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The Victor Smorgon Group has raised its significant stake in BMC Minerals Limited (ASX:BMC) from 9.99% to 11.18%, as detailed in a Form 604 Notice of Change of Interests of Substantial Holder filed on 2 July 2026. This increase results from a combination of on-market acquisitions by several Victor Smorgon–linked entities between December 2025 and June 2026, alongside an internal off-market transfer of 9,244,740 ordinary shares between two related entities in January 2026. The group’s total holding now amounts to 30,704,117 ordinary shares, up from 27,443,354 shares reported in the prior notice. This disclosure highlights ongoing confidence from one of Australia’s leading investment families in the junior minerals company.<\/p> <\/div>
Key Points<\/h3>
- Company: BMC Minerals Limited (ASX:BMC)<\/li>
- Victor Smorgon Group’s substantial holding in BMC Minerals has increased from 9.99% to 11.18% of voting shares<\/li>
- The group now holds 30,704,117 ordinary shares, up from 27,443,354 shares<\/li>
- Changes include a 9,244,740-share off-market internal transfer on 16 January 2026 and on-market purchases by four affiliated entities between December 2025 and June 2026<\/li>
- Notice signed by Peter Edwards, Company Director, dated 2 July 2026<\/li>
- Investors should monitor for further increases that may approach or exceed the 15% or 20% substantial holding thresholds under the Corporations Act 2001<\/li>
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Victor Smorgon Group’s BMC Minerals Holding Reaches 30.7 Million Shares<\/h2>
The Victor Smorgon Group, a prominent Australian private investment group, has officially reported a change in its substantial holding in BMC Minerals Limited. As per the notice, the group collectively holds 30,704,117 ordinary shares, representing 11.18% of voting rights. This is an increase from the 27,443,354 shares (9.99% voting power) disclosed in the previous substantial holding notice submitted on 8 December 2025 and dated 9 December 2025.<\/p>
The net rise of approximately 3,260,763 shares reflects transactions over several months involving multiple Victor Smorgon–associated investment vehicles. The update, lodged with the exchange and signed by Peter Edwards as Company Director of the Victor Smorgon Group (ACN: 79 048 972), details changes across four entities that collectively hold the group’s relevant interest in BMC Minerals. The registered address for all parties is Level 12, 644 Chapel Street, South Yarra, VIC 3141, Australia.<\/p>
January 2026 Off-Market Transfer of 9.24 Million Shares Within Smorgon Entities<\/h2>
On 16 January 2026, a notable internal restructuring occurred when Como Tower Pty Ltd (ACN 129 980 310) transferred 9,244,740 ordinary shares to VBS Exchange Pty Ltd (ACN 109 106 201) through an off-market transaction. This transfer was between associates, meaning the shares remained within the Victor Smorgon Group but shifted between two related entities.<\/p>
This internal transfer did not change the group’s total economic exposure to BMC Minerals but altered the registered legal entity holding the shares. Following the transfer, VBS Exchange Pty Ltd became the registered holder of a substantial parcel of shares and later engaged in additional on-market purchases. The notice characterizes this as an off-market transfer with no disclosed cash consideration.<\/p>
On-Market Acquisitions by Four Smorgon-Linked Funds from December 2025 to June 2026<\/h2>
Alongside the internal transfer, multiple Victor Smorgon–affiliated funds acquired BMC Minerals shares on-market between December 2025 and June 2026. Como Services Pty Ltd, acting as trustee for the Victor Smorgon Partners Global Multi-Strategy Fund, purchased 1,640,471 ordinary shares. VBS Exchange Pty Ltd acquired 1,076,587 shares on-market, while Evolution Trustees Limited, trustee for the Victor Smorgon Partners Global Equities Fund (ARSN: 687 916 758), bought 523,784 shares.<\/p>
The Victor Smorgon Partners Resources Scarcity Fund, with Como Services Pty Ltd as trustee, acquired 19,921 shares during this period. Collectively, these on-market purchases total approximately 3,260,763 shares added to the group’s BMC Minerals position. The specific purchase prices were not disclosed in the announcement.<\/p>
Structure of Victor Smorgon Group’s Holdings Across Multiple Entities<\/h2>
