What Pacific Lime and Cement Limited (ASX:PLA) disclosed as the Papua New Guinea state nominee took a US$16.3 million stake in its Central Lime Project

Sonal Goyal

28 October 2026 12:27 AM AEDT

What Pacific Lime and Cement Limited (ASX:PLA) disclosed as the Papua New Guinea state nominee took a US$16.3 million stake in its Central Lime Project

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Key Highlights

Kumul Mineral Holdings, the state nominee, acquired an equity interest in the project vehicle for US$16.3 million.
First lime is targeted for the end of the first quarter of calendar 2027, with a Newmont offtake covering about one-third of nameplate capacity.
The FY26 annual report discloses a material uncertainty over the group's ability to continue as a going concern.

Pacific Lime and Cement Limited (ASX:PLA) is the renamed Mayur Resources, building the Central Lime Project in Papua New Guinea. On 27 July 2026 it announced that Kumul Mineral Holdings Limited, the state nominee, had acquired an equity interest in the project vehicle Mayur Industrials PNG Limited for US$16.3 million, with the shareholders agreement and equity acquisition agreement executed. The FY26 annual report, lodged on 30 September 2026, disclosed a material uncertainty over the group's ability to continue as a going concern.

What the company actually does

The company changed its ASX code from MRL to PLA alongside the rebrand from Mayur Resources; the ASX previous-code record reads "MRL changed to PLA", and the MRL header no longer resolves while PLA does. Its principal asset is the Central Lime Project near Port Moresby, where two kilns are under construction to produce quicklime for Papua New Guinean and regional markets. A separate Central Cement Project is in development, supported by an International Finance Corporation advisory programme. The company also sells imported quicklime in Western Australia, where volumes have been described as growing, and holds the Star Mountains copper-gold project, which is under strategic review.

Latest verified developments

On 16 February 2026 the company announced a cornerstone quicklime offtake with Newmont covering roughly one-third of the Central Lime Project's nameplate capacity, for supply into Newmont's Papua New Guinea operations on confidential pricing and customary conditions. A project development agreement was executed on 13 March 2026, and the Star Mountains strategic review began on 25 March. A strategic memorandum of understanding for dedicated power infrastructure was signed on 24 April. The 27 July announcement then confirmed the state nominee's equity purchase, alongside an option over a further interest for about US$6.8 million exercisable within 180 days of operations commencing, and a separate right over the cement project vehicle. The annual report and AGM date notice followed on 30 September 2026.

Financial and operational evidence

For the financial year ended 30 June 2026 the group reported a net loss after tax of A$27,576,205, against a profit of A$271,245 in FY25, with cash and cash equivalents of A$16,723,500 and net assets of A$142,500,999. Interest expense on the ACAM convertible notes was A$8,811,080, and the group recorded its first sales of lime product during the year. The June 2026 quarter showed operating outflows of A$3.0 million and investing outflows of A$26.6 million. On construction, the 27.6-kilometre access road and two river bridges were open, kiln one and two foundations had materially progressed, 369 tubular piles for the wharf extension had been delivered. First lime is targeted for the end of the first quarter of calendar 2027.

Risks and pressure points

The directors disclosed that current liabilities exceeded current assets by A$14,331,762 at 30 June 2026 and recorded a material uncertainty that may cast significant doubt about the group's ability to continue as a going concern. They concluded the group would have sufficient funds for at least twelve months, relying in part on the US$16.3 million receipt. The company has also flagged cost pressures, mainly from higher global shipping costs. Conversion of the convertible notes into ordinary shares at maturity is expected rather than assured.

Milestones to watch

A final investment decision on the Central Cement Project is targeted for the fourth quarter of calendar 2026, and the state nominee's right over that vehicle is exercisable two months beforehand. Plant erection at the lime project and execution of the Papua New Guinea cement licensing agreement were named as near-term priorities. First quicklime is forecast for the first quarter of calendar 2027, which would also start the 180-day clock on the state nominee's additional equity option.

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