Insights
Somerset Minerals has identified multiple new copper zones at its priority Talisker Prospect in Nunavut, Canada, while continuing to expand the known Jura copper system through ongoing drilling.
The company has now completed infill soil sampling across the core of the Talisker anomaly, identified 58 mineralised surface samples over approximately 14km of strike, and recovered a 2.3kg native copper nugget ahead of the maiden drilling program scheduled to commence in July.
Importantly, permits have now been received for up to 100 drill holes, with an RC rig already on site and crews expected to mobilise from 2 July.
Talisker Advances Toward First-Ever Drilling
Talisker represents one of Somerset’s highest-priority exploration targets, comprising a large 17km geochemical and geophysical anomaly located along the same regional structural corridor that hosts White Cliff Minerals’ Danvers copper discovery.
Recent work has delivered:
• Approximately 500 infill soil samples across the core anomaly
• 58 mineralised surface samples identified over 14km of strike
• Multiple new copper zones mapped in previously unsampled areas
• A 2.3kg native copper nugget recovered during field work
• Detailed structural mapping to support drill targeting
Laboratory assay results from rock chips and soil samples are expected over the coming weeks.
Jura Continues to Demonstrate Scale
At the Jura Project, drilling continues to extend the known copper system.
Recent drilling returned:
• 18.8m @ 1.21% Cu from 228.2m
Including:
• 6.6m @ 2.02% Cu from 234m
The result extends mineralisation approximately 50m down-dip and further supports the continuity of the Jura North system.
Previous drilling has delivered several strong copper intersections, including:
• 42.7m @ 2.69% Cu
• 59.4m @ 1.50% Cu
• 39.6m @ 1.61% Cu
The broader Jura trend extends for approximately 7km, with significant portions remaining largely untested.
Multiple Growth Opportunities Emerging
Beyond Talisker and Jura, Somerset continues advancing several additional targets across its district-scale land package.
These include:
• Nor, where surface rock chips have returned up to 31.6% Cu and 127g/t Ag
• Skye, where infill soil sampling is currently underway
• Jura Central, where previous drilling returned 10.67m @ 2.55% Cu
Together, these targets provide multiple opportunities for new discoveries and resource growth.
Bottom Line
Somerset is advancing on several fronts simultaneously, with Talisker approaching its maiden drill program while Jura continues to demonstrate continuity and scale through drilling. With assay results expected shortly and drilling set to commence in July, the company enters a catalyst-rich period across multiple copper targets.
Ballymore Resources continues to expand the Torpy’s discovery at its Ruddygore Project in North Queensland, with recent drilling intersecting multiple zones of visual sulphide mineralisation across several separate shoots.
Recent visual intersections include:
• 9m containing approximately 10% Pb and 13% Zn from 49m
Including:
• 7m containing approximately 13% Pb and 17% Zn
As well as:
• 18m containing approximately 5% Pb and 6% Zn from 27m
• 4m containing approximately 14% Pb and 8% Zn from 45m
These results build on previously reported assay results including:
• 23m @ 215g/t Ag, 8.6% Pb and 2.0% Zn
Including:
• 10m @ 483g/t Ag
• 7m @ 650g/t Ag and 25% Pb
Why It Matters
The latest drilling suggests Torpy’s may be developing into a structurally controlled, multi-shoot mineralised system rather than a single isolated occurrence.
Management has now identified multiple mineralised shoots associated with fault intersections, providing evidence that mineralisation may extend beyond the historical workings.
Importantly, the mineralisation remains shallow, with most intersections occurring between approximately 25m and 60m depth.
Scale Potential Emerging
The evolving geological model suggests a growing system with multiple targets remaining open for testing.
Additional upside may come from:
• Expansion toward the Little Torpy’s area
• Further step-out drilling
• New targets generated from ongoing geophysical work
The broader Ruddygore Project covers approximately 556km² within a historically productive silver-lead district.
Looking Ahead
Key catalysts expected over the coming months include:
• Assay results from the current RC drilling program
• Additional step-out drilling results
• Gravity survey outcomes
• Further testing of newly identified shoots
Bottom Line
Torpy’s is continuing to evolve beyond an initial high-grade discovery, with drilling now demonstrating multiple mineralised shoots across the system. While assays remain the key near-term catalyst, the project is showing encouraging signs of scale, repeatability and expansion potential.
