- Last 2026-11-06
- A$4.15
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Quarterly Activities Report and App5B Cash FlowLatest Four Activities Reports
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 14All sources ▸- FY26 Results Summary and Final Dividend DeclaredResults
- Annual Report to shareholdersResults
- CEO Presentation at Diggers and Dealers Mining ForumPresentation
- June 2026 Quarterly Activities ReportOperations
- Notification Regarding Unquoted SecuritiesCorporate Action
- Notification Regarding Unquoted SecuritiesCorporate Action
- March 2026 Quarterly Activities and Appendix 5BOperations
- Half Yearly Report and AccountsResults
- December 2025 Quarterly Activities and Appendix 5BOperations
- September 2025 Quarterly Activities and Appendix 5BOperations
- Annual Report to ShareholdersResults
- Completion of Purchase of Sandstone Gold Project RoyaltyTransaction
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Second half of calendar 2026 remaining after cutoff | Sandstone pre-feasibility study and maiden reserve | Study | Company Guided | High | A reserve and credible development schedule would alter timing and probability of royalty cash flows. |
| 30 September 2026 | FY2026 final dividend payment | Corporate Action | Confirmed | Medium | A$0.108 per ordinary share cash distribution reduces post-ex-date cash value. |
| October 2026 | Anabama follow-up drilling assays and downhole EM | Exploration | Company Guided | High | Tests the extent of copper-gold mineralisation and the probability assigned to the drill-stage option. |
| October to December 2026 | Broken Hill Dementus follow-up diamond drilling | Exploration | Company Guided | High | Tests whether broad low-grade Broken Hill type intersections vector toward an economic zone. |
Executive roster
As of 2026-09-26Background checks ▸FY2026 annual-report corporate directory and directors report disclose the current executive chairman, chief executive and company secretary; no later leadership change identified through cutoff.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Joshua Pitt | Executive Chairman | Executive Director | — | Annual Report to shareholders |
| Michael Wall | Chief Executive Officer | Chief Executive | 2022-07-28 | Annual Report to shareholders |
| Ira Gibbs | Company Secretary | Company Secretary | — | Annual Report to shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Onslow Iron Royalty
Australia
RHI receives a 0.75% FOB royalty on defined Onslow Iron production operated by Mineral Resources. FY2026 royalty income was A$28.758m; 35 Mtpa nameplate was reached in August 2025. Shipping-cost changes affect FOB realisation. Royalty-covered resources exceed 1.1bn tonnes, but mine sequencing and detailed royalty cash-flow terms are not disclosed. Ownership percentage denotes ownership of the royalty right, not an equity percentage in the operator; the contractual royalty rate is applied separately.
- Royalty type
- FOB royalty (0.75% of FOB value of iron ore)
- Rate
- 0.8%
- Underlying asset and operator
- Onslow Iron Project (RHIOJV tenements; also Upper Red Hill Creek for 10 years and Bungaroo South if developed with RHIOJV), operated by Mineral Resources Limited
- Operator's stage
- Producing: above 35 Mtpa (wmt) nameplate, annualised run rate about 38.4 Mtpa (wmt) per MinRes June 2026 quarter
- Attrib. royalty units per year
- NM
- Royalty receipts (12M)
- A$25.9m
- Our attributable value
- Locked
Project location
Site imagery
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | operator-reported RHIOJV operating-source resource | 743.7M tonnes | 56.3% Fe | Iron Ore | 2025-05-21 |
Tenements1
Milestones1
- FY2027 production exceeds 35 Mtpa nameplate
Pending · High materiality
Material
Sandstone Gold Royalty
Australia
RHI holds a 2% gross revenue royalty over selected Brightstar tenements. Covered resources were stated as 1.341Moz in the FY2026 annual report. The project remains pre-production; 50% of royalty receipts in the first eight production quarters are payable to vendors as deferred contingent consideration. Ownership percentage denotes ownership of the royalty right, not an equity percentage in the operator; the contractual royalty rate is applied separately.
- Royalty type
- GRR (gross revenue royalty)
- Rate
- 2%
- Underlying asset and operator
- Part of the Sandstone Gold Project tenements, Western Australia, owned and operated by Brightstar Resources Limited (ASX: BTR)
- Operator's stage
- Resource stage: covered resource 35.2 Mt at 1.3 g/t Au for 1,341,000 oz; operator PFS and maiden Ore Reserve expected 2H CY2026
- Attrib. royalty units per year
- —
- Royalty receipts (12M)
- —
- Our attributable value
- Locked
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | operator-reported combined royalty-covered resource | 35.2M tonnes | 1.3 g/t Au; 1,341,000 oz contained gold | Gold | 2026-07-15 |
Tenements1
Milestones1
- Brightstar PFS, reserve and further resource update
Pending · High materiality
Other
Thomson Gold-Copper Royalty
Australia
RHI owns 1.5% NSR over Legacy Minerals Thomson tenements. Legacy may buy back one half for A$2m and the remaining half for A$4m. No resource or development study has been established for the royalty area. Ownership percentage denotes ownership of the royalty right, not an equity percentage in the operator; the contractual royalty rate is applied separately.
- Royalty type
- NSR (net smelter royalty)
- Rate
- 1.5%
- Underlying asset and operator
- Thomson Project tenements (about 553 km2), New South Wales, held by Legacy Minerals Holdings Limited (ASX: LGM)
- Operator's stage
- Exploration: untested or underexplored magnetic anomalies, no resource
- Attrib. royalty units per year
- —
- Royalty receipts (12M)
- —
- Our attributable value
- Locked
Tenements1
Material
Pannawonica Iron Ore Project
Australia
RHI-owned Redgate and Whitegate channel iron deposits with granted mining leases and development permits still to be completed. FY2026 annual report reconfirmed unchanged 62.5Mt resources inclusive of 4.68Mt reserves; current development economics and funding plan remain unavailable. Three Peaks aggregate interest is treated as ancillary infrastructure optionality within this project, with no separate unsupported value.
