Neometals Limited Overview
| Field | Detail | Source |
|---|---|---|
| Legal name | Neometals Ltd | FY2025 Annual Financial Report (AFR) |
| ACN / ABN | ACN 099 116 631 / ABN 89 099 116 631 | ASX announcements 2026; IBISWorld company profile |
| Former name(s) | Reed Resources Ltd. The renaming to Neometals Ltd took place c.2014 | FY2025 AFR (directors' biographies) |
| Founded / incorporated | Incorporated 20 December 2001 in Australia; co-founded by Christopher Reed and his father David Reed | IBISWorld; FY2025 AFR; Benchmark Minerals speaker bio |
| Incorporation jurisdiction | Western Australia, Australia (public company limited by shares, Corporations Act 2001) | FY2025 AFR Note 1 |
| Headquarters / registered office | Level 1, 1292 Hay Street, West Perth WA 6005, Australia | FY2025 AFR; 2026 ASX releases |
| Primary listing | Australian Securities Exchange, ticker NMT | ASX releases |
| Secondary quotation | OTCQX (USA), ticker NMTAY (ADR programme). Legacy OTC codes NMTAF and RDRUY appear on aggregator sites | 2026 ASX release headers; TipRanks; roic.ai |
| Former listing | AIM (London), ticker NMT. Cancelled 3 February 2025 | Company AIM delisting notice, as summarised by Simply Wall St |
| ISIN | AU000000NMT1 | User identification list; Eulerpool |
| CUSIP | Not publicly disclosed (verified) | — |
| Fiscal year end | 30 June | FY2025 AFR |
| Auditor | Deloitte Touche Tohmatsu, Perth (lead partner N H Gordon) | FY2025 AFR, Independent Auditor's Report |
| Auditor opinion (FY2025) | Unmodified, with a Material Uncertainty Related to Going Concern | FY2025 AFR |
| Employees | Not disclosed in the AFR. PitchBook lists about 10 employees (aggregator, August 2026). Headcount has contracted sharply: the Heads of Lithium and Recycling were made redundant in FY2025, and cash personnel costs are being cut by about 25% from 1 August 2026 | PitchBook; FY2025 AFR; ASX release 3 Aug 2026 |
| Market capitalisation | About A$18–25 million (September 2026) at a share price of A$0.020–0.033 | InvestSMART quote pages, Aug–Sep 2026 |
| Year-end market capitalisation (undiluted) | FY2025: A$51.55 million at A$0.07. FY2024: A$53.56 million at A$0.09 | FY2025 AFR, Remuneration Report |
| Website | www.neometals.com.au | — |
| Chair | Steven Cole (Non-executive Chair; director since 24 July 2008) | FY2025 AFR |
| MD/CEO | Christopher Reed (director since 20 December 2001; MD since 1 October 2013, after an earlier MD term 2007–2012) | FY2025 AFR |
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Name: it was formerly Reed Resources Ltd.
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Listing: it remains listed on the ASX under NMT.
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Website: the corporate site is neometals.com.au.
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Delisting from London: the company left the London Stock Exchange's AIM market in early 2025. The last day of dealings was 31 January 2025 and cancellation took effect on 3 February 2025.
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FY2024 key management personnel (KMP) included five non-director executives.
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FY2025 KMP included four executives, two of whom were made redundant during the year.
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On 3 August 2026 the board cut remuneration for directors and staff, targeting about a 25% year-on-year reduction in cash personnel costs.
Neometals is a Perth-based micro-capitalisation project developer. Over 25 years it has moved from hard-rock mining to downstream battery-materials processing technology, and since 2025 back towards upstream resource development.
Its first-generation wealth came from the Mt Marion lithium project. It sold its Mt Marion equity in 2019 and relinquished the offtake rights in 2021 for A$30 million.
Capital was then spent on a portfolio of proprietary processing technologies:
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lithium-ion battery recycling, through Primobius, now divested to SMS group;
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the ELi electrolysis process for lithium hydroxide, held 70% with Mineral Resources;
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vanadium recovery from steel slag, through Novana Oy in Finland.
None of these technologies reached commercial revenue. Today the strategy centres on three assets:
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a small, contractor-funded gold development at Ironclad (Barrambie, Western Australia) under a 50:50 profit share;
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a 51% interest in a lithium-potash brine project in Utah;
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monetisation of the Barrambie titanium-vanadium deposit and of its technology IP.
The company carries a going-concern uncertainty. It is pursuing a defaulted A$5 million placement subscription, and since September 2026 it relies on a related-party A$2 million secured loan.
Company's own description
In its 2026 ASX releases, Neometals describes its purpose as creating stakeholder value by enabling sustainable production of critical and valuable materials for a lower-carbon economy. It does this by:
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advancing a portfolio of mineral assets; and
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commercialising proprietary processing technologies that aim for lower costs and greater sustainability.
