Highlights

• Immuron has appointed Pullan Consulting to secure a strategic partner for the clinical development and commercialisation of IMM-529.
• IMM-529 has received FDA IND application clearance, enabling a Phase 2 clinical trial for the prevention or treatment of Clostridioides difficile infection.
• The Phase 2 study will evaluate IMM-529 alongside the standard of care in up to 60 patients with first-episode or recurrent CDI.
• An independent market assessment estimated an annual revenue opportunity of approximately USD 400 million if IMM-529 is successfully commercialised.

Immuron Limited (ASX:IMC) (NASDAQ:IMRN) has appointed Pullan Consulting to support its business development efforts for IMM-529, the company's investigational therapy targeting Clostridioides difficile infection (CDI). The engagement is aimed at securing a strategic partner to advance the product through clinical development, regulatory approval and commercialisation.

Partnering Strategy Advances

Pullan Consulting is a life sciences advisory firm specialising in guiding biotechnology and pharmaceutical companies through partnering transactions. The consultancy will assist with partner identification, strategy development, transaction negotiations and execution.

Under a typical licensing arrangement, the partner would fund development, registration and commercialisation costs, while common licensing could include receipt of upfront payments, developmental milestone payments, and royalties on future product sales. The company noted that historical CDI licensing transactions have included upfront payments ranging from USD 1 million to USD 50 million, milestone payments of USD 25 million to USD 570 million, and mid- to high-single-digit royalty rates.

A development partnership for IMM-529 can be transformational for IMC.

FDA IND Supports Phase 2 Development

IMM-529 has received FDA Investigational New Drug (IND 32095) application clearance, allowing the therapy to progress into a Phase 2 clinical trial for the prevention or treatment of Clostridioides difficile infection.

The company has completed the Investigational Brochure, finalised the clinical protocol, secured a principal investigator and identified three Australian sites. The study is expected to proceed under Australia's Clinical Trial Notification (CTN) scheme, which provides an expedited pathway for initiating eligible clinical studies.

The company has also completed manufacturing of the clinical trial material required for the study.

Phase 2 Trial Design Finalised

The planned study will evaluate IMM-529 alongside the current standard of care (SOC) in patients experiencing either a first episode or recurrent CDI.

The randomised, double-blind, placebo-controlled trial is expected to enrol up to 60 participants, who will be assigned to receive either IMM-529 plus standard treatment or placebo plus standard treatment in a 2:1 ratio.

The primary objective will be to evaluate the therapy's safety and tolerability, while efficacy assessments will cover the comparison and measurement of mortality, disease symptoms and recurrence rates.

Therapy Targets Multiple Disease Mechanisms

IMM-529 has been developed using hyperimmune bovine colostrum-derived antibodies that target three key components of Clostridioides difficile : Toxin B, spores and surface layer proteins of the vegetative cells.

Preclinical studies demonstrated positive outcomes across disease prevention, recurrence prevention and treatment models, with antibody activity observed against multiple human strains, including hypervirulent variants.

Commercial Opportunity and Market Potential

According to Lumanity assessment, IMM-529 could be positioned early in the treatment pathway if clinical studies demonstrate efficacy. The assessment estimates that approximately 98,000 patients could become eligible if the therapy is introduced following a first recurrence.

Based on the projected market size, pricing assumptions and competition, the assessment outlines a potential annual revenue opportunity of approximately USD 400 million. Oral administration was also identified as a favourable characteristic by infectious disease specialists.

IMC Shares Up

Following the update, IMC share price jumped 11.11% to trade at AUD 0.04 per share at the time of writing on 6 July 2026.

Highlights

• Advance Metals has reported additional high-grade gold intercepts from the Happy Valley drilling program.
• A new 3D geological model identified three gold-bearing quartz veins extending beyond 500m below surface.
• Regional exploration is progressing along the 16km Magpie-Barwidgee trend.
• Initial rock-chip sampling has been completed at the Beaufort Gold Project, with assay results pending.
• The company plans to continue regional exploration and refine future drill targets across its Victorian gold projects.

Advance Metals Limited (ASX:AVM) has announced final assay results from its Happy Valley drilling program alongside the completion of a detailed 3D geological model at its Myrtleford Gold Project in Victoria. The geological model improved understanding of the structural controls on gold mineralisation and is expected to guide future drilling at Happy Valley and across the Myrtleford Project.

Meanwhile, regional exploration activities continue along the Magpie-Barwidgee trend . Also, the company has completed initial sampling at the Beaufort Gold Project with assay results awaited.

High-Grade Gold Results Extend Happy Valley Dataset

The company has received the final assay results from recent drilling at the Happy Valley Deposit , adding further high-grade intercepts to the exploration dataset.

Among the latest results, hole AMD029A returned 1.8mat 15.2 g/t Au from 132.3m, including 0.2m at 131.5 g/t Au from 132.3m

Another drill hole, AMD030 , intersected 1.3m at 4.65 g/t gold from 324.0m .

The company plans to further evaluate the high-grade potential at Happy Valley.

AVM shares were trading at AUD 0.073 per share at the time of writing on 6 July 2026.

Highlights

• King River Resources has concluded the Phase 1 stockpile drilling at the Mindoolah Gold Project.
• The company has commenced RC drilling beneath historic pits and mine shafts.
• Initial gold assay results from the stockpile drilling are expected in a month or early August 2026.
• An airborne magnetic survey has been completed to support future exploration targeting.
• Ongoing geological mapping and field observations have identified additional structural and lithological targets, expanding the Phase 1 exploration programme.
• Multiple exploration milestones have been achieved ahead of schedule, positioning the Mindoolah Gold Project for further target generation and resource evaluation.

King River Resources Ltd (ASX:KRR) has provided an exploration update for its Mindoolah Gold Project , located in Western Australia's Murchison Province . The company has completed the initial phase of systematic drilling across historical waste dumps and stockpiles, and high-resolution airborne magnetic survey while advancing exploration drilling beneath historic mining areas.

Historical Stockpile Drilling Programme Completed

The company has completed the initial phase of reverse circulation (RC) drilling across the historical waste dumps and stockpile , part of the company's Phase 1 exploration activities at the Mindoolah Mining Centre.

The programme is designed to establish gold distribution, establish baseline grades and evaluate material variability across priority historical waste dump and stockpile inventories.

A total of 1,583 metres has been drilled across 169 holes , with drilling completed over Excelsior, Cundy and Mindoolah Main Reef . The samples are being readied for assay laboratory for gold analysis, with initial assay results expected by the end of July or early August 2026 .

Exploration Drilling Moves to Historic Pit Targets

Following completion of the surface evaluation of the historical stockpiles and waste dumps, the light mobile RC drilling rig has transitioned to test reconnaissance holes and shallow exploration extensions beneath historical pits and shafts .

The drilling campaign is targeting areas adjacent to and below 1980s open-cut pits and early 1900s mine shafts , with drill holes designed to reach depths of up to 120 metres .

King River stated that this phase aims to validate historical geological information, assess the continuity of interpreted gold lodes and test structural corridors beneath priority targets including Excelsior, Cundy, Bertram's and Mindoolah Main Reef .

The company also reported that ongoing field observation, geological logging, review of the exposed mineralised structures and pit-wall mapping have identified numerous additional structural and lithological targets .

Target generation remains underway, with new geological information continuously incorporated into the Phase 1 drilling program. Additional RC holes are being designed to evaluate prospective structures, lithological contacts and potential extensions of known mineralised lodes.

Airborne Magnetic Survey Completed

King River has also completed the low-altitude airborne magnetic survey across the Mindoolah Project area.

The company is awaiting the processed geophysical dataset from specialist contractors, which is expected to be delivered in the coming week.

Once received, the high-resolution magnetic imagery will be integrated with lithological and assay information to assist in identifying structural displacements, refining target generation and guiding future deeper drilling across the project.

According to the company, several exploration milestones have been achieved ahead of schedule. Historical waste dump drilling has been completed, sample shipments to the laboratory are underway, and the airborne magnetic survey's data collection phase has concluded. At the same time, drilling has commenced on priority exploration targets beneath historic pits and shafts. These milestones position the company to unlock the value of the Mindoolah Mining Centre.

KRR shares were trading at AUD 0.052 per share at the time of writing on 2 July 2026.

Highlights

• Altech Batteries received a three-month extension to meet the financial close requirement for its CERENERGY® project grant.
• The German Government's conditional funding approval of up to €46.7 million remains in place under the STARK program.
• CERENERGY® is being developed as a sodium-chloride solid-state battery for long-duration stationary energy storage applications.
• Altech continues to advance financial close and commercialisation efforts for the CERENERGY® project in Europe.

Altech Batteries Ltd (ASX:ATC) has received an extension from the German Federal Ministry for Economic Affairs and Energy to satisfy the financial close condition attached to its €46.7 million CERENERGY® Sodium-Chloride Solid-State battery project grant . The revised deadline provides the company with additional time to fulfil the funding conditions under Germany’s STARK economic development program .

German Government Extends Financial Close Deadline

The CERENERGY® battery project previously secured conditional binding funding approval under Germany's federal STARK program, which is expected to fund approximately 30% of the eligible capital expenditure (CAPEX) for the CERENERGY® project. The funding commitment (of up to €46.7M) was subject to the project reaching full financial close by 30 June 2026 and securing parliamentary approval for the funds under Germany’s 2026 Federal Budget.

The deadline for achieving the full project financial close has now been extended to 30 September 2026 .

CERENERGY® Project Progress and Commercialisation Focus

The decision highlights the strategic significance of CERENERGY® , a sodium-chloride solid-state battery technology being developed by Altech in collaboration with the Fraunhofer Society . Designed for stationary energy storage applications, the technology aims to provide an alternative to conventional lithium-ion batteries with a focus on safety, sustainability and strategic independence.

Altech remains focused on achieving financial close and advancing the project towards commercial deployment to support long-duration stationary energy storage solutions in the European market.

Funding Backed by Germany’s STARK Program

The grant is being provided under the STARK program, administered by the German Federal Ministry for Economic Affairs and Energy in cooperation with the European Union .

The program supports investment initiatives aimed at promoting ecological, economic and social transformation in regions undergoing structural change.

ATC shares traded at AUD 0.0090 per share on 1 July 2026.

Highlights

• Advance Metals has extended the high-grade silver mineralisation at its Gavilanes Silver Project with 8.4m at 245g/t silver, including 3m at 523g/t silver, from drill hole GV-26-002.
• The same drill hole intersected the largest copper-bearing zone recorded at Gavilanes.
• Review of historic hole SCHN-01 confirmed additional copper-silver-gold mineralisation at depth.
• Assays are pending for GV-26-003, while drilling is underway at GV-26-004 to test further extensions of the Descubridora structure.
• The ongoing drilling program is expected to contribute to a planned JORC Mineral Resource upgrade in Q4 CY2026.

Advance Metals Limited (ASX:AVM) has reported additional encouraging drill results from its 100%-owned Gavilanes Silver Project in western Durango, Mexico , with the second diamond drill hole ( GV-26-002) extending the known high-grade silver system and intersecting a broad copper-silver-gold mineralised zone at depth.

The latest results are part of the company's maiden drilling campaign, designed to assess the southern extension of the high-grade Descubridora structure while supporting a planned JORC Mineral Resource upgrade targeted for Q4 CY2026 .

Second Drill Hole Extends High-Grade Silver Mineralisation

The GV-26-002 diamond drill hole has confirmed the continuity of the shallow silver system. The hole returned 8.4m grading 245g/t silver from 90m , including 3m at 523g/t silver , extending the known mineralisation further south.

The latest results follow the maiden drill hole GV-26-001 , which previously returned 33.9m at 220g/t silver , alongside a lower interval containing elevated base metals.

Broad Copper-Silver-Gold Zone Encountered at Depth

Beyond the upper silver zone, GV-26-002 intersected a broad interval of copper-silver-gold mineralisation , representing the largest copper-bearing interval recorded at Gavilanes so far.

The intercept returned:

• 54.6m at 0.6% copper, 22g/t silver and 0.3g/t gold from 180m, including 12m at 1.1% copper, 42g/t silver and 0.7g/t gold and 2.4m at 1.3% copper, 61g/t silver and 1.3g/t gold

The mineralised interval contains chalcopyrite , together with native copper and bornite , hosted within breccias and vein systems.

Historic Drilling Supports Deeper Mineralisation

Analysis of the drilling outcomes in the vicinity of GV-26-002 has identified historic hole SCHN-01 , located approximately 75m north , which hosts copper-silver-gold mineralisation.

Historic drilling returned:

• 20.5m at 1.0% copper, 119g/t silver and 0.9g/t gold from 201.1m, including 4.5m at 2.0% copper, 297g/t silver and 2.5g/t gold

The company highlighted that its preliminary geological interpretation suggests copper and gold mineralisation may strengthen towards the south and at greater depths . Additional drilling will be required to confirm the continuity and extent of the mineralisation , while the latest results indicate the presence of a potential polymetallic system beneath the existing high-grade silver zone .

Drilling Program Continues Across Multiple Targets

AVM's maiden drilling program is expected to comprise 15–18 diamond drill holes for up to 4,500m of drilling.

Assays remain pending for drill hole GV-26-003 , which was completed further to the east of GV-26-002 and is intended to assess continuity of both the upper silver zone and the deeper copper-silver-gold mineralisation.

Meanwhile, GV-26-004 is currently being drilled approximately 70m southwest of GV-26-002 to test further extensions of the mineralised system.

Beyond the Descubridora structure , the company also plans follow-up drilling at the San Nicolas , El Nopal , and La Cruz/La Tuna targets as exploration continues across the broader project area.

Resource Update Planned

The current drilling campaign, together with geological interpretation and historical drill data validation, is expected to support a planned JORC Mineral Resource upgrade for the Gavilanes Project , targeted for early Q4 CY2026 .

The project currently hosts a Foreign Estimate of 22.4 million silver-equivalent ounces (AgEq) at an average grade of 246g/t AgEq .

AVM shares were trading at AUD 0.062 per share at the time of writing on 1 July 2026.

Highlights

• Resolution Minerals has completed 16 diamond drill holes at the Golden Gate South prospect, totalling 4,470m, or around one-third of its planned 13,700m drilling campaign.
• All drill core has been logged, photographed and inspected for scheelite, with initial sample batches from the first four holes dispatched for multi-element laboratory analysis.
• The exploration program continues, supported by two active drill rigs.
• The ongoing drilling campaign will continue testing gold and tungsten targets across the project as Resolution Minerals advances its exploration program.

Resolution Minerals Ltd (ASX:RML) has progressed its drilling campaign at the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, USA, completing 16 diamond core holes at the Golden Gate South prospect. The company has now drilled 4,470m, representing around one-third of its planned 13,700m (45 holes) exploration program, as it works to expand the understanding of gold mineralisation across the project.

Drilling Campaign Advances at Golden Gate South

Resolution Minerals reported that 16 diamond core holes have been completed to their planned depths at the Golden Gate South prospect. The completed holes include HH-GG26-001 to HH-GG26-007 and HH-GG26-010 to HH-GG26-018, delivering a combined 4,470m of drilling, with an average hole depth of approximately 279m.

Core Logging and Sample Analysis Underway

All the completed drill core has been logged and photographed by company geologists and contractors. All core has also been examined for scheelite, a key tungsten-bearing mineral. Where scheelite has been identified, detailed photographs and mineralised intervals have been documented.

In addition, two large batches of core samples, including material from HH-GG26-001 to HH-GG26-004, have been sent for multi-element laboratory analysis.

Two Drill Rigs Continue 2026 Exploration Program

The 2026 Golden Gate drilling campaign continues with two drill rigs operating on site. The exploration program is focused on defining the scale and continuity of gold mineralisation at both Golden Gate North and Golden Gate South, including testing extensions both along strike and at depth.

The campaign also aims to assess the extent of tungsten mineralisation surrounding the historic Golden Gate Tungsten Mine and investigate a broad tungsten soil anomaly identified at Golden Gate South.

Horse Heaven Project Positioned Beside Major Idaho Gold Project

The Golden Gate prospect is part of RML's Horse Heaven Project in the USA. The project is located immediately adjacent to Perpetua Resources' permitted Stibnite Gold Project, which is recognised as a significant antimony-gold development in the region.

The latest drilling update follows the inclusion of the Antimony Ridge prospect of the Horse Heaven Project under the FAST-41 Transparency Coverage program by the US Permitting Council, announced in April 2026.

RML shares were trading at AUD 0.044 per share at the time of writing on 1 July 2026.

Highlights

• EV Resources reported underground channel sampling results of up to 25.20% antimony (Sb) at its Los Lirios Antimony Project.
• The results confirm high-grade mineralisation across four historical underground workings.
• The sampling programme validated a continuous, structurally controlled Carbonate Replacement Deposit (CRD) system.
• San José CRD horizon has been identified as a repeatable exploration target.
• The findings indicate that proximity to feeder structures can be used to target higher-grade mineralisation during the planned Phase 2 drilling programme.
• The underground sampling data will be integrated with historical information and Phase 1 drilling results to support the company's maiden JORC Mineral Resource Estimate (MRE).

EV Resources Ltd (ASX:EVR) shares jumped 16.67% to AUD 0.0070 per share during morning trading hours on 30 June 2026 , after the company reported high-grade antimony mineralisation from underground systematic channel sampling at its Los Lirios Antimony Project . Assays returned grades of up to 25.20% antimony (Sb) , with results from four historical underground adits confirming structurally controlled and continuous Carbonate Replacement Deposit (CRD) system. Furthermore, the findings indicate that proximity to feeder structures can be used for targeting the highest grade zones in the upcoming Phase 2 drilling.

The findings will support the planned maiden JORC Mineral Resource Estimate (MRE) for the project.

High-Grade Results Across Historical Workings

The channel sampling campaign covered the San Rafael, Guadalupana, Linda Vista, and San Pedro historical adits, where 54 channel samples were collected perpendicular to mineralised faces to assess grade, continuity and width of the target horizon.

Among the highest-grade intersections, Pit 1 (San Jose CRD) returned 0.9 metres at 25.20% Sb , while Mina Guadalupana recorded-

• 3m @ 19.70% Sb
• 6m @ 7.17% Sb
• 3m @ 17.20% Sb
• 6m @ 13.95% Sb

Mina San Pedro reported-

• 1m @ 13.85% Sb
• 1m @ 12.75% Sb
• 85m @ 3.38% Sb

Mina Linda Vista reported -

• 1m @ 9.40% Sb
• 5m @ 11.35% Sb

Mina San Rafael reported-

• 5m @ 10.65% Sb
• 8m @ 4.67% Sb
• 9m @ 4.13% Sb
• 9m @ 3.80% Sb

The antimony mineral occurs as primary crystalline stibnite , with weathered zones containing cervantite and stibiconite . According to the company, no significant base metal or iron sulphides were observed within the mineralised sequence.

San José CRD Horizon Emerges as Key Exploration Target

The results confirm that high-grade antimony is consistently hosted within a silicified limestone replacement unit positioned beneath a defining stratigraphical gypsum capping layer , defining the San José CRD horizon as a repeatable exploration target.

Channel Sampling Supports Resource Development

EV Resources highlighted that systematic channel sampling provides representative grade profiles in shallow, fractured ground by avoiding the potential loss of high-grade fine mineralised material that can occur during conventional diamond drilling. This sampling approach captures the complete mineralised profile, providing additional confidence in the geological model.

The underground sampling data will be combined with historical information and Phase 1 drilling results to support the preparation of the maiden JORC Mineral Resource Estimate (MRE) .

Highlights

• Catalina Resources has commenced a 1,500-sample systematic gold-in-soil program at the Kirkalocka Gold Project.
• The campaign aims at identifying and prioritising RC drill targets.
• The exploration campaign follows a technical review that confirmed multiple historical gold mineralised zones.
• Soil sampling results will be combined with historical drilling, geological mapping and geophysical data to support the company's planned drilling program.

Catalina Resources Limited (ASX:CTN) has launched its first field exploration program at the Kirkalocka Gold Project in Western Australia , marking a key stage in the company's Mid-West Gold Portfolio exploration strategy. The company has commenced a 1,500-sample gold-in-soil program designed to refine historical geochemical datasets, evaluate prospective structural corridors, refine known gold anomalies and generate reverse circulation (RC) drill targets.

This soil sampling program represents Catalina's first major field activity since completing the technical assessment of its recently acquired Mid-West Gold Portfolio .

Historical Review Identifies Multiple Gold Mineralised Zones

Technical review confirmed several gold mineralised intercepts within the project area, supporting the prospectivity of the Kirkalocka tenure. Significant historical intersections include-

• 6m @ 1.38 g/t Au from 27m, including 3m @ 1.40 g/t Au from 27m (KKA795);
• 6m @ 1.79 g/t Au from 42m, including 3m @ 3.02 g/t Au from 42m (KKA796); and
• 1m @ 4.66 g/t Au from 34m (CWRC-6807800-002)

Project Positioned Near Established Gold Infrastructure

The Kirkalocka Gold Project is located within the southern Wydgee–Meekatharra Greenstone Belt , an area hosting multiple historically identified gold targets associated with underexplored greenstone belt and interpreted structural corridors.

The project is situated adjacent to the Kirkalocka Gold Mine , which hosts an estimated Mineral Resource of approximately 240,000 ounces of gold , and is also close to the 2 million tonnes per annum Kirkalocka Gold Processing Plant , which is being progressed towards recommencement in 2026 by Gylden Resources Limited .

Exploration Advances Towards Planned Drilling

Catalina has completed several activities ahead of its planned drilling program, including target generation exercise and historical technical review, field reconnaissance across priority target areas and obtaining approval for its Eligible Mining Activity (EMA) Notice .

The company is currently undertaking soil sampling and heritage assessment , with laboratory assay results expected to be incorporated into historical drilling, geophysical datasets and geological mapping. This information will be used to refine and prioritise RC drill targets , supporting the next phase of exploration at Kirkalocka.

CTN shares traded at AUD 0.044 per share on 29 June 2026.

Highlights

• Viking Mines is divesting its non-core First Hit Gold Project in Western Australia to First Au Limited for up to AUD 5 million.
• The deal includes AUD 1.2 million cash, AUD 1.0 million in First Au shares, and up to AUD 2.8 million in milestone-based performance rights.
• Milestones are tied to exploration success, including drill results and mineral resource thresholds of 25,000 to 100,000 ounces gold.
• The structure allows Viking to retain upside exposure while removing funding and operational responsibilities for the project.
• Proceeds support a strategic shift toward the Linka Tungsten Project in Nevada, with drilling set to begin in mid-July.

Viking Mines Limited (ASX:VKA) (OTCID:VKALF) has moved to reshape its asset portfolio through the divestment of its non-core First Hit Gold Project in Western Australia. Under binding agreements with ASX-listed First Au Limited, the company will transfer 12 tenements encompassing First Hit Gold Project in a deal valued at up to AUD 5 million , comprising cash, equity, and milestone-linked consideration. The transaction supports Viking’s ongoing transition toward its flagship Linka Tungsten Project in Nevada, USA , where a maiden drilling programme is set to commence in the coming weeks.

Transaction Overview

The agreement covers the sale of 12 tenements associated with the First Hit Gold Project in the Eastern Goldfields of Western Australia. Under the terms, Viking will receive AUD 1.2 million in cash and AUD 1.0 million in FAU shares upon completion .

An additional up to AUD 2.8 million in FAU performance rights is structured across defined milestones, including drilling results and Mineral Resource thresholds ranging from 25,000 ounces to 100,000 ounces .

Details of Milestone-Linked Consideration

Upon achievement of each performance right milestone by First Au within five years from completion, VKA will receive AUD 700,000 worth of FAU shares, calculated using the lower of FAU’s 15-day VWAP prior to execution or a price of $0.01 per share. The milestones include:

• A drill intercept achieving 40 grammetres (grade × thickness)
• A 25,000-ounce Mineral Resource at a 0.5 g/t cut-off
• A 75,000-ounce Mineral Resource at a 0.5 g/t cut-off
• A 100,000-ounce Mineral Resource at a 0.5 g/t cut-off

The structure enables VKA to maintain exposure to the First Hit Project under First Au ownership through a retained equity interest, with potential for expansion upon achievement of performance milestones. The arrangement removes Viking from the funding and operational responsibilities associated with the asset while preserving participation in future outcomes. In addition, FAU’s minimum AUD 500,000 drilling commitment ensures continued exploration activity at no additional cost to Viking shareholders.

Strategic Focus — Transition Toward Tungsten Development

The divestment enables Viking to direct resources toward its critical minerals portfolio , particularly the Linka Tungsten Project in Nevada, USA . The project has received the US Bureau of Land Management approval for a 63-hole reverse circulation drilling programme , marking the first subsurface testing at the site in more than four decades.

Drilling, contracted to DrilCor , is planned to begin shortly following final preparatory work. Rig is expected to be mobilised in early July, and drilling is expected to begin by mid-July.

VKA shares were trading at AUD 0.010 per share at the time of writing on 29 June 2026.

Highlights

• Catalina Resources has completed the acquisition of the Breakaway Dam Copper and Lithium Project from Forrestania Resources.
• Catalina has divested its Laverton project portfolio as part of a portfolio rationalisation strategy.
• The transaction results in Forrestania Resources becoming a significant shareholder in Catalina.
• The Breakaway Dam Project hosts an established copper-rich VMS system alongside lithium potential.
• A comprehensive review is underway to prioritise the next phase of exploration across the project’s lithium and copper opportunities.

Catalina Resources Limited (ASX:CTN) has completed the acquisition of the Breakaway Dam Copper and Lithium Project from ASX-listed Forrestania Resources Limited, securing ownership of a multi-commodity exploration asset located ~ 17km east of Menzies in Western Australia . As part of the transaction, Forrestania has become a significant shareholder in the company.

Acquisition Finalised and Portfolio Restructured

The acquisition followed shareholder approval received at Catalina's General Meeting on 10 March 2026 . With all conditions precedent and settlement obligations now completed, the company has finalised the acquisition of the Breakaway Dam Project while divesting its Laverton project portfolio to Forrestania as part of its portfolio rationalisation plans.

In consideration for the acquisition, Catalina issued 13.83 million shares, 6.92 million listed options exercisable at AUD 0.115 until 22 May 2027, 9.68 million unlisted options exercisable at AUD 0.23 until 10 June 2029, and 4.15 million unlisted options exercisable at AUD 0.345 until 10 June 2029 to Forrestania.

Project Offers Copper and Lithium Exploration Opportunities

The Breakaway Dam Project hosts an established copper-rich volcanogenic massive sulphide (VMS) system alongside an underexplored lithium opportunity, providing exposure to multiple exploration targets within a single project area.

Historical drilling at the project returned copper intersections including -

• 2m @ 0.48% Cu from 181.4m (estimated true width 8.7m), including higher-grade intervals of 0.95m @ 1.18% Cu from 181.4m and 1.7m @ 1.05% Cu from 188.9m (BDCDD2501).
• 47m @ 1.97% Cu and 0.24% Zn from 236.35m (ETW 1.4m) (BDCDD2502);
• 2m @ 0.32% Cu and 0.29% Zn from 178.4m (ETW 4.1m) (BDCDD2504); and
• 9m (ETW) @ 2.17% Cu from (BDCRC26016)

Historical exploration also identified multi-element geochemical anomalies consistent with fractionated pegmatites, including favourable potassium-rubidium ratios and enrichment in pathfinder elements, indicating potential for lithium-caesium-tantalum (LCT) mineralisation .

Recent Drilling Expands Mineralised Corridor

Catalina's maiden drilling program, announced in May 2026, expanded the known mineralised strike from approximately 700m to 1.2km, representing an increase of about 70% .

The drilling returned significant copper intercepts, including 1.9m at 2.17% copper from 198m, 2.9m at 0.57% copper from 204m, and 3.8m at 0.31% copper from 127m .

The company noted that mineralisation and associated electromagnetic conductors now extend across approximately 1.2km of strike, while historical drilling indicates the system could continue for up to 1.8km . Recent drilling also identified multiple on-hole and off-hole electromagnetic conductor plates, providing targets for follow-up exploration.

Review Underway to Prioritise Exploration

Following completion of the acquisition, the company has initiated a comprehensive review of the project to determine the next phase of exploration across copper and lithium opportunities .

The review will assess historical exploration data, geological controls, known pegmatite occurrences and lithium prospectivity, while also integrating recent drilling, historical data and downhole electromagnetic survey results to prioritise future exploration targets.

CTN shares were trading at AUD 0.04 per share at the time of writing on 29 June 2026.

Highlights

• Altech Batteries has completed the sale of its Meckering land in Western Australia, generating gross proceeds of AUD 950,000 to support working capital.
• The company has retained ownership of Mining Lease M70/1334 and signed an agreement preserving future exploration and mining rights on the lease.
• A AUD 500,000 bank guarantee has been provided to Deutsche Balaton AG following the discharge of the mortgage, linked to Altech’s €2 million bearer bonds due in October 2026.
• ATC shares jumped 50% following the announcement.

Altech Batteries Ltd (ASX:ATC) has finalised the sale of land owned by Altech Meckering Pty Ltd in Meckering, Western Australia , after completing settlement. The Board had identified the property as surplus to operational requirements , allowing the company to unlock AUD 950,000 in gross proceeds to strengthen its working capital position.

Mining Rights Retained Under New Agreement

As part of the transaction, Altech has retained ownership of Mining Lease M70/1334 and entered into an Exploration, Mining, Access, Compensation and Option to Purchase Agreement with the new landowner.

The agreement, executed on standard industry terms, preserves Altech's ability to undertake future mining activities on the mining lease. It also ensures that any future owner of the lease can continue operating under the same agreement if ownership changes.

Mortgage Discharged as Bank Guarantee Put in Place

The land was previously subject to a mortgage held by major shareholder Deutsche Balaton AG . Following the completion of the sale, the mortgage was discharged, with Altech providing a AUD 500,000 bank guarantee over one of its bank accounts as security.

The guarantee is linked to €2 million in bearer bonds owed by Altech to Deutsche Balaton AG, which are scheduled for repayment on 31 October 2026 . The company is working towards the sale of its Johor, Malaysia property to support the repayment of the bonds.

If the bearer bonds remain unpaid by the due date, Deutsche Balaton AG will be entitled to claim the AUD 500,000 guarantee as partial repayment. Should Altech repay the bonds in full by 31 October 2026 , the guarantee will be withdrawn and cancelled.

ATC Share Price Surge

ATC share price jumped 50% to trade at AUD 0.009 per share at the time of writing on 29 June 2026.

Highlights

• Platina Resources has completed 10,809m of aircore drilling across 220 holes at the Mt McKenna Gold Project.
• Drilling identified a new mineralised corridor extending more than 1km at the Granite Well East Prospect, supported by multiple gold intercepts.
• Results at the Black Rock Prospect defined a coherent mineralised structure exceeding 800m, with elevated arsenic values and several anomalous gold intersections.
• The company secured AUD 109,200 in co-funding from the Western Australian Government to support a 13-hole RC drilling program targeting deeper mineralisation.
• Follow-up RC drilling later this year aims to test high-priority targets and advance exploration across the project.

Platina Resources Limited (ASX:PGM) has reported the discovery of new gold zones at the Granite Well East Prospect within its Mt McKenna Gold Project in Western Australia's Laverton Gold District . The findings follow the completion of 10,809m of aircore drilling across 220 holes over two exploration phases, with results highlighting a new mineralised corridor and multiple gold intercepts across key target areas.

Granite Well East Delivers Multiple Gold Intercepts

Drilling at Targets 4 and 5 returned several notable gold intersections, including-

• 1m @ 7.10g/t Au from 40m (MMKAC0239), ending 1m above the bottom of hole (BOH);
• 4m @ 1.11g/t Au from 12m (MMKAC0240), associated with a strong arsenic anomaly;
• 7m @ 0.61g/t Au from 36m, including 2m @ 1.41g/t Au from 40m (MMKAC0240), with mineralisation continuing to the bottom of hole; and
• 4m @ 0.93g/t Au from 52m, including 3m @ 1.13g/t Au from 52m (MMKAC0194), ending at the bottom of hole.

The drilling campaign has identified a new mineralised corridor extending over more than 1km strike at the Granite Well East Prospect , covering Targets 4 and 5 .

Mineralised Structure Defined at Black Rock Prospect

At Target 2 , drilling returned-

• 4m @ 4.69g/t Au from 16m (MMKAC0162) along the eastern mafic-granite contact;
• 4m @ 0.33g/t Au from 28m (MMKAC0129) within saprock adjacent to a strong arsenic anomaly, further supporting planned RC drill testing;
• 1m @ 0.27g/t Au from 39m (MMKAC0305), ending at the bottom of hole;
• 4m @ 0.34g/t Au from 48m (MMKAC0339); and

Results from the drilling campaign outlined a north-northeast trending mineralised structure spanning over 800m at the Black Rock Prospect , characterised by elevated arsenic values and several anomalous gold intersections .

Government Grant to Support Next Drilling Phase

The company has been awarded AUD 109,200 under the Western Australian Government's Co-funded Exploration Drilling Program . The funding will support a 13-hole RC drilling program at Target 2 , where the company plans to test the deeper extensions of mineralised structures identified through the recent aircore drilling campaign and gravity surveys. The RC drilling program will form part of the follow-up exploration campaign scheduled for later this year .

PGM shares traded at AUD 0.019 per share at the time of writing on 29 June 2026.

Highlights

• The Independent Board Committee unanimously recommended shareholders reject the unsolicited AUD 0.13 per share takeover offer from Xingye Gold and take no action.
• Independent expert valued FEG at AUD 0.324–0.444 per share.
• The expert concluded the offer is neither fair nor reasonable and represents a 60%–71% discount to the assessed company value.
• Independent Directors holding 11.07% of FEG shares and major shareholders representing 12.44% have indicated they do not intend to accept the offer.
• FEG’s upcoming catalysts include completion of Idenburg Scoping Study, following progress in expanding the project's gold resource to ~780,000 ounces and increasing its ownership to 51%.

Far East Gold Ltd (ASX:FEG) has advised shareholders to reject the unsolicited AUD 0.13 per share takeover offer from Xingye Gold (Hong Kong) Mining Company Limited after an independent valuation found the proposal falls well below the company's assessed value. The Independent Board Committee unanimously recommended shareholders reject and take no action, following an expert report that concluded the offer is neither fair nor reasonable.