- Study
- PFS (April 2014, historical; not refreshed)
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total mineral resource | 62.5M tonnes | 53.4% Fe at 52% Fe block-model cut-off | Iron Ore | 2026-06-30 |
| Ore Reserve | ore reserve | 4.7M tonnes | 56% Fe at 54.5% Fe cut-off | Iron Ore | 2026-06-30 |
Tenements1
Milestones1
- Obtain groundwater take and bore-construction licences
Pending · Medium materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining leases and Native Title Deed | Western Australia | Granted | — | No |
| 5C groundwater and 26D bore-construction licences | Western Australia | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Pannawonica Pre-Feasibility Study | PFS | Reaffirmed | 2014-04-14 | 2014 PFS and 2021 reserve remain referenced in FY2026 report; current economic inputs are not disclosed. This is historical evidence, not a refreshed feasibility study. |
Material
West Pilbara Gold and Base Metals Project
Australia
RHI owns 100% of non-iron mineral rights over the RHIOJV tenements; Barkley, G1 and King Brown remain exploration targets without resources.
- Ownership
- 100%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- 21.6 gram_metresd
- Metres drilled (12M)
- 3,476 m
- Exploration spend (12M)
- A$2.3m
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Milestones1
- Receive pending G1 and King Brown assays and interpret the June drilling
Pending · Medium materiality
Material
Anabama Copper-Gold Project
Australia
RHI holds an earned 75% Curnamona JV interest; Anabama has drill-confirmed copper-gold-silver mineralisation but no mineral resource. Cronje Dam is directly held and has been offered to the JV; this project valuation conservatively applies 75% across the connected exploration system pending detailed tenure allocation.
- Ownership
- 75%
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- 12 pct_metresd
- Metres drilled (12M)
- 2,376 md
- Exploration spend (12M)
- —
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements2
Milestones2
- Complete follow-up two-hole 1,431m diamond drilling
Achieved · High materiality
- Follow-up drill assays and downhole EM results
Pending · High materiality
Material
Broken Hill Project
Australia
RHI holds an earned 75% Curnamona JV interest; Dementus hosts broad low-grade BHT-style lead-zinc-silver mineralisation without a resource.
- Ownership
- 75%
- Commodity
- Pbr
- Country
- AUr
- Best recent intercept (grade x width)
- 30.52 pct_metresd
- Metres drilled (12M)
- 3,734 m
- Exploration spend (12M)
- —
Project location
Approximate location
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Milestones1
- Commence approximately 2,000 metres of Dementus follow-up drilling
Pending · High materiality
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 64.2M | — | — |
| Employee options exercisable at A$5.50, expiring 30 April 2031 | Option | 2.2M | A$5.5 | 2031-04-30 |
KPI history
Operating metrics · Onslow Iron Royalty
| Metric | Unit | Trend | June 2025 | September 2025 | December 2025 | March 2026 | June 2026 |
|---|---|---|---|---|---|---|---|
| RHIOJV shipments, dry metric tonnes | dmt | 5,360,904 | 8,030,106 | 8,058,954 | 6,696,054 | 8,880,748 | |
| Onslow royalty income earned | AUD | 4,789,810 | 7,048,480 | 7,841,111 | 6,198,241 | 7,670,571 |
KPI history
Operating metrics · Company
| Metric | Unit | Trend | June 2025 | September 2025 | December 2025 | March 2026 | June 2026 |
|---|---|---|---|---|---|---|---|
| Corporate royalty cash receipts | AUD | 3,310,000 | 4,790,000 | 7,048,000 | 7,820,000 | 6,220,000 | |
| Corporate net operating cash flow | AUD | 3,516,000 | 2,374,000 | 5,443,000 | 6,631,000 | 5,127,000 | |
| Corporate cash and deposits at period end | AUD | 64,516,000 | 62,711,000 | 61,274,000 | 59,084,000 | 62,773,000 | |
| Corporate exploration cash payments | AUD | 953,000 | 2,397,000 | 2,746,000 | 1,516,000 | 1,487,000 | |
| Audited corporate cash at year end | AUD | 64,516,134 | — | — | — | 62,773,048 |
Operating metric source table38
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Annual Onslow royalty income | Onslow Royalty | FY2026 | Year | 28,758,404 AUD | Reported |
| Annual group net profit after tax | Company | FY2026 | Year | 20,063,802 AUD | Reported |
| Annual group operating cash flow | Company | FY2026 | Year | 19,573,734 AUD | Reported |
| RHIOJV shipments, dry metric tonnes | Onslow Royalty | June 2025 quarter | Quarter | 5,360,904 dmt | Reported |
| Onslow royalty income earned | Onslow Royalty | June 2025 quarter | Quarter | 4,789,810 AUD | Reported |
| Corporate royalty cash receipts | Company | June 2025 quarter | Quarter | 3,310,000 AUD | Reported |
| Corporate net operating cash flow | Company | June 2025 quarter | Quarter | 3,516,000 AUD | Reported |
| Corporate cash and deposits at period end | Company | 2025-06-30 | Point In Time | 64,516,000 AUD | Reported |
| Corporate exploration cash payments | Company | June 2025 quarter | Quarter | 953,000 AUD | Source Derived |
| RHIOJV shipments, dry metric tonnes | Onslow Royalty | September 2025 quarter | Quarter | 8,030,106 dmt | Reported |
| Onslow royalty income earned | Onslow Royalty | September 2025 quarter | Quarter | 7,048,479.76 AUD | Reported |
| Corporate royalty cash receipts | Company | September 2025 quarter | Quarter | 4,790,000 AUD | Reported |
| Corporate net operating cash flow | Company | September 2025 quarter | Quarter | 2,374,000 AUD | Reported |
| Corporate cash and deposits at period end | Company | 2025-09-30 | Point In Time | 62,711,000 AUD | Reported |
| Corporate exploration cash payments | Company | September 2025 quarter | Quarter | 2,397,000 AUD | Source Derived |
| RHIOJV shipments, dry metric tonnes | Onslow Royalty | December 2025 quarter | Quarter | 8,058,954 dmt | Reported |
| Onslow royalty income earned | Onslow Royalty | December 2025 quarter | Quarter | 7,841,111 AUD | Reported |
| Corporate royalty cash receipts | Company | December 2025 quarter | Quarter | 7,048,000 AUD | Reported |
| Corporate net operating cash flow | Company | December 2025 quarter | Quarter | 5,443,000 AUD | Reported |
| Corporate cash and deposits at period end | Company | 2025-12-31 | Point In Time | 61,274,000 AUD | Reported |
| Corporate exploration cash payments | Company | December 2025 quarter | Quarter | 2,746,000 AUD | Source Derived |
| RHIOJV shipments, dry metric tonnes | Onslow Royalty | March 2026 quarter | Quarter | 6,696,054 dmt | Reported |
| Onslow royalty income earned | Onslow Royalty | March 2026 quarter | Quarter | 6,198,241 AUD | Reported |
| Corporate royalty cash receipts | Company | March 2026 quarter | Quarter | 7,820,000 AUD | Reported |
| Corporate net operating cash flow | Company | March 2026 quarter | Quarter | 6,631,000 AUD | Reported |
| Corporate cash and deposits at period end | Company | 2026-03-31 | Point In Time | 59,084,000 AUD | Reported |