Savannah Goldfields has upgraded confidence at the Electric Light deposit, introducing an Indicated Resource for the first time while maintaining a high-grade gold inventory that could support future feed opportunities for the Georgetown processing plant.
Resource Confidence Improves
The updated Mineral Resource Estimate stands at:
• 364kt @ 3.9g/t Au for 46koz Au
Including:
• Indicated: 64kt @ 5.4g/t Au
• Inferred: 299kt @ 3.6g/t Au
While total contained ounces remain broadly unchanged, the introduction of an Indicated category represents an important step forward for mine planning, development studies and future reserve conversion potential.
Why It Matters
Electric Light remains a relatively modest standalone asset, however its strategic value may lie within Savannah’s broader Georgetown hub strategy.
Located approximately 30km from the Georgetown processing plant, the deposit could potentially provide:
• Additional mill feed
• Improved plant utilisation
• Greater operational flexibility across the wider asset base
The high-grade nature of the resource also continues to stand out, with the Indicated component grading 5.4g/t Au.
Development Pathway
Several pathways continue to be assessed:
• Open pit development
• Potential underground sulphide opportunities
• Integration into Georgetown processing operations
Future development remains dependent on:
• Mining lease expansion
• Metallurgical outcomes
• Economic studies
Key Catalysts Ahead
Market attention is likely to focus on:
• Pending metallurgical testwork results
• 2026 resource expansion drilling
• Mine study outcomes
• Additional resource confidence upgrades
Exploration upside also remains, with the deposit open along strike and at depth.
Bottom Line
The latest update appears less about growing ounces and more about improving confidence. Electric Light continues to evolve from a historical resource toward a potentially more development-ready asset within Savannah’s broader Georgetown production strategy.
Terra Metals continues to advance the Southwest discovery within the Dante Project, with ongoing drilling and pending assays supporting progression toward a potential resource-scale PGE-Cu-Ni sulphide system.
Southwest Discovery Progress
Recent drilling has continued to confirm broad mineralisation, high-grade intervals and increasing sulphide intensity across the Southwest area.
Historical highlights include intercepts such as 35m at 2.90g/t PGE3, including 14m at 6.71g/t and 3m at 27.78g/t PGE3, alongside recent continuity results at SW6.
Mineralisation has now been identified across substantial strike, width and depth extents, with drilling continuing to test continuity between zones.
Assays and Drilling Activity
The company currently has multiple rigs operating with more than 30 holes drilled and assays pending from the active 2026 program.
Management commentary suggests recently released results related to earlier 2025 drilling, with current drilling targeting areas associated with stronger sulphide development and higher-grade mineralisation.
Funding and Development Pathway
Following the February 2026 capital raise, Terra Metals remains well funded to continue drilling and technical work.
The current program is designed to support ongoing geological definition, with a maiden Southwest resource targeted for the second half of 2026.
Dante Reefs
The existing Dante Reefs JORC Resource of 148Mt at 1.38% CuEq remains a significant component of the broader project base, with resource update work continuing.
Outlook
Near-term focus remains on assay results from the 2026 drilling program, continuity testing across Southwest and progression toward future resource definition and technical studies.
Koba Resources has completed a follow-up drilling program at the Everest Prospect within the Yarramba Uranium Project in South Australia, with results extending the known mineralised trend and confirming additional high-grade uranium intersections.
Drilling Results
The April 2026 drilling program comprised 23 holes for 2,670m and returned multiple intersections above 1,000ppm eU₃O₈.
Reported results included:
• 1.5m @ 790ppm eU₃O₈ from 103.2m, including 0.6m @ 1,627ppm
• 1.1m @ 537ppm eU₃O₈ from 90.4m, including 0.4m @ 1,003ppm
• 1.1m @ 512ppm eU₃O₈ from 97.3m, including 0.4m @ 1,000ppm
Expansion of Mineralised Trend
High-grade uranium mineralisation has now been identified across more than 6km of strike at Everest, representing an expansion from the 2025 discovery area.
The drilling also identified a new mineralised splay referred to as the “Everest Bend”, interpreted as a bifurcation from the main palaeochannel trend.