These themes are paraphrased from the "About Neometals" boilerplate in ASX releases dated 29 June, 3 August, 24 August and 17 September 2026.
The FY2025 AFR describes the principal activities in two parts:
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commercialising a portfolio of low-cost sustainable processing solutions for critical materials; and
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in parallel, exploring and developing mining operations at the Barrambie Gold Project.
Current portfolio (as described in September 2026)
| Business line | NMT interest | Stage | Holding vehicle |
|---|---|---|---|
| Barrambie Gold (Ironclad deposit and regional exploration), Murchison, WA | 100% | Scoping study complete; mining-services JV signed; mining lease application lodged | Avanti Exploration Pty Ltd (inferred from the Ironclad JV and loan security documents) |
| Utah Brine Project (lithium and potash), Paradox Basin, Utah, USA | 51% | Early exploration; JORC Exploration Target reported (April 2026) | Utah Brine Corporation (UBC) |
| Barrambie Titanium-Vanadium, WA | 100% | Mineral Resource Estimate; in a divestment process; classified as held for sale at 30 June 2025 | Neometals group |
| Lithium Chemicals: ELi Process™ | 70% (Mineral Resources Ltd 30%) | Pilot complete; Rio Tinto MoU; De Nora collaboration | Reed Advanced Materials Pty Ltd (RAM) |
| Vanadium Recovery | IP 100% (Avanti Materials Ltd); project 86.1% | Feasibility study complete (2023); project financing under way for first plant at Pori, Finland | Novana Oy / Recycling Industries Scandinavia AB (RISAB) |
| Battery-recycling revenue-linked fee | Contractual entitlement | 2% of Primobius annual revenue, capped at €7 million (inflation-adjusted), FY2026–FY2037 | Contract with SMS group |
Business model and revenue model
Neometals has had no revenue from ordinary activities in any of the last five fiscal years. The FY2025 AFR five-year table reports revenue of nil for each of FY2021 to FY2025.
Its only profitable year in the period, FY2021, came from gains on the Mt Marion offtake relinquishment and related asset sales, not from operations. Income is otherwise limited to interest and other income: A$0.27 million in FY2025 and A$0.54 million in FY2024.
The intended future revenue model is a hybrid of four streams:
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Profit share from contract mining. Under the Ironclad JV, BML Ventures Pty Ltd funds development and mining costs, and the two parties split profits 50:50.
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Technology licensing and royalties. The ELi Process and the vanadium recovery technology are to be commercialised under a licensing model.
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Asset sales. These include the Barrambie titanium-vanadium deposit and possible sell-downs of the technology units.
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Revenue-linked compensation. This is the 2% Primobius revenue fee from SMS, capped at €7 million.
Value-chain position, customers and end-markets
| Dimension | Characterisation |
|---|---|
| Value-chain position | Upstream exploration and development (gold, lithium/potash brine, titanium-vanadium), plus licensor of mid-stream chemical processing technology |
| Customer types (prospective) | Gold: toll-treatment mills in the Murchison region. ELi: lithium producers with chloride feedstocks, such as brine operators; Rio Tinto is the evaluation counterparty. Vanadium: steelmakers with vanadium-bearing slag; vanadium buyers for batteries (vanadium redox flow batteries) and aerospace alloys. Potash: agricultural fertiliser markets |
| End-markets | Gold (precious metals); lithium chemicals (EV and energy-storage batteries); vanadium (steel alloying, flow batteries, aerospace); titanium feedstocks (pigment, metal); potash (fertiliser) |
Independent characterisation
Neometals is best understood as a cash-constrained, sub-scale portfolio holding company whose market value now sits near or below its last audited book equity. Book equity was A$18.2 million at 30 June 2025; market capitalisation was about A$18–25 million in September 2026.
Its distinctive assets are:
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intellectual property (21 granted ELi patents, plus vanadium patents pending); and
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one of the world's highest-grade hard-rock titanium resources.
Neither has yet been monetised.
The pivot to Ironclad gold is a pragmatic attempt to generate near-term cash flow with minimal capital, because the contractor bears the costs. However, the project is small. The scoping study targets only 10,000–11,000 ounces of gold.
The 2026 funding crisis has shifted the investment case from technology optionality to balance-sheet survival. Three facts drive this:
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the A$5 million Omaha Value Holdings subscription has defaulted;
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the personal guarantee on half of that amount has been called but not paid; and
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the company has drawn a A$2 million related-party loan secured over the entity that holds Barrambie.
Strategy
Stated strategic themes (FY2025 AFR and 2026 releases, paraphrased)
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Capital discipline and capital-efficient, lower-risk business models. This is the stated rationale for exiting Primobius and avoiding further shareholder-funded spending on capital-intensive businesses.