The group’s BMC Minerals interest is divided among four legal entities with distinct registered holder arrangements. Como Services Pty Ltd, as trustee for the Victor Smorgon Partners Global Multi-Strategy Fund, holds 4,632,846 shares, with The Northern Trust Company registered on behalf of the fund as trustee. The relevant interest is described as "holder of securities in capacity as trustee."<\/p>
VBS Exchange Pty Ltd holds shares following the January 2026 transfer and subsequent on-market purchases. Evolution Trustees Limited, trustee for the Victor Smorgon Partners Global Equities Fund, and Como Services Pty Ltd, trustee for the Victor Smorgon Partners Resources Scarcity Fund, also hold separate parcels. Annexure A of the notice provides a full breakdown. Combined, these holdings total 30,704,117 shares, representing 11.18% of voting power.<\/p>
Implications of Crossing the 11% Voting Power Threshold Under Australian Law<\/h2>
According to section 671B of the Corporations Act 2001, any substantial holder—defined as owning 5% or more of voting shares—must notify the company and exchange when their voting power changes by 1% or more. The Victor Smorgon Group’s prior notice recorded a 9.99% stake; the current notice shows an increase to 11.18%, triggering the disclosure requirement.<\/p>
Surpassing 11% establishes the group as one of BMC Minerals’ largest shareholders. Investors may watch for further acquisitions that could approach the 15% or 20% thresholds, which carry additional regulatory requirements under the Takeover provisions of the Corporations Act. Acquiring more than 20% without a formal takeover bid or shareholder approval is restricted by the Act’s 20% rule. The notice contains no indication of such intentions or takeover discussions.<\/p>
Concentration in BMC Minerals’ Share Register and Market Liquidity Considerations<\/h2>
With an 11.18% holding, the Victor Smorgon Group controls a significant portion of BMC Minerals’ voting shares. Such concentration is common among smaller ASX-listed minerals companies where cornerstone investors hold sizeable stakes. Investors should consider this factor when evaluating the liquidity of BMC Minerals shares in the secondary market.<\/p>
The sustained on-market purchases across multiple Smorgon-affiliated funds over at least seven months suggest a deliberate accumulation strategy rather than isolated transactions. The company did not provide commentary on the reasons for the increased stake, nor did BMC Minerals’ management issue statements in connection with the notice. The immediate impact on the share price is not publicly available.<\/p>
Role of Como Tower Pty Ltd in the January 2026 Share Transfer<\/h2>
Como Tower Pty Ltd (ACN 129 980 310) acted as the transferring entity for 9,244,740 shares to VBS Exchange Pty Ltd on 16 January 2026. Both entities are associates within the Victor Smorgon Group. Post-transfer, Como Tower Pty Ltd’s relevant interest decreased by that amount, while VBS Exchange Pty Ltd’s increased accordingly.<\/p>
The notice does not specify reasons for this internal restructuring, consistent with typical disclosures for off-market transfers between associates. Such restructures commonly arise from administrative, tax planning, or fund management considerations rather than changes in investment strategy. The transfer is described solely as an off-market transaction with no disclosed monetary consideration.<\/p>
Peter Edwards Signs Notice as Company Director of Victor Smorgon Group<\/h2>
The Form 604 notice was signed by Peter Edwards in his capacity as Company Director of the Victor Smorgon Group (ACN: 79 048 972). Dated 2 July 2026, the notice records the change in substantial holding as of 30 June 2026, coinciding with the end of the Australian financial year. The previous notice was submitted on 8 December 2025 and dated 9 December 2025.<\/p>
The group employs multiple managed fund structures—including the Global Multi-Strategy Fund, Resources Scarcity Fund, and Global Equities Fund—to manage its BMC Minerals investment across diverse mandates. Evolution Trustees Limited serves as trustee for the Global Equities Fund, while Como Services Pty Ltd acts as trustee for the other two funds. All entities share the same registered address at Level 12, 644 Chapel Street, South Yarra, Victoria.<\/p>
Investor Considerations Following the Substantial Holder Update<\/h2>
Investors monitoring BMC Minerals should observe whether the Victor Smorgon Group continues to increase its stake beyond 11.18%. Any further rise of 1% or more in voting power will necessitate another Form 604 disclosure, providing updated insights into the group’s position. Market participants may also look for responses from BMC Minerals’ board or management regarding the increased shareholding concentration.<\/p>
