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Aquirian Ltd
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About Aquirian Ltd
SOURCE
ACTION
FUND MANAGER
DATE
17 Apr 2026
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Article
Commentary
§ Important Notice
The entries below are records originating from third-party statements. Thesis Tracker does not rank, recommend or endorse any fund manager, fund or security. Investment decisions should be made on the basis of the relevant Product Disclosure Statement and, where appropriate, advice from a licensed adviser.
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Frequently asked questions about Aquirian Ltd (ASX:AQN)
Frequently asked questions
Who is investing in Aquirian Ltd (ASX:AQN)?
Fund managers including Cerutty Macro Fund have invested in Aquirian Ltd (ASX:AQN).
What opportunities or catalysts do fund managers highlight for Aquirian Ltd?
Cerutty Macro Fund, commenting around October 2025 with shares near $0.42, described Aquirian as an under-researched, under-owned WA-based emulsion producer benefiting from strong Western Australian mining activity and commodity prices, trading on an undemanding ~6x forward EBITDA multiple that the manager felt understated its operating leverage and growth optionality. It highlighted the Wubin Emulsion Facility (licensed for 110kt, nameplate 160kt of ammonium nitrate emulsion) as currently running at only ~25% utilisation versus a potential $160m revenue/$25m+ EBITDA at full capacity, and noted the facility sits on freehold land giving greater flexibility than peers on government-controlled sites. Growth optionality includes a Collar Keeper System joint venture (“Drillforce WA”) with Topgroup (which invested $2.3m at $0.45/share), and a binding framework agreement with Hongda Civil Blasting Group for a 50:50 joint venture to manufacture up to 10m electronic detonators and 1.5m booster storage magazines annually, expected within about two years. The manager also cited management's substantial ownership (MD owns ~20%) as supportive of execution confidence.
What are the key risks to the Aquirian Ltd investment thesis, according to fund managers?
No specific risks have been flagged in the fund manager commentary collected for Aquirian Ltd to date, beyond Cerutty Macro Fund noting the modest EBITDA multiple gives “a degree of comfort on downside risk” — coverage so far has focused on the company's growth optionality and undervaluation.
What is the short interest in Aquirian Ltd (ASX:AQN)?
According to ASIC filings, there is negligible or no short interest in Aquirian Ltd (ASX:AQN).
What does Aquirian Ltd (ASX:AQN) do?
Aquirian Ltd is a Perth-based mining services company founded in 2017. It operates through two core segments: Mining Services and People Services. Mining Services delivers equipment, repairs, maintenance, and engineering, alongside manufacturing specialized storage solutions for explosives. People Services provides permanent, casual, and contract personnel, plus industry-specific drill and blast training. Aquirian supports the mining sector with integrated workforce, equipment, and product solutions.