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2026-11-06
◂ Monitor QGL ASX

Quantum Graphite Limited

DFS Unfunded Developer · Graphite · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.375
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$132.2M
EV
A$142.5M
Cash
A$210.7K
Debt
A$10.5M
2 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$210.7K Finite
Debt A$10.5M Net cash A$-10.3M
Basic shares 352.6M 2026-06-30
Runway 2.32 quarters Issuer Appendix 5B: A$0.210 million cash plus A$2.753 million unused facilities divided by A$1.280 million June-quarter relevant outgoings.

Liquidity

Financial position

Liquidity is highly constrained: cash was only A$0.148 million by 30 July 2026, all A$10.497 million loan facilities were drawn at quarter end, and continued activity depends on related-party support, unused facilities or new equity.

Capital structure

Ownership and dilution

Ordinary shares
352.6M
Fully diluted
353.2M

The 350,008,387 shares reported at 30 June 2025 increased by 2,591,613 service, consultancy and option-exercise shares to 352,600,000 by 31 December 2025 and remained unchanged at 30 June 2026. Fully diluted shares add 619,345 outstanding options.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX-listed ordinary fully paid sharesOrdinary Share352.6M——
Unquoted employee incentive options; Appendix 3G terms selected over inconsistent half-year noteOption619.3KA$02031-12-19
Company guidance2
MetricProjectPeriodLowHighStatus
Minimum Concentrate Output Supported By The Ore Supply Agreementuley-projectInitial 20-year OSA term after first production100,000— tonnes per annumCurrent
Minimum Monthly Mineral Production Supplied To Spguley-projectAfter first production under the OSA85,000— tonnes per monthCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-12-23Ann. 2026-03-13RaisingA$941.2K2.6M—Completed—
2025-09-17Ann. 2025-09-30Debt———Ongoing—

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 2026-07-30

FY2025 related-party and JV notes reconciled with H1 FY2026 related-party note and the June 2026 quarterly OSA and facility disclosures. No commodity or FX hedges identified.

QGL exclusively supplies ore; Sunlands Pure owns processing and refining economics. Cost-plus price has a non-reducible initial floor, annual review, and a conditional seven-year expansion obligation. SMA logistics remain under negotiation.

Offtake · Active
Counterparties
Sunlands Pure Group
Applies to
Uley Graphite Project · Graphite
Economic direction
Mixed
Period
From 2026-06-12; no end date stated
Key terms
Initial exclusive term: 20 years
Minimum ore supply: 85,000 tonnes/month
Minimum margin: 375 AUD/tonne concentrate
Rolling reserve coverage: 3 years
How it affects our valuation

No valuation treatment is available for this arrangement.

QGL and Sunlands Energy each own half of Sunlands Power, with thermal storage media and TES Graphite Cell manufacturing rights but no disclosed commercial cash flow.

Joint Venture · Active
Counterparties
Sunlands Energy Co. Pty Ltd
Applies to
Sunlands Power thermal storage joint venture · Graphite
Economic direction
Mixed
Period
From 2021-12-22; no end date stated
Key terms
QGL ownership: 50 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Substantial shareholder provides recurring corporate and Uley asset-management services, consuming cash before production.

Other · Active
Counterparties
Chimaera Capital Limited
Applies to
Company-wide
Economic direction
Burden
Period
Dates not stated
Key terms
FY2025 corporate and asset management charges: 1,020,000 AUD/year
How it affects our valuation

No valuation treatment is available for this arrangement.