Lowell Resources Fund NAV Falls 12.6% in October 2026 as Alvo Minerals Surges 235%

Anjali Anand

09 November 2026 03:33 PM AEDT

Lowell Resources Fund NAV Falls 12.6% in October 2026 as Alvo Minerals Surges 235%

Image Source: Krish Capital Pty Ltd

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Lowell Resources Fund (ASX:LRT) reported an estimated net asset value of approximately $105.8 million at the end of October 2026, down from $121.1 million at the end of September 2026, with the NAV per unit declining 12.6% over the month to $2.0816 from $2.3829.

Key Points

Estimated NAV fell to approximately $105.8 million at 31 October 2026, compared to $121.1 million at 30 September 2026
NAV per unit was $2.0816 at month end, a decrease of 12.6% from $2.3829 at 30 September 2026
The last traded ASX unit price at month end was $1.72/unit, compared to $2.00/unit at the end of September
Top performing holding Alvo Minerals (ALV.ASX) recorded a share price rise of 235% over October 2026
Units on issue totalled 50,807,427, with market capitalisation of AUD $87.4 million as at 31 October 2026

October 2026 NAV and Unit Price Movement

The Lowell Resources Fund disclosed that its estimated NAV per unit finished October 2026 at $2.0816, compared to $2.3829 at 30 September 2026, representing a decrease of 12.6% over the month. The last traded ASX unit price at month end was $1.72 per unit, compared to $2.00 per unit at the end of September. The fund had 50,807,427 units on issue as at 31 October 2026, a market capitalisation of AUD $87.4 million, and an FY26 distribution paid of 14.32 cents per unit. The Responsible Entity is Cremorne Capital Limited and the Fund Manager is Lowell Resources Funds Management Ltd.

Top Performer: Alvo Minerals Diamond Drill Results at Bluebush

Alvo Minerals Ltd (ALV.ASX) was identified as the fund's top performing holding for October 2026, with its share price rising 235% over the month. The company announced diamond drill results at its Bluebush Ionic Adsorption Clay Heavy Rare Earth Element project in Brazil, which included thick intercepts enriched with dysprosium and terbium from ionic clay horizons close to surface. Alvo has confirmed Bluebush as an ionic adsorption clay rare earth project, with metallurgical testwork extractions of up to 89%. The filing noted that Bluebush shares the same geological setting and host Serra Dourada granite as the Serra Verde HREE IAC mine.

Fund Investment Actions and Portfolio Holdings in October 2026

During October 2026, the fund continued to add to its holding in Canadian uranium explorer Geiger Energy and increased holdings in Caprice Resources, Flynn Gold, and Ordell Minerals. New positions were taken in WA explorer Recharge Metals and Cote d'Ivoire focused Skylark Minerals. The fund also added to its holdings in Alvo Metals and Great Southern Copper, while acquiring a position in Ontario focused copper explorer Aruma Resources. As at 31 October 2026, the largest holdings by percentage of gross investments included Cash at 14.9%, Brazilian Critical Minerals at 6.7%, and Kingfisher Metals at 4.6%, with Gold and PGM representing 41% of commodity exposure.

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