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2026-11-06
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St George Mining Limited

Resource Stage · Rare Earths · Others · BR · AU Rating locked: sign in to view v8.1 · sgq-20261104t223129-full
Last 2026-11-06
A$0.053
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$249.2M
EV
A$163.7M
Cash
A$86.2M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$86.2M Finite
Debt A$0 Net cash A$86.2M
Basic shares 4.7B 2026-10-20
Runway 7.1 quarters Cash of A$86.2m at 30 Sept 2026 divided by the quarter outflow of A$12.1m (operating A$7.8m plus investing A$4.4m); the Appendix 5B runway of 11.1 quarters uses operating outflow only.

Liquidity

Financial position

Funded for the next economic study and pilot programme, not for construction: A$86.2m covers about seven quarters at the September quarter run-rate. No facilities and no committed funding beyond reported cash. Construction funding is not yet arranged; the Itafos deferred consideration was fully settled in November 2025.

Capital structure

Ownership and dilution

Ordinary shares
4.7B
Fully diluted
5.7B

Basic: 2,672,822,435 shares at 30 June 2025 (AR p54) to 4,387,361,503 at 30 June 2026 (AR p54), plus 175.5m tranche 2 placement shares and 102.75m performance right conversions and 22.85m SGQOC exercises after year end, to 4,701,312,659 at 20 Oct 2026 (Appendix 2A p6). Options and rights are the register at the 29 Sept 2026 AR date; post year-end exercises of 250,000 unlisted options are deducted. 12.5m ATL consideration shares (subject to approval) are excluded.

Security classes5
ClassTypeQuantityStrikeExpiry
SGQOC listed options (exercise A$0.04)Option841.2MA$0.042027-02-24
unlisted options exercisable at A$0.044Option15MA$0.0442027-09-15
unlisted options exercisable at A$0.057Option10MA$0.0572026-11-17
unlisted options exercisable at A$0.06 (16,195,034 less 250,000 exercised)Option15.9MA$0.062026-11-17
performance rights (Class D, E, G, H) on issue at AR datePerformance Right73.5M—2027-06-01

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-15Ann. 2026-06-17RaisingA$60M600M—Completed—
2025-11-06Ann. 2025-10-13RaisingA$72.5M725M—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.

Partial · as of 2026-11-04

Arrangements from the 2024-2026 acquisition, royalty, funding, partnership and MoU announcements; MoUs are non-binding and most commercial terms (offtake volumes, EPC price) are not yet agreed, so they are recorded as announced without valuation.

Extramil NSR royalty over Araxa products on a sliding scale of project IRR. The royalty burden is included in the calibrated project value (see valuation treatment), not deducted again in the bridge.

Royalty · Active
Counterparties
Extramil (former owner)
Applies to
Araxá niobium-rare earths project · Rare Earths · Others
Economic direction
Burden
Period
From 2025-02-27; no end date stated
Key terms
NSR royalty on REE and niobium, sliding with project IRR: 3.0% (IRR <=25%) to 10.5% (IRR >=90%): 3.0-10.5 % NSR
NSR royalty on phosphate: 3.5 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.

Government royalty of 0.2% to 3% of revenue depending on product; included with the Extramil royalty in the royalty burden.

Royalty · Active
Counterparties
Government royalty (per acquisition terms)
Applies to
Araxá niobium-rare earths project · Rare Earths · Others
Economic direction
Burden
Period
From 2025-02-27; no end date stated
Key terms
Government royalty range on revenue by product: 0.2-3.0 % revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Itafos sale deferred consideration fully paid on 6 Nov 2025; security released. Not live, no valuation treatment required.

Other · Expired
Counterparties
Itafos Inc
Applies to
Araxá niobium-rare earths project · Others
Economic direction
Burden
Period
2024-08-06 to 2025-11-06
Key terms
Deferred cash consideration (US$6m and US$5m) paid early, total US$11m: 11 USD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Preferential goods tax regime removes up to 18% state goods tax on pilot and industrial plant equipment. Not quantified in the calibration; treated qualitatively as a capex reduction risk to the benchmark.

