L1 Capital Lifts BMC Minerals Stake to 17.15% After Series of On-Market Purchases

Mukul

10 November 2026 06:17 PM AEDT

L1 Capital Lifts BMC Minerals Stake to 17.15% After Series of On-Market Purchases

Image Source: Krish Capital Pty Ltd

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BMC Minerals Ltd (ASX:BMC) has received a substantial holder notice from L1 Capital Pty Ltd disclosing that the investment manager increased its voting power in the company from 15.94% to 17.15%, following a series of on-market purchases between 30 September and 6 November 2026.

Key Points

L1 Capital Pty Ltd's voting power in BMC Minerals increased from 15.94% to 17.15%, based on issued capital of 274,639,795 shares.
The number of shares held rose from 43,785,787 to 47,097,318 fully paid ordinary shares.
Purchases were made across ten separate transactions between 30 September and 6 November 2026.
The largest single transaction on 16 October 2026 involved the acquisition of 2,192,701 shares for $5,481,611.24.
The notice was filed on 10 November 2026 and signed by Jane Stewart, Head of Legal and Compliance at L1 Capital.

On-Market Purchases from 30 September to 6 November 2026

According to the filing, L1 Capital Pty Ltd conducted ten on-market purchase transactions in BMC Minerals fully paid ordinary shares over the period. The transactions began on 30 September 2026 with the acquisition of 1,030 shares for $2,805.62, and concluded on 6 November 2026 with the purchase of 1,000,000 shares for $2,330,000.00. Additional purchases occurred on 1 October, 2 October, 12 October, 14 October, 15 October, 16 October, 19 October, and 20 October 2026, with individual transaction values ranging from $260.76 to $5,481,611.24.

Change in Voting Power and Total Shareholding

The filing states that L1 Capital Pty Ltd's relevant interest in BMC Minerals increased from 43,785,787 shares, representing 15.94% voting power, to 47,097,318 shares, representing 17.15% voting power. Both figures are calculated based on the company's issued capital of 274,639,795 shares. The previous substantial holder notice was given to the company on 25 September 2026 and was dated 25 September 2026. The change in interests was recorded as occurring on 6 November 2026.

Present Relevant Interests Held Across Multiple Custodians

Annexure B of the filing sets out the present relevant interests held by L1 Capital Pty Ltd across multiple registered holders. These include 13,006,816 fully paid ordinary shares registered with JPMorgan Chase Bank N.A., 13,505,639 shares held through Goldman Sachs International, and 9,627,336 shares held through Morgan Stanley & Co. International PLC. The nature of the relevant interest in each case is described as the power to exercise or control the exercise of votes and/or dispose of securities as discretionary investment managers or advisers of superannuation funds, pooled superannuation trusts, managed investment schemes, and investment management agreements.

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