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2026-11-06
◂ Monitor RHI ASX

Red Hill Minerals Limited

Producer · Iron Ore · Gold · Copper · Australia Rating locked: sign in to view v8 · rhi-20261009t155722-first-fill
Last 2026-11-06
A$4.15
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$266.6M
EV
A$211.2M
Cash
A$62.8M
Debt
A$512K
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$62.8M2025-06-30: 64,516,134 A$2025-09-30: 62,711,000 A$2025-12-31: 61,274,000 A$2026-03-31: 59,084,000 A$2026-06-30: 62,773,048 A$ Self Funding
Debt A$512K Net cash A$62.3M
Basic shares 64.2M 2026-09-26
Runway Self Funding Royalty-backed positive operating cash flow; no bank borrowings. Tenement spending and September dividend are assessed separately rather than dividing cash by a negative burn rate.

Liquidity

Financial position

Audited June cash A$62.773m and lease liabilities A$0.512m, no bank borrowing. June royalty receivable A$7.671m, current tax A$2.498m and trade payables A$0.955m enter the bridge. A$6.937m final dividend is detached from the September price but unpaid at cutoff. September cash is not reported; June balances are an explicit anchored convention.

Capital structure

Ownership and dilution

Ordinary shares
64.2M
Fully diluted
66.4M

64,127,625 ordinary shares at 30 June 2025 plus 101,394 cashless option-exercise shares equals 64,229,019 at 30 June 2026. The July 2026 issue lifted unlisted employee options to 2,150,000; no subsequent ordinary-share issue was identified through the cutoff. Fully diluted count conservatively includes all options without proceeds.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share64.2M——
Employee options exercisable at A$5.50, expiring 30 April 2031Option2.2MA$5.52031-04-30

KPI history

Operating metrics · Onslow Iron Royalty

RHIOJV shipments, dry metric tonnes shown
02,486,6094,973,2197,459,8289,946,438June 2025: 5,360,904 dmtJune 2025September 2025: 8,030,106 dmtSeptember 2025December 2025: 8,058,954 dmtDecember 2025March 2026: 6,696,054 dmtMarch 2026June 2026: 8,880,748 dmtJune 2026
MetricUnitTrendJune 2025September 2025December 2025March 2026June 2026
RHIOJV shipments, dry metric tonnesdmtJune 2025: 5,360,904 dmtSeptember 2025: 8,030,106 dmtDecember 2025: 8,058,954 dmtMarch 2026: 6,696,054 dmtJune 2026: 8,880,748 dmt5,360,9048,030,1068,058,9546,696,0548,880,748
Onslow royalty income earnedAUDJune 2025: 4,789,810 AUDSeptember 2025: 7,048,480 AUDDecember 2025: 7,841,111 AUDMarch 2026: 6,198,241 AUDJune 2026: 7,670,571 AUD4,789,8107,048,4807,841,1116,198,2417,670,571