Independent Expert Values Company Above Offer

Independent expert Lonergan Edwards & Associates (LEA) assessed the value of 100% of Far East Gold at AUD 0.324 to AUD 0.444 per share , with a midpoint valuation of AUD 0.385 per share on a controlling interest basis. The report concluded that Xingye's offer , places the bid at a 60% to 71% discount to the assessed value.

At the midpoint valuation, the offer represents a shortfall of AUD 0.255 per share compared with the expert's assessment. The valuation was completed before the upcoming Idenburg Scoping Study , meaning the study's findings were not incorporated into the assessment.

Reasons for Rejecting the Bid

The Independent Board Committee stated that the offer does not reflect the company's assessed value and noted that Far East Gold shares have traded above the AUD 0.13 offer price since 2 June 2026. According to the Independent Expert, this suggests investors anticipate an improved offer for the bid to gain acceptance.

The board also highlighted that multiple parties have entered confidentiality agreements with FEG and are progressing technical, commercial and site-based due diligence following the announcement of Xingye's offer. In addition, the committee pointed to the timing of the bid, which comes ahead of several planned milestones, including the completion of the Idenburg Scoping Study .

Furthermore, the company's Independent Directors , who collectively hold approximately 11.07% of FEG's shares, have confirmed they intend to reject Xingye's offer . In addition, major shareholders representing around 12.44% of the company's issued shares have indicated they do not currently intend to accept the takeover bid at the proposed price.

Recent Project Progress Highlighted

FEG also outlined developments at its Idenburg project over the past year, including expanding the JORC (2012) Mineral Resource to approximately 780,000 ounces of gold , increasing its ownership interest to 51% , commencing Indonesian feasibility study work , and advancing metallurgical and permitting activities. The company noted that the Scoping Study is nearing completion as the project advances toward development.

FEG shares were trading at AUD 0.16 per share, up over 3%, at the time of writing on 26 June 2026.

Highlights

• Platina Resources has completed the acquisition of the Sunrise Bore Project, securing a 100% interest in Exploration Licence E38/4038 in Western Australia's Mt Morgans gold district.
• A Phase 1 reverse circulation drilling program comprising 23 holes over approximately 2,775m has commenced to test historical gold mineralisation.
• Platina believes the drilling program could support progress towards defining a mineral resource while expanding its Laverton gold exploration portfolio.

Platina Resources Limited (ASX:PGM) has completed the acquisition of the Sunrise Bore Project in Western Australia's prolific Laverton gold district. The acquisition, made through the purchase of Bravo Minerals Pty Ltd , marked the addition of a new exploration asset to its Laverton gold exploration portfolio.

The company has also commenced a Phase 1 reverse circulation drilling program, targeting a section of the 1.2km historically identified gold mineralisation trend within the project area.

Terms of the Acquisition Satisfied

Settlement of the acquisition has been completed in line with the terms announced on 17 June 2026 , giving Platina a 100% interest in Exploration Licence E38/4038 , located in the Mt Morgans gold district near Laverton, Western Australia .

As part of the transaction, Platina paid AUD 350,000 in cash , including the previously paid AUD 50,000 deposit , issued 40,625,307 shares valued at AUD 800,000 , and granted a 1% Net Smelter Return (NSR) royalty .

Phase One Drilling Program Begins

The first phase of exploration drilling commenced today , with the reverse circulation (RC) program comprising 23 holes for approximately 2,775 metres . The campaign is designed to test a 0.25-kilometre section of the broader 1.2-kilometre historically identified mineralised trend , which lies within a 3.6-kilometre structural corridor .

The initial drilling campaign is expected to take approximately 14 days to complete .

The company recently completed a detailed technical review of the project and obtained the necessary cultural heritage clearances ahead of the drilling campaign.

About the Sunrise Bore Project

The Sunrise Bore Project is situated within Western Australia's Eastern Goldfields region . The tenement has undergone limited modern exploration and is considered prospective for structurally controlled gold mineralisation .

Platina Chief Executive Officer Corey Nolan expects the Sunrise Bore Project to progress towards a mineral resource through a systematic drilling program designed to extend known mineralisation along strike and down dip .

PGM shares traded at AUD 0.019 per share, up over 5.5%, at the time of writing on 26 June 2026.

Highlights

• FEG has lodged its Target’s Statement with ASIC on 25 June 2026, formally responding to Xingye Gold (Hong Kong) Mining Company Limited’s AUD 0.13 per share unsolicited takeover offer.
• The Independent Board Committee unanimously recommends shareholders REJECT the offer and take no action, following its formal review process.
• Independent expert Lonergan Edwards & Associates Limited values FEG at AUD 0.324–0.444 per share, indicating a 60%–71% discount to the offer price.
• Around 23.51% of shareholders have indicated they will not accept the offer.
• FEG continues advancing its Idenburg Gold Project, supported by a 51% acquisition, 44% resource upgrade to ~780,000 ounces, ongoing drilling, permitting progress, and metallurgical recoveries up to 95%.

Far East Gold Ltd (ASX:FEG) has lodged its Target’s Statement in response to an unsolicited conditional off-market takeover offer from Xingye Gold (Hong Kong) Mining Company Limited to acquire all remaining ordinary shares at AUD 0.13 per share . The document, filed with the Australian Securities and Investments Commission (ASIC) on 25 June 2026 , sets out the company’s formal response, including an Independent Board Committee (IBC) recommendation to reject the offer and take no action .

FEG established IBC to oversee the evaluation of the takeover proposal, comprises independent directors responsible for all communications and decisions relating to the offer. The IBC has appointed Canaccord Genuity (Australia) Limited as financial adviser and Thomsons as legal adviser to support its review process.

The committee also acknowledged the presence of a non-independent director associated with Xingye Gold (Hong Kong) Mining Company Limited , noting the separation of decision-making authority within the board structure.

Recommendation to Reject the Offer

The IBC has unanimously recommended that shareholders REJECT the offer and take no action . The recommendation applies to shares held or controlled by all independent directors.

Key stated factors by Justin Werner, FEG’s Chairman, include:

• Xingye Gold’s unsolicited offer is assessed as below underlying asset value , with independent expert Lonergan Edwards & Associates Limited valuing FEG at AUD 0.324 – 0.444 per share , implying a 60%–71% discount to the AUD 0.13 offer; the bid is considered not fair and not reasonable for non-associated shareholders.
• The offer is viewed as aligned with a period of pending value catalysts , including the Idenburg Scoping Study, development drilling, resource growth activities, and ongoing permitting and feasibility work , which are yet to be fully reflected in the share price.
• Approximately 51% of shareholders do not intend to accept the offer at the current price level.
• The bid remains subject to multiple conditions, including regulatory approvals in China , creating uncertainty over whether it will proceed to completion.
• Acceptance may result in shareholders missing potential future superior proposals from other parties.

Development Activity Advancing Across FEG’s Portfolio

FEG highlighted ongoing technical and development progress across its portfolio, including advancement of its flagship Idenburg Gold Project .

Key developments referenced include:

• A 51% interest acquisition in the Idenburg Gold Project
• A 44% increase in JORC Mineral Resource Estimate to approximately 780,000 ounces of gold at 3.1g/t Au
• Advancement of the Idenburg Scoping Study and related drilling programs
• Progress in permitting approvals and environmental clearances , including UKLUPL and PIPPIB approvals
• Metallurgical testing reporting up to 95% gold recovery at the Sua prospect

FEG shares traded at AUD 0.15 per share on 25 June 2026.

Highlights

• EV Resources confirms 81.1% antimony recovery from the Chinantla ore through a flotation-led processing route, outperforming gravity-based methods.
• Test work demonstrates commercial grade concentrate up to 62.9% Sb, exceeding typical smelter specifications.
• A conventional multi-stage flotation circuit has been identified as the preferred processing route, with further optimisation work underway to enhance recovery and grade.
• Existing plant infrastructure will be leveraged with low additional CAPEX.
• Integrated permitting and construction timeline targets first production in 10–12 months.

EV Resources Limited (ASX:EVR) has taken a material step forward in its strategy to establish a regional antimony processing hub in Mexico. The company has released independent metallurgical test results confirming a flotation-led processing flowsheet as the optimal processing route for its Tecomatlán Processing Plant in Puebla.

Test work on ore from the Chinantla antimony project demonstrated that flotation delivers significantly higher antimony recovery compared with gravity concentration methods. The findings support the company's decision to pursue an integrated flotation upgrade at its Tecomatlán Processing Plant.

Flotation Route Delivers Highest Recovery

The comparative test program evaluated three processing methods for Chinantla ore: gravity concentration only, gravity concentration followed by flotation, and bulk flotation.

Results showed that bulk flotation achieved the highest antimony recovery of 81.1%, compared with 74.04% recovery from gravity plus flotation and 29.25% recovery from gravity concentration alone. The flotation route also produced a concentrate grading 42.4% antimony (Sb), making it the highest-performing option among the three pathways tested.

The company said the ore responds well to conventional sulphide flotation methods and has demonstrated the ability to produce an antimony concentrate grading more than 60% Sb, exceeding typical smelter requirements.

Further test work is underway to validate a complete conventional flotation flowsheet, which is expected to enhance concentrate grades.

EVR shares traded at AUD 0.007 per share at the time of writing on 24 June 2026.

Highlights

• Hanking Gold has secured approval for Copperhead and Golden Pig mining activities at the Cygnet Gold Project.
• The approval marked a key step toward restarting underground gold operations in Western Australia.
• Cygnet Gold Project hosts JORC resource of 2.07Moz Au at 2.42 g/t and ore reserve of 0.735Moz Au at 1.75 g/t, supporting long-life development potential.
• Recent drilling at Corinthia returned high-grade intercepts including 23.4m at 6.49 g/t Au, reinforcing resource expansion potential across the project.
• The company has initiated the tendering process for underground development works at Copperhead.

Hanking Gold International Limited has secured a key regulatory milestone for its Western Australian growth strategy, with its wholly owned subsidiary Cygnet Gold Pty Ltd receiving approval from the Department of Mines, Petroleum and Exploration of Western Australia for the Copperhead and Golden Pig Mining Development and Closure Proposal. Approved under Approvals Statement AS-243947, the decision marks an important step toward the planned restart of underground mining operations at the Cygnet Gold Project.

Approval Covers Key Mining Infrastructure

The approved activities cover the development of critical mining infrastructure, including a new portal providing underground access through the existing Copperhead pit, development of the Copperhead mining void, Run-of-Mine pad facilities, supporting mining operations and a Copperhead evaporation pond on TSF5. Proposed underground mining activities at the historic Golden Pig deposit have also been approved, while applications associated with miscellaneous licences L77/367 and L77/368 are being processed.

Cygnet Gold Project Hosts Multiple Deposits

Located approximately 360km east of Perth in Western Australia, the Cygnet Gold Project comprises the high-grade Copperhead and Golden Pig underground mines and the Corinthia open pit mine. Hanking Gold plans to establish a centralised processing plant, tailings storage facility and administration infrastructure at Corinthia, with ore from Copperhead and Golden Pig transported to the site.

Both Copperhead and Golden Pig have historical production profiles. Copperhead historically produced more than 1.5 million ounces of gold at an average grade of about 3.8 g/t gold. The company intends to restart the operation through a new portal at the base of the existing pit. Golden Pig, discovered in 1890, has historically produced approximately 0.5 million ounces of gold at an average grade of 5.9 g/t gold and last operated in 2005.

Drilling Supports Resource Expansion Plans

Exploration activity continues to support resource growth ambitions across the broader Cygnet Gold Project. The Corinthia asset, acquired in early 2025, remains subject to ongoing drilling.

The Cygnet Gold Project currently hosts a combined JORC resource of 2.07 million ounces of gold at an average grade of 2.42 g/t Au and an ore reserve of 0.735 million ounces at 1.75 g/t Au.

Following completion of drilling programs at Corinthia and Copperhead, the company reported notable intervals at Corinthia, including 13.15m at 3.36 g/t from 325.65m and 23.4m at 6.49 g/t from 338.35m.

Hanking Gold expects additional drilling to support future resource updates.

With mining approvals now in place, the company has commenced the tendering process for underground development works at Copperhead. Preparations will also include underground drilling aimed at expanding resources and ore reserves across the Cygnet Gold project.

This development forms part of a broader portfolio strategy for Hanking Gold, with the Mt Bundy Gold Project remaining the company’s current primary focus for near-term development into a low-cost producing gold mine. Together, the advancement of Mt Bundy alongside the planned underground development at Copperhead reflects the company’s overarching strategy to transition both the Mt Bundy and Cygnet Gold Projects into operating gold mines, supporting its longer-term ambition to become a mid-tier gold producer in Australia. Management has expressed confidence in executing this strategy and delivering value creation for all stakeholders.

Highlights

• King River Resources is set to commence drilling at the Mindoolah Gold Project, with an RC drill rig scheduled to arrive on site this week.
• The company plans to investigate a 339,000-tonne reconciliation discrepancy linked to historical mining.
• The company will combine stockpile testing with first-pass drilling beneath priority historical workings.
• An aeromagnetic survey will support future target generation across the project.

King River Resources Ltd (ASX:KRR) has been gaining traction, with its shares rising 7.89% to AUD 0.041 in early trading on 22 June 2026. The latest gain follows an update highlighting preparations for a significant exploration campaign at the company’s Mindoolah Gold Project in Western Australia. With a reverse circulation (RC) drill rig mobilising to site, a substantial historical material discrepancy under investigation, and multiple high-priority prospects set for drilling, the project is entering an active phase that could provide fresh insights into both near-surface opportunities and deeper mineralised structures.

RC drilling campaign targets historical surface material

King River is set to begin RC drilling at the Mindoolah Mining Centre during this week. The program follows a 3D LiDAR volumetric assessment, which identified a discrepancy between historical production records and estimated excavated volumes across the project area, now interpreted to exceed 1.08 million tonnes. The difference includes a recently identified reconciliation gap of about 339,000 tonnes from historical mining activities.

Mining at Mindoolah during the mid-1980s focused mainly on shallow oxide mineralisation, with reported head grades averaging 19.02 g/t Au. The company believes mineralised material may remain within historical waste dumps and low-grade stockpiles. The current drilling campaign is designed to evaluate gold distribution, material variability and the potential significance of near-surface stockpiled material. A bulk density characterisation program is also underway to support tonnage estimation and future assessments.

Priority prospects undergo first-pass testing

The Phase 1 exploration program includes around 1,000 metres of RC drilling beneath the Excelsior, Cundy, Bertram’s and Mindoolah Main Reef prospects. The work aims to validate historical drilling data, confirm mineralisation styles and improve understanding of structural controls.

• At Excelsior, the company plans to investigate mineralisation beneath the historical open pit and assess lode geometry using different drill orientations.
• At Cundy, geological interpretation suggests previous work may not have fully tested the principal mineralised corridor.
• Bertram’s remains a priority structural target supported by historical high-grade sampling, while one RC hole is planned at Mindoolah Main Reef to test the interpreted mineralised position beneath historical underground workings.

Aeromagnetic survey to support future targeting

Alongside drilling activities, an aeromagnetic survey is scheduled to commence this month, with data acquisition and processing expected to continue into July. The survey results will be integrated with LiDAR mapping, historical drilling information and surface geochemistry to refine structural targets and identify possible extensions to known mineralised trends.

Initial assay results from the current drilling campaign are expected during August 2026, subject to drilling progress and sample processing timelines.

With drilling activities commencing, geophysical work progressing and multiple historical targets being revisited, King River Resources is advancing a parallel exploration strategy across the Mindoolah Gold Project. The combination of stockpile assessment, structural validation and high-resolution magnetic data is expected to contribute to ongoing geological interpretation and future drill targeting, with upcoming assay results and survey outcomes set to guide the next stages of exploration.

Highlights

• Far East Gold has reached a 51% ownership of the Idenburg Gold Project following Stage One Completion under the Conditional Share Purchase Agreement.
• The company issued AUD 6.5 million worth of shares at AUD 0.13 per share to the Vendors’ nominee in line with the agreement terms.
• A clear pathway to 80% ownership is established, subject to acceptance of the Feasibility Study by Indonesia’s Ministry of Energy and Mineral Resources (ESDM).
• The Idenburg Gold Project hosts a JORC (2012) inferred mineral resource of approximately 780,000 ounces of gold at an average grade of 3.1 g/t.
• The Idenburg Scoping Study is in the final review, while drilling and resource development activities continue across the project area.

Far East Gold Limited (ASX:FEG) now holds a 51% interest in its flagship Idenburg Gold Project in Papua Province, Indonesia. The company has completed Stage One of its Conditional Share Purchase Agreement for the acquisition of the project, increasing its ownership stake to 51%.

The milestone, following the satisfaction of key contractual and regulatory requirements, strengthens the company’s exposure to the project, which hosts a JORC (2012) inferred mineral resource of approximately 780,000 ounces of gold at 3.1 g/t.

Majority Ownership Achieved at Idenburg

The acquisition is part of the company’s structured agreement with the project vendors and follows the fulfilment of all conditions precedent, including –

• Completion of Stage One Earn-In Expenditure, which exceeded the minimum requirement of AUD 5 million.
• Receipt of all required regulatory and shareholder approvals, including the ASX waiver (grated on 23 October 2024) and shareholder approval (in November 2024).
• Completion of all necessary corporate approvals and documentation.

Share-Based Consideration Completed

As part of the Stage One terms, FEG has issued 50 million shares to Eloquent Enterprises Limited, the Vendors’ nominee. The shares were issued at AUD 0.13 per share, representing a total consideration value of AUD 6.5 million.

This move aligns with shareholder approvals obtained at the Extraordinary General Meeting held on 29 November 2024, along with prior regulatory clearances.

Defined Pathway Toward 80% Ownership

The agreement establishes a structured pathway for FEG to increase its ownership in the Idenburg Project to 80%. This next stage is contingent on the acceptance of a Feasibility Study by Indonesia’s Ministry of Energy and Mineral Resources (ESDM).

The company is targeting submission of the Feasibility Study documentation by Q4 2026, marking a key regulatory step in the project development timeline.

Project Studies and Development Activities Advancing

The Idenburg Scoping Study is currently under final review and in parallel, FEG continues resource growth and drilling programs across the broader Idenburg Contract of Work.

FEG shares were trading at AUD 0.160 per share at the time of writing on 22 June 2026.

Highlights

• Resolution Minerals has been accepted into the U.S. Defense Industrial Base Consortium (DIBC).
• Through DIBC, the company gains access to defense-related funding programs and supply chain initiatives.
• The company is advancing its U.S.-focused antimony and tungsten strategy, targeting minerals classified as critical by the U.S. Government.
• Resolution has submitted a funding application for its tungsten development plans and is evaluating further opportunities linked to antimony supply chain initiatives.
• Drilling at the Horse Heaven Project is progressing according to the plan.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has been accepted as a member of the U.S. Defense Industrial Base Consortium (DIBC), a Department of Defense-supported consortium focused on strengthening the US defense industrial base. The membership provides access to funding opportunities and a range of US defense supply chain initiatives.

Resolution Joins Defense-Focused Consortium

The admission marks a new step in Resolution’s efforts to advance its U.S.-based antimony and tungsten strategy. Through DIBC membership, the company can participate in initiatives focused on the US defense supply chains while engaging with industry and government stakeholders involved in domestic critical minerals supply chains.

The consortium operates under an Other Transaction Authority (OTA) framework and is managed by Advanced Technology International (ATI). It serves as a platform for accelerating research, development, prototyping, and production activities that support U.S. defense priorities.

DIBC Supports Critical Supply Chain Development

The DIBC was established to help strengthen the U.S. defense industrial base through collaboration between government, industry, academia, and emerging suppliers. The consortium currently includes approximately 1,500 member organisations spanning multiple strategic sectors.

Its key objectives include enhancing supply chain resilience, supporting Defense Production Act, accelerating technology commercialisation, expanding workforce capabilities, encouraging participation from non-traditional suppliers, promoting innovation and collaboration within the defense ecosystem.

The initiative also forms part of broader U.S. efforts to develop secure and scalable domestic supply chains for materials and technologies considered essential to national security.

Focus on Antimony and Tungsten Opportunities

Resolution Minerals is advancing projects targeting antimony and tungsten, two minerals identified by the U.S. Government as critical for applications across defense, aerospace, energy, and advanced manufacturing sectors.

The company’s Horse Heaven Project in Idaho is positioned as a potential domestic source of these materials. In parallel, the company has lodged a funding application connected to its tungsten development plans and is assessing additional opportunities that may support its antimony-related initiatives.

Drilling Program Continues at Horse Heaven

Drilling activities at the Horse Heaven Project are progressing according to the plan. The program is intended to enhance understanding of the project’s antimony and tungsten potential and support future development planning activities.

Alongside exploration work, the company intends to increase engagement with members of Congress, government agencies, industry stakeholders, and defense-related organisations to highlight the role of domestic critical mineral supply chains.

RML shares were trading at AUD 0.042 per share at the time of writing on 22 June 2026.

Highlights

• EV Resources has defined a maiden Exploration Target of 1.8–5.0Mt containing 70,000–166,000 tonnes of antimony at the Los Lirios Project in Mexico.
• Additional Phase 1 drilling results have validated the geological model and support plans to expand both resource grade and scale in Phase 2.
• At Lirios 1, drilling returned 5.25m at 1.36% Sb, including 3.05m at 2.12% Sb.
• The first drill hole at Lirios 2 intersected up to 2.35m at 2.52% Sb, highlighting district-scale exploration potential along the Lirios Fault Zone.
• A new antimony zone at Cofradia returned an indicative 2.2m at 5.66% Sb from channel sampling, with laboratory assays pending ahead of Phase 2 drilling.
• The company is targeting a maiden JORC Mineral Resource Estimate in 2H 2026.

EV Resources (ASX:EVR) has established a maiden Exploration Target for its Los Lirios Antimony Project in Oaxaca, Mexico, outlining the scale potential of one of North America's strategically positioned antimony assets. Supported by drilling, channel sampling and geophysical surveys, the target estimates 1.8–5.0 million tonnes containing between 70,000 and 166,000 tonnes of antimony metal across three mineralised zones.

The company has also released additional Phase 1 drill assay results, which further confirm the geological model and validate EVR’s exploration strategy ahead of a Phase 2 program aimed at significantly increasing both resource grade and scale.

Maiden Exploration Target Defines Project Scale

The newly established Exploration Target encompasses the Lirios 1, Lirios 2 and Cofradia zones. The target is based on geological interpretation integrating drill results, channel sampling, and geophysical data. Lirios 1 and Lirios 2 are interpreted as carbonate replacement deposit (CRD)-style mineralisation.

Phase 1 Drilling Assays

At Lirios 1, Phase 1 drilling aimed at evaluating the continuity and extent of the CRD unit. The most significant result from Phase 1 has been reported from drill hole DDH-L1-08-26, which intersected - 5.25m @ 1.36% Sb from 8.1m, including 3.05m @ 2.12% Sb.

Additional drill holes encountered silicified CRD unit at expected depths, but anomalous antimony reported. The results demonstrated proximity to a feeder structure controlling antimony distribution.

Meanwhile, the first drill hole completed at Lirios 2, returned 2.35m @ 2.52% Sb from 11.25m and 1.95m @ 0.78% Sb from 1.5m. The results indicate a mineralised corridor of district-scale potential along the Lirios Fault Zone.

New Zone Identified at La Cofradia

Field reconnaissance has also identified a new zone of intense hydrothermal brecciation at Cofradia. Channel sampling conducted at the intersection of two first-order structures returned an indicative result of 2.2m at 5.66% antimony using handheld pXRF analysis. Mineralisation comprises stibnite and cervantite hosted within quartz vein networks cutting through the hydrothermal breccia host

Laboratory assays are pending, and subject to assay confirmation, the zone will be incorporated into Phase 2 drill planning.

Phase 2 Program Targets Resource Growth

The next exploration phase will focus on testing likely feeder-structure intersection within CRD host unit. The company is targeting a maiden JORC Mineral Resource Estimate in the second half of 2026 as exploration advances across the project.

EVR shares traded at AUD 0.007 per share at the time of writing on 22 June 2026.

Highlights

• Platina Resources has completed the acquisition of 18 tenements at Mt Morgans South.
• The transaction includes AUD 100,000 cash and 5 million shares issued to Genesis Minerals.
• The transaction includes an additional AUD 550,000 milestone payment linked to a 200,000-ounce JORC resource threshold.
• A structured exploration program is planned, focusing on data review, heritage agreements, soil sampling, and drill target generation within the Mt Morgans gold district.

Platina Resources Limited (ASX:PGM) has completed the acquisition of the Mt Morgans South Project from ASX-listed Genesis Minerals Limited, securing full ownership of a package of tenements in Western Australia’s Mt Morgans gold district near Laverton.

Triggered by the update, PGM shares rose more than 5% to AUD 0.020 on 18 June 2026.

Acquisition Finalised in Laverton Gold District

The transaction provides PGM with a 100% interest in 18 tenements comprising four Exploration Licences and 14 Prospecting Licences. These assets are located in the highly prospective Mt Morgans gold district, a well-established gold-producing region in Western Australia.

Acquisition Consideration  

As part of the transaction, the company has paid Genesis Minerals AUD 100,000 in cash and issued 5 million shares, valued at AUD 100,000, as initial consideration.  

A further AUD 550,000 milestone payment remains payable to Genesis Minerals, either in cash or shares at its discretion. This payment will be triggered upon the definition of a JORC-compliant Mineral Resource containing at least 200,000 ounces of gold within the project area.

Planned Exploration Program Initiated

The Mt Morgans South Project compliments PGM’s existing Laverton-region assets, including Mt McKenna and Sunrise Bore (subject to completion). The acquisition further consolidates the company’s position within one of Western Australia's established gold districts.

With the acquisition now finalised, Platina Resources has expanded its presence in the Laverton region through full control of the Mt Morgans South Project. The defined exploration roadmap sets the foundation for advancing project assessment and prioritising target development across the newly acquired tenement package.

Highlights

• XRT ore sorting, conducted by TOMRA, successfully separated mineralised material into product and waste streams at the Linka Tungsten Project.
• Approximately 8% of the Conquest Pit feed and 56.1% of Linka Stockpile feed reported to product streams during sorting trials.
• Visible scheelite was confirmed in the high-grade product fraction from the Conquest Pit sample.
• The testwork deployed TOMRA’s new CONTAIN™ deep-learning software within a three-stage cascade sorting process.
• Product fraction assays are expected in July 2026.
• Ore sorting could support higher plant feed grades and stockpile upgrading as part of Viking's proposed 300,000-tonne-per-annum Linka processing strategy.

Viking Mines Limited (ASX:VKA) (OTCID:VKALF) has reported positive initial results from X-ray Transmission (XRT) ore sorting testwork conducted by TOMRA on mineralised material from its Linka Tungsten Project in Nevada, USA. The testwork on two samples  separated mineralised feed into discrete product and waste streams. Assay results from the product fractions are expected in the second half of July 2026.

Advanced Ore Sorting Technology Put to the Test

The ore sorting program was carried out at TOMRA’s Test Center in Wedel, Germany, using approximately 19.4 kg samples each from the Conquest Pit and Linka Stockpile. The material was crushed and screened to a size range of 10 mm to 40 mm to evaluate its suitability for sensor-based pre-concentration.

The testing employed XRT technology, which distinguishes material based on atomic density. The technology is particularly suited to detecting scheelite, a tungsten-bearing mineral, because tungsten's high atomic density enables it to absorb X-rays more effectively than surrounding waste rock and appears as dense, distinct inclusions in XRT images.

Deep-Learning Software Enhances Detection

The testwork incorporated TOMRA’s newly launched CONTAIN™ software, a deep-learning module designed to identify mineralised inclusions within host rock particles. The software was deployed alongside TOMRA’s established OBTAIN™ detection technology.

Both samples were processed through a three-stage cascade sorting system. The first stage targeted high-grade inclusions, the second focused on lower-grade inclusions, while the third stage used the CONTAIN™ module to recover additional inclusion-bearing particles. The process generated four output streams comprising High Grade Inclusions, Low Grade Inclusions, CONTAIN™ Inclusions, and Waste.

Product Streams Generated from Both Samples

Results from the Conquest Pit sample reported 67.8% of the feed mass, with the remaining material classified as waste. Examination under ultraviolet light confirmed the presence of visible scheelite within the high-grade product fraction. For the Linka Stockpile sample, approximately 56.1% of the feed mass reported to product streams.

The sorted fractions have been returned to the company's metallurgical laboratory in Canada for independent analysis. Product fraction assay results are expected during the second half of July 2026 and will determine the grade and recovery performance achieved by the sorting process.

Potential Applications for the Linka Project

According to Viking, ore sorting may offer two potential pathways for enhancing the Linka Tungsten Project -

• pre-concentration of run-of-mine feed to lift plant feed grade and
• upgrading of existing grade stockpiles.

These initiatives form part of Viking's broader metallurgical program and will be incorporated into the conceptual processing flowsheet being developed by Mineral Technologies for a proposed 300,000-tonne-per-annum processing model.

Next Phase of Evaluation

Following the receipt of assay results, Viking plans to evaluate ore sorting effectiveness and quantify recovery and grade performance.

Additional work is expected to include assessing ore sorting applications for stockpile material, conducting gravity and flotation testwork on sorted products through Base Met Labs, reviewing the project's conceptual processing flowsheet, and obtaining equipment quotations from TOMRA.

VKA shares were trading at AUD 0.010 per share, up 5%, at the time of writing on 18 June 2026.

Highlights

• Platina executed a formal Share Sale Agreement to acquire the Sunrise Bore Exploration Licence.
• The Sunrise Bore Project expands the company’s Laverton gold exploration footprint in Western Australia.
• Completion of the acquisition is expected upon satisfaction or waiver of due diligence conditions.
• Platina paid a further non-refundable signing fee that will be credited toward the purchase price.

Platina Resources Limited (ASX:PGM) has taken another step toward expanding its Western Australian gold portfolio. The company has entered a formal Share Sale Agreement to acquire Bravo Minerals Pty Ltd, the sole owner of the Sunrise Bore Exploration Licence (E38/4038).

The agreement formalises the commercial terms previously outlined under a binding term sheet executed in October 2025. Completion of the transaction remains subject to the satisfaction or waiver of outstanding due diligence conditions and will occur upon the earlier of those conditions being waived or 30 June 2026.

As part of the transaction, Platina has paid a non-refundable signing fee of AUD 25,000 in addition to the AUD 25,000 deposit previously paid. Both payments will be credited against the purchase price upon completion.

Sunrise Bore Adds to Laverton Exploration Portfolio

The Sunrise Bore Project is located within the Eastern Goldfields region of Western Australia, a prospective gold exploration corridor. The tenement covers an area that has seen limited modern exploration and is considered prospective for structurally controlled gold mineralisation.

Through the proposed acquisition, Platina is seeking to expand its Laverton gold exploration portfolio and increase its exposure to exploration opportunities within the region.

Platina is an Australian-based company focused on advancing early-stage metals projects through exploration, feasibility and permitting activities. The company currently holds a 100% interest in a portfolio of gold projects within Western Australia’s Yilgarn Craton.

Brimstone Joint Venture Supports Project Advancement

In a separate development announced in May, Platina entered into a binding conditional Farm-in and Joint Venture Term Sheet with NE Minerals Pty Ltd in relation to the Brimstone Gold Project in Western Australia.

Following a strategic review, Platina determined that while Brimstone remains prospective and retains upside potential, the project does not align with the company’s immediate focus on targeting large-scale Tier 1 discovery opportunities.

The agreement allows a technically capable and financially supported counterparty to advance Brimstone through a substantial work program without funding requirements from Platina shareholders. At the same time, the company retains exposure to future exploration, development and production outcomes through its continuing interest in the project.

Under the agreement, NE Minerals may earn up to an 80% interest in the Brimstone tenements within three years by funding all exploration, evaluation and development activities through to any Decision to Mine.

Looking ahead, completion of the Sunrise Bore acquisition and continued advancement of the Brimstone Project under the joint venture arrangement may support Platina’s efforts to expand and progress its Western Australian gold portfolio.

Shares of PGM traded at AUD 0.020 per share at the time of writing on 17 June 2026.

Highlights

• KRR has commenced a high-resolution drone-borne aeromagnetic survey across priority targets at its 100%-owned Mindoolah Gold Project.
• The UAV survey will cover approximately 9.5km², including historical open pits, underground workings and surrounding prospective areas.
• North-south flight lines at 25m spacing and low-altitude data acquisition are designed to improve detection of concealed structures and mineralised trends.
• The program aims to refine mapping of shear zones, cross-cutting faults, lithological contacts and potential alteration corridors linked to gold mineralisation.
• Fieldwork is scheduled to begin on 25 June 2026.

King River Resources Ltd (ASX:KRR) has launched a high-resolution drone-borne aeromagnetic survey across priority targets of its 100%-owned Mindoolah Gold Project in Western Australia's Murchison Province. The program is designed to identify concealed structures and potential mineralised trends within the historic goldfield.

High-Resolution Survey to Cover Historical Mining Centre

The company has engaged specialist geophysical contractor Magtech Surveys Pty Ltd to undertake the Unmanned Aerial Vehicle (UAV) aeromagnetic survey across approximately 9.5 square kilometres of the Mindoolah Mining Centre and surrounding prospective areas. Coverage will include historical open pits, underground workings and adjacent exploration targets.

The program has been designed to provide more detailed geophysical information than existing regional datasets, which have been influenced by magnetic iron formations from the nearby Weld Range. These regional signatures have limited the visibility of more subtle magnetic features associated with the Mindoolah area, especially where lithological contacts and prospective structures are concealed below weathered regolith and transported cover.

Advanced Drone Technology to Enhance Geological Mapping

The survey will be conducted using a QuSpin QTFM V2 optically pumped magnetometer operating at altitudes below 30m. The low-altitude approach and 25m spacing are expected to improve the detection of subtle magnetic variations across the project area.

The resulting dataset is intended to refine orientation of shear zones, cross-cutting faults, lithological contacts and potential alteration corridors that may not be adequately defined in existing government geophysical datasets.

