Highfield Resources Limited
Highfield Resources Limited is a public company incorporated in Australia on 25 October 2011 (ACN 153 918 257, ABN 51 153 918 257) and registered with the Australian Securities and Investments Commission (ASIC) at 169 Fullarton Road, Dulwich, South Australia. The company has traded on the Australian Securities Exchange under the code ASX:HFR since 7 February 2012. Highfield Resources explores and develops potash projects in the Ebro potash basin of northern Spain, carried out principally through its wholly owned Spanish subsidiary, Geoalcali S.L.U. The group’s flagship project is Muga, an approximately 80 km² potash licence area spanning the Navarra and Aragón provinces, together with the earlier-stage Vipasca, Izaga, Pintanos and Sierra del Perdón potash projects, which extend the group’s combined licence holding to more than 550 km². According to Highfield Resources’ quarterly activities report for the June 2026 quarter, the Muga project remains construction-ready but had not commenced full-scale construction: Spain’s Supreme Court has admitted a judicial-review appeal concerning the Goyo mining concession, and the company has continued cost-reduction measures pending resolution of that dispute and of Phase 1 project financing. Two proposed strategic-investment transactions intended to fund Muga’s construction lapsed during 2025: Yankuang Energy Group Company Limited terminated its implementation and equity-subscription agreements with Highfield Resources on 16 September 2025, and China Minmetals Corporation and Qinghai Salt Lake Industry Co., Ltd. separately informed the company they would not proceed with a related letter of intent. Highfield Resources’ own on-file operating jurisdiction is recorded as Spain, reflecting the location of its mining assets and Spanish subsidiary rather than its own place of incorporation; see the FAQ section below for detail on this distinction.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
5
Shareholders of Highfield Resources Limited
Highfield Resources Limited is a public company listed on the Australian Securities Exchange (ASX: HFR). Under Australia’s substantial-holder notice regime (Corporations Act 2001, Chapter 6C), a shareholder must lodge a public notice only once its voting power in the company reaches, or moves by a defined margin around, 5% or more; holdings below that threshold are not individually disclosed. The complete shareholder register is therefore not fully public in the way it might be in jurisdictions that publish a full share register.
The largest disclosed shareholder is EMR Capital, a private-equity investor that has held a substantial interest in Highfield Resources since 2021 through entities including EMR Capital Investment (No. 2) Pte Ltd and EMR Capital GP 1 Limited, with Meritz Securities Co., Ltd. acting as EMR’s nominee holder of record for part of the position. In a substantial-holder notice dated 19 February 2025, EMR Capital and its associates disclosed voting power increasing from approximately 23.16% to approximately 27.21%, following Meritz Securities Co., Ltd.’s subscription for 24,967,169 new shares for US$5,000,000 approved at an extraordinary general meeting. Independent commentary on the company’s virtual annual general meeting of 26 May 2026 described EMR Capital as continuing to be Highfield Resources’ largest shareholder, at approximately 27% of the company; this later reference is not itself a lodged Form 604 notice and is presented here as directional context rather than a verified filing.
No other substantial-holder notice was individually reviewed for this profile, so no further named shareholders or percentages beyond EMR Capital are presented here. No natural-person ultimate beneficial owner of the EMR Capital holding is identified in the sources reviewed, and the chain of ownership between EMR Capital’s fund entities and any individual beneficial owner is not disclosed in those sources; no effective ownership percentage can therefore be calculated for a natural person, and none is asserted.
Data availability
Shareholder information for Highfield Resources Limited is classified as Major shareholders only: Australia’s substantial-holder regime publishes only holdings at or above the notification threshold, and the position stated above reflects the most recent substantial-holder notice identified for this profile, dated 19 February 2025, updated by 26 May 2026 secondary commentary. This should not be read as a complete shareholder register.
Sources
- ASX substantial holder notice, Change in substantial holding for HFR, 19 February 2025, https://announcements.asx.com.au/asxpdf/20250219/pdf/06fp346jcj752q.pdf, retrieved 18 September 2026
- Highfield Resources Limited, official website and ASX announcements, https://www.highfieldresources.com.au/, retrieved 18 September 2026
- The Mayne Report, questions lodged at 2026 Highfield Resources (HFR) virtual AGM, 26 May 2026, https://www.maynereport.com/articles/2026/05/26-2200-2050.html, retrieved 18 September 2026
Registry feed — rows exactly as filed with Colegio de Registradores / Registro Mercantil Central, including entries the profile above does not cover.