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Prioritise Barrambie Gold for near-term cash flow. Ironclad has been accelerated through a contractor-funded JV.
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Commercialise technologies through licensing. The plan is to make the ELi and vanadium units independently funded, with possible sell-downs to commercial partners.
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Generate cash from non-core assets. This centres on the divestment of the Barrambie Ti-V deposit.
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Re-enter upstream lithium in a capital-light way. The Utah Brine JV is aligned with US critical-minerals policy, and the company highlights possible grant funding.
Initiatives announced in the last 24 months
| Date | Initiative | Type | Target / terms |
|---|---|---|---|
| 23 Sep 2024 | Barrambie Gold Exploration Target | New business | 335,000–775,000 oz conceptual range |
| Feb 2025 | AIM delisting | Cost programme | Remove dual-listing costs |
| 26 Jun 2025 | Rio Tinto ELi MoU | Partnership | Path to Technology Readiness Level 7 and an evaluation licence |
| 7 Aug 2025 | Primobius exit | Portfolio | €5 million plus 2% revenue fee (cap €7 million) |
| 11 Dec 2025 / 13 Apr 2026 | Ironclad mining-services JV | Partnership | 50:50 profit share; BMLV funds mining |
| 14 Jan 2026 | De Nora collaboration (ELi) | Technology | Electrolyser supply and support |
| Early 2026 | EIT RawMaterials investment in Novana | Funding | About A$2.7 million reported |
| 20 Mar 2026 | Utah Brine JV | New business | US$2 million spend over 3 years for 51% |
| 20 Apr 2026 | A$7.9 million placement and entitlement offer | Funding | Tranche 2 (about A$5 million) defaulted |
| 3 Aug 2026 | Remuneration cuts | Cost programme | About 25% cut in cash personnel costs versus FY2026 |
| 10–17 Sep 2026 | CHPL standby loan | Funding | A$2 million drawn; 10% interest; convertible at A$0.025 |
ESG and sustainability commitments
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Alignment with the Global Reporting Initiative (GRI) and the UN Global Compact.
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Scope 1 and 2 emissions cut 6% in FY2025 (per the sustainabilityreports.com summary of the 2025 Annual Report).
Medium-term targets and guidance
The company gives no financial guidance. Operational targets are:
Ironclad: commercial production in 2027, subject to FID and permitting.
Utah: JORC resource and scoping study by June 2027, subject to funding (June 2026 quarterly).
Products & Services
Barrambie Gold Project (100%)
| Attribute | Detail |
|---|---|
| Location | About 80 km north-west of Sandstone, Murchison region, Western Australia. Tenure of 505 km² covering about 40 km of greenstone belt |
| History | Historic high-grade production in the early 1900s at an average production grade of 27.5 g/t. Minimal exploration since the 1990s. NMT began gold exploration in the second half of 2024 |
| Exploration Target | 8 Mt at 1.3 g/t Au to 10.5 Mt at 2.3 g/t Au, for 335,000–775,000 oz (announced 23 Sep 2024). An Exploration Target is conceptual and is not a Mineral Resource |
| Ironclad MRE v1 (25 Jun 2025) | 250,000 t at 1.6 g/t for 13,000 oz, all Inferred, at a 0.5 g/t cut-off |
| Ironclad MRE v2 (10 Mar 2026) | 285,000 t at 1.6 g/t for 15,000 oz, Indicated plus Inferred |
| Scoping study (19 Mar 2026) | Phase 1 open pit producing about 10,000–11,000 oz in under 12 months. About 82% of the scheduled resource is Indicated. Mining, transport and tolling cost inputs were provided by BML Ventures |
| Commercial model | BML Ventures funds and performs mining under a 50:50 profit share, confined to the Ironclad mining lease application area. BMLV is to fund grade-control drilling before a final investment decision |
| Management cash-flow indication | Low-capex JV targeting about A$23 million of cash flow (July 2026 investor conference, per Quartr event summary). |
| Target timing | Commercial production targeted in 2027, subject to FID and permitting (June 2026 quarterly) |
| Other prospects | Barrambie Ranges, where wide high-grade RC intercepts were reported 15 Jan 2026 and final assays 22 Jan 2026. Rinaldi copper prospect, about 20 km south-south-east of Ironclad: hole 26RCRC006 returned no significant assays in its bottom 45 m and was halted by water ingress; a diamond tail was planned for Sep 2026 (ASX, 25 Aug 2026) |
Utah Brine Project (51%)
| Attribute | Detail |
|---|---|
| Vehicle | Utah Brine Corporation (UBC). NMT 51%; Omaha Value Inc. 49% |
| Location | Paradox Basin and Lisbon Valley, south-east Utah, USA. More than 80,000 acres in total, including more than 32,275 ha of mineral claims, prospecting permits and potash lease applications |
| Key right | Exclusive access-and-use licence from Ascent Resources plc (AIM: AST) and American Helium over inactive oil and gas wells, leases and data. The well count is reported variously as 23, 24 or 26 across sources |
| Licence economics | US$200,000 annual access fee. A permitting fee of up to US$1.9 million payable on key approvals, to be funded by Omaha. Gross royalty of 2.5–3.5% to Ascent on production |
| NMT earn-in | US$51,000 initial subscription (US$50,000 already paid at announcement). NMT must fund US$2 million of project costs over three years to keep its 51% |
| Technical status | JORC Exploration Target (potash and lithium) reported in April 2026. Grades and tonnages were not extracted in this research |
| Plan | JORC resource estimate and scoping study targeted by June 2027, subject to funding (June 2026 quarterly) |
Barrambie Titanium-Vanadium (100%, held for sale)
| Category | Tonnes (Mt) | TiO₂ (%) | V₂O₅ (%) |
|---|---|---|---|
| Indicated | 187.1 | 9.61 | 0.46 |
| Inferred | 93.0 | 8.31 | 0.40 |
| Total | 280.1 | 9.18 | 0.44 |
| High-grade subset (contained) | 53.6 | 21.17 | 0.63 |
Source: FY2025 AFR Mineral Resource Statement (MRE dated 17 April 2018). The company describes the deposit as one of the world's highest-grade hard-rock titanium resources and has had it in a divestment process since at least FY2025.