The ongoing buying interest from a prominent Australian investment group may be viewed positively by the market as a sign of long-term confidence in BMC Minerals, although the notice itself contains no forward-looking statements or investment rationale. As with all substantial holder disclosures, this reflects a historical position at the date of change and does not imply a commitment to maintain, increase, or reduce holdings. Investors should perform their own due diligence and consider professional financial advice before making investment decisions based on this update.<\/p>
Victor Smorgon Group’s BMC Minerals Holding Reaches 30.7 Million Shares<\/h2>
The Victor Smorgon Group, a prominent Australian private investment group, has officially reported a change in its substantial holding in BMC Minerals Limited. As per the notice, the group collectively holds 30,704,117 ordinary shares, representing 11.18% of voting rights. This is an increase from the 27,443,354 shares (9.99% voting power) disclosed in the previous substantial holding notice submitted on 8 December 2025 and dated 9 December 2025.<\/p>
The net rise of approximately 3,260,763 shares reflects transactions over several months involving multiple Victor Smorgon–associated investment vehicles. The update, lodged with the exchange and signed by Peter Edwards as Company Director of the Victor Smorgon Group (ACN: 79 048 972), details changes across four entities that collectively hold the group’s relevant interest in BMC Minerals. The registered address for all parties is Level 12, 644 Chapel Street, South Yarra, VIC 3141, Australia.<\/p>
January 2026 Off-Market Transfer of 9.24 Million Shares Within Smorgon Entities<\/h2>
On 16 January 2026, a notable internal restructuring occurred when Como Tower Pty Ltd (ACN 129 980 310) transferred 9,244,740 ordinary shares to VBS Exchange Pty Ltd (ACN 109 106 201) through an off-market transaction. This transfer was between associates, meaning the shares remained within the Victor Smorgon Group but shifted between two related entities.<\/p>
This internal transfer did not change the group’s total economic exposure to BMC Minerals but altered the registered legal entity holding the shares. Following the transfer, VBS Exchange Pty Ltd became the registered holder of a substantial parcel of shares and later engaged in additional on-market purchases. The notice characterizes this as an off-market transfer with no disclosed cash consideration.<\/p>
On-Market Acquisitions by Four Smorgon-Linked Funds from December 2025 to June 2026<\/h2>
Alongside the internal transfer, multiple Victor Smorgon–affiliated funds acquired BMC Minerals shares on-market between December 2025 and June 2026. Como Services Pty Ltd, acting as trustee for the Victor Smorgon Partners Global Multi-Strategy Fund, purchased 1,640,471 ordinary shares. VBS Exchange Pty Ltd acquired 1,076,587 shares on-market, while Evolution Trustees Limited, trustee for the Victor Smorgon Partners Global Equities Fund (ARSN: 687 916 758), bought 523,784 shares.<\/p>
The Victor Smorgon Partners Resources Scarcity Fund, with Como Services Pty Ltd as trustee, acquired 19,921 shares during this period. Collectively, these on-market purchases total approximately 3,260,763 shares added to the group’s BMC Minerals position. The specific purchase prices were not disclosed in the announcement.<\/p>
Structure of Victor Smorgon Group’s Holdings Across Multiple Entities<\/h2>
The group’s BMC Minerals interest is divided among four legal entities with distinct registered holder arrangements. Como Services Pty Ltd, as trustee for the Victor Smorgon Partners Global Multi-Strategy Fund, holds 4,632,846 shares, with The Northern Trust Company registered on behalf of the fund as trustee. The relevant interest is described as "holder of securities in capacity as trustee."<\/p>
VBS Exchange Pty Ltd holds shares following the January 2026 transfer and subsequent on-market purchases. Evolution Trustees Limited, trustee for the Victor Smorgon Partners Global Equities Fund, and Como Services Pty Ltd, trustee for the Victor Smorgon Partners Resources Scarcity Fund, also hold separate parcels. Annexure A of the notice provides a full breakdown. Combined, these holdings total 30,704,117 shares, representing 11.18% of voting power.<\/p>