Focus on Structural Controls of Gold Mineralisation

Historically, several structural orientations were observed across the Bertram, Excelsior and Cundy prospects, and historical structural mapping highlighted three dominant structural linear trends - north-east to south-west, east-west and north-west to south-east orientations.

KRR believes that the interaction of these structural trends, including cross-faults, localised dilation zones and structural intersections, may play a role in the distribution of gold mineralisation across the project.

The company noted that hydrothermal alteration linked to mineralised structures can modify magnetic minerals within host rocks, creating subtle magnetic signatures that are often difficult to detect in broader regional datasets. With the aim to identify the concealed structural features and reduce directional bias, the survey has been designed with NS flight lines with 25m spacing.

Drone Survey Replaces Deferred Helicopter Program

The UAV survey follows the temporary deferral of a previously planned helicopter-borne magnetic survey across the wider Mindoolah Gold Project area. The helicopter program, announced in May 2026, has been delayed due to third-party contractor mobilisation issues.

To maintain exploration activities in priority areas, KRR opted for a drone-based alternative that provides closer-spaced survey lines, lower-altitude data acquisition and faster deployment across the historical mining centre.

With field acquisition expected to commence on 25 June 2026 and continue for approximately five days, King River Resources is preparing to gather detailed magnetic data that could enhance its understanding of the Mindoolah Gold Project.

 KRR shares were trading 9.68% higher at AUD 0.034 per share at the time of writing on 17 June 2026.

Highlights

• Surefire has identified the new LOOT Prospect approximately 1.5km north of the Yidby Gold Deposit through geophysical reprocessing and surface sampling.
• On surface float rock samples collected from a previously unexplored area in a distinct Felsic lithology returned gold grades of up to 12.04 g/t Au, confirming a new mineralisation at Yidby.
• Follow-up sampling delivered assays of up to 13.19 g/t Au, with on-surface Albitite float rock identified over a strike length of approximately 165m.
• All assays from the newly identified Albitite-hosted mineralisation returned gold values.
• Surefire is preparing a 10,000m reverse circulation drilling program to test mineralisation extensions and evaluate newly identified exploration targets.

Recent exploration activities at Surefire Resources NL’s (ASX:SRN) Yidby Gold Project in Western Australia have generated new targets and enhanced the company’s understanding of gold mineralisation across the project area. The latest field programs have led to the discovery of the previously unrecognised LOOT prospect, while follow-up sampling has continued to return encouraging high-grade assay results.

These developments are strengthening exploration potential of Yidby, a key exploration asset within the company’s portfolio of gold, copper and critical minerals projects.

New Gold Discovery Expands Exploration Potential

The LOOT Prospect was identified through a program of inverted gravity geophysics reprocessing and surface float sampling of nearly 1.5km north of the Yidby Gold Project.

Initial sampling from the prospect, announced in March 2026, returned assays of 12.04 g/t Au, 3.66 g/t Au and 1.70 g/t Au from surface float rock samples hosted within a distinct felsic Albitite lithology. The exploration campaign was designed to follow up historical reports from the 1970s that documented gold-mineralised intrusive rocks with results of up to 10.56 g/t Au.

This newly identified style of gold mineralisation, hosted within albitite rock, has now been confirmed at two sample locations approximately 500 metres apart. The results indicate the presence of gold mineralisation beyond the existing Yidby deposit area.

Follow-Up Sampling Delivers Higher Grades

To better define the orientation of the newly identified on-surface gold mineralisation, Surefire undertook further exploration work along strike at the LOOT Prospect.

Assay results announced in April 2026 delivered additional gold values, including grades of up to 13.19 g/t Au from on-surface float rock samples. The company reported that on surface Albitite float rock has now been identified over a strike length of approximately 165 metres, with all collected samples returning gold values.

The latest results build on the initial discovery and provide further evidence of gold mineralisation associated with the Albitite host rock.

Albitite Emerges as a Key Exploration Target

Gold mineralisation at both the LOOT and Cashens Find prospects occurs within a fine-grained felsic Albitite unit containing relict sulphide textures. Albitite forms through sodium metasomatism (albitization) of precursor rocks, and at Yidby, it is interpreted to be associated with fault systems, shear zones and fracture corridors within the high-grade metamorphic terrane. Current observations suggest the mineralised system could extend beyond the identified zones both laterally and at depth.

Upcoming Drilling to Unlock Further Growth Potential

Surefire is advancing preparations for a two-stage reverse circulation drilling program of approximately 10,000 metres. The campaign is planned to test extensions of the main Yidby mineralisation, evaluate north-south continuations at the Cashens Prospect, and investigate newly generated geophysical targets at Copper Hill.

Recent discoveries and follow-up results have expanded the exploration focus at the Yidby Gold Project, with the identification of gold-bearing Albitite opening new areas for investigation beyond the known deposit. As drill planning and geophysical work progresses, Surefire will continue evaluating the extent of mineralisation across the project and advancing exploration activities aimed at defining future resource opportunities.

SRN shares traded at 0.025 AUD on 16 June 2026, up nearly 9%.

Highlights

• Bounty has engaged OPC APAC to assess the PL2 Alton and PL1152 Fairymount assets and prepare development plans.
• The Eluanbrook prospect within PL2 Alton has been identified as a near-term appraisal priority.
• OPC APAC will evaluate exploration and development opportunities along with prospective and contingent resources, and reserves across the Surat Basin projects.
• Naccowlah Block Joint Venture arrears have been reduced to AUD 1.2 million following a AUD 4 million capital raising, supported by ongoing oil revenue.

Bounty Oil & Gas NL (ASX:BUY) has provided an update on its ongoing strategic review of the Surat Basin Projects, with efforts centred on advancing new production opportunities from its wholly owned PL2 Alton and PL1152 Fairymount fields in Queensland's Southern Surat Basin. The company also reported progress in addressing outstanding obligations within the Naccowlah Block Joint Venture (NBJO) following a recent capital raising.

Strategic Review Focuses on Surat Basin Production Opportunities

To support the strategic review of PL2 Alton and PL1152 Fairymount fields, Bounty's Board has engaged OPC APAC, an independent global energy consultancy, to undertake a detailed assessment of the projects and prepare development plans. The work will focus on identifying exploration and development opportunities, along with evaluating prospective resources, contingent resources, and potential reserves.

OPC APAC to Deliver Comprehensive Project Assessment

Founded in 1988, OPC APAC provides consulting services across the upstream exploration and production, gas, and carbon dioxide storage sectors. The consultancy's integrated team covers subsurface studies, wells, processing facilities, and commercial disciplines, supported by an additional network of more than 4,000 specialist consultants.

Eluanbrook Opportunity Identified as Initial Priority

Within PL2 Alton, Bounty's immediate focus is expected to be appraising the Eluanbrook prospect, which has been identified as a potential oil and gas opportunity within the Showgrounds Formation.

The prospect was identified from the Eluanbrook-1 well and is supported by insights from modern seismic surveys.

Naccowlah Block Arrears Reduced Following Capital Raising

Separately, the company has provided an update on its position within the Naccowlah Block Joint Operations (NBJO). The company previously announced a Letter Agreement Payment Plan with NBJO participants aimed at clearing AUD 1.77 million in outstanding cash call arrears.

Following the completion of a AUD 4 million capital raising, Bounty has made payments to the joint venture operator, reducing the arrears balance to AUD 1.2 million. The company also confirmed that it continues to receive oil revenue from the Naccowlah Block.

Bounty's latest update highlights ongoing activity across its key assets, with the company progressing a strategic review of its Surat Basin projects while also improving its financial position within the Naccowlah Block Joint Venture. The appointment of OPC APAC, the planned appraisal of the Eluanbrook prospect, and the reduction of outstanding NBJO obligations mark important developments in the company's current operational agenda.

BUY shares were trading at AUD 0.025 per share at the time of writing on 16 June 2026.

Highlights

• Catalina’s review of historical exploration data has confirmed multiple gold mineralisation zones across its recently expanded Mid-West project portfolio.
• The acquisition of the Pithara, Kirkalocka, Tallering and Warriedar projects has significantly expanded the company’s gold exploration footprint in Western Australia.
• Historical drilling at the Pithara Project returned notable gold intersections, including 5m at 2.70g/t gold and 7m at 1.76g/t gold.
• Multiple gold targets have been identified at the Kirkalocka and Tallering projects, with historical exploration programs at Tallering showing silver and copper mineralisation.
• Field activities, heritage assessments and drill planning activities are underway.

Catalina Resources Limited (ASX:CTN) has completed the technical review of historical exploration data across its recently acquired Mid-West gold portfolio in Western Australia. The assessment, covering the Pithara, Kirkalocka, Tallering and Warriedar projects, confirmed multiple occurrences of historical gold mineralisation. The review follows the company's recent acquisition of additional exploration assets and a AUD 3 million capital raising.

Portfolio Expansion Strengthens Regional Presence

The latest acquisition has significantly increased CTN’s presence across Western Australia’s gold regions, adding the Pithara, Kirkalocka, Tallering and Warriedar projects to an existing portfolio that includes the Evanston, Yerilgee, Peak Hill, Deflector North, Big Bell and Boodanoo projects.

The comprehensive review incorporated historical drilling, geological, geochemical and geophysical information. The review is contributing to target generation and prioritising activities as the company prepares for the next stage of exploration across a portfolio comprising former producing areas, advanced-stage exploration assets, and several underexplored mineralised trends.

Notably, the portfolio includes tenements located adjacent to the Kirkalocka Gold Mine, which hosts an estimated mineral resource of approximately 240,000 ounces of gold, and near the Kirkalocka Gold Processing Plant, where operations are planned to recommence in 2026.

Pithara Delivers Notable Historical Gold Intercepts

The review highlighted several significant historical drill results from the Pithara Project, located within the Dalwallinu Greenstone Belt.

Among the reported intercepts were-

• 5m @ 2.70g/t Au from 29m, including 1m @ 8.53g/t Au from 31m (DTR949)
• 7m @ 1.76g/t Au from 89m (PTRC008), 2m @ 2.45g/t Au from 8m, including 1m @ 3.51g/t Au from 8m (DTR1176); and
• 2m @ 1.74g/t Au from 4m, including 1m @ 3.48g/t Au from 4m (DTR1175).

Kirkalocka Review Identifies Multiple Gold Zones

At the Kirkalocka Project, historical drilling confirmed several mineralised zones. Key historical intersections included-

• 28m @ 1.09g/t Au from 57m including 1m @ 9.69g/t Au; and
• 21m @ 1.04g/t Au from 127m including 5m @ 2.30g/t Au.

Tallering Shows Gold, Silver and Copper Potential

The Tallering Project, covering approximately 236 square kilometres, returned evidence of both precious and base metal mineralisation.

Historical drilling intersected 1m grading 90.3g/t silver, 2.03% copper and 0.89g/t gold. Surface sampling produced high-grade results of up to 100.6g/t gold, along with elevated silver, copper and tungsten values.

Peak Hill and Deflector North Add Further Exploration Opportunities

At Peak Hill, historical drilling intersected gold mineralisation including-

• 10m @ 1.43g/t Au from 65m, including 5m @ 2.70g/t Au from 65m; and
• 2m @ 1.37g/t Au including 1m @ 2.23g/t Au.

Meanwhile, at Deflector North, historical aircore drilling recorded 10m at 3.21g/t gold from surface, with additional mineralised intercepts identified along at least 800m of strike length.

Catalina stated that historical exploration at Deflector North remains relatively limited as few drill holes were completed across the tenure.

Exploration Activities Underway

The company has commenced field activities across the portfolio, including site inspections aimed at validating historical exploration results, supporting the planning of future exploration activities and validating outcomes for desktop review. Heritage assessments and land access negotiations are also progressing across multiple project areas.

The company expects to complete target prioritisation, field reconnaissance and drill planning in the coming weeks.

CTN shares were trading at AUD 0.044 per share at the time of writing on 15 June 2026.

Highlights

• Far East Gold has advised shareholders to take no action on Xingye Gold’s off-market takeover offer of AUD 0.13 per share until further information is released.
• The company has appointed financial, legal, valuation and technical advisers to conduct an independent assessment of the proposal.
• Xingye Gold, which currently owns 19.99% of Far East Gold, says the offer represents a 34.02% premium to FEG’s closing price on 26 May 2026.

Far East Gold Limited (ASX:FEG) has advised shareholders not to take any action in response to an off-market takeover offer from Xingye Gold (Hong Kong) Mining Company Limited, which is seeking to acquire all shares it does not already own for AUD 0.13 per share in cash.

The recommendation follows Xingye Gold’s formal Bidder’s Statement and relates to a takeover proposal first disclosed in late May 2026. The board has urged shareholders to wait for the company’s Target’s Statement, independent expert assessments and the board's recommendation, before deciding whether to accept or reject the offer.

Board Advises Shareholders to Wait

In an announcement released on 11 June 2026, FEG stated that shareholders are not required to respond to correspondence from Xingye Gold, access the offer website, return acceptance forms or contact their brokers at this stage.

The company emphasised that ignoring the offer documentation will not affect existing shareholdings. According to the board, shareholders should wait until they receive comprehensive information regarding the proposal before determining whether to accept or reject the offer.

Independent Review Process Underway

The company highlighted that the takeover proposal was made without prior discussions or engagement with the company. In response, the board has assembled a team of advisers to evaluate the offer and provide shareholders with an independent assessment.

The advisory team includes Canaccord Genuity (Australia) Limited as strategic and financial adviser, Thomsons Geer as legal adviser, and independent experts Lonergan Edwards & Associates and SRK Consulting to undertake valuation and technical reviews.

The findings of these advisers, together with the board’s formal recommendation, will be included in the company’s Target’s Statement, which is expected to be released and distributed to shareholders within the timeframe prescribed under the Corporations Act.

Xingye Gold Highlights Premium Offer

Xingye Gold’s Bidder’s Statement outlines its proposal to acquire all remaining Far East Gold shares for AUD 0.13 in cash per share. The offer is scheduled to remain open until 22 July 2026, unless extended or withdrawn.

The bidder noted that it is currently FEG’s largest shareholder, holding 19.99% of the company, following a AUD 14.67 million investment completed in early 2025.

According to Xingye Gold, the offer represents a 34.02% premium to FEG’s closing share price of AUD 0.097 on 26 May 2026. The bidder also stated that the proposal reflects a 19.45% premium to the one-month volume weighted average price (VWAP) and a 5.20% premium to the three-month VWAP.

FEG shares were trading 3.33% higher at AUD 0.16 per share at the time of writing on 12 June 2026.

Highlights

• The Federal Court is scheduled to deliver its judgment in the PEP-11 judicial review proceedings on 17 June 2026.
• The judicial review hearing was completed before Justice Jackson in February 2026.

Bounty Oil & Gas NL (ASX:BUY) has shared an update released by BPH Energy Limited (ASX:BPH) regarding the Petroleum Exploration Permit 11 (PEP-11) project. The update relates to the Federal Court of Australia’s judicial review proceedings challenging the Joint Authority's decision to refuse the PEP-11 extension applications for variation.

The update highlighted that the Federal Court will deliver its judgment on the PEP-11 judicial review application on 17 June 2026, marking the next key milestone in the ongoing proceedings concerning the permit extension applications.

Hearing Completed

The hearing of the originating application for judicial review was conducted before Justice Jackson of the Federal Court of Australia in Sydney on 20 and 23 February 2026. The application challenges the Joint Authority’s decision to refuse the PEP‑11 extension variation applications.

With the hearing process concluded and the judgment date confirmed, BUY and its PEP-11 partners await the Federal Court’s ruling, which could determine the future direction of the offshore exploration permit.

BUY shares traded at AUD 0.03 per share on 11 June 2026.

Highlights

• CGN Resources expanded its Leonora footprint with the acquisition of the 142km² Desdemona Project, lifting its regional landholding to district scale.
• The company's consolidated tenure in the Leonora gold region now spans approximately 385km² across Desdemona, Christmas Well and Panhandle.
• Historical gold intersections at Christmas Well and Panhandle highlight multiple targets that remain open for further exploration.
• CGN maintains a diversified exploration portfolio with exposure to gold, copper, IOCG, rare earth, niobium and nickel targets across Western Australia.
• The company reported a cash balance of AUD 2.5 million to support ongoing exploration and target advancement activities.

Some exploration companies focus on a single project. Others build a portfolio around a single commodity. CGN Resources Limited (ASX:CGR) appears to be taking a much broader approach.

Over recent months, the company has been steadily expanding its footprint across some of Western Australia's most prospective mineral regions. The latest move—the acquisition of the Desdemona Project in Leonora—adds further scale to an already sizeable landholding. But the story does not stop at gold.

From Leonora's established gold corridor to IOCG and carbonatite targets at the Webb project in the West Arunta and copper opportunities at the Paterson Broadhurst Project in the Paterson Province, CGN has assembled exposure to multiple mineral systems across several exploration districts.

The question for investors is not simply what the company owns today. It is whether these projects, spread across some of Western Australia's most recognised mineral provinces, could collectively unlock future discovery opportunities.

The answer begins in Leonora.

The Acquisition That Changes the Scale of the Story

CGN has completed the acquisition of the 142km² Desdemona Project from Patronus Resources Limited, increasing its consolidated landholding in the Leonora region to approximately 385km².

On its own, that is a sizeable addition. But its significance becomes clearer when viewed alongside CGN's existing Christmas Well and Panhandle projects.

Together, the three projects now form a district-scale position in one of Australia's most productive gold provinces.

Desdemona sits along strike from the 8-million-ounce Gwalia Mine and occupies the same prospective stratigraphic corridor that hosts the Ulysses, Admiral and Orient Well gold deposits. The expanded tenure places CGN between established mining centres and within proximity to several known gold operations.

For investors following exploration companies, location often matters as much as scale. In this case, CGN's expanded footprint sits within a region that has already demonstrated its ability to host significant gold deposits.

Why Leonora Continues to Attract Attention

The broader Leonora land package covers highly prospective geological terrain with established infrastructure access and numerous historical gold occurrences.

CGN notes that its landholding is comparable in scale to major regional operators and includes ground positioned along strike from deposits including Gwalia (8Moz), King of the Hills (4Moz) and Ulysses (2Moz).

Historical drilling and previous workings have already identified multiple gold targets throughout the tenure.

Yet despite Leonora's long mining history, several areas within CGN's projects remain relatively underexplored.

That brings attention to the company's next chapter within the district.

What Lies Beneath Christmas Well?

Christmas Well hosts several walk-up drilling targets supported by historical gold intersections.

Among the reported results are 2m at 6.52g/t gold at Sweetbread, 6m at 2.04g/t gold at Rocky Mountain Oyster and 3m at 7.93g/t gold at Lambs Fry.

Those results provide evidence of gold mineralisation across the project. However, they are only part of the story.

According to CGN, a number of greenfield opportunities remain across the western portion of the tenure, targeting buried greenstone sequences.

Areas including Ox Tongue and Black Pudding have never been drilled despite prospective greenstone stratigraphy being interpreted beneath the surface. Additional targets at Sweetbread, Trotter and Rocky Mountain Oyster are associated with north-west trending mineralised structures.

Importantly, the company has already secured access agreements and heritage clearances, providing a pathway for future exploration activities.

But Christmas Well is not the only project generating interest within the Leonora portfolio.

Could Panhandle Hold More Than Historical Results?

Located along strike from both the Gwalia and Ulysses mining centres, the Panhandle Project covers several historical high-grade gold intersections.

Reported drilling results include 3m at 17.28g/t gold from 170m at Annapurna, 3m at 13.27g/t gold from 42m at Paradise North, 12m at 2.04g/t gold from 48m at Paradise North, 9m at 20.20g/t gold from 61m at Pelican, 4m at 6.18g/t gold from 45m at Pelican and 5m at 2.20g/t gold from 56m at Pelican.

CGN states that all reported intercepts exceeded 0.5g/t gold.

Yet one statistic may stand out as much as the grades themselves.

Only 6% of historical drill holes extend beyond 100m depth. At the same time, approximately 93% of the tenure is concealed beneath transported material.

In other words, while historical drilling has already identified gold mineralisation, much of the underlying stratigraphy remains relatively unexplored.

Yet gold is only one chapter of CGN's broader exploration story.

Beyond Leonora: A Different Opportunity Emerges in West Arunta

Several hundred kilometres away, the exploration focus shifts from gold corridors to IOCG and carbonatite-style targets.

At the Webb Project in the West Arunta region, CGN is advancing a series of targets supported by geophysical anomalies and favourable structural settings.

The Kandula targets cover high-amplitude gravity anomalies accompanied by magnetic responses interpreted as potential carbonatite or IOCG targets. Areas K1 through K3 and K7 form part of the company's broader exploration strategy across the project.

Further opportunities exist at Elmer, where CGN has identified gravity and magnetic anomalies positioned within prospective structural settings. The E1 target has already received heritage clearance and is ready for exploration, with geological characteristics considered consistent with IOCG-style mineralisation.

Another target, Mahmud, combines gravity and magnetic signatures with IOCG and niobium potential along a major structural corridor in a largely untested southern area.

CGN currently holds a 92% joint venture interest in its West Arunta tenure alongside Meteoric Resources.

If Leonora provides exposure to gold, Webb broadens the company's exploration focus into entirely different mineral systems.

And there is still another region within the portfolio.

A Copper Opportunity in the Paterson Province

The Broadhurst Project extends CGN's footprint into the Paterson Province, adding exposure to copper-focused exploration.

Covering approximately 715km², the project is positioned near the Nifty and Maroochydore copper deposits and targets the copper-rich Broadhurst Formation.

CGN considers the project prospective for several geological targets that have seen limited historical testing. Previous drilling has returned multi-metal results, supporting exploration for copper and associated mineral systems across the district.

The project adds another layer to a portfolio that now spans multiple commodities and exploration styles across Western Australia.

One Portfolio, Multiple Discovery Pathways

Taken together, CGN's projects present exposure to a range of commodities including gold, copper, IOCG systems, rare earth elements, niobium and nickel.

The Leonora assets provide district-scale gold exposure. Webb introduces IOCG, carbonatite and niobium opportunities in the West Arunta region. Broadhurst adds copper-focused exploration within the Paterson Province.

With the acquisition of Desdemona now complete, CGN has further expanded its Leonora footprint while continuing to advance opportunities across its broader exploration portfolio.

Supported by a reported cash balance of AUD 2.5 million as at 31 March 2026, the company remains focused on progressing priority targets across its Western Australian project portfolio.

Shares of CGR traded at AUD 0.054 on 10 June 2026.

Highlights

• Viking Mines has achieved 76.0% combined tungsten recovery from gravity and flotation testwork at Linka.
• Premium concentrate grade of 56.9% WO₃ remains above the saleable threshold for scheelite concentrate.
• Flotation recovery increased to 33.89%, nearly double of the previous results.
• Metallurgical results continue to support a low-CAPEX processing pathway for the project.
• Maiden drilling at Linka remains scheduled to commence during the June 2026 quarter.

Viking Mines Limited (ASX:VKA) has reported further progress from metallurgical testwork at its Linka Tungsten Project in Nevada, USA, with follow-up flotation optimisation delivering a significant increase in tungsten recovery while maintaining a premium concentrate grade.

The latest results delivered a combined gravity-plus-flotation concentrate grading 56.9% WO₃ at a total recovery of 76.0%. The outcome represents a substantial improvement from the 59.8% recovery reported less than two weeks earlier and equates to a 1.27-times uplift in recovery.

The company noted that the latest phase of testing focused on improving flotation performance using gravity tails from the previous processing stages, with the results reinforcing the potential for a simplified processing flowsheet.

Flotation optimisation delivers recovery gains

The ongoing metallurgical program was conducted on a 10-kilogram subset of the Linka Pit sample LKMET0004. The work built on previously reported gravity and flotation test results and focused on optimising rougher and cleaner flotation circuits.

Key outcomes from the latest testing included:

• Combined gravity and flotation recovery increased to 76.0% from 59.8%.
• A premium concentrate grading 56.9% WO₃ was maintained.
• Gravity concentrate achieved 66.6% WO₃ at 42.16% recovery.
• Flotation concentrate achieved 48.2% WO₃ at 33.89% recovery.
• Rougher and cleaner flotation recovery increased to 33.89% from 17.1%.

The combined concentrate grade remains comfortably above the 50% WO₃ threshold generally regarded as saleable for scheelite concentrate.

According to the company, optimisation of flotation reagent regimes is continuing, with the aim of further increasing flotation recovery while maintaining concentrate quality.

Pursuing recovery above 80%

The latest metallurgical results mark a significant step forward in the development of the Linka processing flowsheet.

Viking is continuing to refine flotation conditions in an effort to lift overall recovery beyond 80% while retaining concentrate grades above the 50% WO₃ saleable benchmark. The company indicated that further market updates will be provided as optimisation work progresses.

The current results compare favourably with the company's most recent announcement, which reported a concentrate grade of 62.5% WO₃ at 59.8% recovery. While the grade has moderated slightly, the notable increase in recovery has lifted overall metal capture from the ore.

Low-CAPEX processing pathway gains support

The metallurgical program continues to support Viking's "Rapid-Start" development model, which prioritises physical separation methods over more complex chemical processing routes.

Refinement of the gravity circuit on the 10-kilogram sample improved the standalone gravity concentrate grade to 66.6% WO₃. The company noted that producing a premium scheelite concentrate through gravity separation alone provides a potential advantage for project development.

Viking believes this approach could support a simplified modular processing plant design, potentially reducing construction complexity and shortening development timelines compared with conventional processing facilities.

The latest metallurgical outcomes are being incorporated into the conceptual processing study currently underway with Mineral Technologies. The study is expected to contribute to ongoing refinement of capital expenditure estimates and plant design parameters.

Strategic relevance within the US tungsten market

The company highlighted the Linka Project's position in Nevada and its ability to generate high-grade tungsten concentrates through a low-CAPEX approach are becoming increasingly significant amid elevated tungsten prices.

Global ammonium paratungstate (APT) prices were reported at US$3,100 per metric tonne unit. As tungsten concentrates serve as feedstock for APT production, concentrate value is influenced by both prevailing APT prices and concentrate quality.

Higher-grade concentrates with lower levels of deleterious elements generally attract stronger payability. Producers of scheelite and wolframite concentrates typically receive between approximately 30% and 50% of the APT price, depending on concentrate specifications.

The company highlighted recent industry examples, including EQ Resources, which reported receiving US$1,189 per metric tonne unit for concentrates produced from its Mt Carbine operations during the March 2026 quarter.

Viking highlighted that the Linka Project is positioning itself as a domestic tungsten supply option as efforts continue to strengthen non-traditional supply chains for critical minerals.

Next phase of work underway

With gravity and flotation operating conditions now established, the metallurgical program is moving into optimisation and variability testing across four bulk samples collected from the Linka Project area.

Several workstreams are planned as part of the next development phase.

Flotation optimisation: The company will continue refining rougher and cleaner flotation conditions to maximise recovery while maintaining concentrate grades above the 50% WO₃ threshold. The target remains achieving recovery rates exceeding 80%.

Variability testing: Optimised processing conditions will be applied to the remaining bulk samples from the Conquest, Hillside and Stockpile areas to evaluate flowsheet performance across different material types.

Comminution studies: Detailed comminution testing will be undertaken on fresh samples to determine crushing and grinding energy requirements, along with ore abrasion characteristics. These findings are expected to support plant design and operating cost assessments.

Additional processing initiatives: Further gravity separation tests at coarser grind sizes are planned, while ore sorting studies will continue using a recently collected approximately 40-kilogram sample.

The conceptual processing study with Mineral Technologies is also progressing toward completion as the company works to finalise a modular development blueprint.

Geological and drilling programs: Beyond metallurgical studies, Viking is advancing geological interpretation of the project through completion of a three-dimensional geological model using recently digitised mapping and drillhole data.

The company also confirmed that permitting for drilling has been approved. Earthworks and drill site preparation are scheduled to begin during the June 2026 quarter, followed by commencement of the maiden drilling program at Linka.

Shares of VKA traded at AUD 0.011, at the time of writing on 10 June 2026.

Highlights

• A CSAMT geophysical survey at Lirios 1 identified two priority drill targets.
• A large low-resistivity anomaly located about 500 metres southeast of existing drilling remains open in multiple directions and is considered a priority target.
• The survey delineated a deep-rooted anomaly adjacent to current drilling that is interpreted as a potential feeder conduit for mineralising fluids.
• The survey identified sub-parallel vertical features parallel to the San Elias and San Miguel feeder systems, providing significant targeting vectors.
• Ground verification work is underway to support Phase 2 drilling and advance plans for a maiden JORC Mineral Resource Estimate at Los Lirios.

EV Resources Ltd (ASX:EVR) shares traded higher on Wednesday after the company announced new exploration targets and expanded scale potential at the Lirios 1 prospect within its Los Lirios Antimony Project in Oaxaca, Mexico. The company has completed and interpreted a 2D inversion model from a Controlled Source Audio-frequency Magneto-Telluric (CSAMT) geophysical survey at the prospect. The survey revealed multiple new exploration targets, including a potential feeder zone, a large untested anomaly, and a project-wide structural network that could play a key role in controlling mineralisation.

Geophysical Survey Expands Exploration Footprint

The CSAMT survey was designed to map subsurface conductivity changes across a vertical window of approximately 500 metres to identify hidden sulphide accumulations and feeder structures to establish a potential geophysical fingerprint of mineralisation. The program, covering five survey lines spaced 100 metres apart, was processed by Zonge International and interpreted by SouthernRock Geophysics.

Results indicate that the hydrothermal system extends beyond the area tested during Phase 1 drilling, outlined two priority target zones and established a vectoring tool that may assist in locating mineralised feeder systems.

Potential Feeder Zone Identified Near Existing Drilling

One of the key outcomes from the survey was the identification of a very large, low-resistivity anomaly located immediately east of the main drilling cluster. The anomaly extends northward through Line 1 and remains open.

The newly identified anomaly is structurally aligned with shallow antimony mineralisation intersected during Phase 1 drilling, including 3.1 metres grading 2.1% antimony from 8.1 metres, but extends at depth. The anomaly is interpreted as a sub-vertical conduit, and it represents the primary feeder zone of the system, presenting a target for deeper testing.

Large Southeast Anomaly Emerges as Priority Target

The southeast (SE) anomaly presents a key exploration target, as it is observed consistently across all five survey lines and remains open to strike to the north, south, and east. The anomaly is characterised by a pronounced vertical low-resistivity feature linked to structural boundaries, which expands into an extensive low-resistivity zone, which is horizontally oriented. This distinctive structural and stratigraphic pattern is commonly associated with high-grade sulphide replacement mineralisation hosted within carbonate sequences, making it an immediate target for the upcoming drilling program.

Structural Mapping Reveals Mineralisation Pathways

The survey also highlighted a network of sub-parallel vertical features and lineaments bounding the low-resistivity target zones. These structures are parallel to the known San Elias and San Miguel feeder systems, indicating drill targets where they intersect the receptive limestone unit.

Pit wall channel sampling has demonstrated that antimony grades within the carbonate replacement deposit (CRD) unit are significantly elevated near these feeder structures and diminishes laterally. This pattern reinforces the critical role of structural controls in concentrating mineralising fluids.

By defining the broader fault network, EVR is enhancing its understanding of fluid pathways and identifying areas where fluid interaction was most intense. This structural framework provides a potential roadmap for localised high-grade zones.

Next Steps and Resource Development Plans

Field teams are currently conducting ground verification work to correlate the geophysical anomalies with geological and geochemical observations. The results will be used to finalise drill pad locations for the Phase 2 drilling campaign.

Additional work will include interpretation of CSMAT from the Lirios 2 area, establishment of an exploration target for antimony at Los Lirios, and planning for resource-focused drilling designed to support a maiden JORC Mineral Resource Estimate (MRE). Furthermore, the company plans to test the step-out potential of the SE and Central anomalies.

EVR shares were trading at AUD 0.007 per share, up over 7%, at the time of writing on 10 June 2026.

Highlights

• Drill hole 26CRC017 extended the Southern Shoot by 50 metres and returned 26m at 1.29% CuEq from 192m.
• The Southern Shoot now spans more than 150 metres of strike and over 200 metres of vertical depth, remaining open in multiple directions.
• Northern Shoot drilling identified wider mineralised zones and high-grade copper-gold intervals beyond previous resource interpretations.
• Cannindah has completed 31 of 33 planned RC drill holes, with assay results received for 26 holes to date.
• Recent drilling results are expected to support the Mineral Resource Estimate upgrade scheduled for Q3 2026.

Cannindah Resources Ltd (ASX:CAE) has reported additional encouraging drilling results from its Cannindah Breccia Deposit, with the latest program continuing to expand both the Southern and Northern ore shoots. Recent drilling has significantly extended the high-grade Southern Shoot, while new results from the Northern Shoot have identified wider mineralised zones and additional high-grade intersections. The outcomes are expected to contribute to the company's planned Mineral Resource Estimate (MRE) upgrade in the third quarter of 2026.

As part of its ongoing 2026 resource expansion initiative, the company has completed 31 of the 33 planned RC drill holes at Cannindah Breccia. Assay results are now available for 26 drill holes, with further assays expected as exploration work continues.

Southern Shoot Expansion Continues

The latest drilling campaign has delivered another milestone for the Cannindah Breccia Deposit, with drill hole 26CRC017 extending and expanding the Southern Shoot by an additional 50 metres along strike. The hole returned-

• 26m @ 1.29% CuEq1 (0.27g/t Au and 0.92% Cu) from 192m within: 58m @ 0.68% CuEq (0.16g/t Au and 0.47% Cu) from 168m to EOH

Although drilling was halted before reaching the intended target depth due to ground conditions, the hole concluded within mineralisation. An additional drill hole is currently being completed adjacent to 26CRC017 to test the full extent of the mineralised structure.

The Southern Shoot is now recognised as a clearly defined second ore shoot, demonstrating continuity across more than 150 metres of strike, over 200 metres of vertical depth, and widths frequently exceeding 100 metres. It remains open at depth and along strike.

