Insights
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.
Carnaby’s March 2026 quarterly reflects continued progression from explorer to near-term copper-gold developer, supported by its Greater Duchess project in Queensland.
Project and Economics
The March 2026 Pre-Feasibility Study outlines a 12-year mine life with toll milling at Mount Isa.
Key financial metrics include pre-tax NPV of $472 million, IRR of 281% and payback of approximately 13 months under base case assumptions.
Pre-production capital is estimated at $11 million, reflecting a low upfront capital pathway supported by existing Glencore infrastructure.
Production and Reserves
The project is expected to process 9.3Mt at 1.9% CuEq, delivering approximately 165kt CuEq over the mine life.
The maiden Ore Reserve stands at 8.4Mt at 1.9% CuEq, supporting the majority of the planned production profile.
Mining is expected to begin with open pit operations before transitioning to underground.
Growth Opportunities
At Trek 1, drilling has confirmed a down-plunge extension of high-grade mineralisation beyond the current resource. Intercepts include 8.1m at 9.9% CuEq, including 4.3m at 16.5% CuEq.
At Trek 2, recent results include 35m at 2.9% CuEq, including 18m at 5.0% CuEq, with the system remaining open.
These zones represent potential sources of future resource and reserve growth.
Development Pathway
The Feasibility Study is targeted for mid-2026, with Final Investment Decision expected to follow.
First production is targeted for the second half of 2026.
Balance Sheet
Carnaby reported $13.0 million in cash at 31 March 2026, with no debt.
Outlook
Near-term focus remains on Feasibility Study progression, drilling outcomes and advancing toward development milestones.
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.
Conversion of contracted deployments into active subscriptions
Further enterprise agreements
Sustained operating cashflow
Timeline Update
PEPR approval
Completion of cultural heritage clearance
Commencement of drilling
Initial drilling observations
DD26CT004: 7.3–35.2% Cu between 30.2–90.8m
10.7 metres at 3.6% Cu from surface
16.7 metres at 2.3% Cu
30 metres between 0.78% and 1.31% Cu
Laboratory assay results from initial holes
Results from additional drilling
Assessment of lateral continuity
Definition of oxide and sulphide zones
Talius has secured a Master Services Agreement (MSA) with Seventh-Day Adventist Aged Care (South Queensland) under the Adventist Retirement Plus (ARP) banner, establishing an enterprise-level relationship within a nationally recognised aged care and retirement living network.
The initial rollout covers two retirement villages across the Gold Coast and Brisbane, representing approximately 220 beds. The agreement includes total contract value of $565k, comprising hardware and three-year recurring platform revenue. Annual recurring revenue contribution is approximately $40.8k per annum over a minimum three-year term, with hardware revenue of ~$443k targeted for delivery by June 2026.
Importantly, the agreement is structured as an MSA with initial Statements of Work, allowing additional sites to be onboarded without requiring full procurement processes for each deployment.
From a strategic perspective, the structure appears to support a scalable commercial model. While the initial rollout is modest in size, the agreement framework introduces potential for expansion across ARP’s broader Queensland portfolio and, subject to further agreements, the wider Adventist aged care network.
The combination of upfront hardware revenue and multi-year recurring software revenue supports both near-term cash generation and longer-duration earnings visibility. The MSA structure may also reduce sales friction for future deployments, as incremental sites can be executed via Statements of Work rather than new contracts.
Installation across the initial two villages is expected to complete by June 2026, supporting near-term revenue recognition. Management has indicated ongoing discussions regarding additional Statements of Work within ARP and other Adventist-aligned operators.
Overall, the agreement appears to position Talius within a scalable retirement living sub-segment, with potential for further network expansion if additional sites are converted under the existing MSA framework.
X2M Connect (ASX:X2M) has entered into a binding Smart Community Agreement with Echuca McMahon Pty Ltd, a subsidiary of Resi Ventures, to deploy its Smart Energy solution across a 1,000-lot residential estate in Echuca, Victoria.
What’s New
The agreement converts a previously announced non-binding term sheet into a formal contract, following commencement of estate infrastructure construction in September 2025.
In parallel, X2M has signed a non-binding MoU with Resi Ventures covering approximately 4,000 additional lots across Victoria and Queensland.
Key Data
The Echuca deployment represents up to approximately $2 million in revenue, subject to adoption across the estate, with revenue timing linked to lot sales and construction progress.
Resi Ventures’ broader development pipeline of approximately $900 million provides context for potential repeat deployments.
The Smart Energy solution includes upgraded solar capacity, a Home Energy Management System and potential integration with a community battery, subject to regulatory approval.
Why It Matters
The transition from a non-binding agreement to a contracted deployment may support greater visibility on near-term revenue and execution.
The model embeds X2M’s platform at the estate design stage, which may introduce switching costs and support broader adoption within the development.
Estimated electricity cost savings of approximately $1,000 per annum per household may support uptake, particularly where costs are integrated into home financing structures.
Scale and Strategy
The agreement reflects a shift from utility-focused deployments toward integrated residential energy ecosystems.
The MoU with Resi Ventures introduces a potential pipeline beyond the initial estate, indicating a developer-led rollout model that may be replicated across multiple projects.
This approach aligns with broader housing development activity and increasing integration of energy systems within residential infrastructure.
Catalysts
Key developments include rollout progress at the Echuca estate, conversion of the broader MoU into binding agreements, regulatory outcomes for community battery deployment and adoption rates across participating households.
Savannah Goldfields (ASX:SVG) has recommenced gold processing at the Georgetown Gold Processing Plant, with mills restarted on 27 March following early completion of planned maintenance.
What’s New
Gold pours and sales continued throughout the maintenance period, indicating operational continuity while plant works were completed.
Key Data
March doré pours totalled 1.078 kg on 18 March and 0.472 kg on 25 March, with mint outturn confirming 5.022 kg doré, equating to 241.7 oz gold and 72.7 oz silver.
Cumulative production since 7 November 2025 stands at 1,465.4 oz gold and 878.6 oz silver.
Current stockpiles include 10,040 tonnes of crushed Big Ben material at ~1.4 g/t Au, 7,300 tonnes of uncrushed material at ~1.3 g/t Au and an additional 3,000 tonnes of rockpile material at ~1.6 g/t Au.
Why It Matters
The restart of processing and continuation of sales through maintenance suggests stability in plant operations.
A near-term shift to higher-grade feed is planned, with Big Reef material averaging 2.9 g/t Au expected to enter the plant from mid-April through May.
This represents a higher grade relative to current Big Ben feed and may influence short-term production profiles.
Scale and Strategy
Processing is expected to transition from Big Reef material in April and May back to Big Ben feed in June, with Agate Creek ore targeted for Q2 CY2026, subject to Environmental Authority approval.
Agate Creek hosts an Ore Reserve of 460,000 tonnes at 2.5 g/t Au for 36,800 oz gold and is positioned as a longer-term feed source.
Additional deposits including Electric Light and Red Dam provide further optionality, with resource updates, drilling and scoping work ongoing.
The Georgetown plant remains the only gold processing facility within a 400 kilometre radius, supporting a hub-and-spoke strategy incorporating potential third-party ore, joint ventures and regional consolidation.
Catalysts
Near-term developments include commencement of Big Reef mining, progression of Agate Creek approvals and continued resource and exploration updates across the broader project portfolio.
Terra Metals (ASX:TM1) has reported visual intersections of semi-massive to massive sulfide mineralisation from the SWDD011 diamond drill hole at the Southwest SW6 prospect within the Dante Project in Western Australia.
What’s New
The SWDD011 hole intersected multiple zones of sulfide mineralisation proximal to a previously identified downhole electromagnetic (DHEM) conductor. Assays are pending and expected within 8 to 12 weeks.
Key Data
The mineralisation occurs within a ~320 metre thick zone comprising disseminated, net-textured and semi-massive to massive sulfides.
Previous drilling at SWDD006 returned grades including 31.1 g/t PGE3, 1.31% nickel and 0.55% copper within a broader 200 metre mineralised zone.
Visual logging from SWDD011 shows spatial alignment between massive sulfide zones and the modelled DHEM conductor located approximately 60 metres off-hole from SWDD006.
Why It Matters
The presence of semi-massive to massive sulfide mineralisation is consistent with higher-grade components typically associated with magmatic Ni-Cu-PGE systems.
The observed correlation between sulfide zones and the DHEM conductor supports the effectiveness of geophysical targeting and may reduce uncertainty in future drilling.
This style of mineralisation appears distinct from the existing reef-style mineral resource at Dante and introduces a separate exploration pathway.
Scale and Strategy
The Dante Project hosts a 2025 Mineral Resource of 148 Mt containing Ti-V-Cu-PGM-Au, including approximately 1.6 Moz PGE3 and 380 kt copper.