| Corporate exploration cash payments | Company | March 2026 quarter | Quarter | 1,516,000 AUD | Source Derived |
| RHIOJV shipments, dry metric tonnes | Onslow Royalty | June 2026 quarter | Quarter | 8,880,748 dmt | Reported |
| Onslow royalty income earned | Onslow Royalty | June 2026 quarter | Quarter | 7,670,571 AUD | Reported |
| Corporate royalty cash receipts | Company | June 2026 quarter | Quarter | 6,220,000 AUD | Reported |
| Corporate net operating cash flow | Company | June 2026 quarter | Quarter | 5,127,000 AUD | Reported |
| Corporate cash and deposits at period end | Company | 2026-06-30 | Point In Time | 62,773,000 AUD | Reported |
| Corporate exploration cash payments | Company | June 2026 quarter | Quarter | 1,487,000 AUD | Source Derived |
| Annual Onslow royalty income | Onslow Royalty | FY2025 | Year | 11,884,669 AUD | Reported |
| Annual group net profit after tax | Company | FY2025 | Year | 9,133,780 AUD | Reported |
| Annual group operating cash flow | Company | FY2025 | Year | -32,861,364 AUD | Reported |
| Audited corporate cash at year end | Company | 2025-06-30 | Point In Time | 64,516,134 AUD | Reported |
| Audited corporate cash at year end | Company | 2026-06-30 | Point In Time | 62,773,048 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Operator Production Expected To Exceed Nameplate | onslow_royalty | FY2027 | 35,000,000 | — wmtpa | Current |
| Target Dividend Payout As Share Of Onslow Royalty Income | onslow_royalty | ongoing policy | 50 | 50 % | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-30Ann. 2026-09-08 | Dividend | A$6.9M | — | — | Announced | — |
| 2026-03-24Ann. 2026-03-02 | Dividend | A$7.5M | — | — | Completed | — |
| 2025-10-10Ann. 2025-09-18 | Dividend | A$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.
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
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
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
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
A limited open-web screening of the executive chair, CEO, secretary and exploration manager: FY2026 royalty income increased, while Hampton Hill’s delisting, Traka funding uncertainty and Red Metal safety, environmental and trading matters during the chair’s tenure warrant attention. Individual contribution and responsibility are distinguished from company outcomes.
Decision-relevant facts
Material summary
Joshua Pitt
Executive Chairman
Red Metal worker death and compensation finding
A Red Metal geologist died in December 2018 while working in extreme heat. In 2024 the NSW Personal Injury Commission found employment was a substantial contributing factor and Red Metal liable for a statutory death benefit. Pitt was a non-executive director during the period. The compensation ruling does not find that Pitt caused the death or establish a personal regulatory breach.
Role overlaps event; causation unproven · The decision concerns company compensation liability; individual culpability or operational involvement by Pitt is not established.
ASX questioned 2023 Red Metal director trading
Stockhead reported that ASX queried Pitt’s Red Metal trading around a quarterly-report closed period. It reported Red Metal described an exceptional-circumstances clearance process and considered the quarterly contained no price-sensitive information. The primary ASX query and company response were indexed but could not be opened, so the timing and basis of any specific clearance have not been independently verified; no finding of unlawful conduct is asserted.
Individual involvement documented · The report names Pitt and Red Metal; it does not establish a regulatory breach.
Red Hill reported increased royalty income and profit
Red Hill reported FY2026 Onslow royalty income of $28.76 million and net profit after tax of $20.06 million, against $11.88 million and $9.13 million respectively in FY2025. The external operator generates the ore shipments; a company-wide result does not isolate Pitt’s contribution.
Role overlaps event; causation unproven · Pitt was executive chair; the issuer attributes the financial change primarily to royalty income, not to an individual.
Hampton Hill suspension, delisting and later results
Hampton Hill’s 2021 half-year report said ASX suspended its shares on 18 February 2020 because ASX considered operations inadequate for continued quotation, and maintained suspension despite company submissions. The later report confirms delisting on 21 March 2022 and establishment of a shareholder trading hub. During the same half-year to December 2021 the company wrote off $3.03 million of exploration expenditure and reported a $3.43 million loss; Glenview was impaired after further exploration was suspended. Its audited FY2025 report later recorded $1.21 million royalty income and $0.46 million profit and said the $1 million director-related loan was repaid after year-end. The December 2025 half-year reported $1.39 million profit including $0.82 million financial-asset fair-value gains. Hampton Hill disputed ASX’s action and said its request for an interim injunction was refused. A deListed record summarising a 21 February 2020 update says the company chose not to pursue its proceedings and agreed to pay ASX’s interlocutory costs; the underlying update was not obtained. This does not establish a merits ruling.
Role overlaps event; causation unproven · Pitt was executive chair throughout; the filings identify board-level oversight, not his personal causation of the suspension or impairment. Later royalty income and results are company outcomes and do not establish his individual contribution.
Traka funding uncertainty during tenure
Traka’s audited FY2024 accounts recorded a $1.03 million loss and disclosed a material uncertainty over going concern if planned funding or asset realisations were not achieved; the auditor drew attention to that uncertainty without modifying its opinion. The company reported a July 2024 placement and later raised funds in December 2024. Its FY2025 auditor again drew attention to a going-concern uncertainty. The FY2025 report was published after this person’s departure; its reporting year includes a short overlap with the role and is company context only.
Role overlaps event; causation unproven · The person was non-executive director and former chair during FY2024. This is tenure overlap and does not establish that the person caused the loss or funding uncertainty.
Sybella fire and settlement of claims
Red Metal disclosed that a fire during FY2025 on a Sybella tenement affected several pastoral stations. Its FY2025 accounts said potential liability was then uncertain. The FY2026 accounts report that claims were settled after year-end with $1,000 liability to the company, while insurance indemnity for known claims was subject to policy terms. The accounts do not establish the fire’s cause or an environmental breach.
