Key Highlights

  • Kingsland's Leliyn Mineral Resource is 192.5 million tonnes at 7.3 per cent total graphitic carbon, or 14.0 million tonnes of contained graphite.
  • The June 2026 Appendix 5B showed cash of about A$458,000 and a funding-runway estimate of 0.68 of a quarter.
  • The company received R&D tax refunds totalling A$1.16 million on 3 July and 30 August 2026.

Kingsland Minerals (ASX:KNG) is a West Perth explorer whose main asset is the Leliyn graphite project in the Northern Territory, supported by lithium ground at Lake Johnston in Western Australia. The company's own June 2026 cash-flow report shows a small cash balance relative to its quarterly spending, at the same time as it seeks to advance Leliyn into a pre-feasibility study (PFS).

What Kingsland does and where it stands

Kingsland is a pre-revenue explorer. Its FY2026 annual report, lodged on 30 September 2026, presents a Leliyn Mineral Resource of 192.5 million tonnes at 7.3 per cent total graphitic carbon, or 14.0 million tonnes of contained graphite, comprising 12.3 million tonnes Indicated and 180.2 million tonnes Inferred. A Scoping Study was completed in September 2025, after which the board approved a move into PFS work. The scoping figures in the report include initial Capital of roughly A$343 million to A$386 million, undiscounted free Cash Flow of A$186 million and a four-year payback. These are early-stage estimates, not a funded development decision.

Latest dated developments

The June 2026 quarterly report, released on 30 July 2026, described gallium testwork on graphitic schist at Leliyn achieving up to 94.4 per cent extraction using a roast, water and acid leach. It also set out a conceptual gallium Exploration Target of 190 to 195 million tonnes at 20 to 25 parts per million gallium oxide. An exploration target is not a resource, and no gallium Mineral Resource has been estimated.

At Lake Johnston, a 2,502-sample soil programme completed during the quarter lifted the total to 3,099 samples and outlined extensions to anomalous lithium.

Corporate friction resolved, for now

In early June 2026 the largest shareholder, Quinbrook Asset Management, applied to the Takeovers Panel over a non-binding proposal for Kingsland to acquire a tenement package from Bacchus Resources. The Panel declined to conduct proceedings on 19 June 2026. Quinbrook then sought a review, and the Panel consented to its Withdrawal on 8 July 2026. Kingsland's Annual Report says the Bacchus proposal was terminated on 3 July 2026 and a Deed of Settlement was signed with Quinbrook, with discussions continuing at the report date.

Cash, burn and dilution risk

The Appendix 5B for the June 2026 quarter shows cash of about A$458,000, down from A$1.14 million three months earlier. Operating outflow was A$305,000 and investing outflow A$376,000, of which A$365,000 was exploration. The form's funding-runway estimate was 0.68 of a quarter, a figure that excludes the R&D tax refund received after quarter end. Kingsland received A$809,322 on 3 July 2026, and its annual report states that refunds totalling A$1.16 million arrived on 3 July and 30 August 2026.

The company has not announced how a PFS will be funded; raising capital for explorers at this stage typically involves issuing shares. The annual report lists 90,619,846 shares on issue, following a Placement and share purchase plan at A$0.12 a share that raised about A$2.17 million before costs.

Key Insights

Graphite is used in battery anodes, and sentiment towards battery materials has been volatile. Development Economics at Leliyn depend on offtake, processing routes and project financing, none of which Kingsland has yet secured. The notice of Annual General Meeting was lodged on 16 October 2026, and the company expects its FY2025 R&D claim in the September quarter.