The Southwest discovery sits outside the current resource and suggests potential for an additional mineralisation style associated with feeder-style systems.
All Southwest drill holes are expected to undergo DHEM surveying to refine further targets.
Catalysts
Near-term developments include assay results from SWDD011, completion of DHEM surveys and follow-up drilling guided by geophysical anomalies and ongoing modelling.
Ioneer Ltd (ASX:INR) has received a favourable legal outcome for its Rhyolite Ridge Lithium-Boron Project, with the U.S. District Court for the District of Nevada upholding federal approval of the project.
What’s New
The Court rejected all legal challenges brought under environmental and land-use legislation, including claims under the Endangered Species Act, National Environmental Policy Act and Federal Land Policy and Management Act.
The ruling found that the Bureau of Land Management and the U.S. Fish and Wildlife Service acted lawfully and completed a defensible review process in approving the mine plan.
Key Data
The decision follows more than six years of engagement with federal, state, tribal and local stakeholders.
Rhyolite Ridge remains one of the few advanced U.S. projects with potential to supply both lithium and boron into domestic critical mineral supply chains.
Why It Matters
The ruling appears to materially reduce one of the key external approval risks that has weighed on the project.
It also supports greater clarity around the federal permitting position, which may assist the company as it progresses discussions around partnering, financing and development planning.
Scale and Strategy
Rhyolite Ridge is aligned with broader U.S. policy themes including critical mineral security, domestic supply chains and reduced reliance on foreign processing.
With the legal challenge resolved at the federal level, management appears to be shifting focus from defending approvals toward commercial and development execution.
Catalysts
Near-term focus is expected to centre on strategic partner selection, final development planning and progression toward construction, subject to financing and commercial arrangements.
Hawk Resources Limited (ASX:HWK) has executed a binding Share Sale Agreement to acquire an option to earn up to 80% of Monument Metals Pty Ltd, which holds the Meerkat Copper Project in southern Arizona.
What’s New
The transaction is structured around staged payments and performance-based milestones, including discovery thresholds, an inferred resource target of 150Mt @ 0.8% Cu Eq and DFS completion.
Key Data
The option fee is A$125k, with A$1.0m payable upon exercise in cash or shares. Deferred consideration is linked to exploration success, with milestones extending up to five years.
The project is located in the Patagonia Mountains within the Laramide Magmatic Arc, a globally recognised copper belt that hosts deposits such as La Caridad, Cananea and Copper World.
Why It Matters
A ~1km diameter circular magnetic anomaly has been identified, interpreted as consistent with porphyry-style mineralisation. This anomaly surrounds the historic Santo Nino mine and has not been tested by modern drilling.
Historical production from Santo Nino reported grades of 7–8% Cu and ~1% Mo, while shallow drilling has returned intercepts including 48m @ 0.47% Cu Eq and 7.2m @ 0.91% Cu Eq. These results are indicative and require modern verification.
Previous exploration focused on peripheral zones rather than the interpreted porphyry core, suggesting the system has not been systematically assessed using modern techniques.
Scale and Strategy
The acquisition adds to Hawk’s U.S. copper exposure alongside its Cactus project in Utah and aligns with broader themes of supply-chain security and jurisdictional preference.
The structure of the transaction is discovery-aligned, with capital deployment linked to technical milestones rather than upfront commitments.
Catalysts
Planned work includes geochemical sampling in Q2 2026, geophysical surveys in Q3 and initial drilling targeted for late 2026 to early 2027.
Lumos Diagnostics (ASX:LDX) has achieved a key regulatory milestone, positioning its FebriDx product for broader commercial rollout across the United States.
What’s New
The company has secured an FDA CLIA waiver for FebriDx, following prior 510(k) clearance. This allows the test to be used in a wider range of healthcare settings beyond hospital laboratories.
Key Data
The CLIA waiver expands the addressable US market to more than 300,000 healthcare locations, including physician offices, urgent care clinics, retail clinics and community health centres.
This represents a potential reach of approximately 80 million patients annually and a market opportunity in excess of US$1 billion.
Lumos has also completed a A$20 million institutional placement, alongside a $3.1 million option exercise from Ryder Capital and Tenmile, supporting manufacturing expansion, US commercialisation and debt reduction.
Why It Matters
The CLIA waiver shifts FebriDx from a hospital-based diagnostic to a point-of-care test accessible across outpatient settings.
The product is designed to differentiate between viral and bacterial respiratory infections, aligning with broader healthcare priorities such as antimicrobial resistance and antibiotic stewardship.
Government-backed programs, including funding from BARDA and milestone payments linked to the PHASE Scientific agreement, indicate alignment with US public health initiatives.
Scale and Strategy
The PHASE Scientific distribution agreement provides access to established US distribution channels, supporting a scalable rollout model without requiring full internal infrastructure build-out.
The company is also progressing a paediatric CLIA waiver study, which may expand the potential use case across additional patient groups.
Catalysts
Near-term developments include commercial rollout progress following the CLIA waiver, outcomes from the paediatric study and continued execution under the PHASE Scientific agreement.
Middle Island Resources Ltd (ASX:MDI) has commenced its 2026 field programs in Serbia, progressing both near-mine drilling and regional-scale exploration across the Bobija Project area.
What’s New
Phase 2 RC drilling is underway at the Bobija Mine, targeting extensions to high-grade gold–silver–lead–zinc ± barite mineralisation beneath the historic open pit.
Step-out soil sampling has also commenced at the Tisovik area, following identification of an approximately 5km silver–lead–zinc–antimony anomaly across multiple prospects.
Key Data
The Phase 2 drilling program at Bobija includes 17 holes for up to 1,500 metres, building on prior results such as:
52m @ 1.17g/t Au, 26.0g/t Ag, 1.01% Zn
23m @ 1.12g/t Au, 50.6g/t Ag, 1.17% Pb, 1.94% Zn
11m @ 3.15g/t Au, 22.6g/t Ag
At Tisovik, previous soil sampling returned peak values including 7.1g/t Ag, 4,685ppm Pb, 969ppm Zn and 1,049ppm Sb across a multi-prospect system.
Why It Matters
Drilling at Bobija is targeting continuity of mineralisation beneath the existing pit, with earlier results suggesting mineralisation may extend beyond previously interpreted boundaries.
At Tisovik, the scale and multi-element anomalism are consistent with a broader polymetallic system, although further work is required to define geometry and continuity.
Scale and Strategy
The 2026 program is structured to advance two parallel workstreams: resource expansion at Bobija and district-scale target definition at Tisovik.
Multiple datasets are expected to feed into ongoing interpretation, including drilling, soil sampling and regional exploration programs.
In-country exploration capacity has been expanded to support concurrent activity, including additional personnel, sampling infrastructure and field analysis capability.
Catalysts
Assay results are pending from Phase 2 drilling at Bobija, barite assays from Phase 1, Tisovik soil sampling and regional targets including Timok and Brodica.
Results are expected to be delivered progressively through the 2026 field season.
Heavy Rare Earths Ltd (ASX:HRE) has reported new mineralogical findings from the Radium Hill Project, identifying key rare earth host minerals within the system.
What’s New
Monazite and Xenotime have been identified within Radium Hill-style mineralisation following collaboration with Adelaide University under the Australian Research Council Centre for Critical Resources for the Future.
This represents the first recognition of these minerals within the project, extending understanding beyond historically uranium-focused mineralisation.
Key Data
The discovery sits within the Bonython Critical Mineral Corridor, an approximately 8km structural trend hosting multiple historical workings.
Surface sampling across the corridor has returned anomalous Rare Earth Elements, Yttrium, Scandium and Vanadium.
Mineralogical analysis using SEM, EPMA and EDS has confirmed the presence of rare earth elements within identified mineral grains.
Why It Matters
Monazite and Xenotime are globally recognised host minerals for Heavy Rare Earth Elements and Yttrium, which are typically associated with higher-value applications.
Their identification suggests a broader mineral system than previously understood, although further work is required to define scale, continuity and economic relevance.
Scale and Strategy
The Bonython Critical Mineral Corridor remains only partially assessed using modern techniques, with historical exploration largely focused on uranium.
Current work is refining geological understanding across the corridor, supporting a broader exploration thesis that includes multiple critical minerals.
The collaboration with academic institutions introduces modern analytical frameworks to a system that has not been re-evaluated at this level for decades.
Catalysts
Next steps include continued mineralogical analysis, refinement of geological models and progression toward drill targeting along the corridor.
Hawk Resources Ltd (ASX:HWK) has reached a key permitting milestone at the Olympus Scandium Project in Western Australia, progressing the project toward planned exploration activity in 2026.
