,328,236 | — |
| 2024-04-29 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-04-29The AGM notice reports an aggregate relevant-interest position; it does not state the direct/indirect split or account allocation.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Notice of General Meeting/Proxy Form ↗ | Positionfully paid ordinary shares | 8,950,616 | — |
| 2024-04-29 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-04-29The AGM notice reports an aggregate relevant-interest position in options exercisable at nil on or before 30 June 2026 and subject to performance conditions; it does not state the direct/indirect split or account allocation.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Notice of General Meeting/Proxy Form ↗ | Positionunlisted options expiring 2026-06-30 | 2,456,438 | — |
| 2024-04-29 | Paul M Cmrlec
Details & evidence for Paul M Cmrlec on 2024-04-29The AGM notice reports an aggregate relevant-interest position in rights exercisable at nil on or before 19 November 2026; it does not state the direct/indirect split or account allocation.
Berrimil Services Pty Ltd ATF Berrimil Services Trust · Director/shareholder and trust beneficiary; indirect interest Berrimil Investments Pty Ltd ATF Berrimil Superannuation Fund · Director/shareholder and trust beneficiary; indirect interest Dannielle Brooke Cmrlec · Spouse; indirect interest reported Notice of General Meeting/Proxy Form ↗ | Positionunlisted share rights expiring 2026-11-19 | 57,526 | — |
| 2023-06-30 | Kyle Edwards
Details & evidence for Kyle Edwards on 2023-06-30
Final Director's Interest Notices ↗ | Positionordinary shares | 860,509 | — |
| 2023-06-30 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2023-06-30
Final Director's Interest Notices ↗ | Positionordinary shares | 2,649,414 | — |
| 2023-06-30 | Scott James Huffadine
Details & evidence for Scott James Huffadine on 2023-06-30Nil exercise price; subject to performance conditions.
Final Director's Interest Notices ↗ | Positionperformance options expiring 2026-06-30 | 1,452,082 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory28 documents
Director dealings for PNR (data/insider-transactions.db)Governance · LowPartial
python -m miners.insider_transactions show PNR: Mark Maloney (Tulla) sold 25,803,360 shares at A$5.00 (A$129.0m) on 2 December 2025, holding 24,107,395 after; Paul Cmrlec bought 10,000 shares at A$2.80 in April 2025 and holds 679,665 after converting 3,384 salary-sacrifice rights on 18 August 2026; 1,224,478 of his performance rights lapsed in August 2026; Fiona Van Maanen converted 5,025 salary-sacrifice rights. No on-market director purchases since April 2025.
- Document ID
- insider_db_pnr
- Published UTC
- 2026-10-30T06:00:00Z
- Projects
- —
- Commodities
- gold
PNR ASX close 30 October 2026 (local market database)Market Data · MediumPartial
Latest eligible local ASX close on or before the 31 October 2026 cutoff from python -m miners.reference_price PNR --valuation-date 2026-10-31: close A$2.86 on 30 October 2026, volume 2,882,866, one ASX PNR ordinary share, provider market data provider via miners.collect_stock_prices (data/asx_mining_companies.db).
- Document ID
- pnr_close_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- gold
Market snapshot for PNR and gold as of 31 October 2026 (local databases)Market Data · MediumPartial
python -m miners.v8db.market_snapshot PNR --cutoff 2026-10-31 --shares 386390481 --commodities Au: 52-week range A$1.915-5.89; returns 1m -2.7%, 3m +40.2%, 6m -10.9%, 12m -42.5%, 3y +425.7%; relative to the mining index 1m +7.4%, 12m -51.3%, 3y +385%; 20-day average traded value A$7.54m (60-day A$10.12m); gold spot US$4,031.40/oz on 29 October 2026 (market data provider GC futures), 1-year average US$4,454 (range 3,948-5,318), 3-year average US$3,306, 5-year average US$2,725; A$ per US$ 1.4236; no published gold peers in data/miners_v8.db.
