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41 ASX miners’ June quarterlies, checked against the rules

Leo Malan CA · · 3 min read

What I did

I took the June 2026 quarterly reports of 41 ASX-listed miners and checked each one against 132 requirements drawn from the ASX Listing Rules, the JORC Code and ASIC guidance. The sample was 12 explorers, 12 developers and 12 producers, picked at random, plus the five largest ASX miners. I didn’t check the geology or the accounts. The only question was whether each report says what the rules require, and whether its own numbers agree with each other.

What I found

Every one of the 41 missed at least one requirement, and 18 had a point the rules treat as serious. The misses followed the company’s stage. Explorers missed Competent Person details and drill widths. Developers made forward-looking claims with no stated basis. Producers repeated reserves without confirming nothing had changed. 34 of the 41 had a figure that didn’t match the same figure elsewhere in the same report.

What it means

Most of each report’s figures agree with each other. What goes missing is the sentence that says where a number came from, and which rule it answers to. That is the gap a check before lodgement closes. September quarterlies are due by 31 October. See how a compliance review runs.

The figures

Figure 1: Every one of the 41 quarterlies missed at least one thing the rules ask for.
Figure 1. Every one of the 41 quarterlies missed at least one thing the rules ask for.
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Figure 2: The pattern changes with the stage of the company.
Figure 2. The pattern changes with the stage of the company.
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Figure 3: Repeated results: the source and the confirmation
Figure 3. Repeated results: the source and the confirmation
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Figure 4: Competent Person attribution
Figure 4. Competent Person attribution
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Figure 5: Drill results
Figure 5. Drill results
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Figure 6: Peer comparisons
Figure 6. Peer comparisons
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Figure 7: Forward-looking statements
Figure 7. Forward-looking statements
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Figure 8: Appendix 5B: facilities and related-party payments
Figure 8. Appendix 5B: facilities and related-party payments
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Figure 9: What the activity report must contain
Figure 9. What the activity report must contain
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Figure 10: 34 of 41 had at least one figure that did not match another place in the same report. In 5, it changed a reported total.
Figure 10. 34 of 41 had at least one figure that did not match another place in the same report. In 5, it changed a reported total.
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Source: the companies’ June 2026 quarterly reports lodged with the ASX; Leo Malan analysis. Examples in the figures are anonymised; no company is named.

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