What’s New
A Native Title Agreement meeting has been scheduled for 24 April 2026, representing a critical step toward securing exploration approvals.
Subject to Traditional Owner approval and Ministerial consent, a Cultural Heritage Survey is expected to follow, enabling near-term fieldwork.
Key Data
Olympus hosts a 7km × 4km scandium soil anomaly exceeding 500ppm Sc, with internal zones above 1,000ppm Sc.
Historical shallow RAB drilling returned intercepts including 11m @ ~934ppm Sc from surface, with peak 1m samples exceeding 2,000ppm Sc based on pXRF readings.
The project is located within a mafic–ultramafic intrusive system in the West Musgrave region, a recognised geological setting for scandium enrichment.
Why It Matters
Progression of the Native Title Agreement and Cultural Heritage Survey reduces permitting uncertainty, which is a key gating factor for early-stage exploration projects.
The scale of the anomaly and consistency of historical results suggest a broader mineralised system, although verification through laboratory assays remains a key next step.
Scale and Strategy
Historical exploration data indicates widespread anomalous scandium across multiple lines, with drilling only partially testing the main anomaly.
The planned work program focuses on validating legacy pXRF data through laboratory assays, followed by refining targets for potential drill testing.
This staged approach aligns with exploration discipline, prioritising data validation before committing to larger-scale drilling.
Catalysts
Near-term activity includes finalising access and approvals in Q2 2026, conducting due diligence soil sampling, and progressing toward drill target definition.
Drilling returned 8.1m @ 9.9% CuEq, including 4.3m @ 16.5% CuEq, confirming mineralisation approximately 600m down plunge from the existing open pit.
Multiple intercepts above 8–16% CuEq have been recorded, including copper grades exceeding 13% Cu with associated gold credits.
The consistency of high-grade intercepts and down-plunge continuity is indicative of a coherent breccia system extending beyond the current resource envelope.
Company + Context
Patagonia Lithium (ASX:PL3) has reported updated assay results from Well JAM 26-06, with data indicating improving lithium grades, declining magnesium ratios and strong aquifer characteristics across the system.
What’s New
Peak lithium assay reached 412 ppm Li at 405–416 m, above the project average of ~296 ppm Li. Multiple intervals exceeding 350 ppm Li suggest grade strength at depth.
Magnesium ratios continue to decrease downhole, with Mg:Li of 2.59 across the key interval and 1.83 in the deepest sample.
Chloride concentrations reached ~105,000 mg/L, with Total Dissolved Solids generally exceeding 100 g/L and conductivity above 100 mS/cm in deeper zones, consistent with evolved brine chemistry.
Key Data
More than 240 m of sandy units were recorded, with core and packer testing indicating high porosity and permeability. Drilling pump tests achieved flows of up to 1,200 L/hr.
Why It Matters
The combination of improving grades, declining Mg:Li ratios and aquifer characteristics is consistent with a maturing brine system. These factors are relevant in assessing potential extraction efficiency and overall development pathways.
Scale and Strategy
Relative Brine Release Capacity testing is underway to assess how effectively lithium brine can be released from host sediments, supporting assumptions around recoverable lithium.
Well JAM 26-07 is expected to test basin-scale continuity, with drilling planned to approximately 600 m around 2 km west of the current aquifer.
Geophysical, seismic and hydrogeological datasets appear to be converging, supporting structural interpretation ahead of a potential resource update.
Catalysts
Near-term activity includes the 72-hour pump test at JAM 26-06, completion of RBRC testing, initial results from JAM 26-07 and progression toward an updated Mineral Resource Estimate and scoping study.
Broken Hill Mines has reported high-grade drilling results from the Pinnacles Mine, confirming a large and continuous zone of silver–lead–zinc mineralisation at the Perseverance target.
Signal
Recent drilling has returned multiple high-grade intercepts, including 5.1 metres at 717 g/t AgEq and 3.2 metres at 893 g/t AgEq, supporting the presence of a high-grade mineralised system.
Validation
Mineralisation at Perseverance is now defined over approximately 350 metres down dip and up to 100 metres in true width, with consistent thicknesses and multiple intercepts exceeding 1,000 g/t AgEq.
New results extend historical high-grade intercepts and confirm continuity of the system, supporting the case for bulk underground development rather than isolated high-grade zones.
Scale and Upside
The Perseverance zone sits within the broader Pinnacles Mineral Resource, which currently totals 6.0Mt at 374 g/t AgEq. The emerging high-grade zone is not fully reflected in the current resource and remains open at depth.
Pinnacles continues to provide near-term open pit feed while also evolving into a potential underground mining opportunity within an established processing hub.
Forward Look
Key catalysts include ongoing drilling results, a potential decision on an underground exploration decline and an updated Pinnacles Mineral Resource expected in the second half of 2026.
Initial ore from Pinnacles is targeted for processing at the Rasp plant in the second quarter of 2026 as part of the broader development pathway.
Ballymore Resources has secured A$383k in non-dilutive funding through the Queensland Government Collaborative Exploration Initiative, supporting geophysical programs across its copper–gold and silver–lead–zinc projects.
Signal
The funding supports magnetotelluric surveying at the Dittmer Project and a gravity survey at the Ruddygore Project, targeting concealed mineralised systems.
Validation
At Dittmer, previous drilling has intersected altered volcanics, intrusive dykes and hydrothermal brecciation, supporting the presence of a potential porphyry copper–gold system at depth.
At Ruddygore, a gravity survey will be conducted across a 32 kilometre strike, targeting high-grade silver–lead–zinc mineralisation and associated copper–gold systems, with integration of existing geophysical datasets to refine drill targeting.
Scale and Upside
The programs are designed to target blind mineralised systems across a broader district-scale footprint. Geophysical methods such as magnetotellurics and gravity surveying are commonly used to identify concealed porphyry and sulphide systems.
The funding provides non-dilutive capital to advance these programs while preserving balance sheet capacity.
Forward Look
Drilling is expected to resume across multiple targets in April, alongside completion of geophysical surveys through the second quarter. A maiden Mineral Resource Estimate at Dittmer is expected later in 2026.
Terra Metals has recommenced drilling at SW5, with early visuals indicating a potential shift from a reef-style system to a conduit-style magmatic Ni-Cu-PGE system.
What’s New
Drilling at SW5 has intersected semi-massive to net-textured sulphides at shallow depths of 60–80m in hole SWD009.
The sulphide assemblage of pyrrhotite, pentlandite and chalcopyrite is consistent with a fertile magmatic system.
Five rigs are now active, supported by $85m cash, with a maiden resource targeted for H2 2026.
Geological Significance
Net-textured and semi-massive sulphides suggest accumulation of sulphide liquid within a feeder or conduit zone.
The system has been defined over ~850m strike, 650m width and 348m depth, remaining open.
This supports a conduit-style interpretation, which typically hosts larger-scale deposits than reef-style systems.
System Scale
SW5, SW6 and SW1 are now interpreted as part of the same magmatic system.
High-grade intersections along strike support continuity, with EM surveys planned to refine targeting of massive sulphides.
Near-Term Catalysts
Key milestones include assays from SWD009, step-out drilling at SW5 and EM conductor modelling.
Summary
The SW5 update indicates a shift in geological understanding, with early evidence supporting a larger-scale magmatic system supported by active drilling and funding capacity.
Exploration Growth Emerging Across Trek Copper System
Carnaby Resources continues to demonstrate exploration upside across its Mt Isa copper projects, with recent drilling supporting the expansion potential of the Trek mineralised system.
Signal
Recent drilling at Trek 2 returned an intersection of 35 metres at approximately 2.9 percent copper, confirming the continuation of mineralisation down plunge.
Validation
Drilling results indicate the Trek 2 system remains open and could materially deepen the pit shell assumed in the company’s Pre-Feasibility Study once additional drilling and inferred resources are incorporated.
Several prospective zones remain largely untested across the broader system, including down-plunge extensions at Trek 2, southern extensions at Trek 1 and a central structural corridor between Trek 1 and the Inheritance deposit.
Scale and Upside
Historical mining in the region focused on very high-grade copper zones, suggesting broader mineralisation may remain outside existing resource models. Additional drilling has also identified evidence of potential footwall lodes below the existing Trek 1 resource.
Forward Look
Near-term catalysts include the release of the Pre-Feasibility Study, additional assay results from ongoing drilling and a planned RC hole targeting the central structural corridor between Trek 1 and Inheritance.
The company is also progressing project development planning, with recent hiring activity indicating preparation for potential development stages in the coming year.
Middle Island Resources has identified a new large-scale gold exploration target at the Zabrnjica Prospect within its Priboj Project in Serbia. The target is defined by a strong gold-in-soil anomaly extending approximately 600 metres along strike and up to 200 metres in width.
