Key points
- L1 Gold Fund Limited reported a loss after tax of $71 million for the period from 13 February 2026 to 30 June 2026.
- Net tangible asset (NTA) backing per share after tax was $1.8482 as at 30 June 2026.
- The Investment Manager generated a net portfolio return of -10.90% from inception to 30 June 2026.
- The company announced a non-underwritten placement and entitlement offer to raise up to $160 million.
- Annual General Meeting is scheduled for 10 November 2026.
Full summary
L1 Gold Fund Limited, a gold and precious metals equity fund, released its FY26 Annual Report covering the period from 13 February 2026 to 30 June 2026. The company reported a loss after tax of $71 million. The net tangible asset (NTA) backing per share after tax was $1.8482 as at 30 June 2026. The Investment Manager generated a net portfolio return of -10.90% from inception to 30 June 2026, reflecting active stock selection and the use of a physical gold short position to partially hedge the portfolio's commodity exposure. The company announced a non-underwritten placement and entitlement offer to raise up to $160 million, priced at $2.25 per share. The Annual General Meeting is scheduled for 10 November 2026.
Outlook
The Investment Manager remains confident in the long-term investment case for quality gold equities, supported by central bank buying, persistent fiscal deficits, and elevated geopolitical risks.