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2026-11-06
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Wildcat Resources Limited

DFS Unfunded Developer · Lithium · AU Rating locked: sign in to view v8.1 · wc8-20261102t225742-full
Last 2026-11-06
A$0.215
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$343.5M
EV
A$267.8M
Cash
A$76.1M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$76.1MFY25 (actual): 55,089,039FY26 (actual): 37,193,651 Finite
Debt A$0 Net cash A$76.1M
Basic shares 1.6B 2026-11-02
Runway 5.4 quarters Cash at 30 Sep 2026 (A$76.06M) divided by the September quarter net operating and investing outflow (A$14.18M), excluding tranche 2 (A$4.0M) and before the A$774M pre-production capital; not a construction runway.

Liquidity

Financial position

Funded to early works and pre-FID studies, not to construction. The DFS states the company holds A$76.1M cash at 30 September 2026 and pre-production capex of A$774M plus A$140M stage 2 is unfunded; a 60% debt gearing target and offtake/asset partnering are being progressed with no binding finance signed.

Capital structure

Ownership and dilution

Ordinary shares
1.6B
Fully diluted
1.7B

Ordinary shares: 1,376,811,316 at 30 June 2026 (FY26 annual report) plus 5,000,000 (9 Jul), 23,371,105 (6 Aug), 5,000,000 (13 Aug), 183,606,558 and 748,918 (28 Sep) and 3,000,000 (26 Oct) = 1,597,537,897; this reconciles to the 1,410,182,421 shares on issue at 9 Sep 2026 reported in the annual report (p126). Fully diluted adds tranche 2, options and performance rights at 30 June 2026 (not re-stated after that date). The 2025 buy-back bought back no shares.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issue (derived from 30 June 2026 count plus Appendix 2A issues)Ordinary Share1.6B——
Placement tranche 2 shares, A$0.305 each, pending issue after shareholder approvalOrdinary Share13.1MA$0.305—
Unlisted options, weighted average exercise price A$0.197 (range A$0.06 to A$0.80)Option15.5MA$0.197—
Performance rights (21,146,912 vested or exercisable; balance subject to conditions)Performance Right56.4M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25 (actual)AFY26 (actual)A
Profit and loss
RevenueAUDm0.00.0
EBITDA (actual statutory; forecast revenue less operating costs)AUDmFY25 (actual): -10,994,067 AUDFY26 (actual): -8,381,445 AUD(11.0)(8.4)
Depreciation (actual; forecast unit-of-production on capital)AUDmFY25 (actual): -176,255 AUDFY26 (actual): -185,319 AUD(0.2)(0.2)
Income tax (forecast, after loss carry-forward)AUDm0.00.0
Net profit after tax (actual loss; forecast EBITDA less depreciation and tax)AUDmFY25 (actual): -8,203,822 AUDFY26 (actual): -6,585,219 AUD(8.2)(6.6)
Cash flow
Operating cash flowAUDmFY25 (actual): -2,754,406 AUDFY26 (actual): -1,603,851 AUD(2.8)(1.6)
Capex (outflow; pre-production, stage 2 and sustaining)AUDmFY25 (actual): -19,391,082 AUDFY26 (actual): -17,758,359 AUD(19.4)(17.8)
Closure cash (outflow)AUDm0.00.0
Free cash flow (operating cash flow plus capex and closure)AUDmFY25 (actual): -22,145,488 AUDFY26 (actual): -19,361,210 AUD(22.1)(19.4)
Balance sheet
Cash and cash equivalents (period end)AUDmFY25 (actual): 55,089,039 AUDFY26 (actual): 37,193,651 AUD55.137.2
Interest-bearing debtAUDm0.00.0
Net debt (negative = net cash)AUDmFY25 (actual): -55,089,039 AUDFY26 (actual): -37,193,651 AUD(55.1)(37.2)
Per share
Ordinary shares on issue (period end)m sharesFY25 (actual): 1,336,568,438 sharesFY26 (actual): 1,376,811,316 shares1,336.61,376.8
Basic loss per share (reported, weighted average)AUD/shareFY25 (actual): -0.01 AUD/shareFY26 (actual): -0.00 AUD/share(0.01)(0.00)
Multiples and ratios
EV / EBITDA (x, current EV)xFY25 (actual): -23.63 xFY26 (actual): -30.99 x(23.6)(31.0)
P / E (x, current market cap)xFY25 (actual): -40.89 xFY26 (actual): -50.94 x(40.9)(50.9)
FCF yield (current market cap)%FY25 (actual): -0.07 fractionFY26 (actual): -0.06 fraction-6.6%-5.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY25 (actual): 5.01 xFY26 (actual): 4.44 x5.04.4
Company guidance2
MetricProjectPeriodLowHighStatus
Stage 1 Plant Commissioning (First Production)tabba_tabba2029-01—— dateCurrent
Stage 2 Expansion Capital (Train 2, 4.5Mtpa Nameplate)tabba_tabba2029-2030140140 AUD MCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-28Ann. 2026-09-21RaisingA$60M196.7M—Ongoing—
2026-08-18Ann. 2025-06-25BuybackOrdinary Fully PaidA$0——CompletedOn-market buy-back programme; final notification of 18 Aug 2026 reports no securities bought back, so the share denominator is unchanged.Period 2025-06-25 to 2026-08-18

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 2026-11-02

Live arrangements found in the DFS, the September 2026 quarterly and the FY26 annual report. No offtake, prepayment, project finance or JV term has been signed; those are in negotiation and are not recorded as arrangements.

Royalties payable on spodumene revenue at 6.75% in aggregate (5.0% state plus 1.75% project and mining agreement royalties) and modelled in the DFS.

Royalty · Active
Counterparties
Government of Western Australia · Project and mining agreement royalty holders
Applies to
Tabba Tabba lithium project (Leia and Luke spodumene, DFS) · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
WA State Government royalty: 5 %
Project and mining agreement royalties (aggregate): 1.75 %
Royalty base in DFS model: 6.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Native Title Agreement with the Nyamal Aboriginal Corporation (December 2025): heritage management, cultural training, social, employment and contracting opportunities and compensation. Amounts are not disclosed.

Other · Active
Counterparties
Nyamal Aboriginal Corporation (RNTBC)
Applies to
Tabba Tabba lithium project (Leia and Luke spodumene, DFS) · Lithium
Economic direction
Burden
Period
From 2025-12-03; no end date stated
Key terms
Compensation and employment or contracting terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Acquired the E45/2364 pegmatite rights from Elevra and the associated fixed and NSR royalties from Attgold (August 2026). Royalty rates and the value of the royalty stream are not disclosed; no stream is modelled.

Royalty · Active
Counterparties
Attgold Pty Ltd
Applies to
Tabba Tabba lithium project (Leia and Luke spodumene, DFS) · Lithium
Economic direction
Benefit
Period
From 2026-08-06; no end date stated
Key terms
Fixed and NSR royalties acquired with E45/2364 pegmatite rights: —
Cash consideration for E45/2364 pegmatite rights (Q1 FY27 outflow): 5,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.