KPI history

Operating metrics · Company

Corporate royalty cash receipts shown
02,189,6004,379,2006,568,8008,758,400June 2025: 3,310,000 AUDJune 2025September 2025: 4,790,000 AUDSeptember 2025December 2025: 7,048,000 AUDDecember 2025March 2026: 7,820,000 AUDMarch 2026June 2026: 6,220,000 AUDJune 2026
MetricUnitTrendJune 2025September 2025December 2025March 2026June 2026
Corporate royalty cash receiptsAUDJune 2025: 3,310,000 AUDSeptember 2025: 4,790,000 AUDDecember 2025: 7,048,000 AUDMarch 2026: 7,820,000 AUDJune 2026: 6,220,000 AUD3,310,0004,790,0007,048,0007,820,0006,220,000
Corporate net operating cash flowAUDJune 2025: 3,516,000 AUDSeptember 2025: 2,374,000 AUDDecember 2025: 5,443,000 AUDMarch 2026: 6,631,000 AUDJune 2026: 5,127,000 AUD3,516,0002,374,0005,443,0006,631,0005,127,000
Corporate cash and deposits at period endAUDJune 2025: 64,516,000 AUDSeptember 2025: 62,711,000 AUDDecember 2025: 61,274,000 AUDMarch 2026: 59,084,000 AUDJune 2026: 62,773,000 AUD64,516,00062,711,00061,274,00059,084,00062,773,000
Corporate exploration cash paymentsAUDJune 2025: 953,000 AUDSeptember 2025: 2,397,000 AUDDecember 2025: 2,746,000 AUDMarch 2026: 1,516,000 AUDJune 2026: 1,487,000 AUD953,0002,397,0002,746,0001,516,0001,487,000
Audited corporate cash at year endAUDJune 2025: 64,516,134 AUDJune 2026: 62,773,048 AUD64,516,134———62,773,048
Operating metric source table38
MetricProjectPeriodPeriod typeValueStatus
Annual Onslow royalty incomeOnslow RoyaltyFY2026Year28,758,404 AUDReported
Annual group net profit after taxCompanyFY2026Year20,063,802 AUDReported
Annual group operating cash flowCompanyFY2026Year19,573,734 AUDReported
RHIOJV shipments, dry metric tonnesOnslow RoyaltyJune 2025 quarterQuarter5,360,904 dmtReported
Onslow royalty income earnedOnslow RoyaltyJune 2025 quarterQuarter4,789,810 AUDReported
Corporate royalty cash receiptsCompanyJune 2025 quarterQuarter3,310,000 AUDReported
Corporate net operating cash flowCompanyJune 2025 quarterQuarter3,516,000 AUDReported
Corporate cash and deposits at period endCompany2025-06-30Point In Time64,516,000 AUDReported
Corporate exploration cash paymentsCompanyJune 2025 quarterQuarter953,000 AUDSource Derived
RHIOJV shipments, dry metric tonnesOnslow RoyaltySeptember 2025 quarterQuarter8,030,106 dmtReported
Onslow royalty income earnedOnslow RoyaltySeptember 2025 quarterQuarter7,048,479.76 AUDReported
Corporate royalty cash receiptsCompanySeptember 2025 quarterQuarter4,790,000 AUDReported
Corporate net operating cash flowCompanySeptember 2025 quarterQuarter2,374,000 AUDReported
Corporate cash and deposits at period endCompany2025-09-30Point In Time62,711,000 AUDReported
Corporate exploration cash paymentsCompanySeptember 2025 quarterQuarter2,397,000 AUDSource Derived
RHIOJV shipments, dry metric tonnesOnslow RoyaltyDecember 2025 quarterQuarter8,058,954 dmtReported
Onslow royalty income earnedOnslow RoyaltyDecember 2025 quarterQuarter7,841,111 AUDReported
Corporate royalty cash receiptsCompanyDecember 2025 quarterQuarter7,048,000 AUDReported
Corporate net operating cash flowCompanyDecember 2025 quarterQuarter5,443,000 AUDReported
Corporate cash and deposits at period endCompany2025-12-31Point In Time61,274,000 AUDReported
Corporate exploration cash paymentsCompanyDecember 2025 quarterQuarter2,746,000 AUDSource Derived
RHIOJV shipments, dry metric tonnesOnslow RoyaltyMarch 2026 quarterQuarter6,696,054 dmtReported
Onslow royalty income earnedOnslow RoyaltyMarch 2026 quarterQuarter6,198,241 AUDReported
Corporate royalty cash receiptsCompanyMarch 2026 quarterQuarter7,820,000 AUDReported
Corporate net operating cash flowCompanyMarch 2026 quarterQuarter6,631,000 AUDReported
Corporate cash and deposits at period endCompany2026-03-31Point In Time59,084,000 AUDReported
Corporate exploration cash paymentsCompanyMarch 2026 quarterQuarter1,516,000 AUDSource Derived
RHIOJV shipments, dry metric tonnesOnslow RoyaltyJune 2026 quarterQuarter8,880,748 dmtReported
Onslow royalty income earnedOnslow RoyaltyJune 2026 quarterQuarter7,670,571 AUDReported
Corporate royalty cash receiptsCompanyJune 2026 quarterQuarter6,220,000 AUDReported
Corporate net operating cash flowCompanyJune 2026 quarterQuarter5,127,000 AUDReported
Corporate cash and deposits at period endCompany2026-06-30Point In Time62,773,000 AUDReported
Corporate exploration cash paymentsCompanyJune 2026 quarterQuarter1,487,000 AUDSource Derived
Annual Onslow royalty incomeOnslow RoyaltyFY2025Year11,884,669 AUDReported
Annual group net profit after taxCompanyFY2025Year9,133,780 AUDReported
Annual group operating cash flowCompanyFY2025Year-32,861,364 AUDReported
Audited corporate cash at year endCompany2025-06-30Point In Time64,516,134 AUDReported
Audited corporate cash at year endCompany2026-06-30Point In Time62,773,048 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Operator Production Expected To Exceed Nameplateonslow_royaltyFY202735,000,000— wmtpaCurrent
Target Dividend Payout As Share Of Onslow Royalty Incomeonslow_royaltyongoing policy5050 %Current