Previous High-Grade Intersections Support Continuity

The latest results add to a series of notable intersections previously reported from the Southern Shoot. These include –

• 54m @ 1.61% CuEq (0.95g/t Au and 0.69% Cu) from 204m (26CRC011),
• 22m @ 2.63% CuEq (1.80g/t Au and 0.99% Cu) from 32m (25CRC001),
• 60m @ 1.94% CuEq (0.59g/t Au and 1.26% Cu) from 48m (25CRC002),
• 44m @ 2.78% CuEq (2.30g/t Au and 0.69% Cu) from 214m (26CRC016),
• 26m @ 1.54% CuEq (1.40g/t Au and 0.33% Cu) from 260m (26CRC015),

Northern Shoot Delivers Wider Mineralised Zones

Recent drilling within the Northern Shoot focused on data gaps in the existing MRE. Current program returned encouraging results wider than earlier interpretations and revealed new high-grade zones.

Among the standout results were-

• 26m @ 1.64% CuEq (0.24g/t Au and 1.28% Cu) from 112m within: 128m @ 0.61% CuEq (0.21g/t Au and 0.39% Cu) from 38m (26CRC030)
• 10m @ 3.95% CuEq (0.59g/t Au and 3.14% Cu) from 38m within: 62m @ 0.79% CuEq (0.14g/t Au and 0.61% Cu) from 30m (26CRC029)
• 6m @ 4.93% CuEq (5.40g/t Au and 0.44% Cu) from 54m within: 24m @ 1.38% CuEq (1.48g/t Au and 0.15% Cu) from 44m (26CRC031)

These results exceed those in the current MRE and are anticipated to support resource growth in the upcoming upgrade.

Exploration Focus Expands Beyond Current Resource Area

The Cannindah Breccia is a structurally controlled breccia system associated with a fault structure extending up to three kilometres in strike length. However, drilling to date has concentrated on approximately 700 metres strike length.

Future exploration will focus on extending the Southern Shoot, testing deeper mineralisation, and systematic prospecting along the strike length of the broader fault.

Metallurgical test work is also underway and will be incorporated into the planned 2026 MRE update.

CAE shares were trading 6.06% higher at AUD 0.035 per share at the time of writing on 10 June 2026.

Highlights

• Viking Mines’ Phase 1 sampling of historical stockpiles the Linka Tungsten Project   returned assays of up to 1.1% WO₃, with 41 samples averaging 0.4% WO₃.
• The average grade increased to 0.5% WO₃ above a 0.1% cut-off.
• Viking has commenced ore sorting testwork with TOMRA using samples from both the Linka stockpile and the Conquest open pit.
• Metallurgical studies, processing assessments and additional sampling programmes continue across the project.

Viking Mines Limited (ASX:VKA) (OTC:VKALF) has reported Phase 1 field sampling results from historical stockpiles at its Linka Tungsten Project in Nevada, USA, with assays returning grades of up to 1.1% WO₃. The findings support advancement of historical surface stockpile material towards an offtake-grade concentrate sample. Meanwhile, ore sorting testwork, metallurgical studies and preparations for the maiden drilling programme are progressing across the project.

Stockpile Sampling Confirms Tungsten Mineralisation

Sampling undertaken in April across the historical Linka stockpile delivered an average grade of 0.4% WO₃ from 41 collected samples, with the highest assay reaching 1.1% WO₃. When applying a 0.1% WO₃ cut-off, the average grade increased to 0.5% WO₃ from 32 samples. The results are comparable with the project's historically reported average mined grade of 0.5% WO₃.

The results confirm that the stockpile is mineralised.

Location and grade of samples collected across the Linka stockpile. (Image source: Company update)

Viking noted that the outcomes support its strategy of future processing to produce bulk concentrate sample for potential offtake evaluation.

Ore Sorting Programme Underway

The company has commenced ore sorting testwork at TOMRA in Germany using two separate samples collected from the Linka Project. These include a ~20kg sample grading 0.4% WO₃ from the Linka stockpile and a ~20kg sample grading 0.6% WO₃ from the Conquest open pit.

Julian Woodcock, VKA’s MD and CEO highlighted that ore sorting testwork with TOMRA provide optionality to upgrade feed in a processing circuit.

Two-Track Development Strategy Progresses

The latest sampling results support Viking's strategy of advancing historical stockpile material toward the production of an offtake-grade concentrate sample, while the permitted maiden drill programme tests resource potential.

Assay results from a second rock stockpile identified at the Conquest area remain pending.

Multiple Project Workstreams Continue

The company has outlined several ongoing activities expected to deliver updates throughout June.

Metallurgical Optimisation - Metallurgical testwork is underway following earlier results that produced a saleable scheelite concentrate grading 62.5% WO₃ at 59.8% recovery. The company continues flotation optimisation work as part of its processing studies.

Processing Facility Assessment - Mineral Technologies has been engaged to complete a Concept Processing Study aimed at generating capital expenditure (CAPEX) and operating expenditure (OPEX) estimates for a proposed 300,000-tonne-per-year processing facility.

Tailings Evaluation - Sampling of the historical tailings dam is being undertaken to determine whether tungsten mineralisation remains within the facility and to assess recoveries achieved by during the 1950s.

Surface Sampling and Drilling Plans - Results from a second surface sampling campaign completed in May are pending. The programme included sampling of the Conquest rock stockpile and the resampling of historical trenches across the broader Linka Project area.

Meanwhile, drill permits have been approved, with site preparation scheduled to begin during the June quarter ahead of the company's drilling programme. The campaign will mark the first drilling conducted at Linka since the 1970s.

Tungsten Market Remains Elevated

The project update comes as western tungsten prices remain near record levels, with CIF Rotterdam 88.5% Ammonium Paratungstate (APT) reported at approximately US$3,100 per mtu, equivalent to around US$305,000 per tonne.

VKA shares were trading at AUD 0.011 per share at the time of writing on 9 June 2026.

Highlights

• CGN has completed the acquisition of the 142km² Desdemona Project, expanding its consolidated Leonora landholding to 385km².
• The project is located within the same prospective gold corridor that hosts the Gwalia, Ulysses, Admiral and Orient Well deposits.
• Historical drilling returned high-grade gold intercepts, including 9m at 20.20g/t Au at Pelican and 3m at 17.28g/t Au at Annapurna.
• Multiple walk-up targets, untested mineralised trends and underexplored prospective geology provide a pipeline of exploration opportunities.
• Exploration planning is underway targeting drill-ready prospects.

CGN Resources Limited (ASX:CGR) has completed the acquisition of the 142km² Desdemona Project from Patronus Resources Limited, significantly expanding its gold exploration footprint in Western Australia's Leonora gold region. Combined with CGN’s existing Christmas Well and Panhandle projects, the acquisition increases the company's consolidated landholding to 385km², establishing a district-scale presence within one of Australia's most productive gold regions.

Project Positioned Within Proven Gold-Bearing Corridor

The Desdemona Project is situated along strike from the Gwalia Mine (8Moz) to the north and lies within the same highly prospective stratigraphic corridor that hosts the Ulysses, Admiral, and Orient Well gold deposits.

Previous exploration programs across the project area identified multiple high-grade gold intersections across several targets. Notable historical results include:

• 9m at 20.20g/t gold from 61m at the Pelican Prospect
• 3m at 17.28g/t gold from 170m at Annapurna
• 3m at 13.27g/t gold from 42m and 12m at 2.04g/t gold from 48m at Paradise North

These high-grade historical drill intersections have identified several walk-up exploration targets.

Expanded Landholding Creates New Exploration Opportunities

The acquisition provides a portfolio of advanced-stage and emerging gold targets across a highly prospective district-scale land package. Several known mineralised trends remain largely untested at depth and along strike, presenting opportunities for further exploration success.

The project also includes extensive prospective stratigraphy concealed beneath shallow cover that have witnessed ineffective historical exploration. These areas offer potential for the discovery of new greenfield gold systems.

Supported by high-grade historical drilling results, favourable geological settings and an expanded presence within one of Australia's leading gold-producing regions, the company is progressing exploration plans aimed at evaluating multiple drill-ready gold targets.

Transaction Structure Preserves Exploration Capital

The acquisition has been structured to minimise upfront cash expenditure while maintaining funding capacity for exploration and discovery activities.

Under the agreement, CGN has issued 5 million shares to Patronus Resources, representing approximately 4.3% of the fully diluted company, with the shares escrowed for 12 months.

The transaction also includes two milestone-based payments:

• $250,000 cash payment upon the declaration of a JORC 2012-compliant Mineral Resource exceeding 100,000 ounces of gold
• $500,000 cash payment upon a formal decision to mine

Following the satisfaction of all conditions precedent, CGN has issued the shares and welcomed Patronus Resources as a shareholder.

With the Desdemona acquisition now complete, CGN has established a larger presence within the Leonora gold district through a consolidated 385km² exploration position. The expanded tenure combines historical high-grade drill results, multiple exploration targets and underexplored prospective geology, with exploration programs set to focus on advancing drill-ready prospects.

CGR shares were trading at AUD 0.068 per share at the time of writing on 3 June 2026.

Highlights

• Immuron continues expanding its digestive health product portfolio across multiple markets.
• Travelan® remains a key product supporting digestive tract protection activities.
• ProIBS® forms part of Immuron’s digestive health offering in Australia.
• Immuron’s 3QFY26 quarterly global sales revenue totalled A$1.5 million, up 16% on the prior corresponding period.

Immuron Limited (ASX:IMC) (NASDAQ:IMRN) has continued to expand its presence in the digestive health market through growing sales, commercialisation activities, and portfolio expansion initiatives. With a focus on gastrointestinal health and immune-based therapies, the company markets products targeting travellers' diarrhoea and irritable bowel syndrome (IBS).

As digestive health concerns continue affecting millions globally, Immuron’s activities remain centred on developing and distributing orally delivered products designed to address gastrointestinal conditions and related symptoms.

Focus on Digestive Health

Immuron is an Australian biopharmaceutical company focused on developing and commercialising orally delivered targeted polyclonal antibodies for the prevention and treatment of infectious diseases and gastrointestinal conditions. The company’s portfolio includes products aimed at digestive health protection and symptom management.

One of Immuron’s key commercial products is Travelan®, an orally administered passive immunotherapy developed to reduce the likelihood of contracting travellers’ diarrhoea. The digestive tract disorder is commonly linked to exposure to pathogenic bacteria and bacterial toxins encountered during travel.

Travelan® contains highly purified hyperimmune bovine antibodies that bind to diarrhoea-causing bacteria when taken with meals. The product is designed to help prevent bacterial colonisation associated with travellers’ diarrhoea.

The product is available across several markets under different classifications. In Australia, Travelan® is listed on the Australian Register for Therapeutic Goods and is indicated to reduce the risk of travellers’ diarrhoea and minor gastrointestinal disorders. In Canada, it is licensed as a natural health product, while in the United States, it is sold as a dietary supplement for digestive tract protection.

ProIBS® Expands Digestive Health Portfolio

Alongside Travelan®, Immuron distributes ProIBS® in Australia under an exclusive agreement with Calmino group AB. The product forms part of the company’s broader digestive health portfolio targeting gastrointestinal conditions.

ProIBS® is an EU certified medical device developed for the treatment of IBS symptoms, including abdominal pain, bloating, diarrhoea, constipation, and unsettled bowel movements. In Australia, ProIBS® is a Listed Medicine. The product contains AVH200® with gel-forming components designed to support the intestinal mucosal barrier.

IBS is a common digestive condition associated with symptoms linked to diet, stress, lifestyle habits, and mood. According to Immuron, around three out of every ten people are affected by IBS, with females more likely to experience the condition.

Calmino group AB conducted a usability study involving 1,003 users of ProIBS®. According to the study results, 94% of users found the product helpful, while 91% reported improvements in daily life and 98% stated they would recommend the product to others.

The broader market opportunity remains significant. According to market data referenced by Immuron, the digestive and intestinal remedies market in Australia is estimated to generate revenue of approximately AU$221.14 million in 2025.

Sales Activities Across Markets

Immuron reported continued sales activity growth during 3Q FY26 across its operating markets. Quarterly global sales revenue totalled A$1.5 million, up 16% on the prior corresponding period. Australian sales increased 15% to A$0.9 million, while Canada sales rose more than 100% to A$0.1 million.

In the United States, sales reached A$0.5 million, reflecting a 1% increase in Australian dollar terms; 13% in US dollar terms.

As it continues expanding commercial activities and growing sales across multiple markets, Immuron remains focused on building its digestive health portfolio while leveraging its existing distribution channels and product offerings to support future growth opportunities.

Shares of IMC traded at AUD 0.047, up 17.5%, on 1 June 2026. In the last one month, the stock has gained 56.67%.

Highlights

• EV Resources has secured potential antimony feedstock of 2,330–2,430 tpm through four non-binding MOUs, covering 50%–60% of the Tecomatlán Plant’s nameplate capacity.
• Three new supply agreements from Guerrero and Puebla have broadened the company’s ore sourcing network.
• An additional feedstock MOU is in advanced negotiations and could increase ore volumes available to the plant.
• Dry commissioning of the grinding circuit has been completed, with no additional permitting required for Phase 1 operations.
• Metallurgical testing has delivered 90.8% recoveries, while optimisation work is underway to improve antimony concentrate grades ahead of planned production in 2H 2026.

EV Resources Limited (ASX:EVR) has signed four non-binding Memorandums of Understanding (MOUs) with regional ore suppliers, establishing a potential feedstock pipeline for its Tecomatlán Processing Plant in Puebla, Mexico. The agreements provide access to an estimated 2,330–2,430 tonnes per month (tpm) of feedstock, representing approximately 50% to 60% of the plant’s nameplate capacity based on a 28-day operating month.

The development marks a significant step as the company advances preparations for first antimony concentrate production targeted for the second half of 2026.

Feedstock Agreements Expand Supply Pipeline

The newly signed MOUs include supplies of 200–300 tpm grading 6% antimony (Sb) from a producer in Guerrero (350km from the plant), 80 tpm grading above 5% Sb from another Guerrero-based operator (310km from the plant), and 50 tpm grading above 5% Sb from a supplier located in Puebla (130km from the plant).

These agreements complement a previously announced MOU covering approximately 2,000 tpm of ore grading around 5% Sb, sourced from a mining operation situated just 8 kilometres from the Tecomatlán Plant.

Collectively, the four MOUs establish a potential supply pipeline capable of supporting initial plant operations as throughput increases from targeted commissioning to first production toward the facility’s 150 tonnes-per-day nameplate capacity.

The company also confirmed that an additional feedstock MOU is currently in advanced negotiations and could further increase throughput volumes available to the plant.

Hub-and-Spoke Processing Strategy Advances

The Tecomatlán facility is designed to operate as a hub-and-spoke processing centre, sourcing ore from third-party antimony miners across Puebla, Oaxaca and Guerrero. The model is designed to provide regional miners with a closer processing destination, reducing the need to transport material to smelters located up to 1,200 kilometres away. Furthermore, this model will generate potential cashflow once the plant is operational and moves towards targeted production.

The company stated that the growing network of suppliers creates a framework for future agreement, including ore delivery orders and definitive purchase contracts. The agreements specify that ore will be delivered to the plant at an approximate 150mm particle size, with feedstock classified into two categories: low-grade ore containing 5%–29% antimony (Sb) and high-grade ore exceeding 30% Sb. Several counterparties have also indicated the availability of higher-grade antimony material that could be incorporated into future supply arrangements.

Commissioning Activities Continue at Tecomatlán

The announcement follows the recent completion of dry commissioning of the grinding circuit at the Tecomatlán Plant. The company is now well positioned to conduct commissioning and sustainable operations by using third-party ore supplies, as no further permitting is required for Phase 1 two-stage gravity concentrator operations.

The Phase 1 two-stage gravity circuit has achieved reported metallurgical recoveries of 90.8%, with a 22% and 36% antimony concentrate. The company is undertaking third-stage cleaning optimisation tests on Phase 1 circuit recoveries to assess whether shaker tables or similar techniques can increase the grade of antimony concentrates produced.

EVR Shares Jump

EVR shares were trading 12.5% higher at AUD 0.009 per share at the time of writing on 2 June 2026.

Highlights

• Radiopharm Theranostics will continue its service agreement with Acclime Australia for CFO, financial management, statutory reporting and company secretarial services.
• Aaron Laurita has been appointed CFO, succeeding Phillip Hains.
• Amritha Sushil has joined the company as Joint Company Secretary, effective immediately.
• Nathan Jong will continue serving as Joint Company Secretary alongside Sushil.

Radiopharm Theranostics (ASX:RAD) has confirmed the continuation of its service agreement with Acclime Australia, which provides statutory reporting, company secretarial, CFO, financial management, accounting, bookkeeping and payroll processing services.

As part of the ongoing arrangement, the clinical-stage oncology radiopharmaceutical company has announced changes to its finance and governance functions, including the appointment of a new Chief Financial Officer and Joint Company Secretary. The appointments take effect immediately and support the company's ongoing operational and governance activities.

Leadership Transition Announced

Phillip Hains, who had served under the agreement with Acclime Australia, has resigned from his roles as Chief Financial Officer and Joint Company Secretary.

As part of the transition, Acclime Australia has nominated Aaron Laurita to assume the responsibilities of Chief Financial Officer. He brings commercial and finance experience gained through working with organisations across multiple sectors, including biotechnology, in Canada, Australia and the United States over the past decade.

He holds a Bachelor of Business (Professional Accountancy) from RMIT University, is a qualified Chartered Accountant, and is a member of Chartered Accountants Australia and New Zealand.

Amritha Sushil of Acclime Australia has been appointed as Joint Company Secretary. Sushil has experience in corporate governance and compliance and is a Chartered Secretary as well as an Associate of the Governance Institute of Australia.

Nathan Jong of Acclime Australia will continue serving as Joint Company Secretary alongside Sushil.

RAD shares were trading at AUD 0.02 per share, up 2.5%, at the time of writing on 1 June 2026.

Highlights

• Bounty has received firm commitments to raise AUD 4.5 million through a share placement.
• Additional AUD 500,000 planned under a second tranche subject to shareholder approval.
• Funds will be directed toward oil appraisal and development drilling, production enhancement activities, exploration and assessment of petroleum exploration opportunities.
• Tranche 1 settlement is scheduled for 2 June 2026, with shareholder approval for Tranche 2 expected to be sought in July.

Bounty Oil & Gas NL (ASX:BUY) shares rose 22.58% to AUD 0.038 in morning trade on 1 June 2026 after the company announced it had secured firm commitments to raise AUD 4.5 million through a placement. The capital raising, supported by sophisticated and professional investors, forms part of the company’s broader recapitalisation plan, which received shareholder approval in May 2026.

Oversubscribed Placement Secures Investor Support

The company announced it will raise approximately AUD 4.5 million before costs through the issue of 882.35 million shares at an issue price of AUD 0.0051 per share.

Under the placement, investors will receive one free attaching option for every two shares subscribed, with the options exercisable at AUD 0.01 per share and expiring four years from the date of issue.

The placement was undertaken as part of the recapitalisation initiative first announced in March 2026 and subsequently approved by shareholders at the company's general meeting held on 18 May 2026.

Additional Capital Raising Planned

Investor demand exceeded the initial placement allocation, resulting in the offer being oversubscribed. As a result, the company intends to raise an additional AUD 500,000 through a second tranche, subject to shareholder approval at a future general meeting.

The placement will therefore be completed in two stages. Tranche 1 includes the issue of 784.31 million shares and 392.16 million options, while Tranche 2 will comprise 98.04 million shares and 49.02 million options, pending shareholder approval.

Funds Earmarked for Development and Exploration Activities

The proceeds from the capital raising will support a range of operational and growth initiatives across Bounty's Australian petroleum portfolio.

Key funding priorities include

• Participation in oil appraisal and development drilling programs in Southwest Queensland-based development and production projects.
• Development studies and facility upgrade at the Alton Field.
• Production enhancement and remediation activities at L16 in Western Australia.
• Continued participation in offshore exploration projects.
• The company also plans to allocate capital toward assessing additional petroleum exploration opportunities.

Lead Manager Compensation Structure

Oakley Capital Partners Pty Limited acted as corporate adviser and lead manager for the placement.

As part of its remuneration, Oakley will receive a cash fee equivalent to 6% of gross proceeds, a further 6% of gross proceeds payable in shares, and additional options based on the placement structure.

Securities to be issued to Oakley relating to Tranche 1 have already received shareholder approval, while additional shares and options associated with Tranche 2 will require approval at the upcoming shareholder meeting.

Key Milestones Ahead

Bounty expects settlement of Tranche 1 shares on 2 June 2026, followed by quotation on the ASX on 3 June 2026.

Shareholders are expected to consider approvals relating to Tranche 2 securities and lead manager entitlements at an extraordinary general meeting scheduled for 14 July 2026.

Highlights

• Field reconnaissance programs are scheduled to begin in mid-June as Catalina advances exploration planning across its Mid-West tenure.
• Technical reviews and drill planning for priority targets is expected to be concluded within approximately six weeks.
• Heritage, land access and stakeholder engagement activities are underway to facilitate upcoming drilling programs across priority areas.
• The company reported indicative cash position of nearly AUD 5.037 million.

Catalina Resources Limited (ASX:CTN) has commenced exploration planning across its recently acquired Mid-West Projects in Western Australia, with field reconnaissance activities scheduled to commence in mid-June. The company has initiated a systematic review of geological and exploration data while progressing heritage, land access and stakeholder engagement activities aimed at advancing priority targets toward drilling.

Exploration Planning Underway Across Mid-West Portfolio

The systematic technical review of the newly acquired Kirkalocka, Pithara, Warriedar and Tallering project areas is underway. The review incorporates geological, drilling, geochemical and geophysical datasets to identify and prioritise targets for field inspection.

Field reconnaissance of selected targets is expected to begin in mid-June, with the objective of advancing priority prospects toward drill-ready status.

Focus on Priority Drill Targets

To progress priority targets toward drill testing, the company has initiated heritage due diligence, land access activities and engagement with farming stakeholders and local landholders. Technical review, field reconnaissance, target prioritisation, and drill planning are expected to take approximately six weeks.

The review process will incorporate historical data compilation, exploration target ranking and access considerations associated with future drilling programs across the project areas.

Kirkalocka Project Positioned Near Processing Infrastructure

The Kirkalocka Project, part of the expanded Mid-West portfolio, is located directly adjacent to the Kirkalocka Gold Processing Plant, which is currently being advanced toward recommencement with expected throughput capacity of 2 million tonnes per annum.

According to the company, historical mineralisation, existing exploration targets and proximity to regional infrastructure such as the Kirkalocka processing plant provide favourable conditions for ongoing exploration assessment and drill planning across the Mid-West assets.

Underexplored Greenstone Belts Offer Multiple Exploration Opportunities

The Mid-West Projects represent a substantial landholding prospective for gold and base metal mineralisation across several underexplored greenstone belts in Western Australia.

The portfolio includes historical workings, previously identified drill targets, geophysical anomalies and areas that have seen limited modern exploration. Historical exploration programs have outlined mineralisation, multiple mineralised trends and extensive datasets across the project areas.

Several areas within the portfolio remain underexplored and include high-grade orogenic gold systems and volcanogenic massive sulphide (VMS)-style mineralisation, with surface mineralisation and drill targets yet to be fully tested.

Funding Supports Near-Term Exploration Plans

Catalina stated that its recent capital raising has positioned the company to advance near-term drilling programs across priority target areas. The company reported an indicative cash position of approximately AUD 5.037 million.

CTN shares were trading at AUD 0.05 per share at the time of writing on 1 June 2026.

Highlights

• Bounty Oil & Gas has entered an MoU with Jereh Energy Solutions Australia for a potential Surat Basin transaction.
• The company is assessing farm-out, partial divestment and full divestment options.
• Bounty completed its 1-for-30 share consolidation following shareholder approval.
• The company continues a strategic review of PL2 and PL1152 assets in Queensland.

Bounty Oil & Gas NL (ASX:BUY) has entered a pivotal phase across its Queensland operations as the company simultaneously advances strategic discussions for its Surat Basin assets, reviews redevelopment and divestment pathways, and prepares for further activity at the Naccowlah Block. With a newly signed MoU with Jereh Energy Solutions Australia, ongoing asset evaluations and future drilling plans emerging across key oilfields, the latest update places multiple operational and corporate developments in focus at the same time.

Surat Basin Talks Begin

Bounty announced that it has entered into a Memorandum of Understanding (MoU) with Jereh Energy Solutions Australia in relation to a potential divestment transaction involving its Surat Basin onshore assets.

Jereh operates across several energy-related areas including equipment supply, oilfield services, environmental remediation, and project operations and management. Under the MoU, both parties will work together exclusively for a defined period to assess and negotiate a possible transaction structure.

The potential arrangements under consideration may include a farm-out agreement, partial divestment, full divestment, or another strategic structure. The process is expected to involve technical, legal and commercial due diligence, alongside negotiations relating to definitive transaction documentation.

Bounty stated that the MoU forms part of its broader efforts to evaluate options aimed at unlocking value from the Surat Basin assets, reducing funding requirements, and advancing development activities through either partnership or divestment pathways.

The agreement remains non-binding apart from standard provisions such as confidentiality and exclusivity where applicable. Any final transaction remains subject to due diligence outcomes, execution of formal agreements, and completion of required approvals and conditions precedent.

Strategic Review Continues

In parallel with the MoU process, Bounty confirmed that it continues to undertake a strategic review of its PL2 and PL1152 assets.

The review includes assessing redevelopment opportunities for the fields, evaluating divestment pathways, and considering acquisitions that may complement existing development and exploration activities.

Share Consolidation Completed

Bounty also confirmed the completion of its share consolidation following shareholder approval received at the General Meeting held on 18 May 2026.

The consolidation was completed on the basis of one share for every 30 shares previously held. Following the consolidation, the company reported a total of 52,055,030 ordinary fully paid shares on issue under the ASX code BUY.

Focus on Naccowlah Operations

Bounty continues to hold a 2% interest in the Naccowlah Block Joint Operations (NBJO) located in southwest Queensland. The block includes ATP 1189 and 26 petroleum leases spanning approximately 1,794 square kilometres.

The Naccowlah Block contains the Jackson oilfield, recognised as the largest onshore oilfield in Australia, together with associated production infrastructure and pipelines. Santos Limited operates the leases.

During 2023, Bounty participated in a three-well near field exploration campaign. According to the company, two of the wells from that program contributed to a material increase in Bounty’s share of oil reserves within the block.

Moreover, Bounty noted that operator has identified several appraisal and near field exploration drilling locations in the Jackson and Watson/Watkins areas for potential activity during 2026 and 2027. The operator also plans to optimise production from recent discoveries and expand production from undeveloped reserves within the Westbourne Formation.

Shares of BUY traded at AUD 0.032, at the time of writing on 28 May 2026.

Highlights

• Viking Mines has achieved 62.5% WO₃ concentrate at 59.8% recovery through combined gravity and flotation processing.
• Gravity circuit refinement delivered 66.6% WO₃ concentrate with 42.7% recovery on a 10 kg sample.
• Flotation stages contribute 54.3% WO₃ concentrate at 17.1% recovery from gravity tails.
• Study work supports a simplified modular processing pathway under the Rapid-Start model.
• Metallurgical program advances into optimisation, variability testing and flowsheet validation stages.

Viking Mines Limited (ASX:VKA) (OTC:VKALF) has reported a key step forward at its Linka Tungsten Project in Nevada, USA. The update follows advanced metallurgical testwork that integrates gravity with cleaner flotation circuit testwork.

The latest program, conducted on a larger 10 kg sample, shows a notable shift in both recovery and concentrate grade outcomes compared with earlier phase results. By combining refined gravity separation with first-pass rougher and cleaner flotation, the company has delivered a higher-grade scheelite concentrate while also lifting overall recovery levels.

Metallurgical Work Advances at Linka

The follow-up metallurgical testwork on a 10 kg subset of the Linka Pit sample LKMET0004 has expanded earlier gravity-only results by introducing a first-pass rougher and cleaner flotation circuit on gravity tails.

• The feed sample, grading 1.2% WO₃, was processed through an optimised gravity stage that produced a standalone gravity concentrate grading 66.6% WO₃, compared with 63.6% previously, while maintaining 42.7% recovery versus 42.4% earlier.
• The flotation stages delivered a 54.3% WO₃ concentrate at 17.1% recovery, establishing the basis for combining gravity and flotation streams into a unified flowsheet for further optimisation.

Combined Circuit Performance Lifted

• The integration of cleaner flotation on gravity tails has lifted overall performance to a combined concentrate grade of 62.5% WO₃ at 59.8% recovery. This compares with earlier results of 56.4% WO₃ at 46.0% recovery.
• The combined output remains above the >50% WO₃ saleable threshold. Gravity contributes 66.6% WO₃ at 42.7% recovery, while flotation adds 54.3% WO₃ at 17.1% recovery.

Reagent optimisation is underway to refine cleaner stages, with the aim of improving recovery and grade. Further performance variability is being assessed through ongoing testwork.

Processing Pathway and Plant Design Approach

The results support the “Rapid-Start” model focused on low-cost physical separation. Gravity circuit refinement at 10 kg scale confirms production of high-grade scheelite concentrate through gravity alone, supporting a simplified modular plant design. This approach offers flexibility in permitting and construction compared with conventional processing routes. Outcomes are being incorporated into a conceptual processing study with Mineral Technologies to refine plant design and capital estimates. The integrated gravity and flotation flowsheet provides a scalable foundation for development planning at Linka.

Strategic Positioning in US Supply Chain

With APT prices at USD 3,050/mtu, Linka sits within a supply environment focused on domestic tungsten sourcing. High-grade concentrate production through a low-capex model in Nevada supports its positioning in the US supply chain. As the US Department of War and domestic manufacturers seek secure “NATO-grade” tungsten outside traditional channels, the project is being assessed as a potential onshore supply option. Metallurgical results contribute to evaluating its role in critical minerals supply frameworks.

Next Steps in Testwork Program

The programme is moving into optimisation and variability testing across four bulk samples. Work includes flotation reagent optimisation, variability testing on Conquest, Hillside and Stockpile samples, comminution testing, and continued gravity separation at coarser grind sizes. Ore sorting trials are planned on a ~40 kg sample. The conceptual processing study with Mineral Technologies is progressing, alongside completion of a 3D geological model. Maiden drilling at Linka remains scheduled for the June 2026 quarter following approval.

Shares of VKA traded at AUD 0.011, at the time of writing on 28 May 2026.

Highlights

• Far East Gold has received an unsolicited off-market takeover offer from Xingye Gold (Hong Kong) Mining Company Limited at AUD 0.13 per share in cash.
• Shares of FEG surged 33.33% to AUD 0.12 following the announcement.
• The Board is reviewing the proposal with advisers.

Far East Gold Limited (ASX:FEG) shares surged 33.33% to AUD 0.12 on 28 May, gaining AUD 0.030 during the session, after the company announced receiving an unsolicited off-market takeover offer from Xingye Gold (Hong Kong) Mining Company Limited. The proposal seeks to acquire all ordinary shares in FEG not already owned by Xingye Gold for cash consideration of AUD 0.13 per share.

Board Reviewing Offer Terms

FEG stated that the takeover proposal was unsolicited and confirmed that no discussions or negotiations occurred with Xingye Gold before the Bidder’s Statement was received.

The Board is reviewing the offer terms with support from its legal and financial advisers. The company also confirmed it has engaged Thomsons as legal adviser in relation to the proposal.

Shareholders Advised to Take No Action

Shareholders have been advised not to respond to the takeover offer until further notice.

According to the company, a formal recommendation from the Board, together with detailed information regarding the offer, will be provided in the company’s forthcoming Target’s Statement.

The receipt of the unsolicited takeover proposal marks a significant development for Far East Gold as the company reviews the terms presented by Xingye Gold.

Highlights

• EVR has secured the Change of Use of Soil permit for its Tecomatlán Processing Plant in Puebla, Mexico.
• The permit allows the company to submit the Informe Preventivo, the final environmental reporting requirement before Phase 1 operations.
• EVR has lodged an application for grid interconnection with Mexico’s Comisión Federal de Electricidad (CFE).
• Connection to the national electricity grid is expected to lower processing costs and reduce exposure to diesel price fluctuations.

EV Resources Limited (ASX: EVR) has achieved a major regulatory milestone for its Tecomatlán Processing Plant in Puebla, Mexico, advancing the company’s plans for near-term antimony production. The Change of Use of Soil permit now enables EVR to move ahead with the final environmental reporting process required before the commencement of Phase 1 operations. At the same time, the company has submitted its application for grid interconnection with Mexico’s national electricity authority.

EVR Receives Key Land-Use Permit for Tecomatlán Plant

The owner of the Tecomatlán Processing Plant has received the Cambio de Uso de Suelo (Change of Use of Soil) permit, a key regulatory approval under Mexico’s land-use framework.

Following receipt of the permit, the company is now eligible to submit its Informe Preventivo (Preventive Report), described by the company as the final administrative requirement before operating the Phase 1 gravity circuit and to establish connection with the national grid.

The company noted that its Phase 1 reagent-free process flow sheet, including dry-stacked tailings design do not require additional environmental permits before construction activities begin. EVR’s environmental consultant is currently finalising the Preventive Report for submission to Mexican authorities.

Grid Connection Application Submitted to CFE

An application for grid interconnection has been formally filed with Mexico’s national electricity authority, the Comisión Federal de Electricidad (CFE).

According to the company, the land-use permit was mandatory before an industrial user could apply for a new electricity connection. CFE has confirmed that sufficient capacity exists at the proposed interconnection point to support the plant’s projected power requirements.

The required infrastructure is expected to include a step-down transformer, installation on an existing power pole, and less than 150 metres of cabling connecting the facility to the plant’s transformer and switchboard.

Reduced Reliance on Diesel Generation

The transition from diesel-powered generation to the national electricity grid is expected to reduce the plant’s exposure to fluctuations in domestic diesel pricing.

EVR stated that access to the national grid is likely to lower unit processing costs.

Next Steps for Phase 1 Development

With dry commissioning of the grinding circuit already completed, the company’s near-term priorities include the submission of the Informe Preventivo, progression of engineering design reviews, advancing interconnection studies for physical grid connection, and delivery of Falcon gravity concentrators to the site.

EVR is also progressing discussions with regional miners regarding additional third-party feedstock and stockpiling material, while continuing metallurgical and characterisation studies. In parallel, the company is advancing negotiations for offtake agreements ahead of first concentrate sales during commissioning.

The latest permit approval and grid connection application represent important developments for EVR’s Tecomatlán antimony project in Mexico. With the final environmental filing now imminent and infrastructure preparations progressing, the company is continuing work toward the commencement of Phase 1 operations.