Signal
Zabrnjica represents a previously untested gold target with no modern exploration undertaken across the prospect area.
Validation
Exploration has outlined a coherent gold-in-soil anomaly with peak soil assays of 38 ppb Au. Bedrock mineralisation has also been confirmed through rock chip samples returning up to 0.68 g/t Au, with float samples grading up to 1.91 g/t Au.
Geological mapping and alteration patterns are consistent with replacement-style gold systems associated with intrusion-related deposits.
Scale and Upside
Replacement-style gold systems are often laterally extensive and capable of supporting large mineralised systems even where surface grades are modest. Middle Island has referenced the Donlin Creek deposit in Alaska as a geological analogue for this style of mineralisation.
Forward Look
An initial five-hole RC drilling program is planned for the 2026 field season, subject to land access approvals. Zabrnjica adds a new gold exploration vector within the Priboj Project alongside existing copper targets at Priboj and Jermovac.
Hawk Resources is advancing a dual-track exploration strategy targeting copper in the United States and scandium in Western Australia.
The company’s Cactus Copper Project in Utah sits within a highly prospective mining district and previously produced 1.3 Mt at 2.0 percent copper and 0.33 g/t gold between 1905 and 1920. Current drilling is testing six new targets across the project area, with exploration focusing on both shallow oxide mineralisation and deeper sulphide systems.
In Western Australia, the Olympus Scandium Project in the West Musgrave region has identified a large 7 km by 4 km scandium anomaly with grades exceeding 500 ppm scandium. The project is progressing Native Title Agreement negotiations while further exploration planning continues.
Near-term activity is expected to focus on ongoing drilling at Cactus and advancement of exploration programs at Olympus. Both projects form part of Hawk’s strategy to build exposure to copper and critical minerals through exploration in established mining jurisdictions.
Tempest Minerals Expands into New Zealand Gold Portfolio
Tempest Minerals has announced the acquisition of Zealandia Resources, securing a 145 km² portfolio of epithermal gold projects across two of New Zealand’s most productive gold provinces.
The projects are located within the Taupo Volcanic Zone and the Hauraki Goldfields, regions that host several significant epithermal gold systems including long-producing mines such as Martha. The acquisition provides Tempest with four data-rich exploration projects displaying large hydrothermal systems with mapped alteration, breccias and structural controls consistent with epithermal gold mineralisation.
Strategic Portfolio Shift
Alongside the acquisition, Tempest has agreed to divest its Yalgoo Project in Western Australia to Capricorn Metals for $4.5 million. The transaction includes $4 million in Capricorn shares, giving Tempest equity exposure to a large Australian gold producer while improving its capital position.
Tempest will also retain iron ore rights over the Remorse magnetite deposit within the Yalgoo region.
Scale and Exploration Potential
The Zealandia portfolio covers four advanced gold systems with strong geological indicators including large alteration zones, structural controls and extensive geophysical anomalies. These projects are considered drill-ready and provide exposure to large epithermal gold systems across a combined 145 km² footprint.
Forward Look
Completion of the Zealandia acquisition remains subject to due diligence and shareholder approval. Following completion, Tempest plans to advance mapping, geochemical sampling and target definition across the New Zealand projects ahead of potential drilling programs.
Together with its retained Western Australian assets and equity exposure to Capricorn Metals, the transactions position Tempest with multiple exploration and development pathways across two jurisdictions.
Savannah Goldfields has provided an update on gold production from its Georgetown Gold Processing Plant in Far North Queensland, confirming continued production through February and early March.
Six doré pours were completed between 2 February and 9 March. February mint outturn confirmed 289.8 oz of gold and 95.3 oz of silver produced from 12.963 kg of doré, with March outturn still pending.
Since production resumed on 7 November 2025, cumulative output has reached 1,223.7 oz of gold and 805.9 oz of silver, generating approximately $8.54 million in revenue at an average realised gold price of $6,899 per ounce.
Operational Progress
Planned maintenance at the Georgetown processing plant began in late February and is expected to run for approximately six weeks. Mining and processing activities are scheduled to resume in mid-April, with weekly doré pours expected to continue through mid-March as residual gold is recovered from the processing circuit.
Near-term plant feed is expected from Big Reef and Big Ben. An interim open pit at Big Reef is planned to deliver approximately 15,000 tonnes grading 2.9 g/t Au, while up to 25,000 tonnes of mineralised material has been identified at the Big Ben rock dumps to supplement feed.
Forward Look
Processing of Big Reef material is planned for April–May, followed by Big Ben material from June. Mining at Agate Creek is expected to resume in Q2 2026, subject to approval of an amended Environmental Authority.
Agate Creek hosts Ore Reserves of 460,000 tonnes grading 2.5 g/t Au, providing more than two years of potential plant feed.
Savannah continues advancing a regional hub-and-spoke strategy centred on the Georgetown processing plant, including evaluating opportunities for sulphide processing, toll treatment and regional partnerships.
Court approval through the Scheme process
Independent Expert confirmation that the Scheme is in shareholders’ best interests
Pan African approval for ASX foreign exempt listing and CDI quotation
Recent drilling results from Terra Metals continue to reinforce the scale and geological consistency of the Dante Project. Oxide-reef drilling across Crius (Reef 1), Hyperion (Reef 2), Legacy and Reef 5 confirms a large layered mafic intrusion hosting stacked critical-mineral horizons.
Results support the geological model of Dante as a district-scale system with thick, laterally continuous titanium-vanadium-copper-PGM mineralisation close to surface.
Expanding Oxide Reef System
Drilling across the Crius and Hyperion reefs continues to demonstrate strong continuity, with mineralised packages commonly reaching 40–60 metres in thickness. Internal high-grade bands have returned 15–22% TiO₂ and 0.6–0.9% V₂O₅, supported by copper and PGE mineralisation near basal contacts.
Hyperion is now emerging as a second major oxide reef comparable in thickness and grade to Crius, expanding the potential resource footprint.
Upper Stratigraphy Discoveries
New reefs within the upper stratigraphy, including Legacy and Reef 5, introduce additional stacked horizons within the intrusive system. These zones display elevated titanium and vanadium grades alongside enrichment in apatite and incompatible elements such as P₂O₅, TREO and gallium, indicating a more fertile upper intrusive sequence than previously recognised.
Metallurgical Strength
Metallurgical testwork supports a relatively simple processing pathway involving crushing, grinding, flotation and magnetic separation, capable of producing three saleable concentrates:
Copper–gold–PGM sulphide
Titanium dioxide ilmenite
Vanadium-rich magnetite
System Scale
The Dante intrusive complex now hosts both oxide reef mineralisation and high-grade sulphide zones identified within the southwest portion of the system. This dual mineralisation style resembles globally significant layered intrusion systems.
The current 148 Mt Mineral Resource Estimate represents only part of the intrusive footprint and may expand as drilling continues to confirm reef continuity and stacked stratigraphy.
Near-Term Catalysts
Key developments expected through 2026 include:
Updated Mineral Resource Estimate
Southwest sulphide diamond drilling assays
Continuation of the 2026 drilling campaign
Further metallurgical optimisation
Outlook
Recent drilling continues to highlight the scale and consistency of the Dante system. With multiple stacked oxide reefs and emerging sulphide mineralisation, the project is evolving into a district-scale critical-minerals system with several catalysts ahead.
Carnaby Resources has reported its strongest drill result to date at Trek 2 within the Greater Duchess Copper–Gold Project.
CBRC0063 returned:
35m @ 2.9% CuEq from 105m, including
• 18m @ 5.0% CuEq from 115m
Plus
• 3m @ 3.7% CuEq from 70m
• 24m @ 0.5% CuEq from 162m
This is the largest intercept ever drilled at Trek 2 and sits entirely outside the current Mineral Resource.
Resource Growth Potential
The new high-grade zone:
• Sits beneath previous shallow drilling
• Remains open to the north
• Remains open at depth
The northern portion of Trek 2 is currently largely Inferred and not fully incorporated within the PFS pit design. This result has clear implications for resource conversion, potential pit expansion and grade uplift.
Strategic Context
Greater Duchess currently hosts:
29Mt @ 1.5% CuEq for 441kt CuEq
Additional upside remains across:
• Trek 2 northern extensions
• Trek 1 400m extension (diamond results pending)
• Nil Desperandum and Lady Fanny
• Mount Hope
Tolling and offtake arrangements with Glencore are already in place, with the PFS due Q1 CY26.
Outlook
The Trek 2 result is expected to feed directly into PFS optimisation work, including pit design, strip ratio modelling and mine sequencing.
Ongoing drilling across Trek 1 and Trek 2 will further define the scale and geometry of the system ahead of feasibility.