Geological Context
The company noted geological similarities between Everest and nearby uranium systems in the district, including mineralisation associated with palaeochannel bends and the lower Eyre Formation.
The prospect sits within the same broader palaeochannel system as the Jason deposit and Honeymoon Uranium Mine.
Project Scale
The broader Yarramba Uranium Project covers more than 5,000km² and contains over 250km of interpreted palaeochannels.
Since acquisition in 2024, Koba has identified uranium mineralisation exceeding 1,000ppm eU₃O₈ across multiple prospects.
Outlook
Further drilling is planned at Everest and Everest Bend, subject to approvals expected during the second half of 2026.
Talius is continuing to strengthen its position within Australia’s aged care and retirement living digitisation theme, supported by a growing enterprise customer base, recurring software revenue, and increasing industry tailwinds tied to compliance, staffing pressure, and government-backed digital transformation.
Operational Positioning
Talius reported FY2025 revenue of $7.66 million, including approximately $3.3 million in annual recurring revenue (ARR), supported by more than 51,000 active subscriptions across home care, retirement living, and residential aged care settings.
The platform integrates with nurse call systems, pendants, environmental sensors, and clinical care management software, allowing providers to centralise monitoring and workflow management across existing infrastructure.
Enterprise customers currently include Bolton Clarke, Uniting, Keyton and Silverchain.
Commercial Strategy
Talius appears to be pursuing a dual-channel growth model:
• Channel-led distribution for smaller deployments through partners such as Wesco
• Direct enterprise engagement for larger multi-site contracts and Master Services Agreements (MSAs)
This “land and expand” approach may support scalable ARR growth over time, particularly as deployments convert into longer-duration software subscriptions.
Leadership & Execution Focus
New CEO Pat Howard stepped into the role in February 2026. Howard previously led ASX-listed MSL Solutions through a period of significant growth before its eventual acquisition in 2023.
Management’s focus appears increasingly centred on enterprise expansion, deployment execution, and improving operating leverage rather than pure customer acquisition volume.
Sector Context
The broader aged care technology sector continues to benefit from structural demand drivers including:
• Federal government digital transformation funding
• Rising compliance and reporting obligations
• Workforce shortages across aged care
• Increasing pressure on operators to improve care efficiency and monitoring capability
Industry commentary referenced in recent Armchair Analyst coverage noted that digital platform penetration across Australian aged care facilities remains relatively low, suggesting the sector may still be in the earlier stages of adoption.
Outlook
The key near-term focus for investors is likely to remain on:
• Additional enterprise contract wins
• Conversion of deployments into ARR growth
• Sustained positive operating cash flow
• Expansion through existing MSA relationships
At current scale, execution and rollout velocity remain central to the investment narrative.
Savannah Goldfields maintained production and positive cash flow during the March 2026 quarter, with focus now shifting toward the planned restart of Agate Creek.
Production and Financials
Gold production continued at the Georgetown Gold Processing Plant, with 985oz gold and 595oz silver sold during the quarter.
Sales revenue totalled $7.03 million, with additional revenue recorded in April.
The company reported positive operating cash flow of $1.24 million, including the impact of planned maintenance activities.
Operations and Feed
Processing continued using Big Ben material, with mining at Big Reef recommencing in April and expected to provide near-term feed.
Operational optimisation initiatives included mill configuration testing and upgrades to the processing circuit to support recovery performance.
Agate Creek
Approval of the amended Environmental Authority for Agate Creek is expected in May.
Mining and processing are expected to recommence following approval, with Agate Creek representing a higher-grade feed source relative to recent material processed.
Exploration and Resources
Recent drill results from Red Dam and Electric Light returned high-grade gold intercepts, with resource updates expected in the June quarter 2026.
Metallurgical testing is ongoing to assess sulphide processing capability through existing infrastructure.
Strategic Positioning
Georgetown remains the only processing plant within a 400km radius, supporting a regional hub strategy.
The company is progressing studies to expand processing capability and evaluate standalone development options at Agate Creek.
Outlook
Near-term focus remains on Environmental Authority approval and restart of Agate Creek, alongside continued operational optimisation and resource updates.