EVR shares were trading at AUD 0.008 per share at the time of writing on 27 May 2026.

Highlights

• Dr Paul Polito will commence as Managing Director and CEO on 20 July 2026.
• The geologist and exploration executive brings more than 30 years of industry experience across exploration, mine geology and business development.
• Current CEO Corey Nolan will remain in his role until Dr Polito officially assumes the position.
• The company said the appointment supports its strategic focus on gold exploration tenements in Western Australia.

Platina Resources Limited (ASX:PGM) has announced the appointment of Dr Paul Polito as the company’s new Managing Director and Chief Executive Officer, effective from 20 July 2026. The appointment comes as the company advances its focus on gold-focused tenements in Western Australia.

Experienced Exploration Executive to Lead Platina

Dr Paul Polito, a highly experienced exploration leader and geologist, will assume the role of Managing Director and CEO in July 2026, bringing decades of experience in exploration and geoscience, mine development, mine geology and project evaluation.

His previous positions include chief geoscience and exploration leadership roles with IGO Limited and Anglo American Exploration.

He holds a Bachelor of Science with Honours in Geology and a Doctor of Philosophy in Geochemistry. Dr Polito also served as a post-doctoral Research Fellow at Queen’s University in Canada.

Industry and Academic Credentials Highlighted

In addition to his executive experience, Dr Polito has authored more than 30 technical papers.

He is also a member of several industry organisations, including the Australian Institute of Geoscientists, the Society of Economic Geologists, the Geological Society of Australia, and the Society for Geology Applied to Ore Deposits.

The company noted that Dr Polito is based in Perth, aligning with Platina’s operational focus on its Western Australian exploration portfolio.

Board Outlines Leadership Transition

Platina Chair Brian Moller said the Board welcomed Dr Polito’s appointment and looked forward to working with him as the company progresses its operational and commercial objectives.

Meanwhile, current Managing Director and CEO Corey Nolan will step down from the Board but remain in the CEO role until Dr Polito officially commences in July.

PGM shares were trading at AUD 0.023 per share at the time of writing on 27 May 2026.

Highlights

• Viking Mines has appointed US-based contractor DrilCor for its RC drilling programme at the Linka Tungsten Project, with mobilisation planned for late June 2026.
• Engagement of an earthworks contractor is in the final stages, with mobilisation planned ahead of rig arrival.
• The maiden drilling phase is expected to take approximately six weeks.
• The company reported a cash position of AUD 4.7 million as at 31 March 2026.

Viking Mines Ltd (ASX:VKA) (OTC:VKALF) shares rose over 22% to 0.011 AUD on 26 May 2026 after the company announced it has secured a drill contractor for its maiden exploration campaign at the Linka Tungsten Project in Nevada, USA.

US-based contractor DrilCor has been appointed for the approved 63-hole reverse circulation (RC) drilling programme, with mobilisation activities expected to begin in late June 2026 as Viking advances the project toward its first known sub-surface exploration in more than 40 years.

Viking Finalises Drilling Contract for Linka Project

A drilling services agreement has been executed with DrilCor, following recent approval from the US Bureau of Land Management (BLM) for exploration activities at the Linka Tungsten Project. The appointment of the drilling contractor represents the final operational requirement before mobilisation activities commence.

The company stated that drilling rig mobilisation is already being prepared, with arrival on site anticipated in late June 2026. At the same time, engagement of an earthworks contractor is in the final stage to begin drill pad preparation and earthworks ahead of rig mobilisation.

Maiden Campaign to Target Three Priority Areas

The approved drilling programme includes 63 holes across 48 drill pads and is designed to test three priority target areas across the Linka Project.

At Linka Main, the programme will focus on verifying historic high-grade intercepts and assessing down-dip continuity below historical workings through 36 planned drill holes.

A further 16 holes are planned at the Linka SW Extension, targeting an approximately 800m southwest extension across multiple sections spaced between 125m and 150m apart.

The remaining 11 holes will support regional reconnaissance activities, including validation of magnetic and gravity geophysical interpretations and the identification of contact positions considered prospective for additional mineralised zones.

Drilling Programme Expected to Run for Six Weeks

Viking Mines said the maiden RC drilling campaign is expected to commence immediately following rig arrival, with the programme anticipated to continue for approximately six weeks, depending on weather, ground conditions and productivity.

Alongside drilling activities, the company is progressing multiple parallel workstreams linked to the broader development of the Linka Project. These include pending assay results from stockpile and tailings dam sampling (anticipated in the June 2026 quarter) and second field campaigns (anticipated in July 2026).  Metallurgical testwork and ore sorting testwork are also underway in Germany.

The company also noted that a conceptual processing study is progressing, with outcomes expected to include CAPEX and OPEX estimates, development timelines and preliminary 3D design work.

As of 31 March 2026, the company recorded cash balance of AUD 4.7 million.

With drilling approvals completed and contractor mobilisation underway, Viking Mines is preparing to commence the first known sub-surface exploration programme at the Linka Tungsten Project in more than four decades.

Highlights

• Primary Gold has received a Deemed Mining Licence for the Mount Bundy Gold Project in the Northern Territory.
• The Mount Bundy project is expected to become the Northern Territory’s second-largest gold mine once operational.
• The project is forecast to create more than 400 jobs during the construction phase.
• Hanking Gold estimates that Mount Bundy hosts approximately 3.47 million ounces of gold resources and 1.88 million ounces of gold reserves.
• Gold production at Mount Bundy is expected to commence from Q1 2028.

Primary Gold Limited has moved closer to developing its Mount Bundy Gold Project after securing a Deemed Mining Licence (DML) from the Northern Territory Government’s Department of Lands, Planning and Environment for the operation located approximately 100 kilometres south-east of Darwin.

The approval marks a major milestone for the project and positions Mount Bundy to become the Northern Territory’s tenth operating mine and the region’s second-largest gold mining operation.

The licence approval follows years of investment and project development activity linked to Mount Bundy, which includes the Rustlers Roost and Quest 29 open pit mining projects alongside associated infrastructure such as a worker’s camp, processing plant, tailings storage infrastructure and a gas pipeline connection.

The development also renewed focus on the ownership history of Primary Gold. Hanking Australia Investment Pty Ltd entered into a Bid Implementation Agreement with the company in February 2018. In March 2018, HGM Resources Pty Ltd, a wholly owned subsidiary of Hanking Australia, launched an off-market all-cash takeover offer for all shares in Primary Gold.

Primary Gold Pty Ltd is now owned by Hong Kong-listed Hanking Gold International Limited (03788.HK).

Mount Bundy Moves Toward Large-Scale Development

The newly granted Deemed Mining Licence covers several critical components of the Mount Bundy Gold Project. These include the worker accommodation camp, the processing plant, tailings storage facilities, associated infrastructure and the Rustlers Roost and Quest 29 mining areas.

Once operational, the project is expected to have a mine life of approximately 17 years.

According to Hanking Gold, the Mount Bundy Gold Mine Project hosts estimated gold resources of approximately 3.47 million ounces and gold reserves of approximately 1.88 million ounces, , positioning the project among the more substantial undeveloped gold assets in the Northern Territory.

The Northern Territory Government stated that the approval reinforces the Territory’s position as a major destination for mining and resource investment, while also expanding the number of operating mines in the region.

Mount Bundy is expected to commence gold production from the first quarter of 2028.

Regulatory and Environmental Milestones Continue Advancing

The Mount Bundy project obtained all environmental permits required for mine development in June 2023. Additionally, the mine management plan received approval, while mining operation authorisation was granted in April 2026.

These approvals represent important regulatory milestones as the project transitions from development planning toward construction and operational execution. The combination of environmental approvals, mining authorisation and infrastructure planning has accelerated project activity across the Mount Bundy development area.

Construction Activity Expected to Generate More Than 400 Jobs

The project is expected to create more than 400 jobs during the construction phase, with work spanning accommodation facilities, processing infrastructure and pipeline development. Construction activities are planned to include development of a 258-person worker camp, roads and associated mining infrastructure. The project will also include a gas pipeline connection allowing the operation to source gas through the existing Amadeus pipeline network running between Central Australia and Darwin.

The Northern Territory Government noted that local businesses are already participating in early project works, with Darwin-based NT Link commencing work associated with accommodation infrastructure.

Government commentary accompanying the approval also highlighted expected opportunities across construction, transport, hospitality and maintenance sectors.

Northern Territory Government Highlights Economic Impact

Northern Territory Minister for Mining and Energy Gerard Maley said the approval reflected the government’s focus on supporting major resource projects and economic activity across the region.

Mr Maley said the project represented another vote of confidence in the Northern Territory resources sector and would deliver employment opportunities alongside longer-term economic benefits.

The government also stated that the project is expected to contribute to broader regional development and strengthen the Territory’s position within the mining industry.

The approval arrives as the Northern Territory continues seeking to expand investment across resources, infrastructure and energy-linked projects.

Hanking Gold Outlines Expansion and Development Plans

Dr Mark Yumin QIU, President, MD and CEO of Hong Kong-listed Hanking Gold International, said construction activities including roads and a 258-person mine camp would commence following approval of the Deemed Mining Licence and satisfaction of related conditions, with processing plant construction planned after completion of the camp.

He added that Hanking had increased the project’s gold ore reserves more than tenfold since investing in Primary Gold in 2014 and stated that Mount Bundy is expected to become the Northern Territory’s second-largest gold mine.

He also noted the importance of energy security and said the project is expected to create more than 400 jobs while contributing to the local economy through taxes, royalties and long-term mining activity.

Investors and industry participants are likely to continue monitoring development milestones tied to Mount Bundy, including infrastructure construction, processing plant development and broader project execution timelines.

Attention may also remain focused on future updates regarding reserve growth, production planning and operational development as the company progresses toward the targeted Q1 2028 production timeline. The project’s scale, employment impact and infrastructure footprint position Mount Bundy as one of the larger upcoming mining developments in the Northern Territory resources sector.

Highlights

• Platina Resources has signed a binding conditional Farm-in and Joint Venture agreement with NE Minerals Pty Ltd for the Brimstone Gold Project in Western Australia.
• NE Minerals can earn up to an 80% interest in the project by funding exploration and development activities over a three-year period.
• Platina Resources will retain a 20% interest in the project after the earn-in phase and subsequent formation of a joint venture.
• Initial drilling programs and technical studies are expected to commence within the first year of the agreement period.

Platina Resources Limited (ASX:PGM) has executed a binding conditional Farm-in and Joint Venture Term Sheet with NE Minerals Pty Ltd (NEM) in relation to the Brimstone Gold Project in Western Australia. The agreement outlines a pathway for NEM to advance exploration and development activities at the project over the next three years.

The company stated that a recent strategic review concluded that, while the Brimstone project continues to offer exploration potential, the asset does not align with the company’s current focus on pursuing large-scale Tier 1 discovery opportunities.

The agreement allows a technically experienced and financially backed partner to progress the project through an extensive work program without additional costs to Platina shareholders. At the same time, the company will maintain exposure to future exploration, development, and production outcomes through its retained interest in the project.

NEM to Fund Exploration and Development Activities

Under the agreement, NEM may acquire an 80% interest in the Brimstone tenements by fully funding all exploration, evaluation, and development activities through to any Decision to Mine within a three-year period.

The scope of work includes drilling programs, technical and economic studies, regulatory approvals, and maintaining the tenements in compliance. As part of the arrangement, PGM will complete Mining and Cultural Heritage agreements, with associated costs covered by NEM.

Following the earn-in phase, the parties will establish an unincorporated joint venture, with PGM holding the remaining 20% interest. Future project expenditures will then be shared on a pro-rata basis.

Exploration Program Expected to Begin Soon

Exploration activities are expected to begin in the near term, with initial drilling programs and technical studies planned during the first year of the earn-in period. The parties are also set to complete binding agreements as part of a 60-day due diligence and exclusivity process.

About the Brimstone Project

The project is located approximately 40km north-east of Kalgoorlie and comprises a contiguous tenement package spanning around 70km². The asset includes a Mining Licence covering the advanced Garibaldi prospect.

Previous drilling at Brimstone identified gold mineralisation, including high-grade zones, supporting continued exploration and development activities at the site.

The agreement provides a framework for advancing the Brimstone Gold Project through funded exploration and development programs while enabling Platina Resources to retain ongoing participation in the project. With drilling and technical studies planned in the coming months, the partnership marks the next phase of activity for the Western Australian gold asset.

PGM shares were trading at AUD 0.022 per share at the time of writing on 25 May 2026.

Highlights

• Resolution Minerals has completed 763m of drilling across the first three holes of its 2026 Golden Gate drill campaign.
• The drill holes intersected sulphide mineralisation including pyrite and arsenopyrite within altered, faulted, sheared and veined granites.
• A second MP1500 diamond core drill rig has been mobilised to site to accelerate drilling activities at Golden Gate.
• The campaign is targeting both gold and tungsten mineralisation at Golden Gate South and Golden Gate North.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has reported encouraging early results from its 2026 drilling campaign at the Golden Gate target within the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, USA. The first three holes completed under the program have encountered key indicators of potential gold and tungsten mineralisation, supporting the company’s broader exploration objectives across the project area.

Early Drilling Encounters Extensive Mineralisation Indicators

The company has completed 763m of drilling to date in three drill holes - HH-GG26-001C, HH-GG26-002C and HH-GG26-003C, which intersected extensive sulphide mineralisation, including pyrite and arsenopyrite, within highly altered faulted, sheared and veined granites. These geological features are considered comparable to those identified in previously mineralised holes at Golden Gate North and Golden Gate South.

The three holes were drilled approximately 500m south of the 2025 drilling area at Golden Gate South.

Drill Program Expanding with Additional Rig

The 2026 campaign is planned to include up to 13,700m (45,000 feet) of diamond core drilling across 45 holes.

To accelerate exploration, the company has mobilised a second MP1500 diamond core drill rig, which is expected to begin operations next week.

Focus on Gold and Tungsten Potential

The current campaign is focused on evaluating both gold and tungsten mineralisation at Golden Gate. The drilling program has commenced south of the Golden Gate South target and will later extend to areas north of Golden Gate North. The company is evaluating the broader scale potential across both target zones, where mineralisation remains open in multiple directions.

Current drilling is also aimed at testing known tungsten mineralisation at Golden Gate South, including a 500m by 600m coincident gold and tungsten soil anomaly. Future drilling phases are expected to assess extensions of this anomaly as well as continuations of historically mined mineralised zones. Tungsten mining previously took place at Golden Gate, with the last recorded production occurring in 1980.

RML shares were trading 3.77% higher at AUD 0.055 per share at the time of writing on 21 May 2026.

Highlights

• Viking Mines has completed its second field campaign at the Linka Tungsten Project.
• 98 samples have been collected across the campaign.
• Visual scheelite mineralisation was identified under UV light in additional stockpiles near the historic Conquest mine.
• The newly discovered surface stockpiles could potentially provide low-cost feed material for future processing without requiring drilling or mining activities.
• A 63-hole maiden drilling campaign remains on schedule for late June 2026.
• Ore sorting testwork has commenced at TOMRA in Germany to evaluate whether tungsten mineralisation can be efficiently separated from waste rock.

Viking Mines Limited (ASX:VKA) has completed its second field mapping and sampling campaign at the Linka Tungsten Project in Nevada, USA, identifying additional mineralised stockpiles. The campaign focused on the historic Linka (Main), Conquest and Hillside mining areas, with samples collected for geological mapping, outcrop sampling, trench resampling and stockpile investigations aimed at expanding the company’s understanding of tungsten mineralisation across the project.

Additional Stockpiles Reveal Visible Mineralisation

A key outcome of the campaign was the identification of visual tactite mineralisation containing scheelite under UV light within two historical stockpiles located near the historic Conquest mine. The stockpiles contain a combination of mineralised material and waste rock, creating potential suitability for ore sorting techniques.

The company noted that, subject to assay confirmation, the newly identified stockpiles could provide additional feed material if the Linka Project advances toward development, because the material is already located at surface, it may not require drilling, blasting or mining activities prior to processing.

During the campaign, the company collected 98 samples across the project area for trench resampling, outcrop sampling, stockpile investigations and geological mapping activities. Six historical trenches were also mapped and resampled, with visible mineralisation observed under UV light in each trench location.

Ore Sorting Testwork Underway in Germany

The company has confirmed that samples collected from the Linka (Main) Stockpile during an earlier campaign have now been delivered to TOMRA in Germany. The program is designed to assess whether ore sorting can effectively separate mineralised material from waste rock.

If successful, the same processing technique could potentially be applied to the newly identified Conquest stockpiles.

The broader field campaign also included geological mapping across the claim package, aimed at improving understanding of surface cover throughout the project area.

Geological Mapping Supports Drilling Plans

Geological mapping confirmed the presence of alluvial cover and un-mineralised tuff west of the outcropping Linka Mineralised Trend. These findings support the scout drilling approach planned for those target areas as part of the company’s maiden drilling campaign.

The maiden drilling program is scheduled to commence in late June 2026 and will consist of 63 planned drill holes.

In parallel, the company is awaiting assay results from both field campaigns. Results from the first campaign, including sampling from the Linka Main stockpile and tailings dam, are expected in June 2026, while assays from the second campaign are anticipated in July 2026.

Additional metallurgical updates on gravity concentration and flotation cleaning testwork are in progress, alongside conceptual processing studies aimed at assessing potential processing costs, development timelines and project design parameters.

VKA shares were trading at AUD 0.011 per share at the time of writing on 21 May 2026.

Highlights

• King River Resources has identified approximately 746,000 tonnes of excavated material remaining across historical stockpiles and waste dumps at the Mindoolah Gold Project.
• Historical reconciliation work revealed a major discrepancy between recorded production and estimated excavated material.
• Grab sampling returned high-grade gold results of up to 10.0g/t Au at Excelsior, 9.39g/t Au at Mindoolah Main Reef, and 31.70g/t Au at Bertram’s.
• KRR has identified the Excelsior Prospect as a priority exploration target.
• The company plans to begin systematic stockpile drilling and a high-resolution magnetic survey in June to refine deeper exploration targets across the project.

King River Resources Ltd (ASX:KRR) has announced new exploration findings from its Mindoolah Gold Project in the Murchison Province, revealing historical mining discrepancies, substantial surface stockpiles, and multiple high-priority drill targets. Located ~70 kilometres northwest of Cue, the project has historically produced high-grade gold and is now the focus of renewed exploration aimed at identifying additional mineralised zones.

Following the update, KRR shares were moved 16.67% higher at AUD 0.028 per share at the time of writing on 18 May 2026.

Survey Results Reveal Historical Discrepancies

The volumetric survey and LiDAR survey estimated that approximately ~1.08 million tonnes of material had been excavated from historical open pits. A reconciliation of historical open-pit voids at the Excelsior, Cundy, Le Soleil, Bertram’s, and Mindoolah Main Reef workings, expects a cumulative excavation volume of 595,729 m³ and about 467,659m³ of stockpiled material remains on-site across mining leases P20/2444 and P20/2445.

Detailed surveys confirmed that approximately 746,000 tonnes of excavated material remain on-site across historical waste dumps and stockpiles. This finding presents an immediate opportunity for evaluation and systematic drilling.

After reconciling historical open-pit voids with the remaining stockpiles, the company identified a substantial discrepancy between the physical material movement and official government production records. Historical reports submitted between 1986 and 1989 documented only 38,589 tonnes of mined ore, despite the much larger estimated volume of excavated material.

KRR highlighted these findings indicating that historical reporting was either ambiguous or incomplete. Based on historical grades averaging 2.44g/t gold, the company estimates that as much as 23,541 ounces of gold may remain unreconciled.

High-Grade Stockpile Samples Draw Attention

Grab sampling conducted across historical stockpiles returned encouraging gold results from multiple prospects.

At the Excelsior Prospect, largest pit on the tenure, sampling returned grades ranging from 0.61g/t gold to 10.0g/t gold. The company estimates the Excelsior stockpile complex contains approximately 285,630 cubic metres of potentially mineralised material.

KRR highlighted that no historical drilling has been completed directly beneath the Excelsior pit floor, while no east-west drilling has ever tested the broader mineralised structures. The company now considers Excelsior a priority target for future exploration.

At the Mindoolah Main Reef Prospect, grab samples from miscellaneous stockpiles returned grades of up to 9.39g/t gold. Historical underground mining at the prospect during the early 1900s reportedly achieved average recovered grades of 11.4g/t gold, indicating the high-grade nature of the primary lodes at depth.

At Bertram, historical grab samples intersected grades up to 31.70g/t Au.

Multiple Prospects Identified for Further Testing

The company also outlined exploration opportunities at the Cundy and Le Soleil prospects.

At Cundy, stockpiles are estimated to contain around 79,511 cubic metres of material.

Meanwhile, at Le Soleil, no historical drilling has been conducted beneath the existing pit floor. Historical drilling returned intercepts including 2 metres at 2.38g/t gold from 23 metres depth. Additional grab samples from spoil material recorded 3.2g/t gold. At Le Soleil, 20,745m³ of stockpiled material has been confirmed through volumetric survey.

June Exploration Program Set to Begin

KRR is preparing to commence a systematic drilling program in early June to assess the grade distribution and potential economic value of the identified 467,659 cubic metres of surface stockpile material. The company has also rescheduled its high-resolution magnetic survey to the first half of June following a third-party equipment delay.

Data from the magnetic survey will be combined with the recently completed LiDAR Digital Terrain Model (DTM) to refine deeper exploration targets beneath the Excelsior and Mindoolah Main Reef pits.

In preparation for the upcoming activities, KRR completed extensive earthworks and site preparation during March.

Highlights

• Viking Mines has received final approval from the US Bureau of Land Management for its maiden 63-hole drilling campaign at the Linka Tungsten Project in Nevada.
• The fully permitted programme marks the first sub-surface exploration at Linka in more than 40 years.
• Mobilisation activities are planned for the June quarter.
• The drilling campaign will target three priority zones, including Linka Main, the Linka Southwest Extension, and a regional reconnaissance programme.

Viking Mines Limited (ASX:VKA) has received final approval from the US Bureau of Land Management (BLM) for its maiden drilling campaign at the Linka Tungsten Project in Nevada. The approval clears the final federal regulatory requirement for the company’s planned 63-hole drilling programme, marking the first sub-surface exploration at the project in more than four decades. Viking is now preparing for contractor selection and mobilisation ahead of planned June quarter activities.

Federal Approval Clears Final Regulatory Step. What’s Ahead?

The company received the BLM approval ahead of its internal timeline, allowing the project to move into the execution phase. Upon payment of the required bonds, the project will be fully permitted for drilling operations.

The planned maiden exploration campaign comprises 63 drill holes across 48 drill pads, covering three priority targets across the project area.

The company said the permitting milestone provides certainty around the drilling schedule, with the finalisation of a drilling contractor representing the next key step ahead of the planned June quarter mobilisation.

The contractor evaluations are in the final stages, with an award expected shortly. Site access works and drill pad preparation are scheduled to begin in June. Drill rig mobilisation is expected following contract award, anticipated later in the June quarter.

In parallel, the company is advancing metallurgical testwork and processing concept studies.

Three Exploration Targets Identified

The approved programme is designed to evaluate several prospective zones across the Linka project area.

The Linka Main target area will include 36 drill holes aimed at verifying historical high-grade intercepts, including intersections such as 9.8 metres at 0.5% WO₃ and 7.9 metres at 0.9% WO₃, alongside channel sampling results of 8.5 metres at 1.0% WO₃. Additional drill holes will test continuity beneath historical workings.

The Linka Southwest Extension will undergo maiden drill testing across four sections spaced between 125 metres and 150 metres apart of the prospective approximately 800 metres southwest extension. A total of 16 holes will be drilled. Surface sampling in this extension previously returned tungsten grades of up to 0.6% WO₃.

Meanwhile, the Regional Reconnaissance programme will include 11 shallow vertical holes aimed at validating magnetic and gravity geophysical interpretations and identifying additional mineralised zones within the broader intrusive complex.

US Tungsten Market Adds Strategic Importance

Viking highlighted that the Linka project represents its entry into the United States tungsten sector, where domestic supply remains limited.

The company also pointed to the upcoming December 2026 REEShore Act mandate, which will prohibit Chinese-origin tungsten from the US Department of Defense supply chains. This regulatory backdrop adds strategic significance to the advancement of the Linka project toward drilling and future resource definition.

VKA shares traded at AUD 0.011 per share at the time of writing on 18 May 2026.

Highlights

• Far East Gold is advancing the Scoping Study for its Idenburg Gold Project, targeting a potential feasibility study by late 2026.
• Mining One Consultants is evaluating staged development options, including mine design, infrastructure, operating costs, tailings management and permitting pathways.
• The latest JORC Mineral Resource estimate increased by 44% to 780,000 ounces of gold grading 3.1 g/t Au.
• A new drilling campaign at the Sua prospect is expected to support resource expansion, conversion and mine planning.
• The Idenburg Project currently covers only four of fifteen identified historical prospect areas, highlighting broader exploration upside.

Far East Gold Limited (ASX:FEG) has reported significant progress on the Scoping Study for its flagship Idenburg Gold Project in Papua Province, Indonesia, while preparing to launch a new development-focused drilling campaign at the Sua prospect.

The study, conducted by Mining One Consultants, is evaluating possible mine development options at the project as the company progresses its assessment of a potential Indonesian Feasibility Study, which is targeted for late 2026.

Scoping Study Examines Development Pathways

The Scoping Study is evaluating potential early development scenarios for the Idenburg Project, including staged development approaches. The assessment covers areas such as mine design, infrastructure requirements, operating and capital costs, tailings management and permitting pathways.

The company stated that the study is intended to assess long-term development scenarios while also considering possible start-up development strategies. The company noted that the assessment remains at an early-stage evaluation, and there is no certainty that it will result in a viable mining outcome.

Development-Focused Drilling Program to Begin

The next phase of drilling at the Sua prospect is planned to support the Scoping Study, economic modelling, mine planning, and resource confidence improvements as part of the company’s assessment of a potential Indonesian Feasibility Study.

The program is expected to focus on both resource expansion and resource conversion, with the aim of upgrading the existing Inferred Resource to possible Indicated and Measured classifications. Furthermore, the campaign is expected to support future mine optimisation studies.

Mineral Resource Expands by 44%

The latest JORC-compliant Mineral Resource Estimate for Idenburg increased by 44% to 780,000 ounces of gold grading 3.1 g/t Au, following recent exploration drilling programs. The estimate currently covers only four of the project’s fifteen identified historical prospect areas, highlighting further exploration potential across the broader landholding.

The Idenburg Project spans approximately 95,280 hectares under a sixth-generation Contract of Work and is situated within one of the world’s major gold and copper regions. The project is located near multiple large-scale mining operations including the Grasberg Mine, Porgera Gold Mine, Frieda River and Ok Tedi Mine.

FEG shares traded at AUD 0.10 per share on 14 May 2026.

Highlights

• RML has launched a major 2026 drilling campaign at the Golden Gate prospect, with up to 45 drill holes planned across 13,700 metres.
• The drilling program is targeting the expansion and continuity of gold and tungsten mineralisation at both Golden Gate North and Golden Gate South.
• Resolution Minerals is also advancing tungsten exploration, supported by historical stockpile assays grading 1.85% WO₃.
• Initial metallurgy tests delivered gold recovery rates of up to 95.5% for oxide material and nearly 89% recovery for sulphide samples.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has launched a major drilling campaign at its Golden Gate prospect within the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, USA, marking the launch of an extensive 2026 exploration program. The company confirmed that an MP1500 diamond core drill rig has commenced operations, with plans for up to 45 drill holes covering 13,700 metres.

Alongside drilling activities, the company also reported encouraging results from initial gold metallurgy testing, including high recovery rates from both oxide and sulphide samples.

Diamond Drilling Begins at Golden Gate

The newly commenced drill program is focused on identifying the scale and continuity of gold and tungsten mineralisation across the Golden Gate North and Golden Gate South targets. The campaign aims at expanding known mineralised zones while also evaluating extensions of the system. The program will follow up on previous results including 189.2m @ 1.30 g/t Au from 34.1m to 223.4m.

The first drill hole is already underway, representing the start of one of Resolution Minerals’ largest planned exploration campaigns at the project. The Golden Gate prospect is positioned adjacent to the Stibnite Gold Project, owned by Perpetua Resources, which recently secured permitting for antimony and gold development activities.

Focus on Tungsten Expansion Targets

The company is also targeting tungsten zones that were previously mined at Golden Gate. Historical stockpile samples, stored at the Johnson Creek mill site, returned assays grading 1.85% WO₃, supporting renewed exploration interest in the area.

Drilling activities are aimed at identifying potential extensions of tungsten mineralisation surrounding the historical mine workings at Golden Gate. At Golden Gate South, the company plans to test a large 500m by 600m target area that contains a coincident gold and tungsten soil anomaly.

Gold Metallurgy Tests Deliver High Recoveries

Metallurgy test work undertaken by IMO Labs in Perth produced encouraging gold recovery results from composite drill core samples collected at Golden Gate.

Testing on gold-bearing oxide material achieved 94.2% and 95.5% gold recoveries through direct leaching at grind sizes of 150 and 75 microns respectively after 24 hours of leaching. Residual gold levels after 48 hours remained low, with recoveries ranging between 92.7% and 93.8%.

Sulphide flotation testing also generated positive outcomes. At a grind size of 106 microns, sulphide samples delivered 86.4% recovery with concentrate grades reaching 49 g/t gold. Further testing at 75 microns improved recovery to 88.7%, although concentrate grades declined.

The company stated that additional reagent optimisation and cleaner flotation testing are now underway to refine concentrate grades and maximise recovery performance.

Board and Investors Attend Idaho Site Visit

Resolution Minerals’ board members and major investors recently visited the Horse Heaven project site, where they observed the first drill hole of the 2026 campaign being drilled. The visit highlighted the commencement of field operations and ongoing exploration activities across the project area.

The start of the 2026 Golden Gate drill program marks a significant exploration phase for Resolution Minerals as the company advances both its gold and tungsten targets in Idaho. With drilling now underway and initial metallurgy tests reporting high gold recoveries, the company is progressing efforts to define the scale of mineralisation across the Golden Gate system.

RML shares were trading 3.08% higher at AUD 0.067 per share at the time of writing on 15 May 2026.

Highlights

• EV Resources is advancing drilling, processing, and commissioning activities across its antimony portfolio.
• The company commenced maiden diamond drilling at the Los Lirios Antimony Project in Oaxaca, Mexico.
• Surface sampling at Los Lirios returned high-grade antimony assays of up to 30.2% Sb, supporting the project’s mineralisation potential.
• Commissioning activities advanced at the Tecomatlán Processing Plant, with EVR targeting first production capability by end-CY2026.
• Reconnaissance exploration at the Dollar and Milton projects in Nevada returned high-grade antimony, copper, silver, and gold results.
• EVR completed the acquisition of full ownership of the Don Enrique Copper-Silver Project in Peru.

Antimony is no longer sitting quietly in the background of the critical minerals market. As supply pressures tighten and governments place greater attention on strategic materials, the search for new and diversified sources has accelerated. Much of the world’s antimony supply chain remains concentrated in China, leaving few alternative producers and development projects positioned outside that network.

For EV Resources Limited (ASX:EVR), the March 2026 quarter was shaped by that backdrop. Across Mexico, Nevada, and Peru, the company continued advancing exploration, processing, and development activities as it worked to build a broader antimony-focused portfolio. Drilling commenced at Los Lirios in Mexico, commissioning activities progressed at the Tecomatlán processing plant, and exploration programs expanded across EVR’s Nevada projects.

The period also reflected a broader shift underway within the company, as EVR continued moving beyond early-stage exploration and further into operational and production planning activities.

Los Lirios Drill Campaign Begins

One of the key developments during the quarter was the commencement of the maiden diamond drilling program at the Los Lirios Antimony Project in Oaxaca, Mexico.

EVR identified carbonate replacement deposit (CRD) mineralisation and vertical feeder structures at the project. CRD systems represent one of the largest global sources of antimony and are commonly associated with long-life mineral deposits.

Surface channel sampling during the quarter confirmed widespread high-grade antimony mineralisation, including assays of 30.2% antimony over 0.5 metres at the Lirios 2 East Pit and 22.6% antimony over 0.8 metres at Pit 5 within Lirios 1.

The company confirmed dual mineralisation styles across the project, including structurally controlled fault and vein mineralisation as well as CRD-style mineralisation hosted within limestone units.

Subsequent to quarter end, EVR reported that 10 of 11 drill holes intersected a shallow CRD limestone unit at Lirios 1. The unit was modelled with a strike length of at least 400 metres and thickness ranging from one metre to 2.25 metres, remaining open in multiple directions.

EVR continues targeting a maiden JORC Mineral Resource Estimate for Los Lirios during the third quarter of calendar year 2026.

Processing Plant Moves Toward Commissioning

The March quarter also saw continued progress at the Tecomatlán Processing Plant in Puebla, Mexico, which EVR intends to position as a near-term production platform and centralised antimony processing hub.

Subsequent to quarter end, the company announced that dry commissioning activities had become well advanced across the grinding circuit, with one of the three mills operationally available.

This milestone effectively brings the “heart” of the plant into operational readiness, representing a clear transition from refurbishment into active commissioning and near-term production positioning.

Full dry commissioning of the grinding circuit is targeted within coming weeks, with EVR continuing to target first production capability by the end of calendar year 2026.

Nevada Portfolio Expands Exploration Focus

Outside Mexico, EVR continued progressing exploration at the Dollar and Milton Antimony Projects in Nevada.

Reconnaissance rock chip sampling at Milton returned grades of up to 9.82% antimony, 24.00% copper, and 434 ppm silver from historic workings. The company described the mineralisation as a prospective polymetallic vein system with limited modern exploration.

Subsequent verification work at the Dollar Project confirmed gold assays of up to 3.88 g/t gold through fire assay testing completed by ALS Laboratories.

The broader Nevada portfolio also returned previous reconnaissance results including grades of 15.05% antimony, greater than 10,000 ppm silver, and 17.8% copper at Dollar.

Systematic soil geochemistry and mapping programs were completed across both projects during and after the quarter, with assay results expected to support drill target generation ahead of a maiden Nevada drilling campaign.