| Shareholder | Type | Holding | Source Document |
|---|---|---|---|
| DFA Asia Pacific Small Company Series | 50.1% | Colegio de Registradores / Registro Mercantil Central | |
| DFA International Core Equity Portfolio | 31.1% | Colegio de Registradores / Registro Mercantil Central | |
| DFA International Vector Equity Port | 7% | Colegio de Registradores / Registro Mercantil Central | |
| John Hancock Fds II-International Small Company Fund | 4.3% | Colegio de Registradores / Registro Mercantil Central | |
| DFA Investment Dimensions-World Ex U.S. Core Equity Port | 1.9% | Colegio de Registradores / Registro Mercantil Central |
Officers
11
Directors and officers of Highfield Resources Limited
Highfield Resources Limited’s board, as published on the company’s own investor-relations website and confirmed by its ASX announcements, currently comprises three directors. Paul Harris serves as Independent Non-Executive Chairman. Carles Alemán, who also holds the role of Director General of the group’s Spanish operating subsidiary, Geoalcali S.L.U., was appointed to the Highfield Resources board effective 23 September 2025. Pauline Carr serves as an Independent Non-Executive Director and chairs both the Audit, Business Risk and Compliance Committee and the Remuneration and Nomination Committee.
Two directors left the board during 2025: Ignacio Salazar ceased to be a director effective 9 May 2025, and Luke Anderson resigned as a director effective 23 September 2025, the same date on which Carles Alemán was appointed. Senior non-board management identified on the company’s official website includes Katelyn Adams (Company Secretary), Javier Aguado (Chief Financial Officer, with the company since 2018) and Olivier Vadillo (Head of Corporate Strategy and Business Development).
Nationality is not disclosed for any officer in the sources reviewed for this profile and is not inferred from name, residence or correspondence address. The reviewed sources describe professional background and experience for each officer rather than a separately labelled occupation field.
Recent officer changes
Effective 23 September 2025, Luke Anderson resigned as a director and Carles Alemán was appointed to the board. Ignacio Salazar ceased to be a director effective 9 May 2025.
Data availability
Director and officer information for Highfield Resources Limited is classified as Full for its current board and named executive officers: as an ASX-listed entity, the company is required to disclose director appointments, resignations and role changes to the market, and its official website publishes current board and management biographies. A complete historical register of all past officers since incorporation in 2011 was not compiled for this profile.
Sources
- Highfield Resources Limited, Corporate Team, https://www.highfieldresources.com.au/corporate-team/, retrieved 18 September 2026
- Highfield Resources Limited, Annual Report for the year ended 31 December 2025, https://wcsecure.weblink.com.au/pdf/HFR/03072863.pdf, retrieved 18 September 2026
- Highfield Resources Limited, ASX director appointment and resignation announcements, ASX:HFR, September 2025, retrieved 18 September 2026
Registry feed — rows exactly as filed with Colegio de Registradores / Registro Mercantil Central, including entries the profile above does not cover.
Group Structure
Group structure of Highfield Resources Limited
Highfield Resources Limited is the ASX-listed ultimate parent of its corporate group; no other company has been identified in the sources reviewed as controlling it. EMR Capital holds a substantial shareholding of approximately 27% of Highfield Resources (see Shareholders), but a substantial shareholding of this kind is not, by itself, evidence of a parent-subsidiary control relationship, and none is presented here.
The group’s principal identified operating subsidiary is Geoalcali S.L.U. (referred to in some earlier company releases as Geoalcali S.L.), a Spanish limited company described on Highfield Resources’ own website and in its ASX announcements as its wholly owned Spanish subsidiary. Geoalcali S.L.U. holds the mining concessions and licences underlying the group’s potash projects in the Ebro potash basin of northern Spain, including the flagship Muga project in Navarra and Aragón, and it has its own senior management, including a Director General, disclosed separately from the ASX parent’s board. Geoalcali S.L.U.’s Spanish company registration number was not located in the sources reviewed for this profile.
In September 2024 Highfield Resources signed binding agreements intended to combine with Yancoal Canada Resources Co. Ltd. (owner of the Southey potash project in Saskatchewan, Canada) as part of a wider strategic transaction with Yankuang Energy Group Company Limited, Beijing Energy International and Singapore Taizhong Global Development. Yankuang Energy terminated the implementation agreement and associated equity-subscription agreement on 16 September 2025, and the transaction did not complete; Highfield Resources therefore has no current group relationship with Yancoal Canada Resources or Yankuang Energy.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Geoalcali S.L.U. | Spain | Not disclosed in sources reviewed | Direct subsidiary | 100% (reported by parent) | Active | 18 September 2026 |
Recent structural changes
A proposed combination with Yancoal Canada Resources Co. Ltd. and related equity subscriptions from Yankuang Energy Group, Beijing Energy International and Singapore Taizhong Global Development, announced in September 2024, was terminated by Yankuang Energy on 16 September 2025 and did not complete.
Data availability
Group-structure information for Highfield Resources Limited is classified as Partial: the group’s single major operating subsidiary, Geoalcali S.L.U., is clearly identified from the parent’s own disclosures, but its Spanish companies-registry registration number and any further subsidiaries or historical entities were not confirmed from the sources reviewed as of 18 September 2026.