LinQ Minerals has reported a significant porphyry-style copper–gold intercept at Mandamah, further strengthening the emerging Central Zone within the Macquarie Arc.
MDACD001 returned:
220m @ 0.79% CuEq (0.44g/t Au, 0.44% Cu) from 99m
The intersection begins at shallow depth and displays continuous quartz–sulphide stockwork veining consistent with core porphyry mineralisation.
Geological Context
The result aligns with previous Mandamah intercepts:
• 226m @ 0.74% CuEq
• 180m @ 0.76% CuEq (including 105m @ 0.93% CuEq)
• 148m @ 1.03% CuEq (including 40m @ 2.42% CuEq)
• 76m @ 1.10% CuEq
Alteration and mineral assemblages reported include K-feldspar–biotite–magnetite alteration with bornite–chalcopyrite–pyrite sulphides, consistent with Macquarie Arc porphyry systems.
Mineralisation remains open along strike, down plunge and at depth, with drilling defining a growing 600m mineralised strike.
District-Scale Potential
LNQ now controls a 17km corridor hosting multiple mineralised centres including Mandamah, Donnington and Gidginbung.
The company already reports a global Mineral Resource of:
516Mt containing ~3.7Moz Au and 1.2Mt Cu
Current drilling is focused on expanding the Mandamah system and testing deeper porphyry extensions.
Outlook
Three rigs are mobilising as part of an expanded drilling program, supported by approximately $20m cash on hand.
Ongoing extensional drilling, deeper testing and structural vectoring are expected to define the scale of the Central Zone through 2026.
Ballymore Resources continues advancing the high-grade Dittmer Gold Project in North Queensland, with underground upgrades and resource drilling setting up a pivotal 2026 work program.
Underground Access Upgrade – Key Milestone
A new modern-scale portal has now been completed, with full redevelopment targeted for Q1 2026.
The enlarged access drive:
• Enables modern equipment and safer operations
• Reduces drilling costs versus surface programs (~$2.5m saving)
• Supports both resource drilling and trial mining
This marks a major de-risking step for the project.
Stage 6 Resource Drilling – Q2 2026
A 3,000m underground drill program is scheduled to commence in Q2 2026.
Focus areas include:
• Southern extension of the Duffer Lode Fault
• A 4km mineralised corridor
• Historic rock chips up to 807.7 g/t Au
• Stream sediments up to 39 g/t Au
The objective is to deliver a maiden Mineral Resource Estimate following completion.
Trial Mining & Bulk Sampling
Historic backfill and remnant pillars have returned high-grade results, including:
• Backfill assays up to 81.7 g/t Au
• 0.4m @ 207 g/t Au, 2.97% Cu, 76 g/t Ag
• Channel samples averaging 104.3 g/t Au
Bulk sampling in Q2 will support metallurgical testing and evaluation of near-term production potential.
Outlook
Key catalysts through 1H26:
• Completion of underground upgrades (Q1)
• Stage 6 drilling commencement (Q2)
• Bulk sample recovery and metallurgical trials
• Maiden MRE targeted Q3 2026
The new portal provides the infrastructure foundation for both near-term trial mining and longer-term resource growth along the 4km high-grade corridor.
Talius is progressing a strategic transition toward a recurring SaaS model within the aged-care and healthcare technology sector, supported by structural demographic tailwinds and improving financial performance.
Structural Drivers
Australia’s ageing population continues to accelerate:
• 22% of Australians projected to be 65+ by 2026
• 85+ population expected to exceed 1 million by 2042
• Aged care spending currently ~$36.4B
Regulatory pressure and financial stress across providers are increasing demand for compliance automation, monitoring and efficiency solutions.
FY2025 Operational Reset
Talius delivered a material turnaround in FY2025:
• Net loss reduced 55% YoY to ($1.46M)
• Positive operating cash flow achieved in Q4
• Active subscriptions up 20% to 51,150+
• ARR up 12.7% to $3.3M
The company intentionally reduced lower-margin hardware revenue while expanding recurring SaaS revenue to 41% of total revenue.
Revenue Quality Shift
• Hardware revenue down 47.6% YoY
• SaaS revenue increased to $3.17M
• Average subscription revenue per device ~ $64.50
This improves revenue predictability, margin quality and long-term cashflow visibility.
Strategic Leverage
• Alignment with the $5.6B Aged Care Reform Package
• Distribution partnerships including Wesco Anixter and ADT/Chubb
• Device-agnostic platform with CSIRO-validated analytics
The model supports scalable expansion without heavy capital intensity.
FY2026 Focus
• Expand subscription penetration
• Increase ARR density per customer
• Broaden vertical exposure across aged care, hospitals and home care
• Maintain positive operating cashflow and progress toward profitability
The company is now positioned to scale recurring revenue within a structurally supported healthcare technology market.
Hamelin Gold presented strongly at RIU, with renewed focus on advancing multiple gold projects across the Paterson, Yilgarn and Tanami provinces.
1. Day Dawn – Paterson Province
Located approximately 10km northwest of the Telfer gold-copper mine, the Day Dawn Project is emerging as a high-grade lode system with targets including Aurora, Sparrows and Phoenix.
Recent reinterpretation of historic drilling has outlined coherent reef-style gold shoots, with shallow and deeper high-grade intercepts across multiple zones.
2026 focus:
• Drilling to commence May–June
• Targeting definition of high-grade lodes
• Progression toward an initial resource around the Aurora system
2. Venus – Yilgarn
The Venus Project sits between Mt Magnet and the Tuckabianna mill, near existing Ramelius and Westgold operations.
Current work includes:
• 50m-spaced airborne magnetics
• Phase 2 surface sampling along the Comet corridor
• Heritage clearance planned for late March
Magellan remains open at depth, with additional priority anomalies emerging from integrated geochemistry and aeromagnetics.
3. West Tanami
Five mineralised systems have been defined: Sultan, Mojave, Camel, Hutch’s and Fremlins.
Bedrock gold was intersected in 2025 at Jazz and Fremlins South. 2026 drilling will focus on defining high-grade shoots within broader structural corridors.
2026 Program
• Paterson: Aurora lode drilling and resource pathway
• Yilgarn: Drill Magellan and adjacent anomalies
• Tanami: RC and aircore drilling mid-year
• Continued portfolio expansion across WA
The company is advancing multiple high-grade systems simultaneously, with drilling across all three provinces scheduled through mid-2026.
- 3m @ 4.85% Sn
- 5m @ 3.32% Sn
- 6m @ 2.33% Sn
- Historic 6m @ 3.56% Sn
- Historic 5m @ 3.22% Sn
- Up to 24 holes (~2,500m)
- Primarily RC drilling
- 4–5 diamond holes for metallurgy and historic validation
- Mobilisation targeted for early Q2
- Drill mobilisation
- First assay results
- Structural continuity confirmation
- Diamond core metallurgy
- Maiden Tin Resource Estimate
Terra Metals has reported further strong results from SW5 and SW6 at the Dante Project, reinforcing the interpretation of a large, vertically connected PGM–Cu–Ni system.
SW6 alone has now returned more than 200 metres of apparent mineralised thickness and remains open at depth, with mineralisation continuing to end-of-hole in each completed drillhole.
Drill Results – SW6
Headline intercepts include:
31.1 g/t PGE3 with 1.31% Ni and 0.55% Cu
12.67 g/t PGE3
8.76 g/t PGE3
Thick mineralised zones include:
61m @ 1.41 g/t PGE3
82.4m @ 1.14 g/t PGE3 to end-of-hole
89m @ 0.96 g/t PGE3
SW6 is located approximately 850 metres north of SW5, which previously returned 53 g/t PGE3. The spacing confirms mineralisation across multiple centres within the intrusive system rather than a single isolated pod.
Geological Context
Drilling indicates a large mafic–ultramafic feeder-style system with:
200m vertical mineralised thickness
Strike extent now at least 850m
Multiple zones of high-grade sulphide accumulation
Open mineralisation in all directions
The system shows both palladium-rich conduit mineralisation and platinum-rich zones, highlighting metal zonation across the intrusive complex.
Geophysical Catalyst
A 100m × 150m DHEM conductor sits directly beneath the 31 g/t PGE3 intercept at SW6. This off-hole plate represents a priority target and may indicate additional sulphide accumulation at depth.
Outlook
Phase 4 drilling is scheduled to commence in March 2026, with up to 30,000 metres planned across four rigs. Key catalysts include:
Drilling of the DHEM conductor
Assays pending from deeper SW6 intervals
Step-outs targeting thicker sulphide pools
Integrated 3D modelling of the feeder system
Terra Metals has confirmed a significant titanium–vanadium–gallium (Ti–V–Ga) discovery across the SW3 and SW4 prospects within the Dante Project.
