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- Last 2026-11-06
- A$0.023
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- Fair value
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- Mkt cap
- A$41.9M
- EV
- —
- Cash
- A$8.4M
- Debt
- A$0
3 newer ASX announcements not yet reflected in this valuation
- Quarterly Activities ReportLatest Four Activities Reports
- Board and Company Secretary ChangesPost Annual Leadership Change
- FY2026 Audited Annual ReportLatest Annual Report
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Sign in or enter a guest codeAnnouncements
Latest 12 of 13All sources ▸- Quarterly Activities Report for the quarter ended 30 June 2026Operations
- Quarterly Activities Report for the quarter ended 31 March 2026Operations
- H1 FY26 Results SummaryResults
- Application for quotation of February placement securitiesFinancing
- Proposed issue of securities - February placementFinancing
- Quarterly Report for October to December 2025Operations
- Application for quotation of entitlement-offer securitiesFinancing
- Proposed issue of securities - January placementFinancing
- Proposed issue of securities - renounceable entitlement offerFinancing
- 2025 Annual General Meeting - Chair Address & PresentationPresentation
- 2025 Annual Report to ShareholdersResults
- Quarterly Activities Report for the quarter ended 30 September 2025Operations
Event calendar · next 12 months
2 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| FY2027 through 30 June 2027 | Blair Athol FY2027 coal-sales guidance test | Production | Company Guided | High | The 2.0-2.2 Mt target must be assessed against FY2026 actual 1.452 Mt and cash conversion. |
| 26 November 2026 (proposed) | Proposed 2026 annual general meeting | Governance | Company Guided | Medium | Opportunity for audited-result, board and funding scrutiny after the FY2026 preliminary loss. |
Executive roster
As of 2026-09-26Background checks ▸The FY2026 preliminary financial report corporate directory identifies the current executive management after FY2025 annual-report baseline and later changes. Non-executive directors are excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Chris Bourke | Interim Chief Executive Officer · Chief Operating Officer | Chief Executive · Operations | — | FY2026 Appendix 4E and Preliminary Financial Report |
| Richard Clarke | Chief Financial Officer · Company Secretary | Finance · Company Secretary | 2026-08-04 | FY2026 Appendix 4E and Preliminary Financial Report · Appointment of Chief Financial Officer and Company Secretary |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Blair Athol Coal Mine
Australia
Producer100% ownedOthers
Owner-operated Queensland open-pit thermal-coal mine with established processing, rail and export infrastructure; FY27 sales guidance is 2.0-2.2 Mt and the latest reported marketable reserve was 14 Mt. FY2026 sales were 1.452 Mt versus 1.6 Mt guidance; FY2027 target of 2.0-2.2 Mt remains unproven.
Project location
Approximate location
Loading 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.
Published study economicsIssuer or study metrics
Operating cost126AUD per sold tonne excluding royalties
Latest actual June-quarter FOB cost; no issuer NPV, IRR or public discount-rate case was disclosed.
Resources & reserves6
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 21.1 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
| Mineral Resource | Indicated | 4.6 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
| Mineral Resource | Inferred | 1 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
| Ore Reserve | Proved recoverable | 15.9 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
| Ore Reserve | Probable recoverable | 2.1 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
| Ore Reserve | Total marketable | 14 Mt | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
Tenements1
Milestones1
- Deliver FY27 sales guidance with third mining fleet
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Environmental Authority EPML00876713 | Queensland, Australia | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| 2025 Blair Athol life-of-mine operating plan | Operating Plan | Current | 2025-10-30 | Reserve basis uses the 2025 life-of-mine cost and revenue structures; the public summary does not disclose a full cash-flow model. |
Material
New Clydesdale Colliery
South Africa
Producer49% ownedOthers
Operating domestic-and-export thermal-coal mine held through Universal Coal; the South African divestment process remains a strategic objective.
Project location
Approximate location
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© 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 & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred total | 105.5 Mt on 100% basis | Thermal coal; category grades not disclosed in summary table | Others | 2025-06-30 |
| Ore Reserve | Proved and Probable total | 40.9 Mt on 100% basis | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
Tenements1
Milestones1
- Conclude South African portfolio divestment on acceptable terms
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| New Clydesdale mining right | Mpumalanga, South Africa | Granted | — | Yes |
Material
North Block Complex
South Africa
Producer49% ownedOthers
Operating domestic-and-export thermal-coal complex held through Universal Coal and included in the South African portfolio strategy.
Project location
Approximate location
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© 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 & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred total | 84.7 Mt on 100% basis | Thermal coal; category grades not disclosed in summary table | Others | 2025-06-30 |
| Ore Reserve | Proved total | 40.1 Mt on 100% basis | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
Tenements1
Milestones1
- Conclude South African portfolio divestment on acceptable terms
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| North Block Complex mining rights | Mpumalanga, South Africa | Granted | — | Yes |
Material
Ubuntu Colliery
South Africa
Care And Maintenance48.9% ownedOthers
Care-and-maintenance thermal-coal asset held through Universal Coal; any restart remains conditional on economics and the South African portfolio outcome.