Sources
- Highfield Resources Limited, official website, https://www.highfieldresources.com.au/, retrieved 18 September 2026
- Highfield Resources Limited, Strengthens leadership at Geoalcali ahead of Muga development, https://www.highfieldresources.com.au/highfield-resources-strengthens-leadership-at-geoalcali-ahead-of-muga-development/, retrieved 18 September 2026
- Yankuang Energy Group, termination of merger implementation agreement announcement, 16 September 2025, retrieved 18 September 2026
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Frequently Asked Questions
What does Highfield Resources Limited do?
Highfield Resources Limited explores and develops potash mining projects in the Ebro potash basin of northern Spain, principally through its wholly owned Spanish subsidiary, Geoalcali S.L.U. Its flagship project is Muga, in the Navarra and Aragón provinces.
Is Highfield Resources Limited an Australian or a Spanish company?
Highfield Resources Limited is incorporated in Australia (ACN 153 918 257) and listed on the Australian Securities Exchange. The operating jurisdiction recorded on file for this record is Spain (ES) because the group's mining assets and its wholly owned operating subsidiary, Geoalcali S.L.U., are located there — the company's own incorporation, registered office and stock-exchange listing are Australian, not Spanish. No separate Spain-incorporated entity trades under the name 'Highfield Resources Limited'; the Spanish entity in the group is the subsidiary Geoalcali S.L.U.
What is Highfield Resources Limited's registration number?
On-file Zavia data for this record does not carry a populated registration-number field. External verification against ASIC-sourced company records identifies the company's Australian Company Number as ACN 153 918 257 and its Australian Business Number as ABN 51 153 918 257.
When was Highfield Resources Limited incorporated?
On-file Zavia data for this record does not carry a populated incorporation-date field. External sources referencing the company's ASIC registration record its incorporation date as 25 October 2011.
Is Highfield Resources Limited listed on a stock exchange?
Yes. Highfield Resources Limited has traded on the Australian Securities Exchange under the code ASX:HFR since 7 February 2012.
What is the Muga potash project?
Muga is Highfield Resources' flagship potash project, an approximately 80 km² licence area in the Navarra and Aragón provinces of northern Spain, held through the group's Spanish subsidiary Geoalcali S.L.U.
Has construction started at the Muga potash project?
As of the company's activities report for the June 2026 quarter, Muga was described as construction-ready but had not commenced full-scale construction, pending resolution of a Spanish Supreme Court appeal concerning the Goyo mining concession and of Phase 1 project financing.
Did the Yankuang Energy transaction with Highfield Resources complete?
No. Yankuang Energy Group Company Limited terminated its implementation agreement and associated equity-subscription agreement with Highfield Resources on 16 September 2025; the proposed combination with Yancoal Canada Resources Co. Ltd. did not complete.
Who are the current directors of Highfield Resources Limited?
As published on the company's official website, the current board comprises Paul Harris (Independent Non-Executive Chairman), Carles Alemán (director, appointed effective 23 September 2025) and Pauline Carr (Independent Non-Executive Director).
Who owns Highfield Resources Limited?
Highfield Resources Limited is a publicly listed company with no controlling parent identified in the sources reviewed. Its largest disclosed shareholder is EMR Capital, reported at approximately 27% of voting power in a substantial-holder notice dated 19 February 2025 and again referenced at a similar level around the company's 26 May 2026 annual general meeting.
Does Highfield Resources Limited have an identified ultimate beneficial owner?
No natural-person ultimate beneficial owner is identified in the sources reviewed. EMR Capital's substantial shareholding is held through fund entities and a nominee holder, and the ownership chain to any individual beneficial owner is not disclosed in the sources reviewed, so no effective ownership percentage can be calculated.
What is Geoalcali S.L.U.?
Geoalcali S.L.U. is Highfield Resources Limited's wholly owned Spanish operating subsidiary. It holds the mining concessions and licences for the group's potash projects, including the Muga project, and has its own management team based in Spain.
Does Highfield Resources Limited have other potash projects besides Muga?
Yes. In addition to Muga, the group holds the earlier-stage Vipasca, Izaga, Pintanos and Sierra del Perdón potash projects in the Ebro basin of northern Spain, together extending its combined licence area to more than 550 km².
What is Highfield Resources Limited's registered office address?
The company's registered office, as filed with ASIC, is 169 Fullarton Road, Dulwich, South Australia 5065, Australia.
Is the shareholder register of Highfield Resources Limited fully public?
Not fully. Under Australia's substantial-holder notice regime, only holdings at or above the notification threshold (generally 5% of voting power) must be publicly disclosed, so the complete shareholder register is not published in full.