Highlights

  • Broken Hill Mines shares rose about 14% to A$0.475 on 9 November 2026, valuing the company near A$132 million.
  • FY26 Revenue grew 56% to A$90.9 million, while the company reported a loss after tax of A$48.8 million.
  • First Pinnacles ore reached the Rasp plant in June 2026, the first Mining there since 2021.
  • Cash rose to A$33.7 million at 30 June 2026, and total Liquidity was about A$54.7 million.

Broken Hill Mines Limited (ASX:BHM) shares rose about 14% to A$0.475 on 9 November 2026, lifting its Market Capitalisation to about A$131.99 million. The stock remains lower over twelve months, but the latest session reflects renewed interest in a company consolidating the Rasp and Pinnacles operations in Broken Hill, New South Wales. Its FY26 results, released on 28 August 2026, showed strong revenue growth alongside a heavy statutory loss.

Revenue Growth and a Wider Loss

Revenue rose 56% to A$90.88 million for the year to 30 June 2026. The company reported a loss after tax of A$48.83 million, compared with a profit of A$3.18 million a year earlier, which included a bargain purchase gain that does not recur. Loss drivers included A$7.57 million of reverse Acquisition listing expense, A$12.52 million of Depreciation and amortisation, and share-based payments of A$4.44 million.

Because the accounts follow a reverse acquisition, year-on-year comparisons are not like-for-like.

Rasp Production and Main Lode Ore

The Rasp Mine processed 464,000 tonnes of ore, producing 25,000 tonnes of zinc concentrate and 12,700 tonnes of lead concentrate. The report said it was the first processing of Main Lode ore since the 1970s. Rasp's nameplate capacity is 750,000 tonnes a year, and plant utilisation is expected to rise toward that level.

Front-end engineering design has started on a tailings dewatering Facility intended to replace solar drying and support the return toward nameplate capacity.

Pinnacles and Exploration Upside

Early works at Pinnacles began in the December 2025 quarter, and first ore was delivered to Rasp in June 2026. Drilling at the Perseverance target in March 2026 reported a continuous zone of very high-grade mineralisation about 350 metres down dip and up to 100 metres wide. The company described these as potential future feed sources rather than confirmed plans.

A 42,000 metre drilling program has commenced across Rasp and Pinnacles, and the company intersected the Centenary orebody after year end, describing it as a potential major new discovery.

Funding and Financing

Cash was A$33.66 million at 30 June 2026, compared with A$2.36 million a year earlier, supported by a re-compliance raising, a A$38.5 million Placement announced in October 2025 and release of a A$13 million bond. Borrowings were A$26.45 million, and a US$25 million Hartree offtake and finance facility had US$7.5 million undrawn.

After year end, on 28 August 2026, the company announced a fully underwritten raise expected to deliver A$90 million, and a non-binding letter of intent with Ausinmet covering zinc concentrate sales and a Working Capital facility of up to US$30 million.

Future Outlook

Directors expect Operating Cash Flow to improve as Rasp ramps up and Main Lode ore becomes a larger share of feed. The financial report also notes a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern, with continuation dependent on ramp-up, production, facility availability and metal prices. The Ausinmet arrangement remains non-binding.