The mineralised system now extends over approximately 800 metres of strike and 400 metres of width, with high-grade intervals reported up to 60 metres thick.
Project Update
Drilling at Southwest continues to define a broad, layered mineralised system containing elevated titanium and vanadium, with notable gallium enrichment ranging between 40–55 ppm Ga₂O₃.
The scale and thickness of mineralisation materially expands the Southwest footprint and supports the interpretation of a large, multi-metal intrusive system within the broader Dante Project.
Strategic Context
Gallium is classified as a critical mineral due to its role in semiconductors and advanced electronics. The presence of consistent gallium enrichment alongside titanium and vanadium introduces potential by-product optionality within the system.
The discovery complements previously identified polymetallic reef-style mineralisation at Dante and reinforces the project’s exposure to multiple critical and strategic metals.
Outlook
Further assays remain pending, including additional intervals within identified sulphide zones. These results will assist in refining the scale, grade distribution and broader exploration potential of the Southwest corridor.
Carnaby Resources has reported further strong drilling results from Trek 1 and Trek 2 within the Greater Duchess Copper-Gold Project in the Mt Isa Inlier, Queensland.
Trek 1 Drilling
Recent drilling confirms a wide, shallow, continuous copper–gold system.
Key intersections include:
• 7m @ 8.9% CuEq from 35m, including 3m @ 19.7% CuEq
• 13m @ 5.1% CuEq from 26m
• 34m @ 2.4% CuEq from 25m
• 71m @ 1.1% CuEq from 7m
• 15m @ 1.0% CuEq from 205m, remaining open
Drilling confirms an approximate 15m true width orebody, materially wider than the ~1m underground stopes mined between 1911 and 1945.
Mineralisation begins near surface, with oxide to ~15m depth and transitional material from 15–25m, both minor components of total inventory.
Trek 2
Trek 2 continues to add depth potential:
• 33m @ 0.8% CuEq from 104m, including 23m @ 1.0% CuEq
The deposit remains open at depth.
Project Context
Trek 1 and Trek 2 form part of the Greater Duchess Copper-Gold Project, where Carnaby controls 1,946km² of IOCG tenure in the Mt Isa Inlier.
Current project-wide Mineral Resource Estimate stands at:
29Mt @ 1.5% CuEq for 441kt CuEq.
Offtake and tolling agreements are already in place with Glencore.
Outlook
A Pre-Feasibility Study is due in Q1 2026, with Trek 1 being modelled as potential start-up open pit feed. Assays from late-2025 drilling are pending, while ongoing drilling is testing the 400m southern extension.
Trek 2 infill and depth drilling aims to support resource conversion for pit design.
• 31m @ 2.19g/t AuEq from 67m
• High-grade silver up to 100 g/t Ag (not included in AuEq)
The United States and Argentina have signed a new critical minerals agreement, formally integrating Argentina into US-aligned supply chains and reinforcing the strategic importance of lithium assets within the Lithium Triangle.
Critical Minerals Agreement Overview
On 5 February 2026, the US and Argentina signed the Framework Instrument for Securing Supply in the Mining and Processing of Critical Minerals at the 2026 Critical Minerals Ministerial in Washington. The agreement is designed to secure resilient supply chains for energy transition minerals, including lithium, and signals deeper cooperation across investment, offtake and infrastructure development.
Strategic Context
Argentina hosts some of the world’s largest lithium brine resources and sits at the core of the Lithium Triangle. The agreement aligns with Argentina’s RIGI regime, which offers up to 30 years of fiscal and regulatory stability for large-scale mining projects. For ASX-listed developers, the deal reinforces the strategic value of Argentine assets already linked to Western supply chains.
ASX Lithium Developers With Direct Exposure
Lake Resources (ASX: LKE) operates the Kachi Lithium Brine Project, which uses US-based direct lithium extraction technology via Lilac Solutions and has completed a Definitive Feasibility Study, with environmental approvals expected in 2026.
Galan Lithium (ASX: GLN) is advancing the Hombre Muerto West project toward first production in H1 2026 and has secured a long-term lithium chloride supply arrangement into the US market.
Outlook
The agreement provides a supportive macro backdrop for lithium developers operating in Argentina, particularly those with advanced projects and established US linkages, as implementation details continue to emerge.
Small Caps – Blake Reid (6 February 2026). Click to read the full article
Ballymore Resources has reported results from the first-ever drill hole at Little Torpy’s, located approximately 600m south of the main Torpy’s mine, intersecting a broad, shallow, high-grade silver–lead–zinc zone. The result provides early validation of the company’s structural model for multiple high-grade lenses across the broader Torpy’s system.
Little Torpy’s Drilling Update
The step-out hole (BTPRC007) intersected a wide zone of mineralisation from shallow depth, including multiple high-grade internal intervals. This marks the first drill test of the Little Torpy’s target and represents one of the broadest and highest-grade intersections reported across the Torpy’s program to date.
The intersection confirms that high-grade mineralisation extends well beyond the main Torpy’s workings and remains open along strike under similar structural controls.
Strategic Context
Torpy’s is emerging as a multi-lens sediment-hosted sulphide system, with mineralisation controlled by intersecting NW- and NNE-striking faults. The Little Torpy’s result demonstrates that this structural architecture repeats at least 600m to the south, materially expanding the potential footprint of the system. Shallow depths and consistent grades support further step-out drilling along the corridor.
Outlook
Follow-up assays from Little Torpy’s (BTPRC008) are expected in February, alongside the restart of RC drilling at Torpy’s and Maniopota when conditions permit. Downhole EM and magnetic survey results are pending and may assist in identifying additional lenses along the trend.
Read the full Announcement here
Read the full Announcement here
Somerset Minerals has defined a new 17km-long undercover copper corridor at the Coppermine Project in Nunavut, Canada, following a large-scale till geochemistry and geophysics program. The Talisker Corridor is supported by coincident copper geochemistry and demagnetised magnetic responses, with peak values up to 3,790ppm Cu from first-pass sampling.
Talisker Corridor Update
Talisker represents a district-scale structural corridor linked to the same fault system as White Cliff Minerals’ Danvers copper deposit, located approximately 5km to the south. The corridor hosts four of the ten highest copper samples across Somerset’s 1,488-sample survey and sits beneath shallow cover, highlighting the potential for concealed mineralisation.
Strategic Context
The identification of Talisker materially upgrades the scale of Somerset’s exploration footprint. The corridor sits within a proven copper district, is supported by multi-layered datasets including airborne magnetics, till geochemistry and structural mapping, and has rapidly reduced the search area from regional to focused drill-ready targets. Planned IP surveys and diamond drilling are designed to refine and test these high-priority zones.
Outlook
IP surveys are scheduled for March 2026, followed by a ~3,000m diamond drilling program commencing in late February at Jura. First-ever drilling of the Talisker Corridor is planned for Q2–Q3 2026 following geophysical refinement.
Read the full Announcement here
Terra Metals has reported further assay results from Reef 2 (Hyperion) at the Dante Project, confirming thick, continuous, near-surface polymetallic mineralisation, with more than 50% of assays still pending across the broader 2025 drilling program.
Reef 2 (Hyperion) Update
Recent drilling at Reef 2 (Hyperion) has confirmed broad mineralised intervals from surface, with consistent stratiform geometry and multiple high-grade internal reef layers. Reported intercepts include long widths and elevated copper equivalent grades, reinforcing the continuity and predictability of the layered reef system.
Infill drilling has also returned some of the highest individual grades recorded to date at Hyperion, including elevated PGE, titanium and vanadium values.
Strategic Context
Reef 2 forms part of the Dante Project in the West Musgrave region of Western Australia, where Terra Metals is advancing a district-scale layered intrusion system. Drilling confirms simple geometry, shallow dip and broad mineralised envelopes, supporting potential resource growth and higher-confidence categories.
Importantly, mineralisation at Reefs 1 and 2 is distinct from the high-grade palladium-rich sulfide discovery at Southwest, highlighting the multi-style, multi-metal nature of the Dante system.
Outlook
With more than half of all assays still pending — including Reef 1 (Crius) and Southwest sulfide drilling — Terra Metals expects ongoing results flow, alongside metallurgical work and an updated Dante Reefs Mineral Resource Estimate in the first half of 2026.
Read the full Announcement here
DataWorks noted that multiple additional regulated-market opportunities are progressing, with some expected to reach decisions during the current half.
Read the full Announcement here
Read the full Announcement here
Read the full Announcement here
Emmerson Resources enters 2026 with a strengthened balance sheet, material growth in high-grade gold resources and a fully funded exploration program, alongside the transition toward royalty income.