Project location
Approximate location
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© 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 & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred total | 36.9 Mt on 100% basis | Thermal coal; category grades not disclosed in summary table | Others | 2015-01-13 |
| Ore Reserve | Probable total | 6.3 Mt on 100% basis | Thermal coal; grade not disclosed in summary table | Others | 2025-06-30 |
Tenements1
Milestones1
- Determine restart or divestment outcome
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Ubuntu mining right | Mpumalanga, South Africa | Granted | — | Yes |
Material
Moorlands Project
Australia
Scoping Study DeveloperOthers
Conditional Queensland growth project near Blair Athol. Wintime partnership and infrastructure access are progressing, but final ownership, binding funding, approvals and feasibility economics are not disclosed.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Reported total; category split not provided in reviewed summary | 378 Mt | Thermal coal; grade not disclosed in reviewed summary | Others | 2025-06-30 |
Milestones2
- Complete binding commercial and ownership terms
Pending · High materiality
- Complete regulatory approvals and new exploration program planning
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Strategic government and development approvals | Queensland and Commonwealth, Australia | Pending | — | Yes |
Other
Kangala Colliery and CHPP toll washing
South Africa
Producer70.5% ownedOthers
Kangala plant is processing third-party coal through toll washing while Eloff approvals and development work continue.
Project location
Approximate location
Loading 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 | Measured, Indicated and Inferred total | 94.6 Mt on 100% basis | Thermal coal; category grades not disclosed in summary table | Others | 2017-10-12 |
Tenements1
Milestones1
- Sustain toll-washing operations
Achieved · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Kangala mining right | Mpumalanga, South Africa | Granted | — | Yes |
Other
Eloff Project
South Africa
Scoping Study Developer49% ownedOthers
Shovel-ready development project dependent on approvals, commercially viable coal sales terms and the South African portfolio strategy.
Project location
Approximate location
Loading 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 | Measured, Indicated and Inferred total | 695.2 Mt on 100% basis | Thermal coal; category grades not disclosed in summary table | Others | 2022-01-27 |
Tenements1
Milestones1
- Finalise commercially viable coal supply agreement
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Eloff mining right registration | Mpumalanga, South Africa | Pending | — | Yes |
Other
Northern Galilee and Springsure exploration portfolio
Australia
Resource StageOthers
Historic JORC 2004 exploration resources without current economic studies; no value is assigned in the base case.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated and Inferred total | 191 Mt on 100% basis | PCI and thermal coal; grade not disclosed in summary table | Others | 2013-11-29 |
| Mineral Resource | Indicated and Inferred total | 1.2K Mt on 100% basis | Thermal coal; grade not disclosed in summary table | Others | 2013-02-08 |
| Mineral Resource | Indicated and Inferred total | 728 Mt on 100% basis | Thermal coal; grade not disclosed in summary table | Others | 2013-02-08 |
Tenements1
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Only A$8.381 million is unrestricted at 30 June. A$54.441 million backs rehabilitation; A$9.937 million of leases, A$16.378 million of coal-delivery obligations and weak FY2026 profitability constrain flexibility. The preliminary statements are unaudited.
Inventory composition4
Latest operating inventory quantities are physical tonnes; no current carrying value or estimated realisable value was disclosed in the June 2026 quarterly report. The FY2026 preliminary statement reported A$13.918 million of consolidated inventory carrying value but does not allocate it by mine or product.
- Blair Athol run-of-mine coal on hand
- — carrying · 5,000 tonnes
- Blair Athol saleable coal on hand
- — carrying · 64,000 tonnes
- South African operations run-of-mine coal on hand, 100% basis
- — carrying · 191,000 tonnes
- South African operations saleable coal on hand, 100% basis
- — carrying · 93,000 tonnes
Capital structure
Ownership and dilution
- Ordinary shares
- 1.8B
- Fully diluted
- 1.8B
The 800,966,235 FY25 ordinary shares increased by 1,001,207,793 entitlement shares, 1,063,816 January placement shares and 19,285,306 February placement shares to 1,822,523,150. The February quotation notice is the latest post-transaction total. No current dilutive class is evidenced in the reviewed record. The FY2026 preliminary report disclosed no subsequent ordinary-share issue through 30 June; no later issue notice was found by the cutoff.