Role overlaps event; causation unproven · Pitt was a Red Metal non-executive director during the period; no source links him personally to the incident or establishes his causation.
Evidence gaps · 6
- Independent verification of credentials and memberships and a complete employment chronology remain unavailable.
- Documented searches are open-web screening, not an exhaustive criminal, sanctions, court or regulatory clearance.
- Original 8 August 2023 ASX query and Red Metal response were indexed but not accessible; specific written-clearance timing and any later formal disposition remain unverified.
- Any appeal or later orders in the Kary workers compensation matter were not located in the targeted search.
- The original 21 February 2020 update and complete court file for Hampton Hill’s ASX dispute were not obtained; the reported decision not to pursue proceedings rests on deListed’s chronology.
- Targeted open-web searches do not cover every regulator, court, jurisdiction, prior employer or namesake; undisclosed records and complete individual histories remain unverified.
Michael Wall
Chief Executive Officer
Red Hill exploration and royalty results
In FY2026, Red Hill reported $28.76 million Onslow royalty income, $20.06 million net profit and earned 75% of the Curnamona joint venture. Its October quarterly reported exploratory drilling with narrow copper-gold intersections and $6.0 million royalty revenue for the September quarter. These are company results, and Onslow is operated by Mineral Resources; they do not independently establish personal credit for Wall.
Role overlaps event; causation unproven · Wall was CEO during the period; the royalty operator and market conditions influence financial outcomes.
Geological and management experience for exploration role
The 2022 appointment filing states Wall joined as exploration manager in January 2022 and became CEO on 28 July 2022. A 2016 API/Golder resource update independently establishes his API exploration-manager role and identifies a specific geological reporting responsibility. This is relevant to a company managing exploration and royalty interests, although complete API tenure and independent credential verification remain incomplete.
Responsibility not applicable · The fit conclusion is an analytical inference from issuer-reported roles, not evidence of project output personally caused.
Documented API geological reporting responsibility
In November 2016 Wall signed API’s resource-update letter as exploration manager. API and Golder reported updated Red Hill Iron Ore Joint Venture mineral resources, including a 2.7 Mt maiden Trixie West resource. Wall was named the competent person responsible for geological interpretation and drill-hole data used for the estimates; Golder prepared the estimates. A resource estimate is not a mine or demonstrated commercial return.
Individual involvement documented · The source expressly identifies his geological interpretation and data responsibility, but does not attribute the discovery or the economic outcome solely to him.
Evidence gaps · 4
- Independent verification of credentials and memberships and a complete employment chronology remain unavailable.
- Documented searches are open-web screening, not an exhaustive criminal, sanctions, court or regulatory clearance.
- The 2016 API role and reporting responsibility are documented, but the start and end dates and complete project contribution remain unverified.
- Targeted open-web searches do not cover every regulator, court, jurisdiction, prior employer or namesake; undisclosed records and complete individual histories remain unverified.
Ira Gibbs
Company Secretary
Issuer-reported accounting and secretarial qualifications
The 2026 annual report identifies Gibbs as holding BAcc (Hons), CA and AGIA and says she has worked with the team since 2015. The 2023 appointment notice establishes her joint-secretary appointment. The qualifications and professional status have not been independently verified.
Responsibility not applicable · Qualifications are issuer-reported; independent verification is unavailable.
Prior and concurrent company secretarial work
Traka appointed Gibbs company secretary on 10 May 2022 and reported that she stepped down from its joint-secretary role on 1 November 2024. A 28 October 2026 report identifies her as a joint company secretary of Global Gold Mining from 2 September 2026; its primary appointment notice was indexed but not obtained. These roles add listed-company governance experience, although they do not demonstrate individual governance outcomes.
Responsibility not applicable · Traka appointments are issuer-reported; Global Gold is attributed to secondary reporting and has not been independently confirmed by its notice.
Traka funding uncertainty during tenure
Traka’s audited FY2024 accounts recorded a $1.03 million loss and disclosed a material uncertainty over going concern if planned funding or asset realisations were not achieved; the auditor drew attention to that uncertainty without modifying its opinion. The company reported a July 2024 placement and later raised funds in December 2024. Its FY2025 auditor again drew attention to a going-concern uncertainty. The FY2025 report was published after this person’s departure; its reporting year includes a short overlap with the role and is company context only.
Role overlaps event; causation unproven · The person was company secretary during FY2024. This is tenure overlap and does not establish that the person caused the loss or funding uncertainty.
Evidence gaps · 4
- Independent verification of credentials and memberships and a complete employment chronology remain unavailable.
- Documented searches are open-web screening, not an exhaustive criminal, sanctions, court or regulatory clearance.
- Global Gold Mining’s 2 September 2026 appointment announcement was indexed but the original notice was not obtained; the concurrent appointment is attributed to dated secondary reporting.
- Targeted open-web searches do not cover every regulator, court, jurisdiction, prior employer or namesake; undisclosed records and complete individual histories remain unverified.
Matthias Michel
Exploration Manager
Signed exploration-result competent-person statements
Red Hill’s January and October 2026 releases identify Michel as its full-time exploration manager and attribute compilation of reported exploration results to him as competent person. These statements show a reporting responsibility, not a proven discovery, reserve or mine development.
Individual involvement documented · The issuer explicitly names him for the reporting role; project outcomes and commercial success are not attributed.
Evidence gaps · 5
- Prior employer identity and tenure, educational qualification and membership have not been independently verified.
- Current role is confirmed by the 29 October issuer quarterly, but his exact appointment date was not independently established.
- Searches are limited and not a comprehensive court, regulator, criminal or sanctions clearance.
- A 2025 South Australian permit names Lorelei Carlucci as exploration manager; her transition date and any overlap with Michel’s role are not established. The 29 October 2026 issuer report identifies Michel in that role.
- Targeted open-web searches do not cover every regulator, court, jurisdiction, prior employer or namesake; undisclosed records and complete individual histories remain unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-06-30
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 18.09% | 11,616,544 | |
| 2 | 15.45% | 9,920,202 | |
| 3 | 13.80% | 8,862,286 | |
| 4 | 13.47% | 8,650,000 | |
| 5 | 3.43% | 2,200,000 | |
| 6 | 3.11% | 2,000,000 | |
| 7 | 2.89% | 1,857,142 | |
| 8 | 2.24% | 1,441,371 | |
| 9 | 1.54% | 988,392 | |
| 10 | 1.37% | 878,092 | |
| 11 | 1.04% | 667,142 | |
| 12 | 0.78% | 500,891 | |
| 13 | 0.78% | 500,000 | |
| 14 | 0.78% | 500,000 | |
| 15 | 0.78% | 500,000 | |
| 16 | 0.74% | 473,507 | |
| 17 | 0.67% | 430,000 | |
| 18 | 0.61% | 389,280 | |
| 19 | 0.54% | 350,000 | |
| 20 | 0.44% | 282,976 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The ranked table lists registered accounts, not a complete or live beneficial-owner register; nominee and custodian accounts may represent multiple investors.