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30Ann. 2026-09-08DividendA$6.9M——Announced—
2026-03-24Ann. 2026-03-02DividendA$7.5M——Completed—
2025-10-10Ann. 2025-09-18DividendA$4.2M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

FY2026 annual report royalties, Note 13 and Note 23, commitments and joint venture sections reconciled with original purchase announcements and June quarterly; no live commodity or FX hedge identified. Original 2022 CZR infrastructure agreement was retrieved to establish cost-sharing terms; royalty purchase contracts are reconciled. Ordinary tenure access commitments are reflected in project gating.

RHI retains a 0.75% FOB royalty from defined Onslow production following sale of its former iron joint-venture interest; FOB realisation is sensitive to shipping costs.

Royalty · Active
Counterparties
Mineral Resources Limited
Applies to
Onslow Iron Royalty · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
FOB royalty rate: 0.75 %
Underlying sources: RHIOJV tenements, conditional Upper Red Hill Creek for first 10 years, conditional Bungaroo South
How it affects our valuation

No valuation treatment is available for this arrangement.

RHI owns a 2% gross revenue royalty over selected Brightstar Sandstone Gold Project tenements; production has not commenced.

Royalty · Active
Counterparties
Brightstar Resources Limited
Applies to
Sandstone Gold Royalty · Gold
Economic direction
Benefit
Period
From 2025-06-19; no end date stated
Key terms
Gross revenue royalty rate: 2 %
Covered resource: 1,341,000 oz gold
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent consideration equals 50% of royalty receipts for the first eight production quarters and is payable only as receipts arise; no liability was recognised at 30 June 2026.

Other · Conditional
Counterparties
Sandstone royalty vendors
Applies to
Sandstone Gold Royalty · Gold
Economic direction
Burden
Period
From 2025-06-19; no end date stated
Key terms
Vendor share of receipts: 50 % of royalty receipts
Duration: 8 production quarters
How it affects our valuation

No valuation treatment is available for this arrangement.

RHI owns a 1.5% NSR across defined Thomson tenements; Legacy can repurchase half for A$2m and the rest for A$4m.

Royalty · Active
Counterparties
Legacy Minerals Holdings Limited
Applies to
Thomson Gold-Copper Royalty · Gold · Copper
Economic direction
Benefit
Period
From 2025-05-05; no end date stated
Key terms
Net smelter royalty rate: 1.5 %
Buyback first half: 2,000,000 AUD
Buyback remaining half: 4,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

RHI completed its A$6.5m earn-in and holds 75% of the Curnamona joint venture covering Anabama and Broken Hill; partner interest remains 25%.

Joint Venture · Active
Counterparties
Peel Far West Pty Ltd · Spectre Metals Ltd
Applies to
Anabama Copper-Gold Project · Broken Hill Project · Copper · Gold · Lead · Zinc · Silver
Economic direction
Mixed
Period
From 2026-06-30; no end date stated
Key terms
RHI earned interest: 75 %
Earn-in expenditure met: 6,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Shared haul-route feasibility and conditional infrastructure cooperation, referenced in August 2026 presentation. Potential savings are unquantified and are not counted as a second asset.

Strategic Partnership · Active
Counterparties
CZR Resources Limited
Applies to
Pannawonica Iron Ore Project · Iron Ore
Economic direction
Mixed
Period
From 2022-08-01; no end date stated
Key terms
Study phase cost-sharing: Mechanism disclosed; percentage and amount not disclosed
Definitive access and port arrangements: Subject to study outcomes and later agreements
How it affects our valuation

No valuation treatment is available for this arrangement.