Security classes1
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Quoted ordinary fully paid shares | Ordinary Share | 1.8B | — | — |
KPI history
Operating metrics
Operating metric source table11
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Sales | Blair Athol | Q4 FY2026 | Quarter | 390,000 tonnes | Reported |
| Production | Blair Athol | Q4 FY2026 | Quarter | 446,000 ROM tonnes | Reported |
| Revenue | Blair Athol | Q4 FY2026 | Quarter | 146.44 AUD per sold tonne | Reported |
| Unit Cost | Blair Athol | Q4 FY2026 | Quarter | 126 AUD per sold tonne excluding royalties | Reported |
| Sales | Blair Athol | FY2026 | Year | 1,452,000 tonnes | Reported |
| Sales | Company | Q4 FY2026 | Quarter | 1,085,000 tonnes on 100% South African basis | Reported |
| Sales | New Clydesdale | Q4 FY2026 | Quarter | 418,000 tonnes on 100% basis | Reported |
| Sales | North Block Complex | Q4 FY2026 | Quarter | 667,000 tonnes on 100% basis | Reported |
| EBITDA | Company | H1 FY2026 | Half Year | -7,000,000 AUD | Reported |
| Sales | Blair Athol | FY2026 | Year | 1,452,000 tonnes | Reported |
| Sales | New Clydesdale | FY2026 South Africa portfolio, 100% basis | Year | 4,451,000 tonnes | Reported |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Coal Sales | blair_athol | FY2027 | 2,000,000 | 2,200,000 tonnes | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-02-23Ann. 2026-02-24 | Raising | A$1.2M | 19.3M | — | Completed | — |
| 2026-01-27Ann. 2026-01-22 | Raising | A$63.8K | 1.1M | — | Completed | — |
| 2026-01-27Ann. 2025-12-23 | Raising | A$60.1M | 1B | — | 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.
FY2025 annual report baseline and later quarterly/preliminary updates identify material interests and agreements; several counterparty, pricing, volume and expiry terms are not public. No live FX or coal hedge was disclosed at 30 June 2026.
TerraCom controls Universal Coal but owns minority interests in the operating associates. Mine value must be attributable, not gross portfolio tonnes.
Joint Venture · Active- Counterparties
- South African mining partners
- Applies to
- New Clydesdale Colliery · North Block Complex · Ubuntu Colliery · Eloff Project · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Economic interests: 49 percent
How it affects our valuation
No valuation treatment is available for this arrangement.
Cooperation and infrastructure planning support a stage-gated Moorlands option, but ownership, development capital and approvals remain unresolved.
Strategic Partnership · Conditional- Counterparties
- Wintime Energy Group Co. Ltd
- Applies to
- Moorlands Project · Blair Athol Coal Mine · Others
- Economic direction
- Mixed
- Period
- From 2024-08-12; no end date stated
- Key terms
- Final ownership and funding split: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Previously received cash is repaid economically through future coal deliveries and interest; the remaining obligation is deducted once from equity value.
Other · Active- Counterparties
- Two undisclosed major coal customers
- Applies to
- Blair Athol Coal Mine · Others
- Economic direction
- Mixed
- Period
- Through 2027-06-30; start date not stated
- Key terms
- Original advance: 40,000,000 USD
Remaining deferred revenue: 16,378,000 AUD
How it affects our valuation
No valuation treatment is available for this arrangement.
Recurring domestic sales anchor South African throughput, but contract price, term and export opportunity cost are undisclosed.
Offtake · Active- Counterparties
- Eskom
- Applies to
- New Clydesdale Colliery · North Block Complex · Others
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- June-quarter domestic sales: 839,000 tonnes, 100% mine basis
How it affects our valuation
No valuation treatment is available for this arrangement.
Kangala CHPP began third-party toll washing in late 2025; a distinct fee stream exists but cannot be independently valued.
Tolling Or Processing · Active- Counterparties
- Undisclosed third-party coal supplier
- Applies to
- Kangala Colliery and CHPP toll washing · Others
- Economic direction
- Benefit
- Period
- From 2025-10-01; no end date stated
- Key terms
- Toll-washing volume and fee: —
How it affects our valuation
No valuation treatment is available for this arrangement.
NCC adjacent-mine washing agreement was included in FY2025 impairment economics; timing and volumes remain uncertain.
Tolling Or Processing · Announced- Counterparties
- Adjacent-mine coal supplier
- Applies to
- New Clydesdale Colliery · Others
- Economic direction
- Benefit
- Period
- Dates not stated
- Key terms
- Expected start: 2025-11 month
How it affects our valuation
No valuation treatment is available for this arrangement.
Royalty expense is separate from the reported FOB cost metric and is carried inside Blair Athol operating value.
Royalty · Active- Counterparties
- Queensland Government
- Applies to
- Blair Athol Coal Mine · Others
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Rate: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This initial public-source management review covers the selected company.json roster plus issuer-confirmed current management additions. Career histories are unevenly documented, and role-specific achievements are often issuer-reported rather than independently attributable.