Lithium Chemicals: ELi Process™ (70%)
| Attribute | Detail |
|---|---|
| Technology | Electrolysis of lithium chloride solution to produce lithium hydroxide (and carbonate). Replaces bulk reagents with electricity and internally generated reagents |
| Intellectual property | 21 granted national-phase patents; 12 pending (FY2025 AFR) |
| Technical validation | 2023 purification pilot on Rio Tinto Rincon brine. Nov 2024 pilot produced LHM at 56.6–56.9% LiOH against a target specification above 56.5%. 1,000-hour membrane durability test completed |
| Partners | Rio Tinto: non-binding MoU (26 Jun 2025, extended 5 Feb 2026) covering possible funded optimisation testwork, a framework to reach Technology Readiness Level 7, and a possible evaluation licence. De Nora (electrolyser supplier): collaboration announced 14 Jan 2026 |
| Pricing model | Licensing; terms not disclosed |
| Co-owner | Mineral Resources Ltd (30%) |
Vanadium Recovery (IP 100%; project 86.1%)
| Attribute | Detail |
|---|---|
| Technology | Hydrometallurgical recovery of high-purity V₂O₅ from vanadium-bearing steel slag at atmospheric pressure and mild temperatures, using conventional equipment |
| Intellectual property | Avanti Materials Ltd (100% NMT): 7 national-phase patents pending (FY2025 AFR) |
| First project | VRP1 at Tahkoluoto Port, Pori, Finland. Feasibility study announced 8 Mar 2023 |
| Ownership | RISAB / Novana Oy: NMT 86.1%, Critical Metals Ltd 11.7%, EIT RawMaterials 2.2% with an option to reach 19.9% (FY2025 AFR). 2026 releases name the vehicle as Novana Oy |
| Funding | EIT RawMaterials invested €0.5 million (Sep 2024) and €0.494 million (Feb 2025) at a €50 million pre-money valuation, with potential for up to €10 million in total. A further investment of about A$2.7 million was reported in early 2026 (smallcaps.com.au) |
| Status | Project financing (equity and debt) under way; data room open |
Primobius revenue entitlement (non-operating)
Neometals is entitled to 2% of Primobius's annual revenue for each fiscal year from 1 July 2025 to 30 June 2037, capped at €7 million in total (inflation-adjusted). Primobius is now 100% owned by SMS group.
Primobius's reference project is the 2,500 t/y plant built for Mercedes-Benz at Kuppenheim, Germany. A May 2026 investor presentation referred to "first LiB recycling revenues" (per a Quartr summary), but the amount received was not disclosed.
