HVY: Annual Report to shareholders
Original announcement by asx on
- Company
- Heavy Minerals Limited
- Ticker
- HVY
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Garnet
- Secondary commodities
- Ilmenite
- Document categories
- Other, Resource update, Capital raise
- Extracted
- 2026-10-02 06:10:20 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Heavy Minerals Limited reported a significant loss for the year ended June 30, 2026, and faces a material uncertainty regarding its ability to continue as a going concern due to a net working capital deficit. Despite financial challenges, the company made substantial progress on its projects, including completing a Pre-Feasibility Study for the Port Gregory Garnet Project, which returned a post-tax NPV of A$322.8 million and a 47.6% IRR, along with a maiden Probable Ore Reserve of 85.5 Mt at 4.43% THM. Additionally, the company secured a binding Tailings Processing Agreement for the Kanmantoo Garnet Project, targeting initial production in H1 2027.
Reasoning: Despite positive operational advancements including a strong Port Gregory PFS and a Kanmantoo production agreement, the company reported a substantial financial loss and received an auditor's warning regarding its ability to continue as a going concern, indicating significant financial risk.
Positive factors
- Strong Pre-Feasibility Study results for Port Gregory
- Maiden Probable Ore Reserve for Port Gregory
- Binding Tailings Processing Agreement for Kanmantoo
- Targeting near-term production at Kanmantoo
Negative factors
- Significant net loss for the year
- Material uncertainty regarding continuation as a going concern
- Net working capital deficit
- Preliminary nature of project funding discussions
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 17
Classification and evidence
Going Concern Warningnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The auditor's report highlights a material uncertainty regarding the company's ability to continue as a going concern due to net loss and working capital deficit.
Evidence · text
“Material Uncertainty Regarding Continuation as a Going Concern”
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (5)
measuredPort Gregory Garnet Project · garnetTonnes: 126000000Grade: 3.8Grade Unit: % THMContained Metal: 5.9Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Port Gregory Garnet Project
- Commodity
- garnet
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- HVY
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Greg Jones
- Resource group id
- resource:dd62070cfe1b93c05bd3
Resource Data
- Category
- measured
- Tonnes
- 126000000
- Grade
- 3.8
- Grade Unit
- % THM
- Contained Metal
- 5.9
- Contained Unit
- mt
- Cutoff Grade
- 2
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2023-07-10
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-07-10T00:00:00.000Z
Dates
- Event date
- 2026-10-02T00:00:00.000Z
Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty.
Negative factors
- Stale Data Re-release
Evidence · text
“Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet.”
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.2 years before this release
indicatedPort Gregory Garnet Project · garnetTonnes: 20000000Grade: 6.5Grade Unit: % THMContained Metal: 5.9Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Port Gregory Garnet Project
- Commodity
- garnet
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- HVY
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Greg Jones
- Resource group id
- resource:0aae078f8755350b9eaf
Resource Data
- Category
- indicated
- Tonnes
- 20000000
- Grade
- 6.5
- Grade Unit
- % THM
- Contained Metal
- 5.9
- Contained Unit
- mt
- Cutoff Grade
- 2
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2023-07-10
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-07-10T00:00:00.000Z
Dates
- Event date
- 2026-10-02T00:00:00.000Z
Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty.
Negative factors
- Stale Data Re-release
Evidence · text
“Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.2 years before this release
inferredPort Gregory Garnet Project · garnetTonnes: 20000000Grade: 2.9Grade Unit: % THMContained Metal: 5.9Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Port Gregory Garnet Project
- Commodity
- garnet
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- HVY
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Greg Jones
- Resource group id
- resource:16c9ffe42e70d6fe53c3
Resource Data
- Category
- inferred
- Tonnes
- 20000000
- Grade
- 2.9
- Grade Unit
- % THM
- Contained Metal
- 5.9
- Contained Unit
- mt
- Cutoff Grade
- 2
- Cutoff Unit
- % THM
Prior Estimate
- Resource Date
- 2023-07-10
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-07-10T00:00:00.000Z
Dates
- Event date
- 2026-10-02T00:00:00.000Z
Reasoning: This mineral resource estimate is a restatement of a previously reported estimate and remains unchanged, indicating low novelty.
Negative factors
- Stale Data Re-release
Evidence · text
“Measured Mineral Resource of 126 Mt @ 3.8% THM, an Indicated Mineral Resource of 20 Mt @ 6.5% THM and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, and containing 5.9 million tonnes of garnet.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.2 years before this release
probablePort Gregory Garnet Project · garnetTonnes: 85500000Grade: 4.43Grade Unit: % THMContained Metal: 3.3Contained Unit: mtView all detailsHide details
Identity
- Project
- Port Gregory Garnet Project
- Commodity
- garnet
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- HVY
Resource scope
- Estimate type
- reserve
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Adrian Jones
- Resource group id
- resource:3c8e889d43a51f2fa7b5
Resource Data
- Category
- probable
- Tonnes
- 85500000
- Grade
- 4.43
- Grade Unit
- % THM
- Contained Metal
- 3.3
- Contained Unit
- mt
Prior Estimate
- Resource Date
- 2026-07-08
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-02T00:00:00.000Z
Reasoning: The announcement of a maiden Probable Ore Reserve for the Port Gregory project is a significant de-risking event, indicating economic viability and advancing the project towards development.
Positive factors
- Maiden Probable Ore Reserve
- JORC Compliant
Evidence · text
“maiden Probable Ore Reserve of 85.5 Mt at 4.43% THM for 3.3 Mt of contained garnet (effective 8 July 2026)”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
inferredInhambane Heavy Mineral Project · ilmeniteTonnes: 90000000Grade: 3Grade Unit: % THMHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Inhambane Heavy Mineral Project
- Commodity
- ilmenite
- Region
- mozambique
- Reported Region
- Mozambique
- Ticker
- HVY
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Greg Jones
- Resource group id
- resource:99dea0e073e94bc6ee24
Resource Data
- Category
- inferred
- Tonnes
- 90000000
- Grade
- 3
- Grade Unit
- % THM
Prior Estimate
- Resource Date
- 2021-12-06
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-12-06T00:00:00.000Z
Dates
- Event date
- 2026-10-02T00:00:00.000Z
Reasoning: This is a restatement of a previously reported Inferred Mineral Resource, indicating low novelty and early stage of confidence.
Negative factors
- Stale Data Re-release
- All Inferred
Evidence · text
“ilmenite-dominated JORC (2012) Inferred Mineral Resource of 90 million tonnes @ 3.0% THM.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.8 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.