Fitzroy River Reports $593K Annual Royalties, Eyes Q3 2026 Rafael FID
Fitzroy River Corporation reported steady royalty income for the December 2025 quarter, while advancing key projects including a $40 million funding campaign for the Rafael Gas Project and a $150 million equity raise for Snowy River Gold development.
- Royalty income of $148,042 for September quarter; $593,107 for 12 months
- Buru Energy targets Q3 2026 final investment decision for Rafael Gas Project
- Bowdens Silver Project progressing ecological surveys for NSW approval
- Snowy River Gold Project secures A$150 million equity funding
- Sam’s Creek Gold Project drilling and resource update planned for Q2 2026
Steady Royalty Income Amid Market Fluctuations
Fitzroy River Corporation Ltd (ASX – FZR) has reported royalty receipts of $148,042 for the September 2025 quarter, contributing to a total of $593,107 over the past 12 months. While this represents a slight dip compared to the prior corresponding period, the company’s diversified royalty portfolio across hydrocarbons, precious metals, and minerals continues to underpin its revenue stream.
The company’s flagship Weeks Royalty in the Gippsland Basin remains a consistent contributor, despite ongoing volatility in global oil and gas prices. Fitzroy’s royalty income is subject to external factors including commodity price swings, foreign exchange movements, and production interruptions from operators ExxonMobil and Woodside.
Funding Push for Rafael Gas Project
One of the quarter’s highlights is Fitzroy’s involvement in the Rafael Gas Project through its royalty interest in Buru Energy Limited. Buru has appointed a corporate advisor to secure approximately A$40 million in funding to support an appraisal campaign aimed at resource validation and flowrate testing. The company is targeting a Final Investment Decision (FID) in the third quarter of 2026.
Notably, Buru is considering testing the newly identified Flying Fox Prospect as part of the Rafael drilling program, which could add material value if successful. However, the project’s progress hinges on securing the necessary capital and navigating regulatory approvals.
Progress on Silver and Gold Fronts
The Bowdens Silver Project in New South Wales, Australia’s largest undeveloped silver deposit, is advancing through the environmental approval process. Silver Mines Limited is refreshing ecological surveys to update biodiversity assessments, with a submission expected by mid-2026. This step is critical for the Development Application’s redetermination by the Independent Planning Commission of NSW.
Meanwhile, the Snowy River Gold Project in New Zealand has secured A$150 million in new equity funding to finance mine development. Endura Mining, the project operator, has also received a credit-approved term sheet from a major Australian bank, aiming to finalise debt financing by year-end. Fitzroy holds a variable 1-3% overriding royalty on this project, with Endura retaining an option to buy out the royalty for approximately A$12.2 million indexed.
Advancements at Sam’s Creek Gold Project
Fitzroy’s royalty interests extend to the Sam’s Creek Gold Project, operated by Siren Gold Limited. Exploration and infill drilling recommenced in October 2025, targeting an updated Mineral Resource Estimate and a comprehensive Scoping Study scheduled for release in Q2 2026. The project currently holds a resource of 12.3 million tonnes at 2.8 grams per tonne gold, equating to 953,000 ounces.
Financial Position and Risks
Fitzroy ended the quarter with $831,000 in cash and positive net cash flow from operations, reflecting prudent management of corporate costs. Payments to related parties were disclosed at $48,500, consistent with director fees and company secretarial services.
However, the company’s risk profile remains influenced by external factors such as geopolitical tensions affecting oil and gas markets, currency fluctuations, and potential production interruptions. These variables could impact future royalty income unpredictably, underscoring the importance of monitoring commodity markets and project developments closely.
Bottom Line?
As Fitzroy River advances funding and regulatory milestones, the stability of its royalty income will be tested by market volatility and project execution risks.
Questions in the middle?
- Will Buru Energy secure the full A$40 million funding to advance the Rafael Gas Project as planned?
- How will the updated biodiversity assessment impact the timing and outcome of the Bowdens Silver Project’s development approval?
- Will Endura Mining exercise its option to buy out Fitzroy’s royalty before Snowy River Gold Mine reaches commercial production?