Peru Asset Consolidation and Corporate Updates

During the quarter, EVR moved to 100% ownership of the Don Enrique Copper-Silver Project in Peru after acquiring the remaining 50% interest in Mineral Montserrat SAC.

The consolidated project now covers 2,684 hectares across a continuous 5.5-kilometre strike length over an undrilled induced polarisation anomaly measuring up to 1,500 metres long and 750 metres wide.

The company stated that Don Enrique remains drill-ready with approved permits already in place.

On the corporate front, EVR appointed capital markets specialist Timothy Young as Non-Executive Director in late April. The company also engaged US-based advisory group MineMaker LLC to support engagement with US federal and state agencies and assist with non-dilutive funding pathways.

EVR additionally received AUD 600,000 in cash from Koba Resources Ltd as part of the sale of the Khartoum Project, with proceeds allocated toward advancing the Los Lirios drilling program.

Overall, the March 2026 quarter marked a significant step forward for EV Resources as the company continued strengthening its position within the global antimony sector. With drilling underway at Los Lirios, commissioning activities advancing at the Tecomatlán processing plant, and exploration programs expanding across Nevada, EVR is steadily transitioning from exploration into development and near-term production planning. As demand for diversified antimony supply sources continues to grow globally, the company’s expanding portfolio across Mexico, Nevada, and Peru places it in a strategically important position within the critical minerals market.

EVR shares closed at AUD 0.0090 on 14 May 2025.

Highlights

• EV Resources has successfully completed the dry commissioning of all three refurbished ball mills at the Tecomatlán Processing Plant in Mexico.
• The dry commissioning milestone support’s EVR’s targeted first antimony production in 2H CY2026.
• The company has signed its first third-party feedstock MOU for antimony ore supply from a mine located nearly 8km from the plant.
• The agreement covers the supply of around 500 tonnes of antimony ore per week, equivalent to nearly 2,000 tonnes per month at approximately 5% Sb grade.
• The first Falcon gravity concentrator has been prepared for shipment to the plant.

EV Resources Limited (ASX:EVR) has achieved significant operational progress at its Tecomatlán Processing Plant in Oaxaca, Mexico, completing dry commissioning of all three ball mills while also securing its inaugural third-party feedstock agreement. These milestones strengthen the company's trajectory toward first antimony concentrate production targeted for H2 CY2026.

Dry Commissioning Marks Major Plant Milestone

The company confirmed that Phase 1 refurbishment activities at the Tecomatlán Processing Plant have reached an important stage following the full refurbishment and dry commissioning of all three ball mills. The successful dry commissioning verified the mechanical integrity of the mills and cleared the way for the introduction of process water, slurry and antimony ore feed during the next phase of commissioning.

The company is now advancing preparations for wet commissioning as part of the broader plant upgrade program and stated that only minor gear adjustments remain before wet commissioning activities begin.

The grinding circuit forms the initial stage of the processing flowsheet and is considered central to the plant’s operations.

Falcon Concentrator Shipment Underway

EVR is also focused on receiving the delivery of gravity concentration equipment for the site. The first of two Falcon gravity concentrators is being prepared for shipment to the Tecomatlán Plant.

The company had previously announced the pre-payment for the first unit in February 2026 as part of efforts to advance the plant development timeline.

EVR Secures Initial Third-Party Feedstock Agreement

In a parallel development, Stibcorp S.A. de C.V., a Mexican subsidiary of EVR, has signed a non-binding Memorandum of Understanding with a local private mining group for the supply of antimony ore. The ore will be sourced from a mine located in Puebla, Mexico, approximately 8 kilometres from the Tecomatlán Plant.

Under the agreement framework, the supplier is expected to deliver approximately 500 tonnes per week, equivalent to around 2,000 tonnes per month, grading roughly 5% antimony (Sb). The arrangement covers both low-grade material ranging from 5% to 29% Sb and high-grade material exceeding 30% Sb.

The ore will be delivered to the plant at approximately six-inch particle size. Pricing for shipments will be determined based on antimony grade, moisture levels, impurity content and prevailing market conditions following independent assays.

EVR stated that securing third-party feedstock ahead of commissioning is intended to support plant utilisation during the ramp-up period and ongoing operations, while materially reducing operational start-up risks.

Regional Supply Strategy Supports Production Plans

The Tecomatlán Plant has been designed to process ore from multiple sources while the Los Lirios project is being advanced toward a maiden JORC Mineral Resource Estimate.

The company is also progressing discussions with additional regional miners to secure further ore supply agreements. EVR noted that the region has a long history of antimony production and that proximity to processing infrastructure may provide logistical advantages for local producers seeking nearby offtake options.

The completion of dry commissioning activities, shipment preparations for gravity concentrators and execution of an initial feedstock agreement mark important steps in EV Resources’ development plans for the Tecomatlán Processing Plant. As the company advances toward wet commissioning and continues expanding regional supply discussions, EVR intends to position the project for targeted first antimony concentrate production in the second half of 2026.

EVR shares were trading at AUD 0.009 per share at the time of writing on 14 May 2026.

Highlights

• Catalina Resources has expanded its Western Australian exploration portfolio through acquisitions across the Mid-West and Lake Johnston regions.
• The enlarged portfolio includes the Kirkalocka, Tallering, Pithara, Warriedar and Lake Johnston projects, featuring multiple drill-ready gold and base metal targets.
• The Kirkalocka Project is located near the 2Mtpa Kirkalocka processing plant and a gold mine hosting a reported Mineral Resource of nearly 240,000oz Au.
• Historical exploration at Tallering and Pithara has identified advanced gold, silver and copper targets, including extensions of known mineralisation zones.
• Catalina has secured firm commitments for a AUD 3 million placement to fund acquisitions, drilling, exploration activities and working capital requirements.

Catalina Resources Limited (ASX:CTN) has announced a major expansion of its exploration portfolio across the Mid-West and Lake Johnston regions of Western Australia through a binding acquisition agreement. The move adds a series of gold and base metal projects located near processing infrastructure, historical mining centres and active exploration corridors. The expanded portfolio includes the Kirkalocka, Tallering, Pithara, Warriedar and Lake Johnston projects, with several advanced and drill-ready targets already identified through previous exploration work.

Additionally, the company is raising AU$3 billion to fund acquisitions and advance exploration work.

Following the update, CTN’s share price jumped nearly 18% to AUD 0.060 per share at the time of writing on 14 May 2026.

Catalina Advances Expansion Strategy in Western Australia

The company has executed a binding agreement to acquire a portfolio of exploration assets from Dreadnought Resources Limited and Crucial Resources as part of its broader growth strategy in Western Australia. The transaction aims at advancing the company’s strategy of increasing its land position across underexplored and emerging mineral districts, located in close proximity to regional processing infrastructure and historical production centres.

The transaction includes the acquisition and exercise of options over the Kirkalocka, Pithara, Warriedar and Lake Johnston projects, alongside the purchase of the Tallering Gold Project.

Kirkalocka Project Positioned Near Processing Infrastructure

Among the key assets acquired is the Kirkalocka Project, located about 50 kilometres south of Mount Magnet in the Murchison Province. The project sits close to the Kirkalocka Gold Mine and the nearby processing plant, with an estimated throughput of nearly 2Mtpa. The gold mine hosts a reported MRE of almost 240,000oz AU.

Historical exploration and geological studies have outlined several drill-ready targets associated with structural corridors and underexplored greenstone sequences.

Tallering and Pithara Add Advanced Gold Targets

At the Tallering Project, historical drilling, geophysics and geochemistry have identified multiple gold, silver and copper targets, including conductive anomalies at the Santy Prospect that remain untested by follow-up drilling.

Meanwhile, the Pithara Project includes the historical Pithara Gold Mine, which reportedly produced around 9,000oz at 15.4g/t Au from shallow open-pit operations between 2010 and 2011. Historical drill intercepts and soil anomalies indicate potential extensions of mineralisation along strike and at depth.

Additional Projects Expand Regional Exposure

The acquisition package also includes the Warriedar Project, which is considered prospective for structurally controlled gold mineralisation.

At Lake Johnston, the company has secured tenure across approximately 98.4 square kilometres within a greenstone belt considered prospective for gold, nickel and lithium mineralisation. The project is positioned near the Lake Johnston Processing Hub, which is being redeveloped into a proposed 3.2Mtpa gold processing facility with commissioning targeted for 2026.

AUD 3 Million Placement to Fund Exploration and Development

To support the acquisitions and the planned exploration programs, the company has received firm commitments for a private placement raising AUD 3 million through the issue of more than 54.5 million shares priced at AUD 0.055 each.

The funds will be directed toward project acquisitions, exploration activities across both newly acquired and existing assets, as well as administrative requirements.

Shaw and Partners acted as Sole Lead Manager for the placement. The raising will occur in two tranches under the company’s existing placement capacities.

Catalina’s latest acquisitions and capital raising mark a significant expansion of its exploration footprint across Western Australia. With projects located near established mining infrastructure, historical production centres and emerging exploration regions, the company is preparing to accelerate drilling and exploration activities across its enlarged portfolio.

Highlights

• Maiden drilling confirmed a shallow and laterally extensive antimony-bearing CRD system at Los Lirios in Mexico.
• Four of the first five drill holes intersected antimony mineralisation and confirmed lateral continuity of the CRD horizon.
• Key intercepts included 3.05m at 2.10% antimony from 8.1m and 2.0m at 1.71% antimony from 9.35m.
• The shallow geometry of the system may support lower-cost drilling and potential open-pit mining opportunities.
• EV Resources plans to launch a Phase 2 drilling program and target a maiden JORC Resource Estimate by Q3 2026.

EV Resources Limited (ASX:EVR) has reported encouraging maiden drilling results from its Los Lirios Antimony Project in Oaxaca, Mexico, with initial assays confirming a broad, shallow and laterally extensive antimony-bearing carbonate replacement (CRD) system at the Lirios 1 target. Results  from 5 of 15 drill holes have been received, with four holes confirming lateral continuity of the CRD horizon.

According to the company, the continuity of the mineralised horizon indicates the potential for a large, mineralised envelope that may support bulk-tonnage development, subject to further drilling and economic assessment.

High-Grade Intercepts Highlight Feeder Zones

One of the most notable results included an intercept of 3.05 metres grading 2.10% antimony from 8.1 metres in hole DDH-L1-08-26, indicating the grade potential of the system. Other significant intercepts included:

• 2.0m at 1.71% antimony from 9.35m
• 0.4m at 4.15% antimony from 6.2m
• 1.65m at 0.99% antimony from 8.65m
• 0.85m at 0.89% antimony from 58.45m

The mineralised CRD horizon has been encountered at shallow depths across multiple drill holes, indicating the potential for a large near-surface mineralised system that could support cost-efficient drilling and prospective open-pit mining opportunities, subject to further exploration and economic evaluation.

Drilling also confirmed the presence of a CRD unit that demonstrates silicification, brecciation and quartz-stibnite mineralisation, geological characteristics commonly associated with major antimony CRD systems.

EVR shares were trading at AUD 0.01 per share at the time of writing on 12 May 2026.

Key Highlights

• Immuron is focusing on expanding OTC product sales and pursuing strategic partnering opportunities for its late-stage clinical assets.
• The company reported global sales revenue of AUD 5.7 million year-to-date in FY26, as of March 2026, up 7% on the prior corresponding period.
• Travelan® sales in Australia rose 15% during the third quarter of FY26.
• The company is pursuing partnering opportunities for IMM-124E and IMM-529 to reduce development funding requirements.
• IMM-529 remains Phase 2-ready following U.S. FDA investigational new drug application approval.

Immuron Limited (ASX:IMC) (NASDAQ:IMRN) has been sharpening its focus on commercial growth and strategic partnering opportunities, as the biotechnology company works toward establishing a clearer pathway to long-term profitability. The company’s evolving strategy combines revenue generation from its over-the-counter gastrointestinal health products with the potential monetisation of its late-stage clinical assets through external partnerships.

Amid growing global interest in gastrointestinal health, infectious disease prevention, and microbiome-related therapies, Immuron continues to focus on expanding its commercial and clinical-stage programs. Immuron’s core technology platform, based on orally delivered polyclonal antibodies derived from hyper-immune bovine colostrum, remains central to both its commercial and development-stage programs.

Commercial Growth Continues

Immuron currently markets two commercial products — Travelan® for travelers’ diarrhea and ProIBS® for irritable bowel syndrome — both of which form part of the company’s broader gastrointestinal health strategy.

Immuron reported global sales revenue of AUD 1.5 million during the third quarter of FY26, representing a 16% increase on the prior corresponding period. Year-to-date global sales revenue reached AUD 5.7 million, up 7% from the previous year.

Focus on Strategic Partnerships

A major part of Immuron’s current strategy involves progressing discussions around the partnering of its clinical-stage assets IMM-124E and IMM-529 for development and commercialisation.

IMM-124E, which underpins Travelan®, is eligible for an end-of-Phase 2 meeting with the U.S. FDA for the indication of travelers’ diarrhea. According to estimates referenced by the company from Lumanity, the asset carries potential peak U.S. sales of approximately US$102 million.

Meanwhile, IMM-529 has already received investigational new drug approval from the U.S. FDA and is prepared to enter Phase 2 clinical trials targeting recurrent Clostridioides difficile infection (CDI). Lumanity estimates cited by Immuron place the potential peak U.S. sales opportunity for IMM-529 at approximately US$400 million.

Under the proposed partnering model, external licensees would typically fund development, registration, and commercialization activities while providing Immuron with licensing fees, milestone payments, and royalties. The company believes this approach could reduce uncertainty around clinical funding requirements while potentially accelerating monetisation opportunities.

Addressing Large Market Opportunities

Immuron continues to frame both Travelan® and IMM-529 around large global market opportunities.

The company estimates the global travelers’ diarrhea treatment and prevention market could reach approximately US$3.31 billion in 2026. Immuron’s strategy focuses particularly on travelers visiting high-risk destinations who seek preventative and over-the-counter solutions rather than acute treatments after infection.

For IMM-529, the target market includes recurrent CDI patients. The disease remains one of the leading healthcare-associated infections in the United States, with around 400,000 cases and 30,000 deaths annually according to information cited by the company.

Immuron noted that current antibiotic treatments can disrupt the gut microbiome and leave patients vulnerable to recurrent infection, creating a potential opportunity for alternative adjunctive therapies such as IMM-529.

Outlook

Immuron stated that its existing cash balance is sufficient to fund ongoing commercial operations for Travelan® and PROIBS®. The company also expects continued year-on-year sales growth while progressing toward EBITDX breakeven excluding research and development income and expenses.

Looking ahead, Immuron expects partnering discussions for both IMM-529 and Travelan® to progress during the first half of 2027, while continuing to evaluate opportunities to expand distribution and add complementary products to its over-the-counter portfolio.

IMC shares traded at AUD 0.027, up around 4%, at the time of writing on 08 May 2026.

Highlights

• Surefire Resources advanced exploration and technical activities across its project portfolio during the March 2026 quarter.
• The company has identified a new gold prospect named Loot at the Yidby Gold Project.
• Surefire continued metallurgical reviews and mining licence progress at Victory Bore.
• The company maintained engagement with strategic and development partners for downstream processing opportunities.

Surefire Resources NL (ASX:SRNDB) continued advancing its gold and critical minerals portfolio across Western Australia during the March 2026 quarter, With activity spanning gold discoveries, metallurgical assessment and development planning, the company has been balancing early-stage exploration momentum with longer-term project evaluation.

During the quarter, Surefire progressed exploration work at the Yidby and Kadji gold projects while continuing technical and development activities at the Victory Bore Vanadium-Titanium-Iron Project.

The company reported encouraging results from ongoing exploration activities, including the discovery of a new gold prospect named Loot at Yidby. At the same time, the company advanced metallurgical reviews, mining licence applications and strategic partnership discussions forVictory Bore.

Yidby Remains a Core Exploration Asset

The Yidby Gold Project remained a major focus for Surefire during the period as the company continued evaluating new exploration targets north of the existing Yidby gold north. Work completed included inverted gravity geophysics reprocessing and float sampling approximately 1.5 kilometres north of the project area.

The exploration program led to the discovery of a new prospect named Loot and identified a new lithological style of gold mineralisation associated with Albitite rock. The company reported that this style of mineralisation has now been recognised in two separate sample locations approximately 500 metres apart, expanding the prospective exploration corridor at Yidby.

Management noted that the validation of historical exploration work has opened a largely untested two-kilometre gold mineralised corridor that could support further exploration activity.

Loot Prospect Delivers Follow-Up Results

Additional work at the Loot Prospect continued to generate encouraging surface sampling results. Surefire reported that follow-up float rock samples returned assays of up to 13.19 g/t gold along strike. The company also identified on-surface Albitite float rock extending across a strike length of around 165 metres.

All assays collected from this new lithological setting returned gold values, supporting the company’s geological interpretation of the area. The Albitite mineralisation identified at Loot has geological similarities to occurrences associated with major gold systems elsewhere in Western Australia’s Yilgarn Craton.

The company referenced comparable Albitite-related occurrences in areas including St Ives, Binduli and Bardoc near Kalgoorlie. While the early-stage sampling results continue to support exploration potential, further drilling and detailed testing will be required to determine the scale and continuity of mineralisation across the broader corridor.

Kadji Gold Project Follow-Up Work

At the Kadji Gold Project, Surefire focused on reassessing historical geochemical anomalies identified during earlier exploration campaigns. During the period, the company resampled four historical Bleg anomalies originally obtained by BHP during the 1980s.

The program involved testing four separate locations, with five samples collected from each target area. Additional samples were also collected north, south, east and west of the historical sampling points, bringing the total number of submitted samples to 20 for gold and silver analysis.

The work forms part of Surefire’s broader strategy of revisiting historical datasets and integrating modern exploration approaches across prospective but underexplored project areas.

Victory Bore Development Activities Continue

Beyond gold exploration, the Victory Bore Vanadium-Titanium-Iron Project remained a major part of Surefire’s longer-term development strategy. Located in Western Australia’s Mid-West region, the project represents the company’s most advanced critical minerals asset.

During the period, Surefire continued technical reviews of metallurgical test work, which has previously demonstrated the ability to produce high-grade magnetite concentrates with favourable iron, vanadium and titanium grades. The company also progressed its mining licence application while assessing downstream processing and product development pathways.

Surefire maintained discussions with potential strategic, offtake and development partners as it continued evaluating development pathways aimed at balancing project value with capital intensity and execution considerations.

Laboratory assays from the magnetic concentrate produced at Victory Bore returned iron grades of 61.68% Fe, vanadium pentoxide grades of 1.489% and titanium dioxide grades of 9.921%. The company stated that most of the vanadium was recovered within the magnetic fraction, which may support downstream recovery efficiency.

Surefire’s activities during the March 2026 period reflected a balanced focus on exploration growth and project development planning across multiple commodities. Gold exploration at Yidby continued generating new targets and valuable geological insights, while Victory Bore remained central to the company’s critical minerals strategy. As exploration, metallurgical assessments and development studies progress, the company’s next stages are likely to remain focused on resource advancement, technical optimisation and evaluation of commercial pathways across both its gold and critical minerals portfolio.

SRN shares traded at AUD 0.025 at the time of writing on 8 May 2026.

Highlights

• Cannindah Resources reported high-grade copper-gold intersections at the Cannindah Breccia, supporting resource expansion potential.
• A newly defined “Southern Shoot” mineralisation zone has emerged as a key growth driver, extending over 100m strike and remaining open.
• The other high-grade zone is Northern Shoot.
• These two ore shoots enhance geological understanding and future drill targeting.
• Drilling at the Southern Porphyry Target has highlighted large-scale mineralisation potential, including indicators of a gold-rich intrusive system.
• The company raised AUD 18 million, strengthening its cash position to fund ongoing exploration.

Cannindah Resources Limited (ASX:CAE) reported steady progress in its March 2026 quarterly update, including promising drilling results at the Cannindah Breccia. The company also advanced work at the Southern Porphyry Target and secured AUD 18 million through an institutional placement and an oversubscribed share purchase plan to support ongoing exploration.

Resource Expansion at Cannindah Breccia

During the quarter, exploration focused on the Cannindah Breccia Resource Expansion and the Southern Porphyry Target. A total of 17 reverse circulation drill holes covering 4,140 metres were completed, targeting extensions of the Cannindah Breccia Mineral Resource Estimate (MRE). Assay results received from six drill holes indicated mineralisation with widths and grades exceeding those within the current resource.

Drillhole 26CRC011returned 90 metres at 1.11% copper equivalent from 178 metres, including 54 metres at 1.61% copper equivalent from 204 metres.

These preliminary results, combined with earlier drilling from 2025, have defined a continuous zone of copper-gold mineralisation referred to as the Southern Shoot. This zone extends over more than 100 metres along strike, with a vertical extent exceeding 200 metres, true thickness of up to 132m and remains open to further expansion.

The Southern Shoot, which was not recognised in the existing MRE, is considered as a significant growth driver to update the MRE.

The other higher-grade zone within the Cannindah Breccia is the Northern Shoot, already included in the existing resource. Structural controls influencing both Northern Shoot and Southern Shoot have been interpreted, providing guidance for further exploration.

Historical drilling located south of the current resource boundary has also identified breccia with sulphide mineralisation, with assay results pending. Additional 16 drill holes have been deployed to test these extensions and validate historical data gaps.

Southern Porphyry Target Shows Large-Scale Potential

In addition, 374.2 metres of diamond drilling was conducted at the Southern Target to test porphyry-style mineralisation. Results from 2025 drilling at the Southern Porphyry Target were reported during the quarter, indicating large-scale potential.

The results highlight several important porphyry targeting indicators, including the presence of high-grade zones and rising copper values in nearby drill holes, which provide clear direction for further targeted drilling. They also point to the emergence of a gold-rich intrusive phase.

Diamond drilling to extend one of the key holes - 25CRC016, reached a depth of 694.2 metres before termination due to ground conditions, with core samples undergoing analysis.

Capital Raising Supports Exploration Plans

During the quarter, Cannindah completed a placement of AUD 15 million to institutional investors and existing shareholders, alongside an oversubscribed share purchase plan that raised an additional AUD 3 million. The funds are being allocated toward drilling programs and exploration activities.

The company reported a cash position of approximately AUD 14 million at the end of the quarter.

Cannindah Resources’ March quarter update outlines continued drilling activity, new mineralisation zones, and funding secured to advance exploration. With work ongoing at both the Cannindah Breccia and Southern Porphyry targets, the company is progressing resource expansion and further testing of identified mineralised systems.

CAE shares traded at AUD 0.046 per share on 08 May 2026.

Highlights

• Bounty reported revenue of AUD 638,000 for 9M FY2026, including AUD 148,000 in the March quarter from Queensland oil production.
• Queensland reserves (2P + 2C) increased to 413,000 barrels in 2025, supported by Surat Basin acquisitions and Cooper Basin developments.
• Naccowlah Block production averaged 20–21 barrels per day net, with quarterly output of 1,796 barrels and sales of 977 barrels.
• Surat Basin assets, including the Alton and Fairymount fields, are under strategic review for potential development or divestment amid recapitalisation plans.

Bounty Oil & Gas NL (ASX:BUY) highlighted a steady operational and strategic performance in its March 2026 quarterly update, indicating progress across production, reserves growth, corporate restructuring, and project development. The update highlighted revenue generation from Queensland operations, ongoing oil development in key basins, and governance changes aimed at repositioning the company.

Revenue and Production Performance

Bounty reported petroleum revenue of AUD 638,000 for the nine months to March 2026, with AUD 148,000 generated during the March quarter. Production from the Naccowlah Block and associated petroleum leases (BUY has a 2% interest) contributed 5,598 barrels of oil equivalent year-to-date, with sales volumes reaching 5,420 barrels. Quarterly production stood at 1,796 barrels, while sales volumes totalled 977 barrels.

Operationally, oil production remained steady at 20–21 barrels of oil per day. Meanwhile, the company is working with joint venture partners and Santos to finalise agreements related to outstanding financial obligations, expected to be resolved in the next quarter.

Expansion of Reserves and Development Activity

Beyond current production, Bounty has continued to build its resource base. During 2025, the company increased its combined producing and contingent oil resources and reserves (2P + 2C) in Queensland to 413,000 barrels. This growth was supported by acquisitions in the Surat Basin and Watkins North and other developments linked to earlier discoveries in the Cooper Basin.

In the Cooper Basin, oil development activities progressed with access initiated to reserves in the Westbourne Formation near the Jackson Field. Plans for the remainder of 2026 include four near-field exploration and appraisal wells in the Naccowlah Block, aimed at boosting both reserves and production output.

Surat Basin Review and Future Plans

Bounty has commenced a comprehensive review of its Surat Basin projects as part of a broader management transition and recapitalisation effort. The review, expected to conclude in the next quarter, will help define the future direction of these assets.

The company holds full ownership of assets in the southern Surat Basin, including the PL2 Alton and PL 1182 Fairymount oilfields. These fields contain an estimated 154,000 barrels of reserves within established pools, along with additional potential in nearby formations. Preparatory work during the quarter focused on compliance and environmental monitoring, with new production planning targeted for 2026.

Corporate Restructuring and Funding Initiatives

Significant board and leadership changes were implemented in January, signalling a shift toward stronger governance and strategic oversight.   

Kane Marshall stepped in as Chairman and Robin Armstrong joined as an independent non-executive director, while former CEO Philip Kelso has retired. These changes are aligned with the company’s broader restructuring efforts.

To support its next phase, Bounty raised AUD 299,000 through convertible and loan notes carrying a 10% annual coupon. Pending shareholder approval at a May 2026 meeting, these instruments are expected to convert into equity. Additionally, Oakley Capital was appointed to advise on funding and recapitalisation strategies.

PEP 11 and Offshore Projects

The PEP 11 offshore gas project remains under legal review following a judicial review hearing in February 2026. A decision from the Federal Court is pending. The project continues to meet regulatory requirements during this period.

Bounty Oil & Gas’ March 2026 quarterly report outlines a period of operational continuity alongside structural changes. With increased reserves, steady production, and a focus on financial restructuring, the company is progressing development activities while evaluating strategic options across its asset portfolio.

BUY shares traded at AUD 0.002 per share on 07 May 2026.

Highlights

• Near-complete stibnite recovery recorded during rougher flotation testing, with 99.5% sulphur recovery achieved.
• High antimony recoveries were achieved from lower grade samples containing approximately 10.5% antimony.
• 3D modelling across a 1,000m by 700m (170-acre) mineralised area revealed substantial expanding scale potential at Antimony Ridge.
• Further flotation and hydrometallurgical test work is underway, targeting grade improvement from ~30% to above 50% Sb.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has reported encouraging outcomes from ongoing metallurgical test work at the Antimony Ridge prospect within the broader Horse Heaven Project in Idaho, USA. The results highlight near-complete recovery of stibnite (antimony sulphides) during the rougher flotation stage using lower grade samples, supporting the project’s continued advancement.

High Recovery Rates from Initial Test Work

Concentrate testwork on low grade Antimony Ridge samples from rougher flotation tests conducted at IMO laboratories in Perth demonstrated high rates of antimony recovery in sulphide. The process delivered a 99.5% sulphur recovery, highlighting almost complete extraction of stibnite at this rougher concentration stage.

The test work utilised lower grade samples containing approximately 10.5% antimony. Despite this, high sulphide recoveries were maintained, suggesting that potential dilution from surrounding waste or gangue material may not significantly impact recovery rates.

These results are significant as they suggest that the rougher flotation concentration stage can virtually capture antimony sulphides.

Support for Metallurgy Test Work

The latest results provide support for the previously reported 99.38 wt.% antimony trioxide product with minimal impurities, produced using conventional pyrometallurgical volatilisation methods from the Antimony Ridge historical open pits.

3D modelling of multiple known antimony- and silver-bearing veins, including vein swarms and stockworks, across a broad area of approximately 1,000m by 700m (170 acres), has indicated considerable size and increasing scale potential at Antimony Ridge.

Ongoing Test Work and Development Plans

Further concentration stages are currently underway on Antimony Ridge samples, with cleaner flotation stages designed to process the rougher sulphide concentrate and improve grade quality. These stages aim to increase antimony grades from nearly 30% to over 50%.

Parallel test work using hydrometallurgical processing methods is also underway at ANSTO in Australia along with continued evaluation of antimony, tungsten, and gold-bearing materials.

Antimony Ridge forms part of Resolution Minerals’ broader strategy, which includes planned drilling program at the Golden Gate target, expected to commence soon.

The latest metallurgical results from Antimony Ridge demonstrate high recovery efficiency from low grade samples. With further test work underway and development activities progressing, the project continues to advance as part of a broader initiative to support the supply of critical metals, including antimony, tungsten, and gold, from Idaho in the United States.

RML shares were trading at AUD 0.06 per share at the time of writing on 6 May 2026.

Highlights

• Catalina Resources’ March 2026 RC drilling campaign has expanded the Breakaway Dam mineralised strike from ~700m to ~1.2km.
• Drilling returned copper intercepts including 1.9m @ 2.17% Cu and 2.9m @ 0.57% Cu.
• Mineralisation has been identified across multiple positions and depths, indicating a laterally extensive system.
• DHEM surveys detected conductive plates in all drillholes, supporting targeting for follow-up exploration.
• Priority targets, including larger conductor zones, have been defined for the next phase of drilling.

Catalina Resources Limited (ASX:CTN) has announced updated findings from its March 2026 reverse circulation drilling program at the Breakaway Dam Copper Project in Western Australia, with drilling activities approaching completion. The campaign was designed to evaluate downhole electromagnetic (DHEM) conductor plates identified in earlier programs, alongside a prospective stratigraphic horizon linked to volcanogenic massive sulphide (VMS) copper mineralisation.

Expanded Strike Length Signals Growing Footprint

The recent drilling program has extended the strike length of mineralisation from approximately 700 metres to around 1.2 kilometres, marking a notable increase in the known footprint of the system. Copper mineralisation has been intersected at multiple locations along strike and across a range of depths, indicating a laterally extensive system. Historical drilling indicates that mineralisation may extend up to 1.8 kilometres, reinforcing the broader scale of the project area and supporting ongoing exploration aimed at further delineating the system.

Copper Intercepts Confirm Mineralisation Zones

Drilling results returned several copper-bearing intercepts, including

• 9m (ETW) @ 2.17% Cu (BDCRC26016)
• 9m (ETW) @ 0.57% Cu (BDCRC26014)
• 8m (ETW) @ 0.31% Cu (BDCRC26016)

Geophysical Data Guides Exploration

DHEM surveys recorded encouraging responses across all drillholes, identifying both on-hole and off-hole conductive plates. These conductors align with sulphide-rich zones positioned near the basalt unit. The data provides clear vectors for follow-up drilling by using system testing with DHEM surveys along strike to the south and north.

Results from the program continue to support the classification of Breakaway Dam as a copper-rich VMS system, while also providing a clear framework for refining geological interpretations and advancing targeted follow-up exploration.

Program Objectives and Geological Context

The drilling program was designed to test previously modelled conductor plates and improve understanding of system geometry and continuity. The program also aimed at evaluating the potential for more substantial sulphide accumulations within conductor cores, while contributing to ongoing geological and geophysical modelling in preparation for future drilling. Previous drilling intersected sulphide mineralisation within fine-grained metasediments overlying a basalt sequence, a setting associated with VMS deposits. Historical drilling had already identified copper intersections approaching 2% Cu, supporting the current interpretation of the project.

Next Phase Targets Identified

Results from the March 2026 campaign have outlined priority targets for further drilling, including larger, coherent zones. Exploration efforts will also focus on refining geological models and assist in targeting accuracy. Additional assay results from pending drillholes are expected to contribute further insights.

The latest drilling outcomes at Breakaway Dam provide an updated understanding of the project’s scale and mineralisation patterns. Expansion of the strike length, identification of copper intercepts, and confirmation of conductive targets establish a framework for continued exploration.

CTN shares were trading 3.39% higher at AUD 0.061 per share at the time of writing on 6 May 2026.

Highlights

• Far East Gold has expanded its Idenburg Mineral Resource Estimate to 780,000 ounces of gold.
• The updated estimate increased by 240,000 ounces or 44% compared to the initial resource.
• Resource growth spans four prospect areas including Sua and North Bermol.
• Only a fraction of identified targets has been drill-tested across the project area.
• A scoping study is underway to assess potential development pathways.

Far East Gold Limited (ASX:FEG) has reported an updated Mineral Resource Estimate (MRE) at its Idenburg Gold Project, marking a notable increase in contained gold and bringing fresh focus to the project’s scale. The revised estimate introduces a broader view of the asset’s potential, with exploration outcomes translating into measurable resource growth.

The updated Independent Inferred JORC Mineral Resource now stands at 7.8 million tonnes at an average grade of 3.1 grams per tonne gold, equating to 780,000 ounces. This reflects an increase of approximately 240,000 ounces or 44% from the previous estimate of 540,000 ounces, indicating a material uplift in the project’s gold inventory.

FEG’s Chief Executive Officer Shane Menere stated that the updated Mineral Resource represented a defining milestone for the Idenburg Gold Project and signalled Far East Gold’s transition from exploration into project development.

Growth Across Multiple Prospects

The revised resource incorporates mineralisation across four distinct prospect areas within the Idenburg Project. These include an upgraded estimate at the Sua prospect, a maiden resource at North Bermol, and previously defined resources at Bermol and Mafi.

The update highlights that exploration efforts have only covered a limited portion of the broader project area. Of the 15 identified prospect areas, just four have undergone drilling to date. The remaining zones, identified through historical exploration, remain largely untested, suggesting further exploration potential within the project boundary.

In addition, the company has identified 15 high-priority structural targets requiring further mapping and evaluation, reinforcing the scope for additional discoveries.

Exploration Strategy Validated

The updated resource estimates align with earlier exploration targets outlined in prior technical reports. This consistency between expected and realised outcomes reflects the company’s geological modelling approach and systematic exploration program.

The results across the four prospects provide continuity with previously defined targets, supporting confidence in the underlying resource framework and guiding future exploration activities.

Development Pathway in Progress

Alongside exploration activities, the company has initiated a scoping study to assess the development potential of the Idenburg Project. This study, being conducted by Mining One Consultants in Jakarta, is expected to evaluate the viability of advancing the project based on current inferred resources.