Financial Detail
Segment Revenue
| Operating unit (FY2025 AFR) | Contents | Status at 30 Jun 2025 | Status at Oct 2026 |
|---|---|---|---|
Upstream: Barrambie Gold | Ironclad deposit; 505 km² of tenure; about 40 km of greenstone strike | Continuing | Core priority |
Upstream: Barrambie Ti-V | Vanadiferous titanomagnetite (VTM) resource | Held for sale / discontinued | Divestment process ongoing |
Downstream: Lithium Chemicals (ELi) | RAM, 70% NMT / 30% Mineral Resources | Continuing | Continuing; Rio Tinto MoU extended Feb 2026 |
Downstream: Vanadium Recovery | Avanti Materials (IP, 100%); RISAB / Novana (86.1%) | Continuing | Continuing |
Downstream: Lithium-ion Battery Recycling | Primobius GmbH and ACN 630 (50%) | Held for sale / discontinued | Divested 12 Sep 2025 |
Upstream: Utah Brine | UBC, 51% | Not yet acquired | Added Mar 2026 |
Segment revenue (AUD Mn)
| Segment revenue (AUD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Barrambie Gold | 0 | 0 | 0 |
Barrambie Ti-V (discontinued) | 0 | 0 | 0 |
Lithium Chemicals (ELi) | 0 | 0 | 0 |
Vanadium Recovery | 0 | 0 | 0 |
Battery Recycling (discontinued) | 0 | 0 | 0 |
Group revenue from ordinary activities | 0 | 0 | 0 |
Results by Segment
| Result line (AUD Mn) | FY2024 | FY2025 |
|---|---|---|
Loss after tax from continuing operations | -31.91 | -17.60 |
Loss after tax from discontinued operations | -37.20 | -13.41 |
Impairment expense (continuing) | -12.82 | -2.17 |
Share of loss in joint ventures (continuing) | -2.36 | 0 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue from ordinary activities (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Interest and other income (AUD Mn) | — | — | — | 0.54 | 0.27 |
Employee expenses, continuing (AUD Mn) | — | — | — | -7.90 | -6.68 |
Other expenses, continuing (AUD Mn) | — | — | — | -7.84 | -5.69 |
Impairment expense, continuing (AUD Mn) | — | — | — | -12.82 | -2.17 |
Profit/loss before tax, continuing, per AFR five-year table (AUD Mn) | 20.98 | -16.23 | -36.18 | -31.91 | -17.94 |
Net profit/loss after tax incl. discontinued (AUD Mn) | 16.34 | 4.36 | -34.80 | -69.11 | -31.02 |
EBITDA, continuing, derived (AUD Mn) | — | — | — | -31.0 | -17.3 |
Basic EPS (A$ cents) | 3.0 | 0.80 | -6.3 | -11.65 | -4.22 |
Diluted EPS (A$ cents) | 3.0 | 0.79 | -6.3 | -11.65 | -4.22 |
Dividends per share (A$ cents) | 0 | 0 | 0 | 0 | 0 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash and equivalents (AUD Mn) | 93.90 | 60.16 | 24.44 | 9.10 | 4.13 |
Total current assets incl. held for sale (AUD Mn) | 108.0 | 62.91 | 27.23 | 30.83 | 19.64 |
Assets held for sale (AUD Mn) | — | — | — | 20.21 | 14.41 |
Total assets (AUD Mn) | — | — | — | 42.13 | 24.29 |
Borrowings, short term (AUD Mn) | — | — | — | 0 | 0 |
Borrowings, long term (AUD Mn) | — | — | — | 0 | 0 |
Lease liabilities, total (AUD Mn) | — | — | — | 4.11 | 4.50 |
Net debt incl. leases, negative = net cash (AUD Mn) | — | — | — | -4.99 | 0.37 |
Goodwill and intangibles (AUD Mn) | — | — | — | 0.29 | 0.35 |
Total liabilities (AUD Mn) | — | — | — | 5.66 | 6.10 |
Total equity (AUD Mn) | — | — | 93.52 | 36.48 | 18.18 |
Working capital / net current assets (AUD Mn) | — | — | — | 29.19 | 17.66 |
Accumulated losses (AUD Mn) | — | — | -63.55 | -124.52 | -154.10 |
Cash Flow History
| Date | Cash | Other | Source |
|---|---|---|---|
30 Jun 2026 | A$3.6 million | Investments and net receivables A$1.9 million; no debt | June 2026 quarterly, per Quartr summary |
17 Sep 2026 | About A$2.7 million (after drawing A$2.0 million under the CHPL facility) | A$0.5 million of current trade receivables | ASX release, 17 Sep 2026 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | -11.3 | -25.1 | -20.4 | -13.5 | -11.5 |
Capital expenditure incl. exploration (AUD Mn) | -1.69 | -5.34 | -6.42 | -0.49 | -1.45 |
Free cash flow (AUD Mn) | -13.0 | -30.4 | -26.8 | -14.0 | -13.0 |
Investing cash flow (AUD Mn) | 29.0 | -12.4 | -14.9 | -12.1 | -6.39 |
Investment in joint ventures (AUD Mn) | — | — | — | -8.70 | -5.09 |
Financing cash flow (AUD Mn) | -0.70 | 3.61 | -0.39 | 10.4 | 12.9 |
Equity raised, gross (AUD Mn) | — | — | — | 12.13 | 13.28 |
Dividends paid (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Net change in cash (AUD Mn) | 16.9 | -33.8 | -35.7 | -15.3 | -5.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average equity, derived (%) | — | — | — | -106 | -114 |
ROA on average assets, derived (%) | — | — | — | — | -93 |
Current ratio incl. held for sale (x) | — | — | — | 18.8 | 9.9 |
Current ratio excl. held for sale (x) | — | — | — | 6.5 | 2.6 |
Lease liabilities / equity (x) | — | — | — | 0.11 | 0.25 |
Year-end share price (AUD) | 0.48 | 0.91 | 0.48 | 0.09 | 0.07 |