Decision-relevant facts
Material summary
Chris Bourke
Interim Chief Executive Officer / Chief Operating Officer
LegalDocumented · Medium materiality
Historical TerraCom ASIC case resolved; no personal link established
ASIC’s 2023 proceeding concerned 2020 whistleblower-related announcements and alleged misleading statements involving then-senior officers. TerraCom admitted one whistleblower-victimisation contravention; the Federal Court imposed a $7.5m penalty and $1m costs in 2025. ASIC later confirmed its case against the four former officers was dismissed. ASIC’s FOI release listed TerraCom among defendants with pecuniary penalties still outstanding as at 31 May 2026 (including matters with partial payment); the Court had set the final $3.5m instalment due by 30 June 2026. The reviewed public records do not establish whether that final instalment was paid by the 9 October 2026 cutoff. Bourke’s documented TerraCom service began in 2025, after the conduct; no personal link is established.
Employer context; no individual link established · This is historical employer context only. It predates or is unrelated to the current executives’ documented roles; no personal involvement is established.
ASIC sues TerraCom Limited and current/former officers (23-045MR) · Media release, background and editor updates through May 2025
Australian Securities and Investments Commission v TerraCom Limited [2025] FCA 726 · Judgment, final decision on allegations against former officers
Australian Securities and Investments Commission v TerraCom Ltd (No 3) [2025] FCA 1017 · Reasons for judgment, finding and penalty against TerraCom
25-179MR TerraCom to pay $7.5 million after ASIC whistleblower action · 25-179MR; company admission, penalty, costs and dismissal of claims against former officers
ASIC FOI 124-2026, unpaid pecuniary penalties outstanding as at 31 May 2026 · ASIC FOI 124-2026 table: TerraCom listed outstanding as at 31 May 2026
Australian Securities and Investments Commission v TerraCom Ltd (No 3) [2025] FCA 1017 · Orders paragraphs 3–4: $4m within 28 days and $3.5m by 30 June 2026
Evidence gaps · 1
- TerraCom biography and FY2026 annual report report FY2026 operating and funding constraints; no personal causation is established. Earlier employers and degree award dates remain undisclosed. The reviewed public record does not show whether the $3.5m ASIC penalty instalment due 30 June 2026 was paid by cutoff.
Richard Clarke
Chief Financial Officer / Company Secretary
LegalDocumented · Medium materiality
Historical TerraCom ASIC case resolved; no personal link established
ASIC’s proceeding arose from 2020 TerraCom announcements and former-officer conduct. TerraCom admitted a whistleblower-victimisation contravention and the Court imposed a $7.5m penalty and $1m costs in 2025; ASIC later confirmed dismissal of its case against four former officers. An ASIC FOI release listed TerraCom among defendants with pecuniary penalties outstanding as at 31 May 2026 (including partial-payment matters); the final $3.5m instalment was due by 30 June 2026. The reviewed public record does not establish payment by the 9 October 2026 cutoff. Clarke joined TerraCom in October 2025, after the underlying conduct, and was not named as a defendant; no personal responsibility link is established.
Employer context; no individual link established · This is historical employer context only. It predates or is unrelated to the current executives’ documented roles; no personal involvement is established.
ASIC sues TerraCom Limited and current/former officers (23-045MR) · Media release, background and editor updates through May 2025
Australian Securities and Investments Commission v TerraCom Limited [2025] FCA 726 · Judgment, final decision on allegations against former officers
Australian Securities and Investments Commission v TerraCom Ltd (No 3) [2025] FCA 1017 · Reasons for judgment, finding and penalty against TerraCom
25-179MR TerraCom to pay $7.5 million after ASIC whistleblower action · 25-179MR; admitted company contravention, penalty and resolution of officer case
ASIC FOI 124-2026, unpaid pecuniary penalties outstanding as at 31 May 2026 · ASIC FOI 124-2026: TerraCom listed as outstanding 31 May 2026
Australian Securities and Investments Commission v TerraCom Ltd (No 3) [2025] FCA 1017 · Orders paragraphs 3–4: total penalty and payment schedule
Evidence gaps · 1
- Issuer reports prior employers and qualifications but does not publish exact prior titles/dates or degree award dates. The reviewed public record does not establish whether the final $3.5m ASIC penalty instalment due 30 June 2026 was paid by the cutoff.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-30 · 1,822,523,150 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 45.37% | 826,819,505 | |
| 2 | 6.86% | 125,102,195 | |
| 3 | 6.11% | 111,356,254 | |
| 4 | 6.04% | 110,166,970 | |
| 5 | 2.35% | 42,884,142 | |
| 6 | 2.19% | 39,963,139 | |
| 7 | 1.21% | 21,975,935 | |
| 8 | 1.05% | 19,216,072 | |
| 9 | 0.93% | 17,000,000 | |
| 10 | 0.65% | 11,800,000 | |
| 11 | 0.58% | 10,500,000 | |
| 12 | 0.58% | 10,484,496 | |
| 13 | 0.54% | 9,912,729 | |
| 14 | 0.52% | 9,551,388 | |
| 15 | 0.38% | 6,900,000 | |
| 16 | 0.36% | 6,600,000 | |
| 17 | 0.29% | 5,230,000 | |
| 18 | 0.29% | 5,220,022 | |
| 19 | 0.27% | 5,000,000 | |
| 20 | 0.26% | 4,800,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 45.37%Issued shares | 2026-09-30 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register identifies registered accounts, including nominee accounts; underlying beneficial ownership is not established for nominees.
