Rand Mining Limited

Notable vs. Peers

• Jurisdiction risk score of 10/10 is meaningfully safer than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · The East Kundana Joint Venture's three underground mines (Raleigh, Rubicon, Hornet) operate under granted Western Australian mining leases -- Rand's own FY2022 annual report tenement schedule names M15/993 (Raleigh) among the EKJV tenements, and the mines have produced continuously for two decades, so the permit was unquestionably granted. The grant DATE is a genuine, recorded gap: it requires an interactive WA DMIRS Mineral Titles Online lookup by tenement number, which web sourcing could not substitute for this pass. Recorded reached-but-undated; see the matching RESEARCHED_UNKNOWN checked-gap. Corrects a Task #373 seeding-era note that asserted, without a source, that EKJV permitting predates Rand's interest -- Rand and Tribune held Kundana leases from the early 1980s and the current 12.25% interest dates to a 1997 farm-in, so the opposite is true. · Source
2. Construction decision (FID)

   Reached — date not disclosed · Earliest documented EKJV development decision: an underground feasibility study on the Raleigh Project was completed in 2003, following open-pit mining that began ~2001 (Northern Star, Kalgoorlie Operations Fact Sheet, July 2019, Kundana timeline). The second development wave was the Rubicon-Hornet Project, commenced 2010. No single-day 'board approves development' release exists for either; recorded reached-but-undated to the earlier 2003 study. Rand held its EKJV interest throughout -- the 51/36.75/12.25 split originates in a 1997 Gilt Edged Mining farm-in with Rand and Tribune -- so this is a decision Rand participated in and funded its share of, not one that predates its ownership. · Source
3. Construction start

   Reached — date not disclosed · Earliest documented EKJV underground construction: the Raleigh underground decline commenced in December 2004 (Northern Star, Kalgoorlie Operations Fact Sheet, July 2019); open-pit mining at Raleigh had already been under way since ~2001. Exact day not confirmed -- recorded reached-but-undated. The later Rubicon-Hornet wave IS precisely dated, in Rand's own words: its FY2011 Annual Report states the first portal cut of the Rubicon/Hornet decline was completed on 27 February 2011 (Northern Star's fact sheet separately dates Barminco's development-contract mobilisation to 21 March 2011 -- different stages of the same start, noted rather than silently reconciled). Not promoted into achievedDate because it is not when this milestone was first reached. Replaces a Task #373 seeding-era note claiming EKJV construction predates Rand's 12.25% interest, which the 1997 farm-in date contradicts. · Source
4. First pour / production

   Reached — date not disclosed · EKJV first production is a two-wave history, all of it after Rand's interest was established (1997 farm-in). Raleigh open-pit ore production began ~2001-2002 (approximate -- flagged, not sharpened beyond what the source states), and Raleigh underground stoping commenced in 2006 (Northern Star, Kalgoorlie Operations Fact Sheet, July 2019). The Rubicon/Hornet wave is dated in Rand's own FY2011 Annual Report: ore development commenced at Hornet and Rubicon on 1 August 2011, with Hornet stoping following in January 2013. Recorded reached-but-undated to the earliest (~2001-2002 open pit), since no single-day source fixes it. Replaces a Task #373 seeding-era note stating that no first-production date was meaningful for a JV Rand 'did not found or initially develop' -- Rand held Kundana ground from the early 1980s and its current interest from 1997, i.e. before all three mines were developed. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single unambiguous company-era date exists -- same underlying asset and reasoning as TBR above: Rand holds a confirmed 12.25% NON-OPERATING interest in the East Kundana Joint Venture (EKJV, Kalgoorlie, WA) -- Northern Star's Gilt Edge Mining subsidiary holds 51% and operates the mine; Tribune Resources holds the other 36.75% -- in a mining area worked since circa 1895 under a long multi-owner history (Goldfields Ltd, Aurion Gold, Placer Dome, Barrick Gold, Northern Star since 2014). No single unambiguous company-era date, and Rand has never operated the mine. EKJV is Rand's sole current asset. businessModel is already correctly NON_OPERATING_INTEREST in the DB; per this campaign's established nuance (lifecycle-gates.ts's actual NON_OPERATOR_MODELS exemption set is {ROYALTY_STREAMING, INVESTMENT_COMPANY} only), NON_OPERATING_INTEREST is NOT exempt, so this ticker is correctly still in scope for a milestone attempt -- not silently skipped as exempt. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.