- Document ID
- market_snapshot_20261031
- Published UTC
- 2026-10-30T06:00:00Z
- Projects
- —
- Commodities
- gold
ASX closing prices for gold peers, 30 October 2026, and provider market capitalisations (local database)Market Data · LowPartial
data/asx_mining_companies.db latest_stock_prices at 30 October 2026: WGX A$5.29, VAU A$5.40, GMD A$6.45, RRL A$6.25, BGL A$1.395, RMS A$3.42. Provider market capitalisations retrieved 9 August 2026 imply shares on issue of about 981.4m (VAU), 732.5m (RRL) and 1,431.6m (BGL), used where the peer quarterly did not state the share count.
- Document ID
- peer_prices_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- —
- Commodities
- gold
Reuters quarterly precious-metals poll, 27 October 2026 (secondary report)Commodity Data · MediumPartial
Reuters poll reported on 27 October 2026 via roic.ai: analysts see gold averaging US$4,495/oz in 2026 and US$4,650/oz in 2027 (July poll: US$4,610 for 2027); 2026 forecasts cut on high Treasury yields, a strong US dollar and higher-for-longer rates, with a recovery expected in 2027. Read from the search summary; the page itself returned HTTP 403, so it is used for context only.
- Document ID
- reuters_gold_poll_202610
- Published UTC
- 2026-10-27T07:00:00Z
- Projects
- —
- Commodities
- gold
Notice of Annual General Meeting 2026Governance · LowExtracted
Annual general meeting at 10.00am AWST on 24 November 2026 in West Perth, including incentive plan and related-party performance rights resolutions.
- Document ID
- agm_notice_2026
- Published UTC
- 2026-10-22T21:52:05Z
- Projects
- —
- Commodities
- gold
Quarterly Report for the period ending 30 September 2026 (Appendix 5B)Operations · HighExtracted
September 2026 quarter: 21,864 oz produced, 22,834 oz sold at A$6,067/oz, AISC A$3,860/oz, EBITDA A$63.1m; cash and gold A$240.0m, nil debt, unhedged; 389,727,051 shares; Green Lantern open pit started; Racetrack exploration decline started; Appendix 5B cash flows.
- Document ID
- q1fy27_quarterly
- Published UTC
- 2026-10-21T22:05:20Z
- Projects
- norseman · racetrack
- Commodities
- gold
Vault Minerals Quarterly Activities Report, September 2026 (22 October 2026)Operations · LowPartial
Vault Q1 FY27: 76,849 oz at AISC A$3,529/oz, realised A$6,023/oz; cash and bullion A$886.7m with no corporate debt; standalone FY27 guidance 355-375 koz at AISC A$3,150-3,350/oz. Peer data only.
- Document ID
- vau_q1fy27
- Published UTC
- 2026-10-21T21:16:00Z
- Projects
- —
- Commodities
- gold
Genesis Minerals Quarterly Activities Report, September 2026 (22 October 2026)Operations · LowPartial
Genesis Q1 FY27: FY27 stand-alone guidance 270-300 koz at AISC A$2,750-3,050/oz; bank debt A$200m, net cash A$398.0m at 30 September 2026; 1,175m ordinary shares. Peer data only.
- Document ID
- gmd_q1fy27
- Published UTC
- 2026-10-21T22:04:50Z
- Projects
- —
- Commodities
- gold
Westgold Resources September 2026 Quarterly Results (21 October 2026)Operations · LowPartial
Westgold Q1 FY27: 98,393 oz at AISC A$2,912/oz; FY27 guidance 385-425 koz at AISC A$2,980-3,380/oz; Treasury (cash, bullion, liquid investments) A$1,040m, no debt, unhedged; 940,434,918 fully paid shares; 4-5-6 strategy towards 500 koz by FY29. Peer data only.
- Document ID
- wgx_q1fy27
- Published UTC
- 2026-10-20T21:36:00Z
- Projects
- —
- Commodities
- gold
Regis Resources Quarterly Activities Report, September 2026 (20 October 2026)Operations · LowPartial
Regis Q1 FY27: 83.0 koz at AISC A$3,617/oz; FY27 guidance 360-400 koz at AISC A$2,990-3,390/oz; cash and bullion A$1.28bn; received the A$51m break fee after Vault Minerals terminated the 5 May 2026 scheme implementation deed. Peer data and transaction context only.