Sources
- TerraCom Limited FY2026 Audited Annual Report
ASX / TerraCom Limited · Published 2026-10-07 · Accessed 2026-10-09
20 largest registered ordinary-share accounts and substantial-holder disclosure as at 30 September 2026; 1,822,523,150 ordinary shares issued.
Local PDF downloads/TER/2026/2026-10-07_FY2026 Audited Annual Report_64ea07d3adb2863d.pdf, pp. 150-151
Disclosed activity
Insider transactions
Trading activity13 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-01-27 | Danny McCarthy
Details & evidence for Danny McCarthy on 2026-01-27As disclosed: Issue of securities purchased under Rights Entitlement Offer
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Change of Director's Interest Notice (D McCarthy) ↗ | SubscriptionFully paid ordinary shares | 4,886,642 | — | AUD 0.06Disclosed price | 8,440,440 |
| 2026-01-27 | Mark LudskiCR Ludski
Details & evidence for Mark Ludski on 2026-01-27As disclosed: Issue of securities purchased under Rights Entitlement Offer
director · Start not disclosed CR Ludski · spouse; indirect interest Change of Director's Interest Notice (M Ludski) ↗ | SubscriptionFully paid ordinary shares | 312,500 | — | AUD 0.06Disclosed price | 562,500 |
| 2026-01-27 | Mark LochtenbergRigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed)
Details & evidence for Mark Lochtenberg on 2026-01-27As disclosed: Issue of securities purchased under Rights Entitlement Offer
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | SubscriptionFully paid ordinary shares | 5,000,000 | — | AUD 0.06Disclosed price | 22,783,293 |
| 2026-01-27 | Glen LewisBaysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C
Details & evidence for Glen Lewis on 2026-01-27As disclosed: Issue of securities purchased under Rights Entitlement Offer
director · Start not disclosed Baysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C · director and shareholder Rainbow Max Limited atf Rainbow Max unit trust · unitholder in Rainbow Max unit trust Change of Director's Interest Notice (G Lewis) ↗ | SubscriptionFully paid ordinary shares | 502,000 | — | AUD 0.06Disclosed price | 3,000,000 |
| 2025-05-29 | Mark LochtenbergRigi Investments Pty Ltd
Details & evidence for Mark Lochtenberg on 2025-05-29As disclosed: On market trade
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PurchaseFully paid ordinary shares | 3,280,900 | — | AUD 0.064077Disclosed price | 17,783,293 |
| 2024-09-18 | Mark LochtenbergRigi Investments Pty Ltd
Details & evidence for Mark Lochtenberg on 2024-09-18As disclosed: On market trade
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PurchaseFully paid ordinary shares | 2,000,000 | — | AUD 0.1653Disclosed price | 14,502,393 |
| 2024-09-06 | David NorrisDavem Nominees Pty Ltd atf D & E Norris Super Fund
Details & evidence for David Norris on 2024-09-06As disclosed: On market trade
director · Start not disclosed Davem Nominees Pty Ltd atf D & E Norris Super Fund · beneficial interest through D & E Norris Super Fund Change of Director's Interest Notice (D Norris) ↗ | PurchaseFully paid ordinary shares | 100,000 | — | AUD 0.18Disclosed price | 128,513 |
| 2024-09-06 | Mark LudskiCR Ludski
Details & evidence for Mark Ludski on 2024-09-06As disclosed: On market trade
director · Start not disclosed CR Ludski · spouse; indirect interest Change of Director's Interest Notice (M Ludski) ↗ | PurchaseFully paid ordinary shares | 250,000 | — | AUD 0.1799Disclosed price | 250,000 |
| 2024-09-05 | Danny McCarthy
Details & evidence for Danny McCarthy on 2024-09-05As disclosed: On market trade
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Change of Director's Interest Notice (D McCarthy) ↗ | PurchaseFully paid ordinary shares | 500,000 | — | AUD 0.1754Disclosed price | 3,552,798 |
| 2024-09-05 | Mark LochtenbergRigi Investments Pty Ltd
Details & evidence for Mark Lochtenberg on 2024-09-05As disclosed: On market trade
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PurchaseFully paid ordinary shares | 2,000,000 | — | AUD 0.1767Disclosed price | 12,502,393 |
| 2024-09-05 | Glen LewisBaysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C
Details & evidence for Glen Lewis on 2024-09-05As disclosed: On market trade
director · Start not disclosed Baysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C · director and shareholder Rainbow Max Limited atf Rainbow Max unit trust · unitholder in Rainbow Max unit trust Change of Director's Interest Notice (G Lewis) ↗ | PurchaseFully paid ordinary shares | 498,000 | — | AUD 0.1767Disclosed price | 2,498,000 |