Terra Metals is progressing from early discovery toward resource definition at the Southwest (SW) zone, while continuing to advance the existing Dante Reefs resource.
Southwest Progress
Drilling to date has defined mineralisation across approximately 850m strike and 450m down-dip, with an average downhole thickness of around 50m.
This work forms part of an ongoing program targeting a polymetallic PGE-Cu-Ni system, with drilling focused on defining continuity and scale.
Assays Pending
All assays from the current drilling program remain pending.
Results from DD011 are expected in June to July 2026, following visual identification of semi-massive to massive sulphides across a significant portion of the drill hole.
Ongoing drilling is targeting infill areas between SW5 and SW6.
Dante Reefs
The Dante Reefs project currently hosts a JORC Resource of 148Mt at 1.4% CuEq.
A resource update is expected in the June quarter 2026 following incorporation of 2025 drilling results.
Development Pathway
Planned milestones include continued drilling at Southwest through 2026, with a maiden Southwest resource expected in the second half of 2026.
Early-stage economic and development studies are also anticipated.
Outlook
Near-term updates are expected from drilling assays, resource updates and continued exploration activity across both Southwest and Dante Reefs.
Ioneer’s March 2026 quarterly reflects a transition toward execution at the Rhyolite Ridge Lithium-Boron Project, with focus now centred on partnering and development progression.
Funding and Balance Sheet
During the quarter, Ioneer completed a US$50 million equity raise, providing funding through the partnering process, Final Investment Decision and early development activities.
Cash at quarter end was US$44.0 million, with the majority held in USD.
Permitting and Legal Position
The US District Court upheld federal approval of the project, confirming compliance with key environmental and land-use legislation.
An appeal has been lodged, with a decision expected mid-2027. The process is not expected to impact near-term development timelines.
Strategic Partnering
The strategic partnering process, launched in June 2025, is progressing toward completion, with a consortium-style structure under consideration.
The process is being advised by Goldman Sachs and is targeted for completion by the end of the June 2026 quarter.
Project and Technical Progress
An updated technical report highlighted improvements in processing parameters, including reduced leach duration to 1.5 days.
Pre-feasibility studies are underway for battery-grade lithium carbonate and boron carbide, with completion targeted in the June 2026 quarter.
Market Context
Lithium and boron markets showed improving conditions during the period, with lithium prices higher year-on-year and boron demand supported by industrial and defence applications.
Dual commodity exposure remains a key feature of the project.
ESG and Development
The project remains compliant with environmental approvals, with ongoing conservation and community engagement programs progressing during the quarter.
Outlook
Near-term focus remains on completion of the strategic partnering process and progression toward Final Investment Decision.
Key Performance
Broken Hill Mines reported improved operational and financial performance in the March 2026 quarter.
Ore processed increased to 115,653 tonnes, with head grade rising to 6.5% ZnEq. Silver production reached 78,649oz, with lead at 2,473 tonnes and zinc at 3,113 tonnes.
Notional sales were $27.2 million, with operating cash flow of $2.4 million and cash receipts of $30.0 million. The company maintained positive cash flow during ongoing ramp-up activities.
Operational Progress
The Rasp Mine is transitioning from a single-feed to a three-feed operation.
Western Mineralisation continues as the base feed source. Main Lode, brought online in the December 2025 quarter, is contributing increasing tonnes. Pinnacles remains on track for June quarter 2026 commencement.
This transition is progressing toward improved production continuity and throughput flexibility.
Cost and Efficiency
Operating costs declined 6% quarter on quarter, while corporate costs remained stable. Growth capital expenditure reduced by 28% as ramp-up activities progressed.
The transition to owner-operator mining has improved operational control and cost structure.
Balance Sheet
Total available liquidity is approximately $75 million, including cash, unsold inventory and open QPs.
Positive operating cash flow continues to support operational activities.
Silver Contribution
Silver contribution to ZnEq increased during the quarter, supported by Main Lode sulphide mineralisation and expected contribution from Pinnacles.
Silver is becoming a more material component of production and revenue.
Outlook
Pinnacles is expected to commence in the June quarter 2026, supported by existing infrastructure and ongoing drilling programs.
Near-term updates are expected across production, drilling and operational integration as the multi-feed strategy progresses.