Year-end market capitalisation (AUD Mn) | 261.8 | 496.3 | 273.6 | 53.6 | 51.6 |
Geographic revenue (AUD Mn)
| Geographic revenue (AUD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Australia | 0 | 0 | 0 |
Europe | 0 | 0 | 0 |
Americas | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Region Overview
| Region | Exposure |
|---|---|
Australia (WA) | Barrambie gold and Ti-V; corporate head office. This is the dominant locus of spending in FY2026 |
Europe | Finland/Sweden: the vanadium recovery project (Novana Oy / RISAB, Pori), supported by EU-linked funding. Germany: Primobius operations at Hilchenbach and Kuppenheim, divested Sep 2025 but still the source of the 2% revenue fee |
North America | Utah Brine Project, entered in Mar 2026. It aligns with US critical-minerals policy and is the fastest-growing area of activity in 2026 |
Valuation Snapshot
| Metric | Value | Source |
|---|---|---|
Share price, Sep 2026 | A$0.020–0.033 range | InvestSMART, Aug–Sep 2026 |
Year-to-date change, 2026 | About -65% to -68% (as of Jul–Aug 2026) | MarketScreener |
Change from 30 Jun 2025 (A$0.07) | About -55% to -70% | Derived |
Change from 30 Jun 2023 (A$0.48), 3-year | About -93% to -96% | Derived |
Change from 30 Jun 2021 (A$0.48), 5-year | About -93% to -96% | Derived |
Placement / entitlement price, Apr–May 2026 | A$0.04 (implied by director subscriptions at A$0.040) | InvestSMART director-trade log |
CHPL note conversion price | A$0.025 (25.9% premium to the 30-day VWAP at negotiation) | ASX release, 24 Aug 2026 |
Share Price and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share price at 30 June (AUD) | 0.48 | 0.91 | 0.48 | 0.09 | 0.07 |
Market capitalisation at 30 June (AUD Mn) | 261.8 | 496.3 | 273.6 | 53.6 | 51.6 |
Dividends per share (A$ cents) | 0 | 0 | 0 | 0 | 0 |
Valuation Multiples
| Multiple | Neometals |
|---|---|
P/B | About 1.0–1.4x |
Debt maturity profile
| Debt maturity profile | Amount | Maturity | Terms |
|---|---|---|---|
CHPL standby loan | A$2.0 million (fully drawn 17 Sep 2026) | 31 Aug 2029 | 10% p.a. payable monthly, or capitalised at the lender's option. Repayable within 90 days if convertible-note approval is not obtained by 30 Nov 2026 |
Lease liabilities | A$4.50 million at 30 Jun 2025 (A$0.41 million current) | Multi-year | Office lease |
Analyst Conclusions
Management guidance
No financial guidance has been issued. Operational milestones are:
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Ironclad commercial production in 2027, subject to FID and permitting.
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A Utah JORC resource and scoping study by June 2027, subject to funding.
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Continued pursuit of the Barrambie Ti-V divestment, ELi validation with Rio Tinto, and VRP1 financing.
There are no consensus estimates.
Bull case
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A capital-free gold cash flow. If Ironclad reaches FID in 2026–27, BMLV-funded mining could deliver NMT's 50% share of profit from 10,000–11,000 oz without equity dilution. Management has cited about A$23 million of cash flow, against a market capitalisation of about A$20 million.
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Asset monetisation can re-rate the stock. The market capitalisation sits near FY2025 book equity. Value could crystallise through any of:
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a Barrambie Ti-V sale, with the asset already carried as held for sale;
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the 2% Primobius fee (up to €7 million); or
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recovery of the Omaha / Luther A$7.5 million in claims.
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Optionality on technology and US critical minerals. A Rio Tinto ELi evaluation licence, VRP1 funding at the EU-validated €50 million pre-money valuation, or US grants for Utah could each be value events relative to a sub-A$25 million equity value.
Bear case
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Liquidity is acute. Cash of about A$2.7 million (17 September 2026) covers only a few quarters at even reduced burn. The going-concern uncertainty persists, and the A$5 million that was supposed to fund 2026 work has not arrived.
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Governance and control concentration. The board has three members. The rescue lender is the MD's father, and the lender can call the loan if the board changes or Christopher Reed is removed. The security sits over the entity that holds Barrambie. Together these constrain shareholder optionality and any change of control.