Other · Active
Counterparties
State of Minas Gerais
Applies to
Araxá niobium-rare earths project · Rare Earths · Others
Economic direction
Benefit
Period
From 2026-02-13; no end date stated
Key terms
Exemption from state goods tax (up to 18%) on development equipment and materials: 18 % (maximum rate avoided)
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding MoU to negotiate a fixed-price EPC proposal and non-dilutive funding support. The A$8m equity was committed; EPC price and terms are not agreed.

Strategic Partnership · Conditional
Counterparties
Shandong Xinhai Mining Technology & Equipment Inc
Applies to
Araxá niobium-rare earths project · Rare Earths · Others
Economic direction
Mixed
Period
From 2025-02-12; no end date stated
Key terms
Strategic investment within A$20m raising: 8,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding MoU; potential offtake and funding support. No binding terms, not valued.

Offtake · Announced
Counterparties
Liaoning Fangda Group
Applies to
Araxá niobium-rare earths project · Others
Economic direction
Benefit
Period
From 2025-01-15; no end date stated
Key terms
Potential minimum offtake of niobium products (non-binding): 20 % of niobium products
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding MoU for offtake, funding and marketing. Not valued.

Offtake · Announced
Counterparties
SKI Hong Kong Ltd
Applies to
Araxá niobium-rare earths project · Others
Economic direction
Benefit
Period
From 2024-10-21; no end date stated
Key terms
Potential minimum offtake of niobium products (non-binding): 20 % of niobium products
How it affects our valuation

No valuation treatment is available for this arrangement.

Alliance extended in Jan 2026 toward potential offtake for rare earths; metallurgical test work on oxalates in progress. Not valued.

Offtake · Announced
Counterparties
REalloys Inc
Applies to
Araxá niobium-rare earths project · Rare Earths
Economic direction
Benefit
Period
From 2025-09-10; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

MoU for rare earths processing test work. Not valued.

Strategic Partnership · Announced
Counterparties
Tecnicas Reunidas S.A.
Applies to
Araxá niobium-rare earths project · Rare Earths
Economic direction
Benefit
Period
From 2026-03-31; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

MoU to trial molten oxide electrolysis for ferroniobium. Not valued.

Strategic Partnership · Announced
Counterparties
Boston Electrometallurgical Corporation
Applies to
Araxá niobium-rare earths project · Others
Economic direction
Benefit
Period
From 2026-04-01; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Technical co-venture on processing; St George funds 40% of cost and has 10-year exclusive commercialisation of the resulting IP with no royalty.

Joint Venture · Active
Counterparties
EMBRAPII · SENAI
Applies to
Araxá niobium-rare earths project · Rare Earths · Others
Economic direction
Mixed
Period
From 2025-01-09; no end date stated
Key terms
St George share of co-venture cost: 40 %
IP exclusivity period, no royalty: 10 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Restructure of the Lithium Star JV: St George acquires ATL 10% (subject to approval); ATL receives offtake rights on future Lithium Star lithium. Immaterial to value.

Joint Venture · Announced
Counterparties
Amperex Technology Limited (ATL)
Applies to
Other exploration portfolio (WA lithium, gold and other licences) · Lithium
Economic direction
Mixed
Period
From 2026-06-02; no end date stated
Key terms
Consideration for ATL 10% of Lithium Star in SGQ shares: 12,500,000 shares at A$0.16
How it affects our valuation

No valuation treatment is available for this arrangement.

Proposed rare earths processing centre at Uberlandia with Lima & Pergher; terms not yet disclosed. Not valued.

Strategic Partnership · Announced
Counterparties
Lima & Pergher (START)
Applies to
Araxá niobium-rare earths project · Rare Earths
Economic direction
Mixed
Period
From 2026-08-27; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.