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Aquirian Ltd ASX:AQN

1 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Oct 2025 to today

Commentary Showing 2 of 3

DateManagerActionSummary

17 Apr 2026First SamuelHeldFirst Samuel notes Aquirian's subsidiary Drillforce WA secured a three-year supply agreement with Brightstar Resources for drilling and blasting services at the Lord Byron open pit mine in Laverton, Western Australia, generating approximately A$48 million in revenue. The manager describes the services as including drilling using Aquirian's proprietary Collar Keeper System, explosives supply and logistics support, noting Aquirian already owns approximately 75% of required assets with remaining needs funded through cash and existing facilities.

Article, price recorded $0.43

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28 Nov 2025First SamuelHeldFirst Samuel continues to hold Aquirian because its medium-term growth profile is increasingly shaped by its ambition to develop Wubin into a strategic energy and mining services hub for Western Australia, having executed a non-binding Framework Agreement with Hongda Civil Blasting Group to form a 50:50 joint venture establishing an electronic detonator manufacturing facility at Wubin, alongside a second strategic partnership with Topgroup forming the Drillforce WA joint venture. The manager notes the structure is intentionally capital-light, monetising technology, systems expertise and customer relationships without requiring balance-sheet expansion into heavy equipment ownership, with the potential for Wubin to become a differentiated supply and technology node with increasing strategic value over time.

Article, price recorded $0.43

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First mention by manager

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Price at first mentionThe share price recorded when each of 2 managers first commented on AQN.

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About Aquirian Ltd

Materials, Professional Services

Aquirian (ASX:AQN), a mining services company, is held by fund managers for its under-researched growth profile. In April 2026, First Samuel reported Aquirian's subsidiary Drillforce WA secured a three-year agreement with Brightstar Resources for drilling and blasting at the Lord Byron open pit. In November 2025, First Samuel noted Aquirian's ambition to develop Wubin into a strategic energy and mining services hub for Western Australia, and Cerutty Macro Fund highlighted it as an under-researched, under-owned company. Aquirian operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 3 comments from 2 fund managers, First Samuel and Cerutty. Founded in 2017 and headquartered in Perth, Aquirian provides drilling and blasting, explosives manufacturing, equipment and people services to Western Australian mining companies through its mining services and people services segments, and is building explosives manufacturing capacity at Wubin.

Market cap: $48m
Price to earnings: 31.9x
Return on equity: 7.5%
Dividend yield: 0.0%
Price to book: 2.16x
Net margin: 4.4%
52-week range: $0.35 to $0.50

Company figures as of 15 Oct 2026. For information only.

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?

First Samuel and Cerutty highlight new contracts such as the Brightstar agreement, plans to develop Wubin into a mining services hub and Aquirian's under-researched status.

What are the key risks to the Aquirian Ltd investment thesis, according to fund managers?

The available commentary does not set out specific risks, though Aquirian is a small company dependent on Western Australian mining activity and contract wins.

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.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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