Parallel to technical assessments, the company is progressing work aimed at moving toward feasibility-level studies in Indonesia. This includes aligning development planning with contractual pathways related to project ownership and long-term operational clarity.

Location and Infrastructure Advantage

The Idenburg Project is located in Papua, within the Keerom and Pegunungan Bintang Regencies, near the border with Papua New Guinea. The project benefits from access to the Trans Irian Highway, an all-weather asphalted road connecting the site to the regional capital, Jayapura.

This infrastructure access supports logistical efficiency and cost considerations, particularly when compared to other mining operations within the region.

Future Exploration Plans

The company has outlined a series of exploration initiatives aimed at expanding the current resource base. Planned activities include regional reconnaissance programs, reinterpretation of geological data, and both infill and step-out drilling across existing and new targets.

Exploration efforts will focus on key structural zones such as the Mafi River Thrust Fault and the Sua-Afley Shear Zone, while also targeting extensions in areas like Kali Kae, Tekai, Kimly, and North Bermol.

Additional work is expected to include metallurgical sampling, geophysical surveys, and analysis of pathfinder elements to refine targeting strategies. The company is currently finalising budgets to support these programs.

Shares of FEG traded at AUD 0.13, up around 4%, at the time of writing on 05 May 2026.

Highlight

• Cannindah Resources has reported high-grade drilling results, including 44 metres at 2.78% copper equivalent, extending the Southern Shoot.
• The Southern Shoot now exceeds 100 metres in strike and 200 metres in vertical extent, with mineralisation remaining open to the south.
• Drill results show higher grades and wider intervals than the current Mineral Resource Estimate, supporting potential resource growth.
• Two distinct high-grade zones, the Northern and Southern shoots, have been confirmed within the Cannindah Breccia system.
• The Cannindah Breccia deposit currently hosts 14.5Mt at 1.09% CuEq, with further drilling underway to support growth.

Cannindah Resources Limited (ASX:CAE) has reported encouraging results from its 2026 drilling program at the Cannindah Breccia copper-gold deposit in Queensland, highlighting the expansion of the high-grade Southern Shoot. The results indicate increasing widths and grades of mineralisation beyond the current Mineral Resource Estimate (MRE), supporting ongoing efforts aimed at resource growth.

High-Grade Intersections Extend Southern Shoot

Recent reverse circulation drilling (17 of 33 holes completed to date) has delivered notable results, including 44 metres at 2.78% copper equivalent from 214 metres in hole 26CRC016. This intersection forms part of a broader mineralised interval of 103 metres grading 1.40% copper equivalent to the end of the hole.

Another drill hole returned 26 metres at 1.54% copper equivalent from 260 metres, within a wider 138-metre interval grading 0.64% copper equivalent.

The results support previously reported extensional drilling results from the Southern Shoot-

• 54m @ 1.61% CuEq (0.95g/t Au and 0.69% Cu) from 204m (26CRC011), within 94m @ 1.11% CuEq (0.67g/t Au and 0.47% Cu) from 178m
• 22m @ 2.63% CuEq (1.80g/t Au and 0.99% Cu) from 32m (25CRC001), within 52m @ 1.18% CuEq (0.79g/t Au and 0.45% Cu) from 4m
• 60m @ 1.94% CuEq (0.59g/t Au and 1.26% Cu) from 48m (25CRC002), within 120m @ 1.16% CuEq (0.37g/t Au and 0.73% Cu) from 30m

Growth Zone Identified Beyond Existing Resource

The Southern Shoot has now been defined over a strike length exceeding 100 metres, with widths often surpassing 100 metres and a vertical extent greater than 200 metres. The mineralised zone remains open to the south.

Grades and widths encountered in this zone are higher than those included in the current MRE, positioning the Southern Shoot as a key contributor to future resource growth. The results also confirmed two distinct high-grade ore shoots within the Cannindah Breccia system, comprising the Northern and Southern shoots.

Broad zones of low-grade mineralisation identified in the upper sections of several drill holes above the Southern Shoot are interpreted as peripheral indicators of underlying ore shoots. Recently defined southern targets up to 550 metres south of the current Mineral MRE have similar halo like expression.

Cannindah Breccia Shows Ongoing Expansion Potential

The Cannindah Breccia deposit currently hosts a MRE of 14.5 million tonnes at 1.09% copper equivalent. The broader mineralised system extends over more than 600 metres in length and approximately 100 metres in width.

Recent results suggest that mineralisation extends beyond the current resource boundaries, with potential strike extensions of more than 500 metres to the south.

Exploration Program Continues

The 2026 drilling campaign includes a planned 33 holes, with results received from the majority of completed drilling to date. Both reverse circulation and diamond drilling activities are ongoing.

CAE shares were trading at AUD 0.045 per share at the time of writing on 5 May 2026.

Highlights

• Catalina Resources has confirmed widespread gold mineralisation across Evanston and Yerilgee following Phase 1 drilling.
• The company has defined a 12–14 km structurally controlled gold corridor, establishing the Palisade Gold Project integrating multiple prospects.
• Drilling returned consistent results, with 33 of 69 holes intersecting at least 0.3 g/t gold.
• Key prospects including Snowflake and Chicken Little delivered shallow intersections and extended mineralisation.
• Exploration targets across the project are estimated at 60,000 to 330,000 ounces of gold.

Catalina Resources Limited (ASX:CTN) has received assay results from the recently completed drilling campaign across its Central Yilgarn Projects, confirming widespread gold mineralisation at the Evanston and Yerilgee projects. The findings have supported the establishment of the Palisade Gold Project, a consolidated exploration corridor spanning multiple prospects and extending over a significant strike length.

Drilling Program Confirms Widespread Mineralisation

The Phase 1 drilling campaign covered approximately 8,452 metres across 69 reverse circulation holes. Results show that 33 holes returned gold grades of at least 0.3 g/t, with 70 samples exceeding 0.5 g/t. These outcomes confirm consistent mineralisation across the corridor.

The program also demonstrated a consistent strike rate, with mineralisation intersected in about 48% of the holes.

Formation of the Palisade Gold Project

Based on the combined drilling and historical data, the company has defined a structurally controlled greenstone belt extending approximately 12 to 14 kilometres. On this basis, Palisade Gold Project has been established that integrates key prospects including Chicken Little, Snowflake, T8, and Megatron into a single exploration framework.

Exploration targets across the combined project area are estimated to range between approximately 60,000 and 330,000 ounces of gold, with grades varying from 0.76 g/t to 3.08 g/t. These figures remain conceptual, with further drilling required to determine resource estimates.

Snowflake and Chicken Little Drive Key Results

At Snowflake, recent drilling extended mineralisation along strike and confirmed shallow gold intersections. Notable results include intervals such as-

• 2m @ 1.70 g/t Au from 12m (26YGRC014)
• 1m @ 1.67 g/t Au from 13m (26YGRC015)
• 4m @ 0.69 g/t Au from 39m to end of hole (26YGRC016)

At Chicken Little, internal high-grade zones and broad mineralised intervals have been intersected. A previously reported intersection includes 48 metres at 2.61 g/t from 15 metres, which remains open at depth.

Additional Prospects Show Continuity

At T8, drilling expanded the mineralised footprint and results from Evanston, including the Viper and Leghorn prospects, confirmed gold mineralisation from near surface to deeper levels, indicating continuity at depth and along strike.

At Megatron, significant untested strike remains and historical results includes 9m @ 2.6 g/t Au from 23m.

Although mineralisation at Evanston is less defined compared to Yerilgee, findings suggest a persistent system that warrants further investigation.

Future Exploration and Development Plans

The company is progressing geological modelling and data verification to support Inferred Mineral Resource Estimates for three small- to mid-scale gold deposits, each extending roughly 100 to 600 metres along strike. At the same time, it continues to evaluate broader exploration potential across the Palisade corridor.

Upcoming work will focus on integrating drilling data, progressing initial mineral resource estimates for key prospects, continuing exploration activities, conducting targeted drilling at Megatron, advancing geological evaluation of the Palisade corridor and Evanston.

CTN shares were trading at AUD 0.06 per share at the time of writing on 5 May 2026.

Highlights

• EV Resources has advanced dry commissioning across the grinding circuit at Tecomatlán.
• One of three mills are now operationally available, with full commissioning expected within four weeks.
• Mechanical refurbishment of Ball Mills #1 and #2 has been completed, while Mill #3 is progressing.
• Electrical upgrades, including VFD integration, have been completed to support staged commissioning.
• Phase 1 operations will require no additional permitting, enabling a defined pathway to production.

EV Resources Limited (ASX:EVR) has reached a defining stage in its project development journey, as activity at the Tecomatlán Processing Plant transitions from refurbishment into active commissioning. The shift reflects a broader evolution within the company, where infrastructure readiness begins to align with operational execution. At the centre of this transition is the grinding circuit, a key component that underpins the plant’s processing capability and signals progress toward production.

Grinding Circuit Takes Centre Stage

The advancement of dry commissioning across the grinding circuit marks a critical milestone for the Tecomatlán plant. This milestone effectively brings the “heart” of the plant into operational readiness, representing a clear transition from refurbishment into active commissioning and near term production positioning.

One of the three mills are now operationally available, while the third continues to progress under a structured schedule. This development places the core processing system into an operational state, bringing the plant closer to production readiness.

Mechanical refurbishment work has been completed on Ball Mills #1 and #2, including alignment, machining, and drive testing. Mill #3 is being finalised under a one-mill-per-week completion plan. Final alignment, electrical integration, and testing are progressing simultaneously, with full dry commissioning targeted within four weeks.

Structured Commissioning and Cost Efficiency

The commissioning process has been supported by a staged and cost-conscious approach. Electrical upgrades, including the integration of Variable Frequency Drives (VFD), have been completed, enabling sequential commissioning of the mills. A single VFD unit is currently being utilised to test all three mills, reducing upfront capital expenditure while validating operational performance.

Additional units are expected to be introduced as throughput increases toward steady-state operations. This approach reflects a focus on managing capital deployment while maintaining flexibility in scaling operations. Off-site fabrication of mill components in Durango has also contributed to reducing on-site costs without affecting project timelines.

Clear Pathway to Initial Production

The Tecomatlán Processing Plant benefits from a defined pathway to production, with Phase 1 gravity concentration operations requiring no additional permitting. This allows the company to move forward without regulatory delays, supporting a streamlined transition into production.

The processing design incorporates a two-stage gravity concentration system, along with thickening and dry tailings filtration. The flowsheet is structured to operate without reagents, resulting in a lower environmental footprint. Metallurgical characteristics of the Los Lirios mineralisation continue to support concentrate production with low impurity levels and suitable processing attributes.

Capital Discipline and Execution Strategy

Throughout the refurbishment and commissioning phases, EV Resources has maintained a focus on capital discipline. Strategic decisions during procurement, including the deferral of certain contract addendums, have avoided unnecessary expenditure. Approximately USD 175,000 in costs were managed through this approach, ensuring that capital allocation remained aligned with operational priorities.

The staged restart strategy and targeted investment approach have contributed to reducing execution risk as the company progresses toward production.

As the Tecomatlán plant advances toward production readiness, EV Resources continues to position itself within the antimony supply chain. The project is aligned with broader supply dynamics, where antimony remains a designated critical mineral across multiple regions, including the United States, Europe, and Australia. The company’s asset base, including the Tecomatlán Processing Plant and the Los Lirios Antimony project, forms part of a broader strategy to support supply chain development in mining-friendly jurisdictions.

EVR shares traded at AUD 0.0090, at the time of writing on 05 May 2026.

Highlights

• UKL-UPL environmental approval enables expanded exploration at the Idenburg project.
• Sua drilling returned high-grade gold intercepts and indicated scope for resource growth.
• Metallurgical results show gold recovery of 94–96% with significant gravity recoverable gold.
• North Bermol drilling identified near-surface mineralisation across a wide shear zone.
• Mount Clark West drilling intersected features associated with a porphyry system, with assays awaited.

Far East Gold Ltd (ASX:FEG) has reported a busy quarter ended 31 March 2026, marked by active drilling, regulatory progress, and ongoing technical evaluation across its project portfolio. The update highlighted developments at the Idenburg Gold Project in Papua, Indonesia (across the Sua and North Bermol prospects), where exploration efforts continue to focus on expanding known mineralisation zones, alongside early-stage drilling at the Mount Clark West project in Queensland, Australia.

Regulatory Milestone Supports Exploration Plans at Idenburg

During the quarter, the company received environmental approval under the Upaya Pengelolaan Lingkungan – Upaya Pemantauan Lingkungan (UKL-UPL) framework, allowing advanced exploration activities within its priority corridor at the Idenburg project. This approval represents a necessary step toward applying for the Persetujuan Penggunaan Kawasan Hutan (PPKH), which is required for continued development activities at the project. Details here.

Sua Prospect Delivers High-Grade Results

Drilling at the Sua prospect included eight holes totalling more than 2,289 metres, targeting depth and lateral extensions of known gold zones. Results indicate continuity of mineralisation at depth and the presence of high-grade gold associated with visible coarse gold.

During the quarter, the company received assay results for multiple holes, and the results highlighted the potential to expand the existing resource estimate at the prospect. Compiled significant intercepts comprise-

• 47 g/t Au over 4.85m (73.85m to 78.7m) including:
  • 12 g/t Au over 3.85m (from 73.85m)
  • 93 g/t Au over 1.0m (from 74.5m) and
  • 175 g/t Au over 0.55m (from 77.15m) in KSD027
• 29 g/t Au over 1.65m (17.1 to 18.75m) and
  • 55 g/t Au over 1m (97.2m to 98.2m) in KSD033
• 92 g/t Au over 1m (178m to 179m) in KSD034
• 24 g/t Au over 1.45m (142.75m to 144.2m) in KSD035

Notably, mineralisation remains open along strike and at depth.

Metallurgical testing of three drill core samples shows gold is largely free milling and recoverable through cyanidation. Gravity recoverable gold exceeded 50%, indicating potentially low-cost and simple processing pathways. Details here.

North Bermol Reveals Near-Surface Mineralisation

Initial drilling campaign at the North Bermol prospect has been completed, with 25 holes drilled for a total of 1,530.7 metres. Assays indicate the presence of near-surface gold mineralisation that correlate with abundance of pyrite.

Drilling results indicate that the North Bermol shear zone forms a broad, near-surface structure with a shallow dipping plane and dips to the northeast. Three-dimensional modelling based on current drilling suggests the plane extends at least 300 metres to the northwest and has a strike length of roughly 1,500 metres to the northeast. The shear zone remains open along strike as well as toward the west.

Notable intercepts include:

• 1.45 g/t gold over 0.45 metres (35.05m to 35.5m) in hole BND019
• 1.36 g/t gold over 4.60 metres (71.4m to 76m), including 3.12 g/t over 1 metre (74.5m to 75.5m) in hole BND023
• 5.58 g/t gold over 0.4 metres (130.6m to 131m) in hole BND024

Australian Exploration Activity Underway

At the Mount Clark West project, initial drilling programs tested geophysical targets interpreted as potential porphyry systems. Three drill holes were completed using reverse circulation and diamond drilling methods.

Observed geological features include widespread alteration, quartz veining, brecciation, and sulphide mineralisation. These characteristics are consistent with the peripheral and upper zones of a porphyry system. Assay results from the program are pending and will guide future drilling plans.

The exploration permit for the project has been extended to February 2031, with certain relinquishment requirements deferred, enabling continued work in the area.

Woyla Project Update

Post quarter, the company provided an update on its interest in the Woyla Project in Aceh, Indonesia. Under a Conditional Share Purchase Agreement, the company had a pathway to increase its stake to 80% upon completion of a feasibility study.

Discussions were also underway to secure a direct increase to full ownership without undertaking the study; however, no agreement on final terms was reached. The company will retain its current 51% interest in the project, with no feasibility study initiated and no further exploration activities planned at this stage. Details here.

Far East Gold’s quarterly update outlines continued exploration activity across its key projects, supported by regulatory approvals and drilling outcomes. Work at Idenburg remains central, with ongoing drilling, metallurgical testing, and permitting steps contributing to project development plans. Additional results and updated resource estimates are expected as exploration programs progress.

FEG shares traded at AUD 0.12 on 4 May 2026.

Highlights

• Catalina Resources completed Phase 1 drilling across its Central Yilgarn projects.
• The company identified high-grade gold mineralisation at Chicken Little, confirming continuity across key zones.
• Beasley Creek has been reinterpreted as a copper–gold system, expanding the project’s geological scope.
• Breakaway Dam drilling has intersected multiple sulphide zones, supporting a broader mineralised system.
• The company is progressing multiple targets toward drilling, with further exploration planned across its expanded portfolio.

Catalina Resources Limited (ASX:CTN) continued to progress exploration and portfolio development during the March 2026 quarter, with activities spanning drilling programs, geological reinterpretation and new project acquisitions. Across multiple assets in Western Australia, the company focused on advancing geological understanding while strengthening its exposure to gold, copper and silver systems. As field programs progressed and new data emerged, Catalina’s strategy reflected a coordinated effort to build a diversified exploration pipeline, supported by ongoing technical work and targeted drilling initiatives.

Central Yilgarn Drilling Progress

At the company’s 100%-owned Central Yilgarn Project, Phase 1 reverse circulation drilling was completed as part of a broader ~20,000m program. The campaign targeted structurally controlled gold systems across the Evanston and Yerilgee project areas, including prospects such as Leghorn, Viper South, T1B, Chicken Little, Snowflake and T8.

Drilling results indicated multiple zones of gold mineralisation, supporting continuity both along strike and at depth. A high-grade zone was defined at the Chicken Little prospect, including an intercept of 48 metres at 2.61 g/t gold from 15 metres to end of hole, with a higher-grade section of 20 metres at 5.64 g/t gold.

Additional drilling at T8 confirmed a mineralised system associated with banded iron formation (BIF) and structural controls, while work at Viper and Leghorn validated the broader geological model. These outcomes contributed to refining interpretations across the region with historical exploration activity and supported the identification of corridor-scale potential.

Beasley Creek: Expanding the Model

At Beasley Creek, Catalina advanced technical studies that led to a reinterpretation of the Flamingo target. The project is now considered to represent a copper-dominant volcanogenic massive sulphide (VMS) system with associated gold, rather than a single-commodity gold target.

This revised geological model expanded the scope of the project, identifying Flamingo as part of a broader Cu–Au volcanic hydrothermal system within the Mithgoondy Shear Zone. The updated interpretation also highlighted the potential for a larger-scale mineralised system influenced by structural controls and subsequent geological processes.

During the quarter, Catalina secured up to AUD 180,000 in co-funding under the Western Australian Government’s Exploration Incentive Scheme (EIS) to support initial drilling. Field activities, including soil sampling and geological mapping, progressed alongside heritage engagement, with first-pass drilling planned following completion of surface programs.

Subsequent updates indicated that additional Cu–Au targets—Golden Hand and King Brown—were identified along the same structural corridor, alongside a silver anomalous target at Black Head. Initial drill collars have been defined, with drilling targeted for July–August 2026.

Breakaway Dam: Copper System Confirmed

The Breakaway Dam project emerged as a key addition during the quarter, representing a copper-dominant VMS system supported by historical and recent drilling. Catalina completed approximately 1,600 metres of drilling to test conductor thickness and continuity across priority downhole electromagnetic (DHEM) targets.

Drilling successfully intersected modelled conductor positions, with field logging identifying multiple zones of sulphide mineralisation across several drill holes. Variations in sulphide intensity were interpreted as reflecting different parts of a broader mineralised system rather than isolated occurrences.

Following drilling, DHEM surveys were undertaken to refine the geometry of conductive bodies, with geophysical work aimed at improving targeting for subsequent exploration phases. Analysis of drilling data remains ongoing, with further updates expected upon completion of interpretation.

Portfolio Expansion Strategy

Catalina has expanded its asset base through the acquisition of four new projects: Breakaway Dam (copper VMS), Aerosmith (copper–gold), Auric North (gold) and Spinifex Silver (silver). These additions established exposure to multiple commodities across Western Australian jurisdictions and introduced new geological settings into the portfolio.

The Spinifex Silver acquisition provided approximately 265 km² of tenure across the Fraser North and Nabberu project areas. Fraser North hosts historical high-grade silver intercepts along a mineralised trend, while Nabberu offers exposure to basin-hosted SEDEX-style silver systems.

Aerosmith added potential across a craton–orogen margin setting, with prospective VMS, structural gold and magmatic sulphide systems. Together, these assets contributed to a broader multi-commodity exploration pipeline aligned with the company’s strategy.

Asset Rationalisation and Capital Position

Alongside acquisitions, Catalina progressed asset rationalisation through a binding agreement to divest the Nelson Bay River iron ore project in Tasmania. Completion of the transaction is expected to release approximately AUD 827,200 held as a rehabilitation bond, improving the company’s capital position while reducing legacy obligations.

The Breakaway Dam acquisition was structured through equity issuance rather than cash, incorporating shares and options subject to regulatory and shareholder approvals. This approach aligned with efforts to manage capital allocation while expanding the exploration portfolio.

Across its projects, Catalina Resources continued to advance exploration through drilling, geological modelling and targeted acquisitions during the March 2026 quarter. With multiple programs progressing toward drilling readiness, ongoing data analysis and fieldwork are expected to guide the next phase of exploration across its gold, copper and silver assets.

Shares of CTN were trading at AUD 0.060 at the time of writing on 04 May 2026.

Highlights

• Viking Mines has submitted a Notice of Intent to advance a 63-hole drilling programme at the Linka Tungsten Project.
• The campaign will test historical intercepts and explore a ~800m southwest extension.
• Exploration will include new target zones and broader reconnaissance drilling across the project area.
• Approvals expected in May 2026, with site mobilisation scheduled for the June quarter.

Viking Mines Limited (ASX:VKA) (OTC:VKALF) has moved closer to launching its maiden drilling campaign at the Linka Tungsten Project in Nevada, following the submission of a Notice of Intent (NOI) to the U.S. Federal Bureau of Land Management. The filing represents the final federal requirement ahead of securing approvals, expected later this month, for a 63-hole drilling programme aimed at restarting a past-producing tungsten asset for the US market.

The planned programme across 48 pads will target multiple zones within the Linka project. Once approved, the campaign will mark the first drilling activity at the site in more than four decades, following the cessation of operations around 1980.

Focus on Historic Results and New Extensions

The drilling is designed to assess the scale of the project and aims to verify previously recorded high-grade tungsten intercepts at the Linka Main area, where earlier results included intervals such as 9.8 metres at 0.5% WO₃, 7.9 metres at 0.9% WO₃ and 8.5 metres at 1.0% WO₃. Additional work will assess down-dip of the earlier working to determine the depth potential of the project.

The drilling campaign will also include maiden testing of the ~800m southwest. Surface sampling in this zone has returned values of up to 0.6% WO₃.

Regional Drilling to Validate Geological Models

Beyond the main and extension targets, Viking Mines plans reconnaissance drilling across the broader Linka complex. This work will focus on validating geophysical models and identify contact zones where mineralisation may occur. The programme is designed to accelerate progress toward resource definition and assess potential future development.

Linka Project and planned drillhole locations with magnetic geophysics background image. (Image source: Company update)

Mobilisation Timeline and Preparations

The company expects to receive final federal approvals in May 2026 and is currently in th process of selecting a drilling contractor. Site mobilisation to initiate drill site preparation and earthworks, is scheduled for the June quarter, subject to approvals.

The upcoming drilling programme at Linka represents a transition into renewed exploration activity at a past-producing tungsten asset. With approvals anticipated shortly and preparations nearing completion, Viking Mines is set to begin an extensive campaign aimed at assessing both established and prospective zones within the project area.

VKA shares were trading 10% higher at AUD 0.011 per share at the time of writing on 4 May 2026.

Highlights

• Altech Batteries has received conditional approval for up to €46.11 million in funding under Germany’s STARK program for its CERENERGY® battery project.
• The grant is expected to cover ~30% of eligible capital expenditure for the planned 120 MWh battery manufacturing facility in Saxony.
• The company has relocated its Silumina Anodes™ R&D laboratory to Germany.
• Luise Bloi has been appointed Chief Technology Officer to support battery technology development in Germany.
• The company has surrendered a non-core exploration license as part of its cost-reduction strategy.

Altech Batteries Limited (ASX:ATC) (FRA:A3Y) has released its March 2026 quarterly update, outlining major developments across its battery projects. The update highlighted progress in securing funding in Germany, operational restructuring initiatives, and strategic portfolio adjustments.

The company reported a conditional grant approval for its CERENERGY® project, alongside the strategic relocation of its Silumina Anodes™ research operations and cost-focused measures aimed at streamlining activities.

German Grant Approval for CERENERGY® Project

During the quarter, the company received conditional binding approval for funding of up to €46.11 million under Germany’s federal STARK program for its CERENERGY® Sodium-Chloride Solid-State battery project in Saxony. The grant, expected to cover around 30% of eligible CAPEX, marks a significant milestone in the development of the planned 120 MWh CERENERGY® battery manufacturing facility in Saxony.

The STARK program, backed by Germany’s Federal Ministry for Economic Affairs and Energy in collaboration with the European Union, aims to support regions undergoing structural transition toward sustainable economic models.

The CERENERGY® technology, developed in partnership with the Fraunhofer Society, is positioned as an alternative to lithium-ion batteries, focusing on stationary energy storage applications. The funding remains subject to conditions, including approval under Germany’s 2026 federal budget and achieving financial close by 30 June 2026.

The company continues discussions with potential partners to secure full financing for the project ahead of the June 2026 deadline.

R&D Operations Shifted to Germany

The company has relocated its Silumina Anodes™ R&D laboratory to Saxony, Germany from Perth. This move aligns the R&D facility with the existing pilot plant, which is already operational at the site.

The Silumina Anodes™ project focuses on incorporating silicon into lithium-ion batteries, enabling increased energy capacity and improved battery lifecycle performance. The co-location of the R&D lab and the pilot plant is expected to offer R&D, operational, and cost advantages.

As part of this transition, Dr. Luise Bloi has been appointed Chief Technology Officer. Based in Germany, Dr. Bloi brings experience in battery research including prior roles with the Fraunhofer Institute and other industry organisations.

Portfolio Streamlining Through License Surrender

Altech reported the surrender of Exploration License 70/4718, held by its subsidiary Canning Coal Pty Ltd. The asset was identified as non-core to the company’s primary operations. The decision is expected to reduce ongoing operational expenses.

The company reported cash and cash equivalents of AUD 1.379 million as of 31 March 2026.

The March 2026 quarter reflects a period of progress and strategic restructuring for Altech Batteries, with funding developments and operational changes shaping its ongoing projects. Next steps are focused on securing financial close for the CERENERGY® project and advancing its battery technologies toward commercial deployment.

 ATC shares were trading 5.88% higher at AUD 0.018 per share at the time of writing on 30 April 2026.

Highlights

• Surefire Resources has reported surface gold assays up to 13.19 g/t at the LOOT prospect within Yidby Gold Project.
• Float rock sampling has confirmed gold mineralisation within Albitite lithology.
• Mineralised Albitite has been identified across a strike length of 165 metres.
• Geological observations indicate potential down-dip and strike extensions.
• Sampling builds understanding of a newly recognised gold-bearing system.

Surefire Resources NL (ASX:SRN) has reported assay results from on-surface float rock sampling at the newly identified LOOT prospect within its wholly owned Yidby Gold Project in Western Australia, with findings pointing to a distinct style of gold mineralisation.

High-Grade Surface Results

Sampling at the LOOT prospect returned gold grades of up to 13.19 grams per tonne from on-surface float rock. These results were derived from follow-up work along strike, expanding on earlier sampling conducted in March 2026.

The presence of gold across all samples within this lithological setting highlights a consistent mineralised system at surface.

Albitite-Hosted Mineralisation

The gold mineralisation is associated with Albitite, a grey, fine-grained felsic rock dominated by albite. At the LOOT and nearby Cashens Find prospects, this lithology contains over 90% Albitite with relict sulphide casts observed within the rock.

Albitite forms through sodium metasomatism, where original minerals are replaced by albite under hydrothermal conditions. At Yidby, this process is interpreted to occur within structural features such as shears, faults and fracture corridors.

Strike Extension Identified

Field observations confirm Albitite-hosted float rock along a strike length of approximately 165 metres. This continuity provides insight into the orientation of the mineralised zone and supports further mapping of the system.

Given the structural setting, the mineralisation is considered likely to extend both along strike and at depth.

Geological Context and Indicators

Examination of the historic Cashens open pit has identified previously unrecognised Albitite within the ore zone, suggesting this lithology may have played a role in earlier gold occurrences.

Despite limited gold anomalism in transported soil geochemistry, the density contrast between Albitite and surrounding ultramafic rocks may assist in identifying additional targets using geophysical methods.

Exploration Implications

Albitite occurrences in Western Australia are typically associated with major shear zones and established gold systems within the Yilgarn Craton region. The identification of similar geological characteristics at Yidby provides a framework for further exploration targeting.

The recent sampling program contributes to a developing understanding of the LOOT prospect and its relationship to broader mineralisation across the Yidby Gold Project.

SRN shares traded at AUD 0.001 at the time of writing on 30 April 2026.

Highlights

• CGN Resources has confirmed older geological ages at the Webb Project through new drilling analysis.
• Age-dating results align northern Webb rocks with the Lander Rock Formation.
• Revised interpretation has removed previously assumed younger cover in the northern. domain
• Findings elevate multiple second-tier targets within the exploration framework.
• The results reinforce the potential presence of both carbonatite and iron oxide copper-gold (IOCG) systems.

CGN Resources Limited (ASX:CGR) has reported new geochronological findings that are reshaping its understanding of the Webb Project, with results from the 2025 Kandula drilling program pointing to an older and potentially more prospective geological setting. The updated interpretation introduces a shift in how the northern portion of the project is viewed, with implications for upcoming exploration priorities.

Reframing the Geological Timeline

Age-dating conducted by Curtin University’s Curtin Frontier Institute for Geoscience Solutions indicates that lithologies in the northern Webb Project are significantly older than previously interpreted. Samples returned ages of approximately 1563 ± 52 million years for dolerite and up to 1828 ± 14 million years for sedimentary units.

These results place the rocks within a timeframe comparable to the Lander Rock Formation, which hosts known deposits such as Luni and Green. This alignment provides a revised geological context for the project area.

Shallower Basement, Higher Potential

The updated findings suggest that the previously assumed Neoproterozoic cover sequence in the northern domain is either minimal or absent. This indicates that prospective basement rocks may occur at shallower depths than earlier models suggested.

The change in interpretation has implications for exploration efficiency, as mineralisation—if present—could be more accessible. It also supports a broader reassessment of target prioritisation across the northern tenure.

Target Ranking Gains Momentum

While key high-ranking targets such as E1 and K1 remain central to the exploration strategy, the revised age framework has elevated several second-tier targets. Prospects including K7, K6 and E3 have moved higher within the company’s prioritisation framework for follow-up work.

The Kandula and Elmar prospects are interpreted to lie along major structural flexures, which are typically associated with favourable conditions for mineralisation.

Mineral System Implications

The results reinforce the potential presence of both carbonatite and iron oxide copper-gold (IOCG) systems. These mineral systems are commonly linked to deep-seated structural features and long-lived geological histories, which are now better supported by the revised age data.

The older geological setting also suggests a more extensive magmatic and structural evolution, increasing the likelihood of large-scale mineral system development and preservation.

Exploration Pathway Ahead

With heritage clearance already completed across key target areas, CGN Resources looks forward to advance systematic exploration across the Webb Project.

The age-dating program, based on U-Pb analysis of zircon and apatite from three drill core samples, indicates sedimentation between approximately 1728 million and 1576 million years ago, followed by metamorphism associated with dolerite emplacement.

These findings contribute to a refined exploration model and support further testing of both primary and newly elevated targets across the northern Webb Project.

Shares of CGR last traded at AUD 0.064 on 28 April 2026.

Highlights

• Immuron CEO Steven Lydeamore will present at the Emerging Growth Conference via a virtual session on 7 May 2026.
• The virtual presentation will provide an opportunity to engage with investors and market participants.
• Immuron is a commercial and clinical-stage Australian biopharmaceutical company focused on orally delivered antibody therapies.
• The company markets its flagship products Travelan® and Protectyn®, both listed on the Australian Register of Therapeutic Goods (TGA).

Immuron Limited (ASX:IMC) (NASDAQ:IMRN) has reported that its Chief Executive Officer, Steven Lydeamore, will participate in the Emerging Growth Conference through a virtual session. The presentation is scheduled for Thursday, 7 May 2026, and is expected to run for approximately 30 minutes.

The presentation forms part of the conference program, which features a range of listed companies addressing investors and market participants.

About the Company

IMC shares traded at AUD 0.029 per share on 29 April 2026.

Highlights

• Two MP1500 drill rigs secured to commence a Phase 2 drilling program at the Golden Gate prospect.
• Up to 45 drill holes planned over ~13,700m to expand known gold zones at Golden Gate North and South.
• The program will also evaluate tungsten mineralisation around historical mine workings and identified soil anomalies.
• Site access, infrastructure, and technical teams are in place, enabling drilling operations to begin next week.
• Program to support maiden Mineral Resource Estimate targeted for 1Q 2027, subject to results.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has reported the mobilisation of drilling rigs for an extensive drilling campaign at the Golden Gate prospect, part of the Horse Heaven Project in Idaho, United States. The upcoming Phase 2 drilling program will target both gold and tungsten mineralisation with the objection of defining the extent and scale of gold mineralisation across Golden Gate South and Golden Gate North.

Drill Rigs Mobilised for Phase 2 Campaign

Two MP1500 diamond core drill rigs are being moved to the Golden Gate site, with the first expected within the next few days and the second scheduled to arrive by mid-May. Initial payments have been completed to facilitate the drilling campaign, which is expected to begin late next week.

The Phase 2 program will include up to 45 drill holes covering a total of approximately 13,700 metres (45,000 ft).

Focus on Expanding Gold Mineralisation

The program will primarily focus on the Golden Gate North and Golden Gate South targets. At Golden Gate North, the program will include infill and step-out drilling, designed to extend known zones of gold mineralisation and testing potential system extensions based on previous results.