Implications of Crossing the 11% Voting Power Threshold Under Australian Law<\/h2>
According to section 671B of the Corporations Act 2001, any substantial holder—defined as owning 5% or more of voting shares—must notify the company and exchange when their voting power changes by 1% or more. The Victor Smorgon Group’s prior notice recorded a 9.99% stake; the current notice shows an increase to 11.18%, triggering the disclosure requirement.<\/p>
Surpassing 11% establishes the group as one of BMC Minerals’ largest shareholders. Investors may watch for further acquisitions that could approach the 15% or 20% thresholds, which carry additional regulatory requirements under the Takeover provisions of the Corporations Act. Acquiring more than 20% without a formal takeover bid or shareholder approval is restricted by the Act’s 20% rule. The notice contains no indication of such intentions or takeover discussions.<\/p>
Concentration in BMC Minerals’ Share Register and Market Liquidity Considerations<\/h2>
With an 11.18% holding, the Victor Smorgon Group controls a significant portion of BMC Minerals’ voting shares. Such concentration is common among smaller ASX-listed minerals companies where cornerstone investors hold sizeable stakes. Investors should consider this factor when evaluating the liquidity of BMC Minerals shares in the secondary market.<\/p>
The sustained on-market purchases across multiple Smorgon-affiliated funds over at least seven months suggest a deliberate accumulation strategy rather than isolated transactions. The company did not provide commentary on the reasons for the increased stake, nor did BMC Minerals’ management issue statements in connection with the notice. The immediate impact on the share price is not publicly available.<\/p>
Role of Como Tower Pty Ltd in the January 2026 Share Transfer<\/h2>
Como Tower Pty Ltd (ACN 129 980 310) acted as the transferring entity for 9,244,740 shares to VBS Exchange Pty Ltd on 16 January 2026. Both entities are associates within the Victor Smorgon Group. Post-transfer, Como Tower Pty Ltd’s relevant interest decreased by that amount, while VBS Exchange Pty Ltd’s increased accordingly.<\/p>
The notice does not specify reasons for this internal restructuring, consistent with typical disclosures for off-market transfers between associates. Such restructures commonly arise from administrative, tax planning, or fund management considerations rather than changes in investment strategy. The transfer is described solely as an off-market transaction with no disclosed monetary consideration.<\/p>
Peter Edwards Signs Notice as Company Director of Victor Smorgon Group<\/h2>
The Form 604 notice was signed by Peter Edwards in his capacity as Company Director of the Victor Smorgon Group (ACN: 79 048 972). Dated 2 July 2026, the notice records the change in substantial holding as of 30 June 2026, coinciding with the end of the Australian financial year. The previous notice was submitted on 8 December 2025 and dated 9 December 2025.<\/p>
The group employs multiple managed fund structures—including the Global Multi-Strategy Fund, Resources Scarcity Fund, and Global Equities Fund—to manage its BMC Minerals investment across diverse mandates. Evolution Trustees Limited serves as trustee for the Global Equities Fund, while Como Services Pty Ltd acts as trustee for the other two funds. All entities share the same registered address at Level 12, 644 Chapel Street, South Yarra, Victoria.<\/p>
Investor Considerations Following the Substantial Holder Update<\/h2>
Investors monitoring BMC Minerals should observe whether the Victor Smorgon Group continues to increase its stake beyond 11.18%. Any further rise of 1% or more in voting power will necessitate another Form 604 disclosure, providing updated insights into the group’s position. Market participants may also look for responses from BMC Minerals’ board or management regarding the increased shareholding concentration.<\/p>
The ongoing buying interest from a prominent Australian investment group may be viewed positively by the market as a sign of long-term confidence in BMC Minerals, although the notice itself contains no forward-looking statements or investment rationale. As with all substantial holder disclosures, this reflects a historical position at the date of change and does not imply a commitment to maintain, increase, or reduce holdings. Investors should perform their own due diligence and consider professional financial advice before making investment decisions based on this update.<\/p>
