Aquirian lifts NAB equipment funding facility to $25 million
Aquirian Limited (ASX: AQN) has announced that National Australia Bank (NAB) has approved an increase to the Group’s Master Asset Finance arrangements, lifting total equipment funding capacity from $7.75 million to $25 million. The equipment funding facility terms continue on same basis.
As part of the revised banking arrangements, the Group will also reduce the commercial loan associated with the Wubin emulsion facility by $3.1 million.
The expanded facility provides capacity for the Group to fund further fleet and equipment required to service growth contracts. The announcement states the increase reflects NAB’s continued support of the Group’s growth strategy.
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Funding capacity, debt reduction and cash position
Key facility details
The announcement set out the following highlights:
- Group equipment funding capacity with NAB increased from $7.75 million to $25 million
- Equipment funding facility terms continue on same basis
- Equipment funding available on an asset-by-asset basis as fleet is acquired
The table below compares the previous and revised positions.
| Item | Previous | Revised |
|---|---|---|
| Equipment funding capacity | $7.75M | $25M |
| Wubin commercial loan | $9.1M | $6M |
The $3.1 million reduction to the NAB commercial loan associated with the Wubin Facility is consistent with the use of funds outlined in the Company’s May 2026 placement.
The May 2026 placement raised approximately $8.0 million at $0.40 per share, with proceeds earmarked in part for Wubin debt reduction and for the fleet needed to deliver the Lord Byron contract.
Cash at bank
Aquirian reported unaudited cash at bank of $9.5 million as at 30 September 2026, compared with $11.3 million at 30 June 2026.
The movement primarily reflects mobilisation costs and the working capital build associated with the commencement of the Brightstar Lord Byron contract. In other words, the change relates to the upfront investment required to start a new contract.
How asset finance and capital-light funding work
Asset finance allows a company to pay for equipment as each item is acquired, rather than through a single large upfront outlay. Under the NAB arrangement, equipment funding is available on an asset-by-asset basis as fleet is acquired.
The NAB facilities form one part of a broader approach to funding fleet growth. Aquirian also points to two alternative pathways: operating leases and mine-owner free-issue rigs.
The Group’s three funding pathways are:
- Asset finance
- Operating leases
- Mine-owner free-issue rigs
Why does this matter to investors? According to the announcement, these alternatives allow the Group to remain “capital light”. Management also said it will choose the structure that best suits each contract as it grows the fleet.
The announcement does not disclose lease terms, rates or rig counts.
Growth strategy and management outlook
The revised arrangements are positioned around three aims: committing to new contracts with confidence, bringing equipment into service on schedule, and reducing commercial debt at the same time.
The funding step-up follows record FY26 revenue of $32.0 million and EBITDA of $4.6 million, results that gave lenders a stronger earnings base as Aquirian prepared to scale its fleet.
Greg Patching, Managing Director
“Demand for our drilling services and drill and blast technology continues to build. Having the expanded facilities in place means we can commit to new contracts with confidence and bring equipment into service on schedule, while reducing our commercial debt…”
Aquirian is a technology led mining services company, with core operating units Energetics, Technology and People.
The facility represents funding capacity rather than drawn debt, and equipment funding is available on an asset-by-asset basis as fleet is acquired.
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