| 2024-03-14 | Mark LochtenbergRigi Investments Pty Ltd
Details & evidence for Mark Lochtenberg on 2024-03-14As disclosed: On market trade
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PurchaseFully paid ordinary shares | 376,098 | — | AUD 0.238Disclosed price | 10,502,393 |
| 2024-03-12 | Mark LochtenbergRigi Investments Pty Ltd
Details & evidence for Mark Lochtenberg on 2024-03-12As disclosed: On market trade
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PurchaseFully paid ordinary shares | 1,123,902 | — | AUD 0.2296Disclosed price | — |
| 2023-07-21 | Danny McCarthy
Details & evidence for Danny McCarthy on 2023-07-21As disclosed: Cancellation of performance rights following mutual agreement between Company and Executive
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Appendix 3Y (Danny McCarthy) ↗ | CancellationPerformance Rights | 733,740 | —Not Disclosed | — | 0 |
| 2023-01-03 | Danny McCarthy
Details & evidence for Danny McCarthy on 2023-01-03As disclosed: Conversion of performance rights following achievement of vesting conditions
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Appendix 3Y (Danny McCarthy) ↗ | VestingFully paid ordinary shares | 733,740 | —Non Cash | — | 3,052,798 |
| 2023-01-03 | Danny McCarthy
Details & evidence for Danny McCarthy on 2023-01-03As disclosed: vesting
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Appendix 3Y (Danny McCarthy) ↗ | VestingPerformance Rights | 733,740 | —Non Cash | — | 733,740 |
Disclosed holding observations12 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 |
|---|---|---|---|---|
| 2026-04-09 | Danny McCarthy
Details & evidence for Danny McCarthy on 2026-04-09
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Final Director's Interest Notice (D McCarthy) ↗ | FinalFully paid ordinary shares | 8,440,440 | — |
| 2026-04-09 | Danny McCarthy
Details & evidence for Danny McCarthy on 2026-04-09
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Final Director's Interest Notice (D McCarthy) ↗ | FinalFully paid ordinary shares | 355,516 | — |
| 2026-03-31 | Mark Ludski
Details & evidence for Mark Ludski on 2026-03-31
director · Start not disclosed CR Ludski · spouse; indirect interest Final Director's Interest Notice (M Ludski) ↗ | FinalFully paid ordinary shares | 562,500 | — |
| 2026-03-12 | Glen Lewis
Details & evidence for Glen Lewis on 2026-03-12Final notice reports one aggregate 3,106,354-share position across Baysoni Pty Ltd and Rainbow Max Limited; account split is not provided in the notice.
director · Start not disclosed Baysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C · director and shareholder Rainbow Max Limited atf Rainbow Max unit trust · unitholder in Rainbow Max unit trust Final Director's Interest Notice (G Lewis) ↗ | FinalFully paid ordinary shares | 3,106,354 | — |
| 2026-03-09 | Mark Lochtenberg
Details & evidence for Mark Lochtenberg on 2026-03-09
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Final Director's Interest Notice (M Lochtenberg) ↗ | FinalFully paid ordinary shares | 22,783,293 | — |
| 2026-01-27 | Glen Lewis
Details & evidence for Glen Lewis on 2026-01-27
director · Start not disclosed Baysoni Pty Ltd atf Lewis Family Trust and Lewis Superannuation Fund A/C · director and shareholder Rainbow Max Limited atf Rainbow Max unit trust · unitholder in Rainbow Max unit trust Change of Director's Interest Notice (G Lewis) ↗ | PositionFully paid ordinary shares | 106,354 | — |
| 2025-12-11 | David Norris
Details & evidence for David Norris on 2025-12-11
director · Start not disclosed Davem Nominees Pty Ltd atf D & E Norris Super Fund · beneficial interest through D & E Norris Super Fund Final Director's Interest Notice (D Norris) ↗ | FinalFully paid ordinary shares | 128,513 | — |
| 2024-03-14 | Mark Lochtenberg
Details & evidence for Mark Lochtenberg on 2024-03-14
director · Start not disclosed Rigi Investments Pty Ltd · director and shareholder Rigi Investments Pty Ltd and Buttonwood Nominees Pty Ltd (aggregate interest disclosed) · indirect holder group named in rights issue notice Change of Director's Interest Notice (M Lochtenberg) ↗ | PositionFully paid ordinary shares | 10,502,393 | — |
| 2023-10-06 | David Norris
Details & evidence for David Norris on 2023-10-06