Tennant Creek Resource Growth
The updated Tennant Creek gold system now totals approximately 1 million ounces, underpinned by the White Devil deposit, which hosts a Mineral Resource Estimate of 616koz at 4.1g/t gold. The broader Tennant Creek resource base totals ~992koz at 4.4g/t gold, with the majority classified as Indicated.
Feasibility work has commenced at White Devil, with a large proportion of open-pit ounces already defined within a scoping study shell.
JV Structure & Royalty Exposure
Exploration across Tennant Creek is fully funded by JV partner TCMG, with a $6.9m exploration budget supporting aggressive drilling and geophysical programs through 2026. Emmerson retains a 40% contributing interest in White Devil, providing leverage to development outcomes without bearing the full cost burden.
In parallel, Emmerson is positioned to receive minimum production payments equivalent to a royalty from the Small Mines JV, with payments expected from Q2–Q3 2026, subject to production thresholds.
Outlook
With exploration activity accelerating, feasibility studies underway and royalty payments approaching, Emmerson is transitioning from a pure explorer toward a diversified gold company with multiple value drivers into 2026.
Read the full Announcement here
Savannah Goldfields has reported further strong drilling results from the Electric Light deposit, continuing to confirm thick, high-grade gold mineralisation proximal to the Georgetown Gold Processing Plant.
Electric Light Drilling Update
Recent drilling at Electric Light returned multiple broad gold intersections, reinforcing the continuity and thickness of mineralisation. Results support the interpretation of a well-defined system comprising broad zones of disseminated gold with higher-grade sulphide cores, consistent with both open-pit and underground development scenarios.
The majority of recent drill holes intersected gold mineralisation, with geometry indicating true widths close to downhole widths and continuity extending down-dip.
Strategic Context
Electric Light is located approximately 30 kilometres by road from Savannah’s 100%-owned Georgetown Gold Processing Plant and sits on granted mining leases. The deposit is adjacent to historical workings that previously produced high-grade gold, providing an established operational context.
Outlook
An updated Mineral Resource Estimate is planned for H1 2026, alongside ongoing metallurgical testwork and development studies. These programs are expected to further assess scale, confidence and development pathways for Electric Light as a potential feed source for the Georgetown plant.
Read the full Announcement here
Hawk Resources is advancing the Olympus Scandium Project in Western Australia, where early-stage exploration has outlined a large, high-grade scandium anomaly within a mafic–ultramafic intrusive setting.
Olympus Scandium Project Overview
The Olympus Project hosts a broad scandium soil anomaly measuring approximately 7 kilometres by 4 kilometres, with soil results exceeding 500 ppm scandium and multiple discrete zones above 1,000 ppm. Historical shallow RAB drilling reported intersections of up to 11 metres at 934 ppm Sc, with individual samples exceeding 2,000 ppm Sc.
The project has seen limited modern exploration, with no RC or diamond drilling completed and no resource definition to date.
Strategic Context & Planned Work
Scandium is classified as a critical mineral by Australian, US and European authorities and is primarily supplied as a by-product from other mining operations. Olympus represents an early-stage opportunity within a Tier-1 jurisdiction, with the potential to assess scale and grade through low-cost exploration programs.
Planned work through 2026 includes heritage and access approvals, confirmation soil sampling and targeting to support a maiden drilling program anticipated for late 2026.
Outlook
Olympus remains an early-stage project, with further laboratory assays and drilling required to validate historical results and assess continuity. Progression through approvals and initial exploration programs will be key milestones through 2026–27.
Read the full Announcement here
Koba Resources has reported exceptional surface tin results from its Stannary Hills Tin-Tungsten Project, with rock-chip assays returning grades up to 26.1% Sn. The company is progressing toward maiden drilling, targeted for late Q1 2026.
Stannary Hills Exploration Update
Recent rock-chip sampling returned ultra-high-grade tin assays across multiple prospects, including results up to 26.1% Sn, 14.0% Sn, 13.5% Sn, 12.4% Sn and 9.0% Sn, supporting the identification of high-priority drill targets.
Key areas include:
• Kitchener – new assays up to 13.5% Sn support a high-grade corridor and position Kitchener as the primary drill focus into Q1 2026.
• Jiminy – a 1.5km by 0.3km tin-in-soil anomaly remains untested by drilling, with rock chips up to 26.1% Sn, highlighting discovery potential.
• Ontario, Young Australian and Lass O’Gowrie – additional high-grade results and mapped trends continue to expand the target footprint, with further soil results expected in February 2026.
Upcoming Catalysts
Near-term catalysts include soil sampling results expected in February, drill permitting work and planning for geophysics. Maiden drilling is targeted for late Q1 2026.
Read the full Announcement here
Terra Metals has reported confirmation of a major high-grade platinum group metal (PGM) sulfide discovery at the Southwest Prospect within its Dante Project, following receipt of second-pass assay results.
Southwest PGM Discovery
Drilling at the SW5 target returned exceptionally high-grade PGM mineralisation from near surface, including individual assays up to 52.97g/t PGE3 within a broad mineralised interval. Mineralisation in the key drillhole commences from approximately 48 metres depth and the hole was terminated early in mineralisation, indicating potential for additional horizons at depth.
PGM–Cu–Ni sulfide mineralisation has now been defined across a large area at Southwest, extending approximately 850 metres in strike and 450 metres in width, and remains open along strike and down-dip. Multiple visually identified sulfide intervals remain pending assay, providing further near-term exploration catalysts.
Outlook
Results from the Southwest Prospect support the interpretation of a large, conduit-related magmatic sulfide system and position Southwest as a priority focus area within the Dante Project. Follow-up drilling and additional assay results are expected to further refine the scale and continuity of mineralisation.
Read the full Announcement here
Talius Group reported a milestone December 2025 quarter, delivering positive operating cashflow, continued subscription growth and meaningful progress on international expansion.
Quarterly Highlights
The company generated positive operating cashflow of $128k, supported by quarterly cash receipts of $1.975m and revenue of $2.184m. Cash on hand stood at $4.9m at quarter end.
Active subscriptions increased to 51,150, with approximately 12,600 contracted but not yet activated, lifting ARR to $3.3m, up both quarter-on-quarter and year-on-year.
Strategic Progress
Momentum continued across enterprise deployments in Australia and New Zealand, alongside early expansion into childcare. Importantly, Talius advanced international initiatives during the quarter, with partner-led rollouts progressing in the UK, a pilot scheduled in the US, and early discussions underway in Singapore.
The quarter also marked a planned leadership transition, with Pat Howard appointed CEO effective February 2026, while founder Graham Russell transitions to an Executive Director role focused on strategy and growth.
Outlook
With sector reforms stabilising, Talius enters 2026 positioned to accelerate subscription activation, expand home-care deployments and progress international rollouts.
Read the full Announcement here
LinQ Minerals has completed a A$15.4 million institutional placement, strengthening its balance sheet to accelerate drilling at the Gilmore Gold-Copper Project.
Institutional Placement
The placement was heavily oversubscribed and attracted strong support from domestic and offshore institutions, resulting in a more institutionalised register.
A total of ~28 million new shares were issued at A$0.55 per share, with attaching options issued on a one-for-two basis. Post-placement cash is estimated at ~A$20 million (unaudited).
Settlement of Tranche 1 is scheduled for 30 January, with Tranche 2 subject to shareholder approval in late March.
Use of Funds & Outlook
Funds will be directed toward aggressive drilling at the Gilmore Gold-Copper Project, including extensional and resource drilling and testing of high-value targets. Two drill rigs are expected on site shortly, with a third rig planned for later this quarter.
LinQ enters 2026 with a strengthened balance sheet and a pipeline of drilling results expected through Q1 and Q2.
Read the full Announcement here
Hamelin Gold has provided an update on its Venus Project in Western Australia’s Murchison Gold District, outlining near-term exploration programs aimed at advancing target definition ahead of drilling.
Venus Project Update
Venus covers approximately 300km² and is strategically positioned along the southern extensions of the Tuckabianna and Comet gold corridors, with large portions of the greenstone sequence concealed beneath Lake Austin cover.
An aeromagnetic survey is scheduled to commence in early February 2026 over the southern half of the project, designed to support structural interpretation and new target generation. The survey will complement existing GSWA open-file data.
Geochemical sampling has also outlined a six-kilometre extension of the Comet Mine host sequence, with a second phase of more detailed soil sampling planned for February.
Magellan Prospect
At the Magellan prospect on the project’s western boundary, historical drilling has returned encouraging gold intersections, including 5 metres at 2.95g/t gold, highlighting the potential for high-grade shoots. Further work is planned to integrate historical datasets and refine targets for follow-up drilling.
Outlook
Venus is emerging as a priority project for Hamelin in 2026, with upcoming aeromagnetic and geochemical programs expected to underpin drill targeting for a maiden drilling campaign planned for the second half of the year.
