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2026-11-06
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Sunshine Metals Limited

Scoping Study Developer · Gold · Silver · Copper · Zinc · Lead · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.023
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$82.7M
EV
A$72.1M
Cash
A$20.6M
Debt
A$0
6 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$20.6M Finite
Debt A$0 Net cash A$20.6M
Basic shares 3.6B 2026-07-30
Runway 11 quarters Issuer Appendix 5B item 8.7: A$20.558m available funding divided by A$1.855m quarterly relevant outgoings.

Liquidity

Financial position

A$20.558m June-quarter cash supports near-term work, but the updated study identifies roughly A$30m to complete Mt Moss, plus A$5.5m peak Liontown cash drawdown and A$10m deferred acquisition consideration. The 2026 annual accounts were not accessible for a newer audited balance.

Capital structure

Ownership and dilution

Ordinary shares
3.6B
Fully diluted
3.9B

The 30 July quotation notice reports 3,595,929,012 ordinary shares and 265,186,044 unquoted options; fully diluted shares add every listed option one-for-one without assuming exercise proceeds. A later 20 August quotation notice and the 24 September annual accounts were listed but not extractable; the quantified denominator remains the latest verified 30 July notice and may understate subsequent small exercises.

Security classes8
ClassTypeQuantityStrikeExpiry
Options expiring 21 May 2027 at A$0.015Option96.8MA$0.0152027-05-21
Options expiring 4 November 2028 at A$0.018Option35MA$0.0182028-11-04
Options expiring 13 June 2028 at A$0.018Option32.2MA$0.0182028-06-13
Options expiring 30 June 2027 at A$0.0225Option21.7MA$0.0222027-06-30
Options expiring 7 July 2027 at A$0.0225Option20MA$0.0222027-07-07
Options expiring 4 December 2027 at A$0.0165Option9.5MA$0.0162027-12-04
Options expiring 26 June 2029 at A$0.0405Option35MA$0.042029-06-26
Options expiring 27 November 2026 at A$0.021Option15MA$0.0212026-11-27

KPI history

Operating metrics

1 periods
Operating metric source table1
MetricProjectPeriodPeriod typeValueStatus
ThroughputMt MossAcquisition completion configurationPoint In Time300,000 tonnes/year nameplate grinding capacityReported
Company guidance2
MetricProjectPeriodLowHighStatus
First Liontown Gold Processing At Mt MossravenswoodJune 2027 quarter—— milestoneCurrent
Updated Liontown Gold Mining StudyravenswoodSeptember 2026—— milestoneAchieved

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-26Ann. 2026-04-30RaisingA$19M703.7M—Completed—
2026-05-28Ann. 2026-04-30RaisingA$7.7M285M—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 2026-09-26

The 2025 annual accounts and later local acquisition and quarterly releases establish these live terms. The 2026 annual accounts were inaccessible, so unreported amendments or completion events remain possible.

Vendor receives A$10m deferred cash and Sunshine bears existing rehabilitation obligations.

Other · Active
Counterparties
Mt Moss Mining Pty Ltd
Applies to
Mt Moss Project and Processing Facility
Economic direction
Burden
Period
2026-07-02 to 2027-04-11
Key terms
Deferred consideration: 10,000,000 AUD
Environmental rehabilitation liability: — AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

A$7 per tonne vendor royalty applies to magnetite production; no magnetite output is in the gold plan.

Royalty · Active
Counterparties
Mt Moss Mining Pty Ltd
Applies to
Mt Moss Project and Processing Facility · Iron Ore
Economic direction
Burden
Period
From 2026-07-02; no end date stated
Key terms
Magnetite royalty: 7 AUD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

Sybil acquisition has A$1.1m of contingent share consideration at resource and mining milestones.

Other · Active
Counterparties
Sybil private vendor
Applies to
Sybil Epithermal Gold Project · Gold
Economic direction
Burden
Period
From 2025-06-23; no end date stated
Key terms
100koz maiden Resource share payment: 300,000 AUD in shares
200koz maiden Resource share payment: 300,000 AUD in shares
Mining commencement share payment: 500,000 AUD in shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Vendor has a 1% NSR on gold produced after 300koz; no Sybil Resource or production plan exists.

Royalty · Active
Counterparties
Sybil private vendor
Applies to
Sybil Epithermal Gold Project · Gold
Economic direction
Burden
Period
From 2025-06-23; no end date stated
Key terms
Net smelter royalty: 1 %
Production threshold: 300,000 oz Au
How it affects our valuation

No valuation treatment is available for this arrangement.

Sunshine may earn up to 75% of Lighthouse; title and remaining expenditure status are not verified at the cutoff.

Farm In · Conditional
Counterparties
Rockfire Resources plc
Applies to
Lighthouse / Plateau Farm-In · Gold · Silver
Economic direction
Mixed
Period
From 2023-01-20; no end date stated
Key terms
Potential beneficial interest: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional sale would transfer the Hodgkinson tenure and related royalty obligations; completion was not verified.

Other · Conditional
Counterparties
EQ Resources Ltd
Applies to
Hodgkinson Project · Gold · Tungsten
Economic direction
Benefit
Period
From 2026-06-09; no end date stated
Key terms
Total sale consideration: 250,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.