- Later substantial-holder notices and capital changes after this register date have not been exhaustively reconciled in this snapshot.
- The annual report table does not print a separate measurement date or issued-share denominator; 30 June 2026 is used as the reporting-period end date, and percentages are the issuer-disclosed figures.
Sources
- Annual Report to shareholders
Red Hill Minerals Limited / ASX · Published 2026-09-08 · Accessed 2026-10-09
Largest registered ordinary-share holder table and disclosed share quantities/percentages.
2026/2026-09-08_Annual Report to shareholders_2924-03132841-6A1342654.pdf; PDF page 75, ASX Additional Shareholder Information
Disclosed activity
Insider transactions
Trading activity126 buys · 8 sells shownNet cash last 12 months no tradesShow chartHide chart
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2023-06-30 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-30As disclosed: ON MARKET BUY; disclosed quantity 1,364; consideration AUD 6,069.80
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,364 | AUD 6,069.80 | AUD 4.45Calculated average | — |
| 2023-06-20 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-20As disclosed: ON MARKET BUY; disclosed quantity 911; consideration AUD 4,053.95
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 911 | AUD 4,053.95 | AUD 4.45Calculated average | — |
| 2023-06-19 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-19As disclosed: ON MARKET BUY; disclosed quantity 676; consideration AUD 3,008.20
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 676 | AUD 3,008.20 | AUD 4.45Calculated average | — |
| 2023-06-16 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-16As disclosed: ON MARKET BUY; disclosed quantity 2,987; consideration AUD 13,292.15
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,987 | AUD 13,292.15 | AUD 4.45Calculated average | — |
| 2023-06-13 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-13As disclosed: ON MARKET BUY; disclosed quantity 62; consideration AUD 275.90
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 62 | AUD 275.90 | AUD 4.45Calculated average | — |
| 2023-06-13 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-13As disclosed: ON MARKET BUY; disclosed quantity 6,871; consideration AUD 30,919.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 6,871 | AUD 30,919.50 | AUD 4.5Calculated average | — |
| 2023-06-09 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-09As disclosed: ON MARKET BUY; disclosed quantity 1; consideration AUD 4.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1 | AUD 4.50 | AUD 4.5Calculated average | — |
| 2023-06-08 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-08As disclosed: ON MARKET BUY; disclosed quantity 7,853; consideration AUD 35,338.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 7,853 | AUD 35,338.50 | AUD 4.5Calculated average | — |
| 2023-06-07 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-07As disclosed: ON MARKET BUY; disclosed quantity 2,083; consideration AUD 9,373.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,083 | AUD 9,373.50 | AUD 4.5Calculated average | — |
| 2023-06-02 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-02As disclosed: ON MARKET BUY; disclosed quantity 1,005; consideration AUD 4,522.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,005 | AUD 4,522.50 | AUD 4.5Calculated average | — |
| 2023-06-02 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-06-02As disclosed: ON MARKET BUY; disclosed quantity 2,187; consideration AUD 9,841.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,187 | AUD 9,841.50 | AUD 4.5Calculated average | — |
| 2023-05-29 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-29As disclosed: ON MARKET BUY; disclosed quantity 7,000; consideration AUD 32,880.06
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 7,000 | AUD 32,880.06 | AUD 4.697151Calculated average | — |
| 2023-05-29 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-29As disclosed: ON MARKET BUY; disclosed quantity 7,500; consideration AUD 34,875.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 7,500 | AUD 34,875.00 | AUD 4.65Calculated average | — |
| 2023-05-23 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-23As disclosed: ON MARKET BUY; disclosed quantity 1,674; consideration AUD 7,867.80
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 1,674 | AUD 7,867.80 | AUD 4.7Calculated average | — |
| 2023-05-22 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-22As disclosed: ON MARKET BUY; disclosed quantity 4,005; consideration AUD 18,823.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,005 | AUD 18,823.50 | AUD 4.7Calculated average | — |
| 2023-05-19 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-19As disclosed: ON MARKET BUY; disclosed quantity 2,135; consideration AUD 10,034.50
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 2,135 | AUD 10,034.50 | AUD 4.7Calculated average | — |
| 2023-05-17 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-17As disclosed: ON MARKET BUY; disclosed quantity 4,071; consideration AUD 19,133.70
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,071 | AUD 19,133.70 | AUD 4.7Calculated average | — |
| 2023-05-15 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-15As disclosed: ON MARKET BUY; disclosed quantity 106; consideration AUD 498.20
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 106 | AUD 498.20 | AUD 4.7Calculated average | — |
| 2023-05-12 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-12As disclosed: ON MARKET BUY; disclosed quantity 3,009; consideration AUD 14,142.23
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 3,009 | AUD 14,142.23 | AUD 4.699977Calculated average | — |
| 2023-05-12 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-12As disclosed: ON MARKET BUY; disclosed quantity 5,000; consideration AUD 23,500.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 5,000 | AUD 23,500.00 | AUD 4.7Calculated average | — |
| 2023-05-12 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-12As disclosed: ON MARKET BUY; disclosed quantity 5,000; consideration AUD 23,500.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 5,000 | AUD 23,500.00 | AUD 4.7Calculated average | — |
| 2023-05-12 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-12As disclosed: ON MARKET BUY; disclosed quantity 5,000; consideration AUD 23,500.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 5,000 | AUD 23,500.00 | AUD 4.7Calculated average | — |
| 2023-05-12 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-12As disclosed: ON MARKET BUY; disclosed quantity 10,000; consideration AUD 46,966.73
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 10,000 | AUD 46,966.73 | AUD 4.696673Calculated average | — |
| 2023-05-11 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-11As disclosed: ON MARKET BUY; disclosed quantity 7,000; consideration AUD 32,900.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 7,000 | AUD 32,900.00 | AUD 4.7Calculated average | — |
| 2023-05-11 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-11As disclosed: ON MARKET BUY; disclosed quantity 10,000; consideration AUD 46,989.93
