Red Hill Minerals Limited (ASX: RHI) is building real momentum. The Company has reported a strong set of RHI financial results for the half year ended 31 December 2025, backed by a surging royalty income and active drilling across multiple Projects.
  
Figure 1: Red Hill Minerals Limited corporate logo [Red Hill Minerals Limited]
Net profit after tax came in at $10.64 million for the period ended 31 December 2025, compared to $3.64 million in the prior corresponding period. That is a significant lift, driven largely by the Onslow Iron Royalty reaching nameplate capacity.
Royalty Income Drives RHI Financial Results
The Onslow Iron Royalty has become the backbone of Red Hill Minerals’ income. Mineral Resources Limited’s Onslow Iron Project hit nameplate capacity of 35 million tonnes per annum during the September quarter 2025, and the effect flows directly into the RHI half-year report 2026.
Royalty revenue for the period ended 31 December 2025 was $14.89 million, up sharply from $3.79 million in the prior period. Total revenue reached $16.31 million, compared to $6.34 million previously. Interest income added a further $1.30 million to the mix.
Cash and Net Assets Strengthen in RHI Half-Year Report 2026
RHI financial results show that the Company holds a clean and well-funded balance sheet. Key figures as on 31 December 2025:
- Cash and cash equivalents: $61.27 million (30 June 2025: $64.52 million)
- Net assets: $93.00 million (30 June 2025: $86.52 million)
- Total assets: $103.27 million
- Total current liabilities: $3.38 million
- Royalty proceeds received during the period: $11.84 million
- Interest income: $1.32 million
- Income tax paid: $3.95 million
- Exploration expenditure: $5.14 million
- Royalty acquisition payment: $2.00 million
Exploration Advances Across Multiple Projects
The RHI company update covers active drilling across three key exploration fronts. Results at a glance:
- Broken Hill Project: Five diamond holes totalling 3,734 metres completed across Dementus, Woolly, Immortan and K1 targets
- Dementus Target: 91.1 metres at 0.1% lead and 0.3 g/t silver from 328 metres, and 152.6 metres at 0.2% zinc and 1.3 g/t silver from 658 metres
- NSW Government grants: Two grants totalling a maximum of $320,000 awarded for diamond drilling and geophysics at the Broken Hill Project
Figure 2: Broken Hill Project target location plan showing redox boundary on aeromagnetic imagery [Red Hill Minerals Limited]
- Curnamona Earn-In JV with Peel Mining Limited (ASX: PEX): Right to earn up to 75% for expenditure of $6.5 million over five years
- Project area covered by the Curnamona JV: approximately 1,700 square kilometres across the Broken Hill and Anabama Projects
Figure 3: Curnamona Joint Venture location plan highlighting key targets and earn-in tenements [Red Hill Minerals Limited]
Anabama and West Pilbara Deliver Promising Hits
At the Anabama Project in South Australia, two diamond holes were completed for 945.5 metres. Results from hole 25ANDD001 returned 20.0 metres at 0.6% copper, 0.2 g/t gold and 3.0 g/t silver from 313.1 metres, including high-grade intervals of 3.2 metres at 1.0% copper and 3.8 metres at 1.2% copper.
Figure 4: Diamond drill hole locations and assay results at the Anabama Copper-Gold Target [Red Hill Minerals Limited]
At the Barkley Gold Target within the West Pilbara Gold and Base Metal Project, Red Hill Minerals confirmed a mineralisation footprint extending over one kilometre in strike length.
Figure 5: Diamond and RC drilling gold results outlining mineralisation at the Barkley Gold Target [Red Hill Minerals Limited]
Assays included 9.0 metres at 2.4 g/t gold from 133 metres in 25BKRC008. The diamond drilling at Barkley was co-funded by the WA State Government Exploration Incentive Scheme, with up to $180,000 covered under EIS Round 30.
Capital Returns Feature in RHI Half-Year Report 2026
RHI company update shows that the Company paid an ordinary dividend of $0.065 per share, fully franked at 30%, with a record date of 26 September 2025. Dividends totalling $4.17 million were paid during the period.
RHI financial results reveal that the Company also settled the final $2.00 million deferred payment for the Sandstone Gold Project Royalty during the half year. The royalty portfolio now includes a 2% Gross Revenue Royalty over the Sandstone Gold Project in Western Australia and a 1.5% Net Smelter Royalty over the Thomson Gold-Copper Project in New South Wales, adding further long-term income streams to complement the core Onslow royalty.
Pannawonica Iron Project Progresses
The Pannawonica Iron Ore Project in the West Pilbara holds an Ore Reserve of 4.68 million tonnes at 56% iron and a total Mineral Resource of 62.5 million tonnes at 53.4% iron. RHI company update highlighted that the Environmental reporting for the Project has been consolidated in line with current EPA guidance, covering terrestrial fauna, troglofauna, and vegetation.
Figure 6: Pannawonica Iron Project location showing royalty areas, haul road access, and regional infrastructure [Red Hill Minerals Limited]
Access negotiations for the proposed haul road corridor have been finalised. All third-party access agreements have now been agreed and the miscellaneous licence granted, supporting further development study work at Pannawonica.
Share Price Performance
Red Hill Minerals (ASX: RHI) last traded at $5.120 per share. The 52-week range sits at $2.800 to $5.170 per share, with the current price near the top of that range. Market capitalisation stands at $320.63 million.
Figure 7: Red Hill Minerals share price performance over one year, highlighting a sustained upward trend [ASX]
Industry Outlook
The global iron ore royalty market continues to attract interest as major producers push toward higher throughput. Nameplate capacity milestones, such as the 35 million tonnes per annum Onslow Iron Project, demonstrate how royalty-backed businesses can generate scalable, low-cost income. Meanwhile, the Australian critical minerals and base metals exploration sector is drawing growing government co-investment, with state incentive schemes actively supporting projects like those held by Red Hill Minerals.
FAQ
Q1. What were the RHI financial results for the half year ended 31 December 2025?
Ans. Red Hill Minerals reported a net profit after tax of $10.64 million for the period ended 31 December 2025, up from $3.64 million in the prior corresponding period, supported by royalty revenue of $14.89 million.
Q2. What is the RHI half-year report 2026 based on?
Ans. The RHI half-year report 2026 covers the six months ended 31 December 2025 and includes the Company’s financial statements, exploration activities, royalty income, and dividend payment.
Q3. What exploration work did Red Hill Minerals complete during the period?
Ans. The Company completed maiden diamond drilling at the Broken Hill Project, two diamond holes at the Anabama Project, and RC and diamond drilling at the Barkley Gold Target in the West Pilbara, all forming part of the broader RHI company update.
Q4. What dividend did Red Hill Minerals pay?
Ans. Red Hill Minerals paid an ordinary dividend of $0.065 per share, fully franked at 30%, with a record date of 26 September 2025, totalling $4.17 million in dividends for the period.