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Track record of non-conversion. More than A$90 million of cash (FY2021) was spent without producing revenue. The Ti-V sale has not closed. Ironclad is small (15,000 oz), and the Rinaldi copper drilling disappointed. The Utah partner is the defaulting investor.
Catalysts and monitorables (next 12 months)
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FY2026 Annual Report (due around 9 Oct 2026): audited loss, going-concern language and any impairments.
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September 2026 quarterly report (due 27 Oct 2026): cash runway after the CHPL drawdown.
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Shareholder vote on CHPL convertible notes, which must be approved by 30 Nov 2026 or the loan becomes repayable within 90 days.
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Recovery (or legal action) on the Omaha subscription and the Luther guarantee.
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Ironclad mining lease grant, BMLV grade-control drilling and FID.
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Barrambie Ti-V divestment announcement.
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Rio Tinto ELi framework or evaluation licence.
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VRP1 (Novana Oy) financing close.
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Utah brine sampling results and the Mandrake dispute.
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Appointment of independent directors.
Analyst verdict
Neometals in late 2026 is a case study in the gap between technical achievement and commercial conversion. The company did things that are genuinely hard:
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it conceived a battery-recycling flowsheet that a 150-year-old German engineering group chose to own outright;
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it piloted an electrolysis route to battery-grade lithium hydroxide that Rio Tinto is willing to evaluate; and
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it holds one of the world's richest hard-rock titanium resources.
Yet none of this produced revenue. Shareholders have watched A$94 million of cash (FY2021) and a A$496 million market capitalisation (FY2022) shrink to a company with about A$2.7 million in cash and a market value near A$20 million.
The current strategy is rational for a company in this position. It favours partner-funded gold at Ironclad, pursues capital-light US brine exposure, and licenses or sells everything else. The binding constraint is no longer strategy but solvency and governance. The A$5 million Omaha default removed the 2026 funding base. The replacement capital comes from the founding family, on terms that give the lender influence over board composition and security over the Barrambie holding entity. A three-person board with one independent director is not an adequate oversight structure for related-party financing of this kind.
On balance, the equity is a high-risk option on three things:
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a 2027 Ironclad start-up;
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a Ti-V sale; and
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recovery of the Omaha claim.
It trades near book value with no revenue, a going-concern overhang and dilution risk at A$0.025. Investors should require four things before underwriting more than speculative exposure:
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an Ironclad FID;
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evidence of cash recovery from Omaha or from an asset sale;
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board reconstitution with independent directors; and
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a clean FY2026 audit outcome.
Until then the risk-reward is skewed to the downside, with binary upside if the asset monetisations land.
Principal sources consulted
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Neometals FY2025 Annual Financial Report (ASX, 26 Sep 2025).
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Neometals FY2024 Annual Financial Report (RNS, 26 Sep 2024).
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Neometals ASX releases dated: 9 Oct 2020; 22 Sep 2023; 19–20 Mar 2026; 13 Apr 2026; 20 Apr 2026; 27 Apr 2026; 4 May 2026; 25 Jun 2026; 29 Jun 2026; 1 Jul 2026; 28 Jul 2026; 3 Aug 2026; 10 Aug 2026; 24 Aug 2026; 25 Aug 2026; 17 Sep 2026.
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Ascent Resources RNS (2026).
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Mining Weekly (3 Jun 2021; 20 Mar 2026).
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Business News WA.
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Quartr event summaries (Q4 FY2026 quarterly; 2026 investor presentations).