director · Start not disclosed Davem Nominees Pty Ltd atf D & E Norris Super Fund · beneficial interest through D & E Norris Super Fund Initial Director's Interest Notice (D Norris - revised) ↗ | InitialFully paid ordinary shares | 28,513 | — |
| 2023-07-21 | Danny McCarthy
Details & evidence for Danny McCarthy on 2023-07-21
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Appendix 3Y (Danny McCarthy) ↗ | PositionFully paid ordinary shares | 3,052,798 | — |
| 2023-07-21 | Danny McCarthy
Details & evidence for Danny McCarthy on 2023-07-21
director · Start not disclosed Rainbow Max Limited atf Rainbow Max unit trust · unitholder / indirect interest via trust Appendix 3Y (Danny McCarthy) ↗ | PositionFully paid ordinary shares | 355,516 | — |
| 2023-05-19 | Graeme Campbell
Details & evidence for Graeme Campbell on 2023-05-19
director · Start not disclosed Mitchell Victory Pty Ltd atf Campbell Family Superannuation Fund · beneficial interest through Campbell Family Superannuation Fund Final Director's Interest Notice (G Campbell) ↗ | FinalFully paid ordinary shares | 280,000 | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory18 documents
TER ASX ordinary-share closing priceMarket Data · HighExtracted
Latest eligible local TER ordinary-share close returned by miners.reference_price, with 1,166,135 shares traded.
- Document ID
- market_price_20260925
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Board Appointment (G Hutchinson)Governance · LowMetadata Only
Non-executive director appointment; not part of the executive roster.
- Document ID
- board_20260908
- Published UTC
- 2026-09-08T04:04:00Z
- Projects
- —
- Commodities
- —
FY2026 Appendix 4E and Preliminary Financial ReportResults · HighExtracted
Unaudited FY2026 preliminary result, cash, lease obligations, production, and proposed AGM date; impairment remains subject to audit.
- Document ID
- fy26_prelim
- Published UTC
- 2026-08-31T08:58:00Z
- Projects
- blair_athol · new_clydesdale · north_block_complex
- Commodities
- others
Market UpdateOperations · HighMetadata Only
Price-sensitive market update located on issuer investor centre; content was inaccessible to extract reliably, so no claims are promoted from its headline.
- Document ID
- market_update_20260831
- Published UTC
- 2026-08-31T09:06:00Z
- Projects
- blair_athol
- Commodities
- others
Appointment of Chief Financial Officer and Company SecretaryLeadership · MediumExtracted
CFO and company-secretary appointment; the later preliminary financial report confirms Richard Clarke in both roles.
- Document ID
- cfo_20260804
- Published UTC
- 2026-08-04T06:25:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities Report for the quarter ended 30 June 2026Operations · HighExtracted
Latest operations, liquidity, FY27 Blair Athol guidance and current coal-price and cost context.
- Document ID
- q4fy26
- Published UTC
- 2026-07-31T09:02:46Z
- Projects
- blair_athol · new_clydesdale · north_block_complex · kangala · eloff · moorlands
- Commodities
- others
Quarterly Activities Report for the quarter ended 31 March 2026Operations · HighExtracted
Weather-affected March-quarter operations and completion of the A$60 million entitlement offer.
- Document ID
- q3fy26
- Published UTC
- 2026-04-27T23:05:18Z
- Projects
- blair_athol · new_clydesdale · north_block_complex · kangala
- Commodities
- others
H1 FY26 Results SummaryResults · HighExtracted
H1 FY26 results highlighted negative EBITDA, lower realised coal pricing, reduced costs and increased Blair Athol sales.
- Document ID
- h1fy26
- Published UTC
- 2026-02-27T06:34:00Z
- Projects
- blair_athol
- Commodities
- others
Application for quotation of February placement securitiesFinancing · HighExtracted
Quotation of 19,285,306 placement shares; total quoted ordinary shares were 1,822,523,150 after all contemporaneous issues.
- Document ID
- placement_feb_quotation
- Published UTC
- 2026-02-25T05:09:36Z
- Projects
- —
- Commodities
- —
Proposed issue of securities - February placementFinancing · MediumExtracted
Proposed issue of 19,285,306 shares at A$0.06 for working capital and balance-sheet strengthening.
- Document ID
- placement_feb
- Published UTC
- 2026-02-23T21:09:50Z
- Projects
- —
- Commodities
- —
Quarterly Report for October to December 2025Operations · HighExtracted
December-quarter operations, liquidity, entitlement offer completion, Blair Athol resource update and South African divestment progress.