Read the full Announcement here
Broken Hill Mines has provided an update on its Pinnacles Mine in the Broken Hill District, where near-term open pit mining is planned to supply high-grade ore to the Rasp Processing Plant.
Pinnacles Mine Update
The Pinnacles Mine is being advanced as a near-term production opportunity, with first ore delivery targeted for June Q 2026. Ore is planned to be trucked approximately 15 kilometres to the Rasp Processing Plant, providing a clear processing pathway.
Phase 1 drilling, comprising approximately 8,500 metres, was completed in December 2025, with assays pending for the majority of the program. Phase 2 drilling, the largest program undertaken to date at 25,000 metres, is currently underway to support resource growth and assess both open pit and underground potential.
Recent Drilling Results
Recent drilling has returned strong near-surface silver-lead-zinc intercepts across multiple areas, including the Junction, Rope Shaft and Fishers zones. Several intercepts sit close to existing pit walls, supporting the potential for low strip ratio open pit development.
Drilling has also identified zones of gold and copper mineralisation, highlighting the polymetallic nature of the system.
Outlook
An updated Mineral Resource Estimate is targeted for mid-2026, alongside ongoing drilling results from Phase 1 and Phase 2 programs. First ore delivery from Pinnacles remains targeted for June Q 2026.
Read the full Announcement here
Carnaby Resources has released an updated Mineral Resource Estimate for its Greater Duchess Copper-Gold Project, reflecting growth in higher-confidence tonnes and continued advancement toward development.
New Mineral Resource Estimate – Greater Duchess
The January 2026 Mineral Resource Estimate totals 29.2Mt at 1.3% Cu and 0.2g/t Au, equating to 441kt CuEq, based on open-pit and underground cut-off grades.
Indicated resources now account for 65% of the total, representing a 49% increase driven by drilling at Trekelano and Mount Hope.
Metallurgical test work indicates >98% sulphide mineralisation, strong flotation recoveries and no deleterious elements.
Key Deposit Updates
Trekelano and Mount Hope continue to anchor the resource base, with Mount Hope now hosting 11.2Mt at 1.7% CuEq, largely Indicated, and Trekelano totalling 5.5Mt at 1.7% CuEq, including the high-grade Trek 1 zone where drilling is ongoing.
Additional contributions come from Lady Fanny, Nil Desperandum and a maiden resource at Mohawk, supporting a growing multi-deposit hub at Greater Duchess.
Development & Outlook
Carnaby retains 100% ownership of Greater Duchess (excluding a minor JV at South Hope) and has binding tolling and offtake agreements with Glencore.
The Pre-Feasibility Study is nearing completion, with Final Investment Decision targeted for Q2 CY26 and first ore anticipated in H2 CY26.
Read the full Announcement here
8km Structural Zone – High-Grade Scandium, Yttrium & Uranium
- Reconnaissance rock chip sampling confirms critical mineral enrichment along an 8km+ corridor extending from the historic Radium Hill uranium mine.
- Critical minerals identified:
- Scandium up to 959ppm Sc₂O₃
- Yttrium up to 2,236ppm Y₂O₃
- Uranium up to 0.36% U₃O₈
- TREO values up to 1.26% (including Y₂O₃)
- Railway Prospect (100m from Radium Hill mine):
- 0.36% U₃O₈, 253ppm Sc₂O₃, 1.26% TREO (incl. 0.13% Y₂O₃)
- Bonython Hill Prospect (5km along strike):
- 284ppm Sc₂O₃, 1,309ppm Y₂O₃, 0.15% U₃O₈
- Historical context: Radium Hill produced 850t U₃O₈ (1954–61); pilot recovery of scandium oxide occurred in Port Pirie.
- Geological model: Corridor corresponds to axial plane of a regional fold; ~50% under cover → large untested potential.
- Strategic significance: Scandium & Yttrium are high-value critical minerals; grades compare favorably to ASX peers (e.g., Sunrise Energy Metals, Australian Mines).
- Systematic exploration planned for 2026:
- Drill testing of high-grade lodes at Bristowe’s, Railway, Bonython Hill.
- Geophysical follow-up on Figgan’s Dam anomaly.
- Board renewal positions HRE for aggressive critical minerals strategy.
- Scandium & Yttrium pricing surge (mid-2025) adds significant upside.
- Corridor hosts multi-commodity potential (U, REE, Sc, Y, V).
- Historic mining camp untested by modern drilling for 64 years → strong discovery leverage.
MST Access has initiated coverage on Savannah Goldfields (ASX: SVG), highlighting the company’s transition to production following the restart of its Georgetown Gold Processing Plant (GGPP) in North Queensland.
The report values SVG at A$0.07/share, well above its current A$41 million market cap, citing growth potential through production, exploration, and regional consolidation.
Georgetown Gold Processing Plant (GGPP)
The 200ktpa carbon-in-pulp facility resumed operations on 6 November, processing stockpiled and inferred ore from the Big Reef deposit. The GGPP is the only operating gold plant within a 400km radius, creating a strategic processing hub for company and third-party ore.
Hub-and-Spoke Gold Strategy
Georgetown anchors SVG’s long-term ‘hub-and-spoke’ model, processing ore from the Georgetown and Agate Creek assets and offering toll-treating capacity across the wider Queensland gold belt.
Resource and Exploration Outlook
SVG holds a combined resource of more than 500koz of gold across Georgetown and Agate Creek. An 80-hole drilling program covering 515km² is underway, targeting oxide, sulphide, and strike extensions.
Valuation and Earnings
MST forecasts potential EBITDA of ~A$50m per annum at margins above 50%, providing a platform for sustained growth.
The research notes further upside through exploration success, processing expansion, and regional consolidation.
Hawk Resources (ASX: HWK) has released its latest investor presentation outlining a bold dual-track strategy for growth in critical minerals.
Click here to view the full presentation (PDF)
New Release – Olympus Scandium Project & Capital Raise
On 17 October 2025, Hawk Resources announced a $5M capital raise and a binding agreement to earn up to 80% of the Olympus Scandium Project in WA.
Koba Resources Limited (ASX: KOB) announced the acquisition of several tin and tungsten exploration projectsalongside a $3.4 million placement.
The company will acquire 100% of the Tintungsten Project portfolio, strengthening its position within the Australian critical minerals sector.
Under the placement, Koba will issue 200 million shares at $0.017 each, representing a 14% discount to the August VWAP. Funds raised will support the acquisition, exploration programs, and working capital.
Cygnet Capital acted as Lead Manager to the placement. The transaction and capital raise are subject to shareholder approval, with a General Meeting scheduled for mid-October 2025.
Middle Island Resources Limited (ASX: MDI) is pleased to announce that it has entered into a binding share sale and purchase agreement to acquire 100% of Konstantin Resources Limited (‘Konstantin’). Konstantin is an Australian unlisted public company that owns 100% of Konstantin Resources d.o.o., which has 14 exploration and mining licences, comprising approximately 620km2 in Serbia across the Western Tethyan Belt (together, the Project) (Acquisition).
Concurrent to the Konstantin acquisition, the Company has received firm commitments to raise $3.4m under a placement through the issue of 200m shares at $0.017 per share (‘Placement’), which represents a discount of 14% to the VWAP during August.
Cygnet Capital acted as the sole Lead Manager to the issue. The Konstantin Acquisition and the Placement are subject to shareholder approval (including for the purposes of Listing Rule 11.1.2) at a shareholder meeting expected to be held in mid-late October 2025 (‘General Meeting’).
Savannah Goldfields (ASX:SVG) is a gold mining company which holds a strategic portfolio of operating assets in North Queensland’s Gulf Savannah.
The Company is focused on mining and exploring upside and scale potential in the region.
Capricorn Metals (ASX:CMM) has entered into a binding scheme implementation deed to acquire Warriedar Resources (ASX:WA8), via a court-approved scheme of arrangement.
As part of the deal – anticipated to be implemented in early November – Warriedar shareholders will receive one new …
Since pivoting towards uranium last year with the acquisition of three uranium projects in South Australia near established mining operators, Heavy Rare Earths has been positioning for potential acquisition interest if a major find emerges.
Until that point, the company was focused on …
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) advises that it has received firm commitments for a placement of 170 million new fully paid ordinary shares (New Shares) to institutional and sophisticated investors at an issue price of A$0.10 per New Share to raise A$17.0 million before costs (Placement).
port Listen to ASX-listed Heavy Rare Earths Director Richard Brescianini talk to Matt Birney on radio – 6PR Perth – on the Bulls N’ Bears Report about the company’s remarkable reinvention of an old uranium mine as a scandium and rare earths play – in addition to uranium.
Heavy Rare Earths has just lit up South Australia’s historic Radium Hill uranium mine site with …