- Document ID
- rrl_q1fy27
- Published UTC
- 2026-10-19T21:19:35Z
- Projects
- —
- Commodities
- gold
Bellevue Gold Quarterly Activities Report, September 2026 (20 October 2026)Operations · LowPartial
Bellevue Q1 FY27: 35,585 oz at AISC A$3,096/oz; FY27 guidance 150-170 koz at AISC A$2,800-3,100/oz; cash and gold A$213.2m, bank debt A$100m, net cash A$113.2m at 30 September 2026. Peer data only (single-asset WA underground producer).
- Document ID
- bgl_q1fy27
- Published UTC
- 2026-10-19T21:14:20Z
- Projects
- —
- Commodities
- gold
Update - Notification of buy-back (Appendix 3C, 12 October 2026)Corporate Action · MediumExtracted
Daily buy-back notice: 7,352,729 shares bought back before the previous day and 446,106 on the previous day (cumulative 7,798,835 under the programme announced 23 February 2026, maximum 38,344,473, ending 9 March 2027); broker Canaccord Genuity; previous-day price range A$3.01-3.10.
- Document ID
- buyback_20261012
- Published UTC
- 2026-10-12T05:25:44Z
- Projects
- norseman
- Commodities
- gold
Local management assessment for PNR (management/PNR, researched 9 October 2026)Leadership · LowPartial
management/PNR/summary.md and background-check.json: screening-level review (cutoff 9 October 2026) of the Managing Director, COO, CFO and Company Secretary; one supported finding: FY2026 production of 77,408 oz was about 10% below the bottom of revised guidance during the Managing Director's tenure, attributed by the issuer to contractor delivery and WA labour shortages. Checked against the annual report and quarterlies.
- Document ID
- mgmt_research_pnr
- Published UTC
- 2026-10-09T06:00:00Z
- Projects
- —
- Commodities
- gold
Local ownership register for PNR (ownership/PNR/investors.json, reviewed 9 October 2026)Governance · LowPartial
ownership/PNR/investors.json: top-20 register at 24 September 2026 (389,727,051 shares) and substantial-holder notices to 28 September 2026: Regal 12.07%, UBS 7.87%, Sprott 7.25%, Tulla 6.19%, State Street 5.93%, Vanguard 5.10%; Norges Bank ceased to be substantial on 24 September 2026. Checked against the annual report security-holder pages.
- Document ID
- ownership_research_pnr
- Published UTC
- 2026-10-09T06:00:00Z
- Projects
- —
- Commodities
- gold
Update - Notification of buy-back (Appendix 3C, 7 October 2026)Corporate Action · LowExtracted
Daily buy-back notice: 4,462,265 shares bought back before the previous day and 640,000 on 6 October 2026 at A$2.93-2.99, the first purchases since June 2026.
- Document ID
- buyback_20261007
- Published UTC
- 2026-10-07T05:42:51Z
- Projects
- norseman
- Commodities
- gold
2026 Annual Report (year ended 30 June 2026)Results · HighExtracted
Audited FY2026 accounts: revenue A$480.7m, NPAT A$113.2m, operating cash flow A$276.2m, investing outflow A$185.0m, cash A$202.9m, nil borrowings, lease liabilities A$70.1m, 389,718,642 shares at 30 June 2026; review of operations by mine; resources and reserves; directors, remuneration, top-20 and substantial holders; Mega Resources ore purchase advance; Halls Creek sale terms.
- Document ID
- annual_report_2026
- Published UTC
- 2026-09-28T22:09:34Z
- Projects
- norseman
- Commodities
- gold
Annual Mineral Resource & Ore Reserve Statement (29 September 2026)Resource Update · HighExtracted
Mineral Resource 43.155 Mt @ 3.4 g/t for 4.685 Moz (inclusive of reserves) and Ore Reserve 13.022 Mt @ 2.2 g/t for 936 koz; maiden Mainfield reserves (Crown, Phoenix, Butterfly), OK reserve 674 kt @ 5.7 g/t for 123 koz; reserves at A$5,500-5,800/oz gold.