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Independence | Background |
|---|---|---|---|---|
Steven Cole | Non-executive Chair | 24 Jul 2008 | Board-assessed as independent despite more than 18 years' tenure, an assessment the company itself acknowledges exceeds the usual ASX guidance | LLB (Hons) UWA; FAICD; Wharton and Harvard governance programmes; more than 40 years in legal and corporate roles; former NED of Matrix Composites (retired Feb 2025) |
Christopher Reed | Managing Director and CEO | Director 20 Dec 2001; MD from 1 Oct 2013 | Not independent | Co-founder; BCom (Notre Dame); Grad Cert Mineral Economics (WA School of Mines); MAusIMM; past Vice-President of AMEC. Son of former Chair David Reed |
Darren Townsend | Executive Director and COO | ED from 30 Jun 2026; COO from 1 Feb 2025 | Not independent | Mining engineer with more than 30 years' experience; developed and operated tantalum mines including Wodgina (WA) and in Mozambique; more than 10 years managing ASX/TSXV companies |
Board of Directors by Director
| Director | Tenure | Departure |
|---|---|---|
Leslie Guthrie (independent NED) | Sep 2018 – 30 Jun 2026 | Resigned |
Gregory Evans (NED) | 2025 – 30 Jun 2026 | Resigned |
Douglas Ritchie (independent NED) | Apr 2016 – before Jun 2026 | — |
Dr Jenny Purdie (NED; interim COO 29 May 2024 – 31 Mar 2025) | Sep 2018 – before Jun 2026 | — |
Natalia Streltsova (NED) | — | Resigned Jun 2024 |
Executive Leadership Team
| Name | Role | Notes |
|---|---|---|
Christopher Reed | MD/CEO | See above |
Darren Townsend | COO / Executive Director | Previously Chief Development Officer |
Chris Kelsall | CFO (from 1 Jul 2024) | BEc/LLB UWA; Masters in Finance (London Business School) |
Giuliano Giordani and Mark Boyne | Joint Company Secretaries (from 20 Feb 2025) | Boyne was previously Corporate Counsel, Pilbara Operations, at Rio Tinto |
Directors' Remuneration
| KMP | Salary and fees | Bonus | Super | Share-based | Termination | Total |
|---|---|---|---|---|---|---|
C. Reed (MD) | 620,068 | 0 | 29,932 | -195,685 | 0 | 449,098 |
C. Kelsall (CFO) | 395,068 | 0 | 29,932 | 18,194 | 0 | 455,856 |
D. Townsend (COO) | 400,068 | 75,000 | 29,932 | -85,253 | 0 | 432,746 |
M. Tamlin (former Head of Lithium) | 180,068 | 0 | 14,966 | -150,450 | 235,290 | 290,150 |
C. Reiche (former Head of Recycling) | 48,245 | 0 | 7,483 | -14,030 | 199,574 | 241,272 |
S. Cole (Chair) | 96,861 | 0 | 11,139 | 60,000 | 0 | 168,000 |
J. Purdie | 251,884 | 0 | 24,571 | 7,848 | 0 | 284,303 |
D. Ritchie | 67,265 | 0 | 7,735 | 25,000 | 0 | 100,000 |
L. Guthrie | 80,718 | 0 | 9,282 | 10,000 | 0 | 100,000 |
Total KMP | — | — | — | — | — | 2,521,425 |
Directors' Remuneration by Person
| Person | Previous fixed pay | New fixed pay | Other terms |
|---|---|---|---|
Christopher Reed | A$650,000 | A$431,500 | 2,000,000 retention rights vesting 30 Jun 2028. Accrued leave converted into 23 monthly cash instalments. 12 months' notice from the company |
Darren Townsend | A$450,000 | A$355,000 | 3,500,000 retention rights |
Steven Cole (Chair) | A$150,000 | A$120,000 | 50% of fees sacrificed for performance rights |
Major Shareholders
| Holder | Holding | Source |
|---|---|---|
Christopher Reed | 11,877,003 shares plus 8,190,651 performance rights (at the FY2025 AFR date). Bought 466,666 more shares on 20 May 2026 | FY2025 AFR; InvestSMART director-trade log |
Steven Cole | 3,280,786 shares (FY2025 AFR date). Issued 2,469,588 related securities on 10 Aug 2026 | FY2025 AFR; InvestSMART |
David Reed / Coal Holdings Pty Ltd | Conversion rights capped so that CHPL and associates stay at or below 20% (19.9% per the executed facility summary) | ASX releases 24 Aug and 10 Sep 2026 |
Omaha Value Holdings, Inc. | Tranche 2 shares not issued because funds were not received | ASX releases, Jun–Sep 2026 |
Competitive Landscape
Competitors by Segment
| Segment | Named competitors / peers | Relative positioning |
|---|---|---|
Murchison gold (development and toll treatment) | Westgold Resources, Ramelius Resources, Meeka Metals, Vault Minerals, Spartan Resources (now part of Ramelius) | Ironclad is tiny (15,000 oz) compared with multi-million-ounce producers. Neometals depends on toll milling and on its contractor |
Paradox Basin lithium brine | Anson Resources (Paradox Lithium Project, Utah), Mandrake Resources (Utah Lithium Project; tenure dispute with UBC) | Late entrant. Differentiated by access to existing wells |
US / oilfield lithium brine | Standard Lithium, Vulcan Energy (Europe) | Much more advanced; NMT is at Exploration Target stage |
Lithium hydroxide technology / refining | Albemarle, Tianqi/IGO (Kwinana), and alternative-technology developers (EnergyX, Lilac Solutions) | ELi is pilot-proven but not industrially validated |
Vanadium | AMG Metallurgical Group (slag-based V), Bushveld Minerals, Largo, Australian Vanadium | NMT's slag route is feasibility-stage |
Titanium-vanadium hard rock (WA) | TNG Ltd (Mount Peake), Australian Vanadium | Barrambie grade is a differentiator; NMT is a seller |
Battery recycling (former) | Li-Cycle, Umicore, American Battery Technology Co. | Exited |
Competitor Detail
| Metric | Neometals (FY2025) |
|---|---|
Revenue (AUD Mn) | 0 |