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 10,000 | AUD 46,989.93 | AUD 4.698993Calculated average | — |
| 2023-05-04 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-04As disclosed: ON MARKET BUY; disclosed quantity 354; consideration AUD 1,628.40
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 354 | AUD 1,628.40 | AUD 4.6Calculated average | — |
| 2023-05-03 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-03As disclosed: ON MARKET BUY; disclosed quantity 600; consideration AUD 2,760.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 600 | AUD 2,760.00 | AUD 4.6Calculated average | — |
| 2023-05-01 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-05-01As disclosed: ON MARKET BUY; disclosed quantity 4,329; consideration AUD 19,880.14
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,329 | AUD 19,880.14 | AUD 4.592317Calculated average | — |
| 2023-04-11 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-04-11As disclosed: ON MARKET BUY; disclosed quantity 4,717; consideration AUD 20,632.43
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,717 | AUD 20,632.43 | AUD 4.374058Calculated average | — |
| 2023-04-06 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-04-06As disclosed: ON MARKET BUY; disclosed quantity 4,809; consideration AUD 21,303.87
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,809 | AUD 21,303.87 | AUD 4.43Calculated average | — |
| 2023-03-16 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-03-16As disclosed: ON MARKET BUY; disclosed quantity 66; consideration AUD 291.06
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 66 | AUD 291.06 | AUD 4.41Calculated average | — |
| 2023-03-10 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-03-10As disclosed: ON MARKET BUY; disclosed quantity 224; consideration AUD 1,008.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 224 | AUD 1,008.00 | AUD 4.5Calculated average | — |
| 2023-03-09 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-03-09As disclosed: ON MARKET BUY; disclosed quantity 4,710; consideration AUD 21,195.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 4,710 | AUD 21,195.00 | AUD 4.5Calculated average | — |
| 2023-01-02 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation FundAigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2023-01-02Chronology in Annexure A conflicts with the printed date; no date correction inferred. As disclosed: ON MARKET BUY; disclosed quantity 10,000; consideration AUD 50,000.00
Change in substantial holding ↗ | PurchaseFully paid ordinary shares | 10,000 | AUD 50,000.00 | AUD 5Calculated average | — |
Disclosed holding observations1 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 |
|---|---|---|---|---|
| 2025-01-17 | Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund
Details & evidence for Aigle Royal Superannuation Pty Ltd ATF The A. Poli Superannuation Fund on 2025-01-17Final reported holding following the changes listed in Annexure A.
Change in substantial holding ↗ | FinalOrdinary shares | 8,297,935 | 12.94%Voting Power |
The closest covered peers
Peer comparison
Peer comparison pending
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory30 documents
ASX RHI close on 25 September 2026Market Data · HighExtracted
Latest eligible local ASX close, selected by miners.reference_price from the daily price database: A$4.22, 11,999 shares, market data provider provider.
- Document ID
- rhi-2026-09-25-market-close
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
FY26 Results Summary and Final Dividend DeclaredResults · HighExtracted
FY2026 result summary and 10.8-cent fully franked final dividend, ex 15 September and payable 30 September 2026. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-09-08-fy26-results
- Published UTC
- 2026-09-08T13:59:59+00:00
- Projects
- onslow_royalty
- Commodities
- iron_ore
Simply Wall St FY2026 earnings commentaryOther · LowExtracted
Accessible independent automated earnings commentary argues margins compressed and valuation is rich. Historical revenue denominators require normalization against audited total income; no target or consensus estimate is used.
- Document ID
- rhi-2026-09-08-independent-commentary
- Published UTC
- 2026-09-08T13:59:59+00:00
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · HighExtracted
Audited FY2026 report: A$28.758m Onslow royalty income, A$20.064m profit, A$62.773m cash, 64.229m shares at June, 2.15m options following July issuance; confirms royalties, JV earned interest and project disclosures.
- Document ID
- rhi-2026-09-08-annual-report
- Published UTC
- 2026-09-07T22:17:24Z
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · pannawonica · west_pilbara · anabama · broken_hill
- Commodities
- iron_ore · gold · copper
Public Quartr-derived Diggers & Dealers management transcriptPresentation · LowExtracted
Accessible secondary transcription of Michael Wall presentation. The vendor labels the event 4 August; the issuer deck was released 3 August. Used to test management narrative only, not as a model input.
- Document ID
- rhi-2026-08-04-diggers-transcript
- Published UTC
- 2026-08-04T13:59:59+00:00
- Projects
- —
- Commodities
- —
CEO Presentation at Diggers and Dealers Mining ForumPresentation · HighExtracted
Current portfolio presentation with capital structure, market capitalisation, royalty resources and FY2027 outlook.
- Document ID
- rhi-2026-08-03-diggers-presentation
- Published UTC
- 2026-08-02T22:25:53Z
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver · uranium
June 2026 Quarterly Activities ReportOperations · HighExtracted
Latest quarterly report covering royalty receipts, drilling, cash, tenements and project milestones.
- Document ID
- rhi-2026-07-30-june-quarter
- Published UTC
- 2026-07-30T01:01:39Z
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver · uranium
Notification Regarding Unquoted SecuritiesCorporate Action · MediumExtracted
Issue of 150,000 additional employee options, taking the A$5.50 option class to 2,150,000.
- Document ID
- rhi-2026-07-24-options-issue
- Published UTC
- 2026-07-24T04:15:16Z
- Projects
- —
- Commodities
- —
Notification Regarding Unquoted SecuritiesCorporate Action · MediumExtracted
Issue of 2,000,000 employee options exercisable at A$5.50 and expiring 30 April 2031.
- Document ID
- rhi-2026-05-01-options-issue
- Published UTC
- 2026-05-01T08:03:58Z
- Projects
- —
- Commodities
- —
March 2026 Quarterly Activities and Appendix 5BOperations · HighExtracted
Quarterly report covering royalty receipts, exploration, cash and tenements.
- Document ID
- rhi-2026-04-30-march-quarter
- Published UTC
- 2026-04-30T00:53:51Z
- Projects
- onslow_royalty · west_pilbara · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
Application for Quotation of SecuritiesCorporate Action · MediumExtracted
Cashless exercise of 333,333 options resulted in 101,394 new ordinary shares and extinguished the exercised option class. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-03-09-shares-quotation
- Published UTC
- 2026-03-09T12:59:59+00:00
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · HighExtracted
Reviewed half-year financial statements and project review for the six months ended 31 December 2025.
