Highlights

  • FY26 Revenue fell to A$9.3 million from A$19.5 million, while the net loss narrowed to about A$115,000.
  • Construction of the SA1 Salisbury bioenergy plant was more than 85% complete, with first gas targeted in FY27.
  • The board approved a final Investment decision on the A$62.1 million Horsley Park project, subject to financial close.
  • Cash stood at A$5.6 million at 30 June 2026, and directors flagged a material Going Concern uncertainty.

Delorean Corporation Ltd (ASX:DEL) has completed the concept stage of a potential bioenergy Facility at Opal's Maryvale Mill in Victoria, adding an industrial partner to a pipeline led by its nearly built SA1 plant in South Australia.

The concept work, funded by Opal and completed on 23 September 2026, now moves to a development stage that will inform whether the two parties proceed to a final investment decision.

Opal Partnership Targets Maryvale Mill

Opal, part of the Nippon Paper Industries group, is one of the largest recycling, paper and packaging businesses in Australia and New Zealand. The proposed anaerobic digestion facility would convert organic waste and paper Manufacturing by-products into biogas that could replace Natural Gas used in the mill's rotary lime kiln, with construction and design investment estimated at about A$35 million, subject to further engineering.

If the project proceeds, a potential 50/50 joint venture is contemplated, with Delorean holding a first right of refusal on 50% equity. Managing director Joseph Oliver described the study outcome as very promising and said the model could be replicated at other Opal sites, subject to front-end engineering and design.

FY26 Results and Funding Position

Delorean builds, owns and operates anaerobic digestion plants that turn organic waste into biomethane, biogenic carbon dioxide and renewable electricity. Revenue for the year to 30 June 2026 fell to A$9.3 million from A$19.5 million, with more than 98% coming from Yarra Valley Water, while EBITDA improved to a A$985,000 profit from a A$6.6 million loss.

Cash fell to A$5.6 million at year end. During the year the company drew A$10 million on its A$14.5 million NAB facility for SA1, received a A$5.76 million Research and Development tax refund and raised A$2.2 million through a Placement to LMS Energy plus A$0.75 million through a share purchase plan. The NAB facility Maturity has been extended to 31 December 2026. Directors noted a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

FY27 Priorities Centre on First Gas

At SA1 in Salisbury, major civil works, digestion tanks and the reception building are finished, with waste acceptance and first gas targeted in FY27. The plant has contracted biomethane offtake with Origin Energy and liquid carbon dioxide offtake with Supagas, and a further A$1.66 million ARENA milestone payment was received after year end.

At Horsley Park in New South Wales, the board approved a positive final investment decision on the A$62.1 million project, supported by A$30.5 million in grants and subject to financial close, with construction targeted to start in the final quarter of calendar 2026. Brickworks is site host and offtaker under a 25-year agreement. Other planned steps include a final investment decision and funding for VIC1 at Stanhope and continued work on QLD1.

Shares were priced at A$0.083 on 2 November 2026, down 2.35% on the day, giving a Market Capitalisation of A$21 million and a 12-month decline of 42.76%.