- Document ID
- mror_2026
- Published UTC
- 2026-09-28T22:09:14Z
- Projects
- norseman
- Commodities
- gold
Operations Update & North American Roadshow Presentation (21 September 2026)Presentation · MediumExtracted
Quarter-to-date production 19,130 oz at 19 September; FY27 guidance 90-105 koz at AISC A$2,800-3,400/oz; updated five-year plan including Racetrack targeted for the December 2026 quarter; ~200 kozpa aspiration via 1.4-1.5 Mtpa mill and >4.5 g/t feed; ~A$67m major project capital; buy-back ~A$14.8m; Gladstone 526 kt @ 3.42 g/t for 58 koz; Green Lantern plan to August 2031.
- Document ID
- ops_update_202609
- Published UTC
- 2026-09-20T22:29:39Z
- Projects
- norseman · racetrack
- Commodities
- gold
ING: Gold - central bank buying offsets ETF outflows (31 July 2026)Commodity Data · LowPartial
ING commentary on the World Gold Council Q2 2026 Gold Demand Trends: total demand flat year on year at about 1,269 t, ETF outflows in Q2 2026 after heavy June selling, central-bank buying rebounded strongly from Q1 2026; ING expects 2026 central-bank buying to fall below 2025 levels. Read from search summaries; context only.
- Document ID
- ing_gold_202607
- Published UTC
- 2026-07-31T08:00:00Z
- Projects
- —
- Commodities
- gold
Quarterly Report for the period ending 30 June 2026 (Appendix 5B)Operations · HighExtracted
June 2026 quarter: 18,028 oz produced, 16,366 oz sold at A$6,293/oz, AISC A$4,107/oz, EBITDA A$44.8m; contractor change at OK to Redpath; first Mega Resources ore parcel; FY27 guidance 90-105 koz at AISC A$2,800-3,400/oz; 3,139,535 shares bought back at A$3.26 average; cash and gold A$223.4m.
- Document ID
- q4fy26_quarterly
- Published UTC
- 2026-07-29T22:32:39Z
- Projects
- norseman
- Commodities
- gold
Quarterly Report for the period ending 31 March 2026 (Appendix 5B)Operations · MediumExtracted
March 2026 quarter: 17,757 oz produced, 20,016 oz sold at A$6,916/oz, AISC A$3,204/oz, EBITDA A$88.4m; third underground mine (O'Briens/Crown South via Bullen) approved; buy-back started (1,322,730 shares at A$3.50); cash and gold A$250.3m.
- Document ID
- q3fy26_quarterly
- Published UTC
- 2026-04-27T22:19:07Z
- Projects
- norseman
- Commodities
- gold
December 2025 Half Year Report and FY 2026 Guidance Update (9 March 2026)Guidance · HighExtracted
H1 FY2026: 41,623 oz, EBITDA A$135.5m, revenue A$238.6m, operating cash flow A$128.3m; FY2026 production guidance cut to 86,000-92,000 oz (cyclone flooding, holiday availability, OK contractor transition); Redpath to become sole underground contractor from 1 May 2026.
- Document ID
- hy26_guidance_update
- Published UTC
- 2026-03-09T05:51:38Z
- Projects
- norseman
- Commodities
- gold
Quarterly Report for the period ending 31 December 2025 (Appendix 5B)Operations · MediumExtracted
December 2025 quarter: 22,071 oz produced, 22,473 oz sold at A$6,077/oz, AISC A$2,571/oz, EBITDA A$83.6m; cash and gold A$216.5m; Gladstone pre-strip; Kevin Maloney retired as director.