- Document ID
- rhi-2026-03-02-half-year
- Published UTC
- 2026-03-01T21:20:20Z
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
RIU Explorers Conference CEO PresentationPresentation · MediumExtracted
Portfolio presentation describing the royalty-backed funding position and exploration pipeline. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-02-17-riu-presentation
- Published UTC
- 2026-02-17T12:59:59+00:00
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
December 2025 Quarterly Activities and Appendix 5BOperations · HighExtracted
Quarterly report covering royalty receipts, drilling, cash and tenements.
- Document ID
- rhi-2026-01-29-december-quarter
- Published UTC
- 2026-01-29T02:15:57Z
- Projects
- onslow_royalty · west_pilbara · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
Drill Results Confirm Copper-Gold at AnabamaResults · HighExtracted
Maiden drilling confirmed copper-gold-silver mineralisation in fresh bedrock at Anabama. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-01-27-anabama-results
- Published UTC
- 2026-01-27T12:59:59+00:00
- Projects
- anabama
- Commodities
- copper · gold · silver
Broad Broken Hill Type Mineralisation IntersectedResults · HighExtracted
Maiden drilling intersected broad low-grade Broken Hill Type mineralisation at Dementus and prioritised follow-up geophysics. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-01-22-broken-hill-results
- Published UTC
- 2026-01-22T12:59:59+00:00
- Projects
- broken_hill
- Commodities
- lead · zinc · silver · copper · gold
Gold Assay Results from RC and Diamond Drilling at BarkleyResults · MediumExtracted
Barkley drilling extended a mineralised footprint over more than one kilometre, with best RC results including 9 metres at 2.4 g/t gold. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2026-01-19-barkley-results
- Published UTC
- 2026-01-19T12:59:59+00:00
- Projects
- west_pilbara
- Commodities
- gold
AGM CEO PresentationPresentation · MediumExtracted
AGM portfolio presentation describing the royalty and exploration strategy. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-11-20-agm-presentation
- Published UTC
- 2025-11-21T12:59:59+00:00
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
Diamond Drilling Program Commences at AnabamaOperations · MediumExtracted
A 2,000 metre diamond program commenced to test the Anabama chargeability anomaly and mineralisation along strike. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-11-10-anabama-drilling
- Published UTC
- 2025-11-10T12:59:59+00:00
- Projects
- anabama
- Commodities
- copper · gold
September 2025 Quarterly Activities and Appendix 5BOperations · HighExtracted
Quarterly report covering Onslow royalty receipts and exploration progress.
- Document ID
- rhi-2025-10-30-september-quarter
- Published UTC
- 2025-10-30T06:10:46Z
- Projects
- onslow_royalty · west_pilbara · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
Annual Report to ShareholdersResults · HighExtracted
Audited FY2025 annual report covering financial performance, capital, projects, royalties and risks.
- Document ID
- rhi-2025-09-18-annual-report
- Published UTC
- 2025-09-18T04:37:59Z
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
4,300 Metre Diamond Drilling Program Commences at Broken HillOperations · MediumExtracted
A six-hole, 4,300 metre diamond program commenced across four Broken Hill targets. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-09-08-broken-hill-drilling
- Published UTC
- 2025-09-08T13:59:59+00:00
- Projects
- broken_hill
- Commodities
- copper · gold · lead · zinc · silver · cobalt · uranium · platinum_group_metals
Further IP Survey Extends Anabama Strike Potential to 6kmResults · MediumExtracted
Additional IP surveying extended the chargeability anomaly to more than six kilometres. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-08-18-anabama-ip-extension
- Published UTC
- 2025-08-18T13:59:59+00:00
- Projects
- anabama
- Commodities
- copper · gold · uranium
June 2025 Quarterly Activities and Appendix 5BOperations · HighExtracted
Quarterly report covering royalty receipts, exploration, tenements and the June 2025 cash position. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-07-31-june-quarter
- Published UTC
- 2025-07-31T13:59:59+00:00
- Projects
- onslow_royalty · sandstone_royalty · thomson_royalty · west_pilbara · pannawonica · anabama · broken_hill
- Commodities
- iron_ore · gold · copper · zinc · lead · silver
IP Survey Highlights 4km Strike Potential at AnabamaResults · MediumExtracted
IP surveying traced chargeability anomalism over more than four kilometres along the Anabama-Redan Shear Zone. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-07-28-anabama-ip
- Published UTC
- 2025-07-28T13:59:59+00:00
- Projects
- anabama
- Commodities
- copper · gold · uranium
Exploration Drilling Results Continue to Expand Multiple Gold and Base Metal TargetsResults · MediumExtracted
West Pilbara drilling returned gold and zinc intercepts and expanded the Barkley mineralised footprint. Publication day is verified from the release or issuer index; exact release time is unavailable. The timestamp uses a conservative end-of-day convention and the following session is the reaction date.
- Document ID
- rhi-2025-07-14-west-pilbara-results
- Published UTC
- 2025-07-14T13:59:59+00:00
- Projects
- west_pilbara
- Commodities
- gold · zinc
Completion of Purchase of Sandstone Gold Project RoyaltyTransaction · HighExtracted
Completion of the acquisition of the 2% Sandstone gross revenue royalty.
- Document ID
- rhi-2025-06-19-sandstone-completion
- Published UTC
- 2025-06-18T22:20:49Z
- Projects
- sandstone_royalty
- Commodities
- gold
Acquisition of Thomson Gold-Copper Project RoyaltyTransaction · MediumExtracted
Binding agreement to acquire a 1.5% NSR over Thomson Project tenements for A$220,000, subject to a two-stage buyback right.
- Document ID
- rhi-2025-05-05-thomson-acq
- Published UTC
- 2025-05-04T22:22:50Z
- Projects
- thomson_royalty
- Commodities
- gold · copper
Acquisition of Sandstone Gold Project Royalty Expands Red Hill Minerals Royalty PortfolioTransaction · HighExtracted
Binding agreement to acquire a 2% gross revenue royalty over selected Sandstone Gold Project tenements for A$4 million plus contingent payments.