- Document ID
- q2fy26
- Published UTC
- 2026-01-29T22:21:44Z
- Projects
- blair_athol · new_clydesdale · north_block_complex · moorlands · kangala · eloff
- Commodities
- others
Application for quotation of entitlement-offer securitiesFinancing · HighExtracted
Quotation of 1,001,207,793 entitlement shares, taking quoted ordinary shares to 1,802,174,028.
- Document ID
- entitlement_quotation
- Published UTC
- 2026-01-27T01:00:34Z
- Projects
- —
- Commodities
- —
Proposed issue of securities - January placementFinancing · MediumExtracted
Proposed issue of 1,063,816 shares at A$0.06 for statutory creditors, balance-sheet strengthening and working capital.
- Document ID
- placement_jan
- Published UTC
- 2026-01-21T23:51:51Z
- Projects
- —
- Commodities
- —
Proposed issue of securities - renounceable entitlement offerFinancing · HighExtracted
Proposed 5-for-4 renounceable entitlement offer at A$0.06 per share, targeting about A$60 million.
- Document ID
- entitlement_offer
- Published UTC
- 2025-12-23T05:52:10Z
- Projects
- —
- Commodities
- —
2025 Annual General Meeting - Chair Address & PresentationPresentation · HighExtracted
Strategy presentation confirming Blair Athol mine life, Moorlands positioning and continued South African divestment process.
- Document ID
- agm25
- Published UTC
- 2025-11-26T22:45:34Z
- Projects
- blair_athol · moorlands · new_clydesdale · north_block_complex
- Commodities
- others
2025 Annual Report to ShareholdersResults · HighExtracted
Audited FY25 financial statements and current portfolio, tenement, resource and reserve disclosures.
- Document ID
- fy25_annual
- Published UTC
- 2025-10-30T05:58:11Z
- Projects
- blair_athol · new_clydesdale · north_block_complex · ubuntu · moorlands · kangala · eloff · australian_exploration
- Commodities
- others
Quarterly Activities Report for the quarter ended 30 September 2025Operations · HighExtracted
September-quarter operating results, liquidity, realised price and Blair Athol cost guidance.
- Document ID
- q1fy26
- Published UTC
- 2025-10-29T21:20:43Z
- Projects
- blair_athol · new_clydesdale · north_block_complex
- Commodities
- others
Notification of cessation of securities - TERCorporate Action · MediumExtracted
The notice removed 1,140,265 convertible bonds and reported 800,966,235 ordinary shares plus 1,447,967 performance rights after the change.
- Document ID
- cessation_2023
- Published UTC
- 2023-07-25T07:27:18Z
- Projects
- —
- Commodities
- —
Evidence facts66
0 securities
2023-07-25800966235 shares
2023-07-251447967 rights
2023-07-25226671000 AUD
2025-06-30-42724000 AUD
2025-06-3013382000 AUD
2025-06-3058221000 AUD
2025-06-30747000 AUD
2025-06-3010249000 AUD
2025-06-3059724000 AUD
2025-06-30800966235 shares
2025-06-3027 Mt
2025-06-3018 Mt
2025-06-3014 Mt
2025-06-3040.9 Mt
2025-06-3040.1 Mt
2025-06-306.3 Mt
2025-06-304950000 AUD
2025-09-30440000 tonnes
2025-09-30121.9 AUD/t
2025-09-307.8 years
2025-11-2750 percent
2025-11-27continues to progress None
2025-11-271001207793 shares
2025-12-230.06 AUD/share
2025-12-231063816 shares
2026-01-221001207793 shares
2026-01-271802174028 shares
2026-01-276400000 AUD
2025-12-3154400000 AUD
2025-12-31121.94 AUD/t
2025-12-3119285306 shares
2026-02-231822523150 shares
2026-02-25-7000000 AUD
2025-12-31-13800000 AUD
2025-12-31809000 tonnes
2025-12-31114.74 AUD/t
2025-12-3132900000 AUD
2026-03-31253000 tonnes
2026-03-31117.54 AUD/t
2026-03-318400000 AUD
2026-06-3054400000 AUD
2026-06-3012000000 AUD
2026-07-02390000 tonnes
2026-06-30146.44 AUD/t
2026-06-30126 AUD/t
2026-06-302 Mt
2026-07-312.2 Mt
2026-07-311085000 tonnes
2026-06-30Richard Clarke None
2026-08-04178918000 AUD
2026-06-30-45630000 AUD
2026-06-308381000 AUD
2026-06-3054441000 AUD
2026-06-300 AUD
2026-06-309937000 AUD
2026-06-3016378000 AUD
2026-06-3056617000 AUD
2026-06-301452000 tonnes
2026-06-304451000 tonnes
2026-06-30141000 AUD
2026-06-3080556000 AUD
2026-06-302026-11-26 date
2026-08-31True None
2026-08-310.079 AUD/share
2026-09-251166135 shares
2026-09-25