- Document ID
- q2fy26_quarterly
- Published UTC
- 2026-01-21T21:30:55Z
- Projects
- norseman
- Commodities
- gold
Quarterly Report for the period ending 30 September 2025 (Appendix 5B)Operations · MediumExtracted
September 2025 quarter: 19,551 oz at AISC A$3,139/oz, EBITDA A$53.9m; original FY2026 guidance 100,000-110,000 oz at AISC A$1,950-2,250/oz reaffirmed; physicals for FY25 Q2-Q4; cash and gold A$181.5m; Nebari options exercised (A$2.3m).
- Document ID
- q1fy26_quarterly
- Published UTC
- 2025-10-26T21:21:03Z
- Projects
- norseman
- Commodities
- gold
Annual Mineral Resource and Ore Reserve Statement (22 September 2025)Resource Update · MediumExtracted
Prior-year estimate: Mineral Resource 43.194 Mt @ 3.3 g/t for 4.601 Moz; Ore Reserve 12.777 Mt @ 2.1 g/t for 859 koz.
- Document ID
- mror_2025
- Published UTC
- 2025-09-21T22:29:58Z
- Projects
- norseman
- Commodities
- gold
Successful A$100M Equity Raising (14 May 2024)Financing · MediumExtracted
A$100m two-tranche placement at A$0.08 (pre-consolidation) to repay the US$29.6m Nebari term loan, accelerate exploration for a third underground mine and start Mainfield studies.
- Document ID
- raise_202405
- Published UTC
- 2024-05-13T23:02:07Z
- Projects
- norseman
- Commodities
- gold
Merger of Pantoro and Tulla Resources and Capital Raising (13 February 2023)Transaction · HighExtracted
All-scrip merger via UK scheme giving Pantoro 100% of Norseman (Pantoro holders 51.5%, Tulla holders 48.5% before the placement; Tulla Resources Group held 54.9% of Tulla) plus an A$75m placement at A$0.06; merged group targeted 110,000 oz a year from a 4.79 Moz resource and 0.98 Moz reserve. Implemented 30 June 2023.
- Document ID
- tulla_merger_202302
- Published UTC
- 2023-02-12T22:54:03Z
- Projects
- norseman
- Commodities
- gold
Evidence facts50
21864 oz
2026-09-303860 AUD/oz
2026-09-30240000000.0 AUD
2026-09-30224738000 AUD
2026-09-30389727051 shares
2026-09-3071267000 AUD
2026-09-30-42248000 AUD
2026-09-30480744029 AUD
2026-06-30113176218 AUD
2026-06-30276249554 AUD
2026-06-30202879791 AUD
2026-06-3070130110 AUD
2026-06-30611168494 AUD
2026-06-30389718642 shares
2026-06-30392812933 shares
2025-06-3077408 oz
2026-06-3038682228 AUD
2026-06-3013732873 AUD
2026-06-3030354932 AUD
2026-06-304685000 oz
2026-09-29936000 oz
2026-09-295800 AUD/oz
2026-09-2990000 oz
2026-09-21105000 oz
2026-09-212800 AUD/oz
2026-09-213400 AUD/oz
2026-09-2118028 oz
2026-06-304107 AUD/oz
2026-06-3044800000.0 AUD
2026-06-3017757 oz
2026-03-3188400000.0 AUD
2026-03-3122071 oz
2025-12-3183600000.0 AUD
2025-12-3119551 oz
2025-09-30105000 oz
2025-10-27238600000.0 AUD
2025-12-3186000 oz
2026-03-0992000 oz
2026-03-094601000 oz
2025-09-22859000 oz
2025-09-227352729 shares
2026-10-09446106 shares
2026-10-09640000 shares
2026-10-06110000 oz/yr
2023-02-13100000000.0 AUD
2024-05-142.86 AUD/share
2026-10-304031.4 USD/oz
2026-10-291.4236 AUD/USD
2026-10-304454.01 USD/oz
2026-10-294650 USD/oz
2026-10-27Conflicts requiring judgment1
- AISC, December 2025 quarter
The January 2026 quarterly reported AISC of A$2,571/oz; the annual report table restates it at A$2,573/oz (and March at A$3,183 versus A$3,204). The later audited-year table is used for the series.