- Document ID
- rhi-2025-04-28-sandstone-acq
- Published UTC
- 2025-04-27T22:26:59Z
- Projects
- sandstone_royalty
- Commodities
- gold
CZR and Red Hill Iron cooperation on shared haul road and port infrastructureEconomic Arrangement · MediumExtracted
Signed cost-sharing cooperation agreement to study a shared haulage route and a framework to discuss joint port facilities. Final access and port agreements depend on studies; no cost share percentage, tariff or capex commitment is disclosed. Exact release time unavailable; end-of-day timestamp is a conservative convention.
- Document ID
- rhi-2022-08-01-czr-cooperation
- Published UTC
- 2022-08-01T13:59:59+00:00
- Projects
- pannawonica
- Commodities
- iron_ore
Evidence facts141
2.0 %
2025-04-284000000 AUD
2025-04-2850.0 % of royalty receipts
2025-04-281046000 oz gold
2025-04-281.5 %
2025-05-05220000 AUD
2025-05-05553 km2
2025-05-056000000 AUD
2025-05-05True None
2025-06-192712 m
2025-06-304 km
2025-07-2864516000 AUD
2025-06-305360904 dmt
2025-06-304789810 AUD
2025-06-303310000 AUD
2025-06-303516000 AUD
2025-06-3064516000 AUD
2025-06-30953000 AUD
2025-06-306 km
2025-08-184300 m
2025-09-088030106 dmt
2025-09-307048479.76 AUD
2025-09-304790000 AUD
2025-09-302374000 AUD
2025-09-3062711000 AUD
2025-09-302397000 AUD
2025-09-302000 m
2025-11-109 m at 2.4 g/t Au from 133 m None
2026-01-1991.1 m at 0.1% Pb and 0.3 g/t Ag from 328 m None
2026-01-2220.0 m at 0.6% Cu, 0.2 g/t Au and 3.0 g/t Ag from 313.1 m None
2026-01-278058954 dmt
2025-12-317841111 AUD
2025-12-317048000 AUD
2025-12-315443000 AUD
2025-12-3161274000 AUD
2025-12-312746000 AUD
2025-12-3161273926 AUD
2025-12-3114889591 AUD
2025-12-3193004795 AUD
2025-12-3164127625 shares
2025-12-314000000 AUD
2025-12-31220000 AUD
2025-12-31101394 shares
2026-03-096696054 dmt
2026-03-316198241 AUD
2026-03-317820000 AUD
2026-03-316631000 AUD
2026-03-3159084000 AUD
2026-03-311516000 AUD
2026-03-312000000 options
2026-05-0164229019 shares
2026-07-242150000 options
2026-07-245.5 AUD/share
2026-07-2462773000 AUD
2026-06-307670571 AUD
2026-06-3028800000 AUD
2026-06-308880748 dmt
2026-06-3038400000 wmtpa
2026-06-300.75 %
2026-06-3035200000 tonnes
2026-07-151.3 g/t gold
2026-07-151341000 oz gold
2026-07-1575.0 %
2026-06-3062500000 tonnes
2026-06-3053.4 % Fe
2026-06-304700000 tonnes
2026-06-3056.0 % Fe
2026-06-300 AUD
2026-06-308880748 dmt
2026-06-307670571 AUD
2026-06-306220000 AUD
2026-06-305127000 AUD
2026-06-3062773000 AUD
2026-06-301487000 AUD
2026-06-3064200000 shares
2026-07-31296000000 AUD
2026-07-314.61 AUD/share
2026-07-3141000000 AUD
2026-08-03granted None
2026-08-0350.0 %
2026-08-031342000 oz Au
2026-07-151.2 g/t Au
2026-07-1528758404 AUD
2026-06-3020063802 AUD
2026-06-3019573734 AUD
2026-06-307260000 AUD
2026-06-301956480 AUD
2026-06-3062773048 AUD
2026-06-30512047 AUD
2026-06-3064229019 shares
2026-06-302150000 options
2026-07-240.75 %
2026-06-3035000000 wmt/year
2026-06-301100000000 tonnes, greater than
2026-06-302.0 %
2026-06-301341000 oz gold
2026-07-1550.0 % of royalty receipts
2026-06-301.5 %
2026-06-302000000 AUD
2026-06-304000000 AUD
2026-06-3075.0 %
2026-06-3062500000 tonnes iron ore
2026-06-304680000 tonnes iron ore
2026-06-3050.0 %
2026-06-30650016 AUD
2026-06-30October 2026 None
2026-09-08Joshua Pitt; Michael Wall; Ira Gibbs None
2026-09-087670571 AUD
2026-06-30442673 AUD
2026-06-302497916 AUD
2026-06-30954976 AUD
2026-06-307507889 AUD
2026-06-309016805 AUD
2026-06-301540195 AUD
2026-06-305938979 AUD
2026-06-3014411700 AUD
2026-06-309905915 AUD
2026-06-3025877643 AUD
2026-06-307281884 AUD
2026-06-3011618864 AUD
2026-06-304187 USD/oz Au
2026-06-300.7 USD/AUD
2026-06-30Silverton Minerals Pty Ltd; 100% Australian ownership None
2026-06-301213595 AUD
2026-06-306500000 AUD
2026-06-301342000 oz Au
2026-06-3028758404 AUD
2026-06-3020063802 AUD
2026-06-300.108 AUD per ordinary share
2026-09-082026-09-30 None
2026-09-084220000 AUD/share
2026-09-2511999 shares
2026-09-254550000 AUD/share
2026-09-074730000 AUD/share
2026-09-0813975 shares
2026-09-08market data provider via miners.collect_stock_prices None
2026-09-25one ASX RHI ordinary share None
2026-09-25Royalty-funded exploration and shareholder distributions None
2026-08-04Margin compression and rich earnings multiple None
2026-09-08True None
2022-08-01True None
2022-08-01Conflicts requiring judgment3
- Royalty-covered Sandstone resource ounces and grade
Use audited operations narrative and July quarterly: 35.2Mt at 1.3g/t Au, 1,341,000 ounces. Presentation and impairment note use rounded 1,342,000 ounces; do not average or mix the grade.
- FY2026 royalty income versus cash receipts
Audited income is A$28,758,404; audited cash receipts are A$25,877,643. Quarterly narrative uses received colloquially for recognised revenue. The Appendix 5B is the cash measure.
- Independent commentary prior-year profit margin denominator
Compare NPAT with audited total income including interest and other income in both years; independent commentary uses prior-year royalty income as its denominator. The consistent FY2025 total-income margin is 56.95%, so the cited margin compression is not adopted as an operating fact.