At Golden Gate South, drilling will follow up on a previously reported discovery hole, which returned 99.1m @ 0.38g/t Au, with further work planned to expand this zone.

The program aims to determine the scale and extent of gold mineralisation and advance work toward an initial Mineral Resource Estimate targeted for the first quarter of 2027, subject to exploration results.

2025 Drilling Results

Phase 1 drilling conducted in 2025 at Golden Gate South and North for 14 holes spanning 3,780m, intersected significant gold mineralisation -

• 0m @ 1.50g/t gold (HH-GG25-003C);
• 5m @ 1.26g/t gold (HH-GG25-001C);
• 2m @ 0.60g/t gold (HH-GG25-002C); and
• 8m @ 0.64g/t gold (HH-GG25-004C).

Tungsten Targets to Be Evaluated

In addition to gold, the program will assess the extent of tungsten mineralisation in areas surrounding historical mine workings at the Golden Gate Tungsten Mine where stockpile samples returned notable assay results.

At Golden Gate South, exploration will also target a tungsten anomaly in soil samples.

Proposed drilling at Golden Gate North & South 2026. (Image source: Company update)

Infrastructure and Access in Place

Access to the project site has been restored, and supporting infrastructure has been re-established. This includes camp facilities, water supply systems, and filtration equipment. Technical personnel have already arrived on-site, with drilling crews expected to follow shortly.

Roadwork improvements on the main access route are also underway.

The Phase 2 drilling campaign marks the next stage of exploration at the Golden Gate prospect. With rigs mobilised, infrastructure in place, and defined targets across both gold and tungsten zones, the campaign is expected to expand the current understanding of mineralisation and guide future resource development efforts.

RML shares were trading at AUD 0.068 per share at the time of writing on 30 April 2026.

Highlights

• Immuron combines commercial products and pipeline assets around an oral antibody platform.
• IMM-529 is advancing toward Phase 2 following FDA approval of its investigational new drug application and initiation of a partnering process..
• The therapy targets recurrent CDI through a differentiated three-target mechanism.
• Immuron reported sales growth across major markets in the March 2026 period.
• Partnering to progress clinical activity keep IMM-529 central to the company narrative.

Immuron Limited (ASX:IMC) has built its story around a combination of commercial-stage gastrointestinal health products and a clinical pipeline targeting infectious diseases, with its oral polyclonal antibody platform linking both sides of the business. Products including Travelan® and ProIBS provide an established commercial base, while pipeline candidates such as IMM-529 reflect the company’s strategic focus on expanding therapeutic applications through targeted antibody technology.  

Within this broader framework of steady product revenues and advancing pipeline development, IMM-529 has emerged as a key value driver. As the candidate progresses toward Phase 2 evaluation in recurrent Clostridioides difficile infection (CDI), it is increasingly shaping Immuron’s forward-looking development story.  

Commercial Platform and Pipeline Depth

Immuron’s broader strategy rests on a platform designed to generate orally active polyclonal antibodies capable of acting directly in the gastrointestinal tract. The company’s technology is intended to target pathogens and toxins while also preventing their adhesion to the gut wall, supporting both commercial and pipeline applications.

This platform underpins existing marketed products while also supporting clinical assets under development.

IMM-529 Moves Toward Phase 2

IMM-529 gained a significant regulatory milestone when the U.S. Food and Drug Administration approved the company’s Investigational New Drug application in November last year. This approval paves the way for a Phase 2 clinical trial. Immuron has indicated plans to partner this asset to advance clinical development and commercialisation.

The candidate is being developed as an adjunctive therapy in combination with standard-of-care antibiotics for preventing and treating recurrent CDI. Its positioning reflects a response to a treatment setting where recurrence remains a persistent challenge.

A Differentiated Three-Target Approach

IMM-529 is designed to target three virulence components of C. difficile — Toxin B, spores and surface layer proteins of vegetative cells. Developed using hyperimmune bovine colostrum-derived antibodies, the therapy is designed around a multi-target mechanism intended to address infection while supporting faster restoration of normal gut flora.

Pre-clinical models cited by the company have shown outcomes linked to prevention of primary disease and protection against recurrence, forming part of the rationale for advancing into Phase 2 trials.

Significant Market Opportunity

The opportunity for IMM-529 is framed against the scale of recurrent CDI, which remains one of the leading healthcare-associated infections in the United States. With recurrence rates rising after multiple episodes and severe disease linked to significant complications, the treatment landscape continues to attract interest in advanced therapeutic options.

Immuron estimates that C. difficile causes approximately 400,000 cases and 30,000 deaths annually in the U.S. The company has identified a total addressable market of approximately USD 3.52 billion for recurrent CDI, positioning IMM-529 within a sizeable and clinically relevant market segment.

Financial Performance Adds Commercial Context

Alongside pipeline progress, Immuron’s recent sales performance provides additional commercial context to its broader growth strategy.

Immuron reported global third-quarter sales of AUD 1.5 million, up 16% on the prior comparative period, while year-to-date March 2026 sales reached AUD 5.7 million, up 7%. Australian year-to-date sales rose 14% to AUD 4.2 million, while U.S. year-to-date sales increased 10% to AUD 1.3 million. Canada also recorded quarterly growth, including initial sales through Jean Coutu in Quebec.

These figures place financial performance alongside pipeline advancement, highlighting the commercial base supporting the company’s development strategy.

With FDA IND approval secured, Phase 2 preparations underway and a differentiated mechanism targeting a large unmet need, IMM-529 is becoming central to Immuron’s next phase of development. As the partnering progress continues, the program is likely to remain a key focus in evaluating the company’s potential.

IMC shares traded at AUD 0.029 on 29 April 2026.

Highlights

• EV Resources has appointed Timothy Young as a Non-Executive Director as part of its board renewal.
• The company is advancing governance changes alongside its strategy to become a near-term antimony producer.
• Executive Director Adrian Paul will retire, contributing to EVR’s transition toward a critical minerals-focused business.
• EVR continues to progress its assets in Mexico and Nevada linked to antimony supply ambitions.
• The company is positioning its portfolio around processing, exploration, and North American supply chain exposure.

EV Resources Ltd (ASX:EVR) has announced a strategic board update as it advances its transition toward near-term antimony production, pairing new capital markets expertise with a planned leadership retirement. The changes come as the company continues developing assets tied to critical minerals supply in North America and Mexico, placing governance alongside project execution in focus.

Board Refresh Takes Shape

Effective immediately, Timothy Young has joined the board as a Non-Executive Director, bringing more than 25 years of experience across capital markets, investor relations and institutional engagement. His background spans senior roles across Australia and Asia, including leadership positions at MCM Partners, Renaissance Capital, Mirae Asset Securities and Cantor Fitzgerald.

Timothy Young currently leads Coscar Investor Relations Pty Ltd, advising listed entities on investor relations, funding and capital markets strategy. His appointment aligns with the company’s focus on strengthening its corporate capabilities as it enters the next phase of development.

Director Retirement Announced

The company also confirmed that Executive Director Adrian Paul will retire from the board effective 30 April 2026. Since joining in 2020, Paul has been associated with EVR’s transition from a diversified explorer into a critical minerals developer with a focus on antimony production pathways.

Reflecting on the development, Mr. Paul stated: "It is gratifying to see the team executing the value-creation strategy we have built together. I have full confidence in the current management to deliver on our vertical antimony chain at a time when the mineral's strategic value is at an all-time high."

The transition marks a broader board renewal process as the company aligns leadership with its operational and strategic priorities.

Antimony Strategy in Focus

EV Resources continues to build its position within the North American antimony supply chain, supported by assets in Mexico and the United States. The Tecomatlán Processing Plant is being refurbished with the installation of a gravitational concentrator circuit. Initially, the facility, is expected to process third-party sourced ore before transitioning to material from the Los Lirios project.

At the Los Lirios Antimony Project in Mexico, first-pass drilling has confirmed a laterally extensive carbonate replacement deposit system, with work progressing toward a maiden JORC Resource. In Nevada, the wholly owned Dollar and Milton antimony projects further strengthen the company’s US critical minerals exposure.

Strategic Positioning in a Market  

Antimony remains designated as a critical mineral by the US, EU and Australia, reflecting its importance in energy storage, defence and advanced technologies. EVR’s asset mix combines processing infrastructure, exploration exposure and supply chain positioning in mining-friendly jurisdictions.

With the latest board changes, the company has linked governance renewal to the progression of its broader antimony strategy, as both leadership and project milestones continue to evolve.

Shares of EVR traded at AUD 0.0090, at the time of writing on 29 April 2026.

Highlights

• Drilling program at Cannindah Breccia has been expanded with 16 additional holes to test extensions and underexplored zones.
• Historical drill holes with incomplete or missing assay data present opportunities to enhance the existing Mineral Resource Estimate (MRE).
• Newly mapped breccia mineralisation extends approximately 400 metres south of the current resource boundary.
• Previously unsampled drill holes up to 550 metres beyond the MRE limit are now under analysis.
• Southern Shoot remains open, with recent intercepts supporting its role in future resource updates.

Cannindah Resources Limited (ASX:CAE) has expanded its drilling program at the Cannindah Breccia copper-gold deposit following encouraging recent results that highlight multiple pathways for potential resource growth.

The updated program includes 16 additional drill holes targeting extensions of mineralisation and previously underexplored zones, with an updated Mineral Resource Estimate (MRE) planned upon completion.

The company is well funded to advance exploration with multiple drill rigs operating at the project.

CAE shares were trading at AUD 0.043 per share at the time of writing on 29 April 2026.

Highlights

• Platina Resources advanced a fully funded 2026 exploration program with more than 20,000 metres of drilling planned across its Laverton gold portfolio.
• Over 8,000 metres of Phase 2 and Phase 3 drilling has been completed at Mt McKenna, targeting extensions of a 1.5km mineralised trend.
• Geophysical surveys, including ground gravity and aeromagnetic work had identified multiple new high-priority drilling targets.
• Cultural heritage surveys across key target areas cleared the way for continued drilling activities.
• Conditional acquisitions of Sunrise Bore and Mt Morgans South are set to expand the company’s footprint in the Laverton district.

Platina Resources Limited (ASX:PGM) has outlined a busy March 2026 quarter, marked by an accelerated exploration campaign across its Western Australian gold portfolio. With a fully funded program in place, the company is progressing large-scale drilling and geophysical work across key Laverton district projects. Activity during the period focused on advancing targets at the Mt McKenna project while preparing additional growth pathways through the Sunrise Bore and Mt Morgans South projects.

Drilling Focus Intensifies at Mt McKenna

Exploration activity at the 100%-owned Mt McKenna Project, located in Western Australia’s Eastern Goldfields near Laverton, formed a central part of the quarter’s work. As part of the broader 2026 Laverton exploration campaign, which includes >20k metre of RC and AC drilling, drilling programs commenced at Mt McKenna.

Phase 2 and Phase 3 aircore campaigns aimed at testing extensions of 1.5km mineralised structures and newly identified structural targets.

Phase 2 aircore drilling commenced at Target 2 with up to 4,500 metres planned, targeting strike extensions of a 1,500-metre mineralised trend and related arsenic anomalies identified in earlier work. Phase 3 drilling followed, covering multiple target zones and aeromagnetic survey at Target 1. The company reported that over 8,000m of combined Phase 2 and Phase 3 drilling has been completed.

Furthermore, across Target 3, 4 and 5, two cultural surveys have been finalised, and ground gravity survey has defined numerous structural drill targets. Ground gravity and aeromagnetic surveys enhanced the geological model at the project and identified several new high-priority drilling targets.

Laverton District Expansion Through New Projects

Platina Resources continued advancing its Laverton district strategy through conditional acquisitions of Sunrise Bore and Mt Morgans South. The Sunrise Bore Project, including one exploration licence application covering 12km², is positioned within a known mineralised corridor that has seen limited drilling since the late 1990s. Following completion of acquisition requirements, the project is scheduled for resource definition drilling.

The Mt Morgans South Project adds approximately 126.4km² across four exploration licences and 14 prospecting licences. Situated near Laverton and close to Mt McKenna, it introduces additional gold targets within a broader structural corridor. This project is expected to be incorporated in the 2026 exploration plans.

Broader Portfolio and Corporate Activity

Beyond Laverton, Platina Resources’ early-stage and advanced exploration assets include the Beete, Brimstone, Jubilee, and Binti Binti projects. Work programs vary from drilling preparation to heritage approvals and ongoing geological review.

During the quarter, the company also completed the sale of the Xanadu Gold Project, receiving shares in Kalamazoo Resources and retaining a royalty interest. The company held cash of AUD 10.259 million at the quarter end.

The March 2026 quarter positioned Platina Resources with an expanded exploration footprint and active drilling across key gold targets in Western Australia. Ongoing programs at Mt McKenna and upcoming developments across newly acquired projects continue to define the company’s exploration schedule for 2026.

PGM shares traded at AUD 0.021 per share on 28 April 2026.

Highlights

• King River Resources has completed the acquisition of the Mindoolah Gold Project, adding a historically productive asset in Western Australia’s Murchison Province.
• Historical drilling at Mindoolah has identified multiple unmined high-grade intercepts across the Excelsior, Le Soleil and Bertram’s prospects.
• Rock chip, underground and stockpile sampling have confirmed widespread gold mineralisation, with some surface results exceeding 40 g/t Au.
• Advanced LiDAR and photogrammetry surveys, along a planned airborne magnetic survey, are being deployed to refine structural interpretation and drill targeting at Mindoolah.
• Ionic leach soil sampling at Tennant Creek outlined multi-element anomalies.

King River Resources Ltd (ASX:KRR) reported a dynamic quarter ended 31 March 2026, marked by a strategic expansion of its exploration portfolio and continued progress across its Northern Territory assets. The period was highlighted by the acquisition of the Mindoolah Gold Project in Western Australia, alongside advancing  geochemical programs, detailed geological assessments, and preparation for advanced geophysical surveys aimed at refining drill targets.

Mindoolah Acquisition Expands Exploration Footprint

During the quarter, the company completed the acquisition of the Mindoolah Gold Project, located north-west of Cue in Western Australia’s Murchison Province. The project sits within the Youanmi Terrane of the Archaean Yilgarn Craton, a region known for significant gold endowment. Details of the transaction, here.

Historical production at Mindoolah Mining Centre, dating back to around 1901, averaged 19.02 grams per tonne gold for approximately 5,762 ounces. Mining activity was historically limited by shallow water table conditions (at depth of approximately 21m) and later economic factors (low gold prices), leaving areas of mineralisation unmined.

The project area covers roughly 100 square kilometres of prospective greenstone lithologies, including banded iron formations, mafic volcaniclastics and amphibolite.

Drill Results Highlight Near-Surface Potential

Historical drilling across Mindoolah has identified multiple unmined high-grade drill intercepts across key prospects. At the Excelsior Prospect, results include intersections such as

• 4m @ 9.30 g/t Au from 33m (RCH004)
• 4m @ 8.85 g/t Au from 32m (RCH009)
• 2m @ 9.38 g/t Au from 33m (RCH010)
• 1m @ 7.81 g/t Au from 39m (RCH012)
• 2m @ 6.24 g/t Au from 30m (RCH011)

Additional intercepts were recorded at th Le Soleil and Bertram’s prospects, confirming mineralisation across several zones.

At th Le Soleil Prospect, significant intercepts include 2m @ 2.38 g/t Au from 23m (RCH018) and 3m @ 1.83 g/t Au from 29.6m (RCH017). While at the Bertram’s prospect, significant intercept included 6m @ 0.92 g/t Au from 41m (25MDRC002).

Rock chip sampling has further demonstrated widespread gold distribution. Underground sampling across multiple levels returned average grades of 6.59 g/t gold, while surface and stockpile sampling produced results exceeding 40 g/t gold in some locations.

Advanced Mapping and Geophysics Underway

KRR will undertake a comprehensive airborne magnetic survey across the Mindoolah Gold Project, with Pegasus Airborne Systems engaged to acquire high-resolution data on 50m line spacing using a helicopter platform.

Additionally, the company has engaged Jurovich Surveying for  high-resolution LiDAR and photogrammetry surveys to generate structural interpretations and for stockpile evaluation. A magnetic survey is scheduled across the project to define new structural & lithological controls and identify extensions to known mineralisation.

Additional work programs include bulk sampling program, structural mapping and preparation for maiden air-core drilling targeting the margins of the Mindoolah Monzogranite.

Tennant Creek Sampling Supports Target Generation

In the Northern Territory, ionic leach soil sampling results were received from the Langrenus, BIF Hill East and EL31623 prospects. The results identified coherent multi-element geochemical trends. Following the integration with structural and geophysical interpretations, the results provide supporting data to refine drill-ready targets. Additional work is required to enhance and validate the significance of these geochemical responses.

Corporate Position and Investment Activity

As at 31 March 2026, the company reported total cash and listed investments of AUD 32.1 million. During the quarter, partial divestment of listed securities contributed funding toward the Mindoolah acquisition.

The March 2026 quarter was defined by the addition of the Mindoolah Gold Project and continued evaluation of Tennant Creek assets. Exploration activities focused on integrating geological, geochemical and geophysical data to refine drill targets. With mapping, sampling and geophysical surveys progressing, the company is advancing toward the next phase of exploration across its key projects.

KRR shares traded 7.41% higher at AUD 0.029 per share on 28 April 2026.

Highlights

• Catalina Resources has expanded the exploration opportunity at Beasley Creek with multiple Cu-Au targets identified.
• Geological review confirmed Flamingo as part of a broader structurally controlled hydrothermal corridor.
• Golden Hand, King Brown and Black Head have added to a growing pipeline of priority targets.
• EIS co-funding of up to AUD 180,000 supports planned drilling at Flamingo.
• First-pass RC drilling is targeted for July-August 2026 as surface exploration progresses.

 Catalina Resources Limited (ASX:CTN) has expanded the exploration scope at its Beasley Creek Project in Western Australia, with updated geological interpretation shifting the focus from a single target to a broader mineralised corridor.

Alongside newly defined targets and advancing drill plans, government-backed co-funding has added support to the next phase of testing, placing attention on how the Mithgoondy Shear Zone may evolve as a multi-target copper-gold opportunity.

Broader Corridor Emerges

Catalina’s ongoing integrated geological, geochemical and geophysical interpretation has materially advanced the exploration model at its 100%-owned Beasley Creek Project. The updated work indicates Flamingo forms part of a broader structurally controlled Cu-Au hydrothermal corridor extending beyond the original target area.

The reinterpretation has identified two additional Cu-Au priority targets, Golden Hand and King Brown, while a silver anomalous target, Black Head, has also been defined. Collectively, these targets broaden the exploration opportunity along the Mithgoondy Shear Zone and establish a growing pipeline of drill-ready prospects.

Flamingo Takes Centre Stage-Drilling Targeted for July-August

Flamingo, which remains the most advanced target within the project, has moved closer toward drill testing, with initial drill collars now defined. The target lies within an east-west trending zone of shearing and faulting and remains under evaluation for volcanic hydrothermal and structurally remobilised mineralisation models.

Historic soil sampling and current geological interpretation continue to support Flamingo as a high-priority target.

Planned first-pass reverse circulation drilling is targeted for July-August 2026 following completion of the current surface exploration program and heritage clearance activities.

New Targets Add Scale

Golden Hand, located about 2.2 kilometres southeast of Flamingo, is interpreted as a possible structurally displaced segment of the same mineralised system. The target shows comparable structural and stratigraphic architecture, supported by coherent geochemical anomalism and geophysical signatures.

King Brown has been identified along a faulted unconformity contact, where linear arsenic anomalism and associated copper-gold-silver signatures point to a structurally focused mineralised corridor.

At Black Head, isolated silver anomalies north of historic gold nugget discoveries add another layer to the broader exploration model.

As stated by the company, field mapping, rock chip sampling and soil sampling programs are intended to refine these targets and progress them toward drill readiness.

EIS Funding Supports Drilling

Supporting the planned drilling campaign, Catalina has secured up to AUD 180,000 in co-funding under Western Australia’s Exploration Incentive Scheme (EIS) for drilling at Flamingo.

The funding is expected to reduce the cost of initial drill testing while supporting planned work programs. The award also comes as heritage clearance activities continue, providing additional momentum to the staged exploration program.

Next Steps in Focus

The next phase of work includes analysis of about 300 recently collected soil samples across Flamingo and Golden Hand to refine geochemical footprints. Reconnaissance geological mapping is also planned across all four priority targets to validate interpretations and refine drill collar positioning.

This staged exploration approach is intended to advance target prioritisation while progressing the most advanced prospects toward drill testing later in 2026.

Broader Portfolio Progress

Beyond Beasley Creek, Catalina provided updates across its broader project portfolio. At the Central Yilgarn Gold Project, extensive RC drilling completed between December 2025 and February 2026 across Evanston and Yerilgee is undergoing analysis and interpretation, with further updates expected once the process is complete.

At Breakaway Dam, the company completed around 1,600 metres of drilling in March aimed at testing conductor thickness and continuity within priority DHEM targets. Additional downhole electromagnetic work was also undertaken, with results currently under analysis.

The updated interpretation at Beasley Creek marks a shift from a single-target focus toward a broader structural corridor model supported by multiple targets. With Flamingo advancing toward drilling, additional targets being refined, and government co-funding secured, the upcoming drilling window may provide the next test of this evolving exploration framework.

Shares of CTN last traded at AUD 0.063 on 27 April 2026.

Highlights

• Resolution Minerals has reported tungsten concentrates grading 52.3% WO₃ from Golden Gate stockpile material.
• Preliminary gravity test work achieved a 19-fold upgrade relative to composite sample grades.
• Heavy liquid separation tests have returned up to 75.5% recovery in scoping work.
• Additional concentrate testing is progressing on tungsten, antimony and gold samples.
• The company is preparing a Phase 2 drilling program for May 2026 targeting a maiden mineral resource estimate.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has reported preliminary metallurgical results that have drawn attention to the potential value contained in historical stockpiles at its Golden Gate Tungsten mine within the Horse Heaven Project in Idaho. The results, centred on tungsten concentrates grading 52.3% tungsten oxide (WO₃) and a 19-times upgrade from composite sample grades, add a processing angle to the broader Horse Heaven antimony-tungsten-gold strategy while further testing continues.

Historic Stockpiles in Focus
The update follows gravity separation test work on tungsten-bearing stockpiles at the Johnson Creek mill site, sourced from historical mining at Golden Gate. Composite samples grading 1.85 wt% WO₃, predominantly as scheelite, were subjected to heavy liquid separation, producing concentrates grading 52.3 wt% WO₃.

The results also returned recovery of up to 75.5%, with the upgrade ratio indicating the stockpiled ore may be amenable to simple gravity-based processing methods. The work is preliminary, though it has opened a pathway for assessing short-term processing options tied to historical material already on site.

Reflecting on the results, Dr. Adam Roper, Resolution’s In-house Senior Metallurgist, stated: “The initial results are encouraging for the short-term processing of the historical tungsten stockpiles via simple gravity methods. This is a great start and I’m looking forward to discussing the final results in the coming weeks, while discussions are underway with smelters and refiners.”

Gravity Processing Advances
Heavy liquid separation testing used density differences between scheelite and surrounding material to concentrate tungsten. According to the company, these scoping tests form an early step in evaluating the suitability of gravity methods for stockpile material.

Further metallurgical work is underway, including preparation of a larger 50kg sample for shaker table concentration, with final product results expected in coming weeks. Test work is also advancing on concentration options for antimony ore and gold at IMO labs in Perth.

Broader Strategy Progresses
The company is advancing processing studies alongside discussions with tungsten smelting and refining groups, linking metallurgical work to broader development planning. The stockpile processing assessment also forms part of Resolution’s wider Horse Heaven strategy, which includes recently acquired infrastructure.

Looking ahead, attention is shifting toward a Phase 2 drilling campaign scheduled to begin in May 2026. The program is planned for up to 45,000 feet of diamond drilling. It is designed to help define the scale of gold and tungsten mineralisation at Golden Gate and Golden Gate South and support progression toward a maiden Mineral Resource Estimate.

Shares of RML were trading at AUD 0.074, up over 5%, at the time of writing on 28 April 2026.

Highlights

• Mineral Technologies has finalised a conceptual process flow diagram for the Linka Tungsten Project, integrating all baseline metallurgical results.
• The flowsheet features a modular design, allowing potential future additions such as WHIMS or Falcon Concentrator without redesigning the main processing circuit.
• Preliminary equipment sizing and comminution testwork are underway to inform early-stage capital cost estimates and resource requirements.
• Viking Mines is preparing for a June-quarter drilling campaign.

Viking Mines Limited (ASX:VKA) (OTC:VKALF) has reached a significant stage in the development of its Linka Tungsten Project in Western Australia. Mineral Technologies, which is conducting the conceptual processing study, has finalised a process flow diagram that integrates all existing baseline metallurgical results to date. This is a key milestone in the project’s "RapidStart" development strategy, moving the focus from laboratory validation toward mechanical engineering, financial modelling, and preliminary capital expenditure planning.

Conceptual Flowsheet Aligned with Metallurgical Data

The newly developed process flowsheet integrates results from prior metallurgical studies, which demonstrated the ability to produce tungsten concentrate under laboratory conditions. The design also effectively separates garnet-rich middlings during gravity processing.

A standout feature of the flowsheet is its modular design. This allows for potential future integration of additional processing stages in the plant, including Wet High-Intensity Magnetic Separation (WHIMS) or Falcon Concentrator. Importantly, these modifications can be added without redesigning the primary processing circuit.

In case, further metallurgical testwork demonstrates high recovery opportunities, the design allows for potential modification, subject to further testwork.

Processing Rate and Equipment Considerations

For conceptual evaluation purposes, the study assumes a processing rate of approximately 43 tonnes per hour. This figure is used solely to guide technical assessments of the flowsheet and is not a production target.

Mineral Technologies has begun preliminary equipment sizing to inform order-of-magnitude capital cost estimates. Complementary comminution testwork, including rock breakage and energy testing, will provide inputs for assessing power and water requirements. The company is also evaluating whether purchasing or hiring specific equipment modules could reduce upfront capital needs and shorten development timelines.

Next Steps in Project Advancement

Viking Mines is fast-tracking the Linka Tungsten Project through multiple workstreams. Near-term plans include drilling scheduled for the June quarter, evaluation of historical tailings and stockpiles as supplementary feedstock, and Phase 2 field campaign which includes geological mapping.

The company will also complete a 3D geological model to support drilling plans and a potential JORC (2012) exploration target. Meanwhile, metallurgical testwork continues, with cleaner flotation results expected shortly.

Furthermore, the company has lodged a Notice of Intent for the maiden drilling program and is securing a drilling contractor for operations later this quarter.

VKA shares were trading 7.14% higher at AUD 0.015 per share during trading session on 27 April 2026.

Highlights

• Viking Mines completed due diligence across its Nevada tungsten portfolio, confirming high-grade mineralisation and validating the geological model.
• The Linka Project has been prioritised as the flagship asset, with the mineralised corridor extended to nearly 1.6km.
• High-grade drill intercepts include results up to 14.7% WO₃.
• Metallurgical testwork produced a scheelite concentrate grading 63.6% WO₃.
• Field work is progressing to evaluate historical stockpiles and tailings. VKA commenced trading on the US OTC market under the ticker VKALF.
• Drill planning, permitting, and geophysical surveys advanced, with a maiden drilling programme scheduled for the June 2026 quarter.

Viking Mines Ltd (ASX:VKA) reported a busy March 2026 quarter, marked by continued advancement across its Nevada tungsten portfolio. Activities during the period centred on advancing the flagship Linka Project, supported by expanded geological understanding, metallurgical testing, and preparations for a maiden drilling campaign.

Linka Project Takes Priority in Nevada Portfolio

During the quarter, the company completed due diligence on its Nevada tungsten projects, confirming the presence of high-grade mineralisation and strengthening its confidence in the geological framework. The portfolio includes six projects situated in a Tier-1 mining jurisdiction, with historical production across four projects totalling approximately 123,000 tonnes at 0.54% WO₃.

The Linka Project has been established as the flagship asset under a “fast-to-market” strategy. The mineralised corridor at Linka has now been interpreted to extend approximately 1.6 kilometres following the digitisation of the acquired historical technical data.

Significant drill intercepts at Linka include-

• 2m @ 1.3% WO3 from 26.5m (CR-19), incl. 1.5m @ 4.8% WO3 from 32.6m
• 9m @ 0.6% WO3 from 19.8m (CR-02), incl. 6.1m @ 1.2% WO3 from 36.6m
• 9m @ 0.5% WO3 from 15.5m (CR-20), incl. 11.3m @ 0.6% WO3 from 26.2m
• 7m @ 0.6% WO3 from 14m (CR-17)
• 3m @ 0.5% WO3 from 21.3m (CR-07)
• 9m @ 0.9% WO3 from 7.6m (LR-11)
• 8m @ 0.5% WO3 from 61.9m (DH-04)

Additional surface sampling returned exceptional results up to 14.7% WO₃ and 5.2% WO₃ from pit face sampling at the Conquest area.

Furthermore, historical data acquired during the period has been digitised and integrated into updated geological models, enabling more precise targeting and reducing the need for early-stage fieldwork. This dataset includes drill records, underground mapping, and sampling results, providing a framework for upcoming exploration.

Metallurgy Confirms High GradesMetallurgical testwork conducted on four samples from Linka delivered grade ranging between 0.8% and 1.3% WO₃, with gravity separation testwork delivering a scheelite concentrate grading 63.6% WO₃.

Magnetic and gravity geophysical surveys were completed, identifying new targets and indicating the potential for a multi-kilometre scale system at Linka.

Drilling Plans Progress   

Viking progressed multiple workstreams aimed at advancing the Linka Project toward development. Drill planning advanced for a maiden drilling programme scheduled for the June 2026 quarter.

The company has commenced a field campaign designed to evaluate historical stockpiles and tailings. The programme targets a near zero-mining-cost opportunity for potential short-term commercialisation options. For more details, read here.

Metallurgical testing, geological validation, and upcoming mapping and trenching will support drilling plans, while rising tungsten prices enhance project economics.

US OTC Market Listing and Financial Position

Subsequent to the quarter, the company commenced trading on the US OTC market under the ticker VKALF, increasing access to North American investors.

As of 31 March 2026, Viking reported a cash balance of AUD 4.68 million, supporting ongoing exploration, drilling preparation, and technical studies across its portfolio.

The March 2026 quarter marked a period of technical consolidation and project advancement for Viking Mines, with the Linka Project emerging as the central focus of exploration activity. With drilling preparations underway, metallurgical progress achieved, and multiple datasets integration, the company is positioned for an active exploration phase across its Nevada tungsten assets

VKA shares traded at AUD 0.014 per share on 24 April 2026.

Highlights

• CGN Resources entered a binding agreement to acquire the Desdemona Project, adding 142 sq km of prospective tenure in the Leonora gold district.
• High-priority drill targets were identified across the Christmas Well and Panhandle projects.
• Maiden reverse circulation drilling is scheduled to commence in May 2026.
• Land access and heritage processes progressed, enabling readiness for on-ground exploration activities.
• The company reported a cash position of approximately AUD 2.5 million to fund upcoming drilling and exploration programs.

CGN Resources Ltd (ASX:CGR) has reported significant progress across its Western Australian exploration portfolio during the March 2026 quarter, with developments spanning project acquisitions, target generation, and preparations for upcoming drilling campaigns. Activities focused on advancing gold prospects in the Leonora region while progressing early-stage work at the Webb and Broadhurst projects.

The company reported a cash position of ~A$2.5 million to fund exploration campaigns and near-term drilling activities.

Expansion Strengthens Leonora Portfolio

A major development during the quarter was the agreement to acquire the Desdemona Project, adding 142 square kilometres of prospective tenure in the Leonora region, one of the premier gold belts in Australia. The addition of this tenure increases exposure to prospective geological settings, adds scale to the Christmas Well and Panhandle projects and introduces multiple drill-ready targets. Conditions related to the transaction are progressing toward completion.

Image source: Company update

Target Generation Advances Across Leonora Projects

At the Christmas Well Project, advanced geophysical modelling identified several priority gold targets, while land access agreement and heritage activities (completed at Christmas Well) indicated the company’s capability to rapidly move towards on-ground exploration.

Targets such as Ox Tongue, Rocky Mountain Oyster, Sweetbread, and Black Pudding have been prioritised based on geological and structural indicators.

At the Panhandle Project, the expanded tenure following the Desdemona acquisition has increased exploration potential. The acquisition includes significant historical geological database, enabling identification of targets including Pelican, Annapurna, and Paradise. Notably, large areas of project remain underexplored.

Drilling and Access Preparations Underway

Preparations for drilling progressed during the quarter, with maiden reverse circulation drilling anticipated to commence in May 2026. Land access arrangements were also advanced, including a Deed of Variation with the Darlot Traditional Owner group to bring all CGR’s tenure into the land access agreement. Discussions with the Nyalpa group are ongoing to facilitate access to additional areas – Patronus tenure, within the expanded tenure.

Heritage survey planning at Panhandle is continuing to support near-term exploration activity.

Progress at Webb and Broadhurst Projects

At the Webb Project, geochronology results indicated that the northern zone contains older geological formations, improving understanding of the project’s structure and opening new exploration opportunities. Preparations for diamond drilling are underway, focusing on high-priority northern targets.

At the Broadhurst Project, landholding was strengthened by pegging a new 50-block exploration licence, bringing previously scattered tenements together into a unified and continuous package. The company also progressed statutory and compliance processes required for the granting of the new tenure. Alongside this, ongoing geophysical modelling and consolidation of historical datasets are supporting early-stage target identification across the project area.

The March 2026 quarter marked a period of expansion and preparation for CGN Resources, with the Desdemona acquisition, target development, and drilling plans positioning the company for increased exploration activity. With drilling set to commence and multiple targets identified, the upcoming period is expected to focus on testing key prospects across its assets.

CGR shares were trading at AUD 0.07 per share at the time of writing on 24 April 2026.Bottom of Form

Highlights

• Radiopharm Theranostics has completed enrolment in its Phase 2b trial of RAD101, with interim results showing concordance with MRI imaging.
• The company signed a supply agreement with Siemens Healthineers to radiolabel and distribute RAD101 using Fluorine-18.
• Early clinical data from the Phase 0/1 study of RAD202 demonstrated tumour uptake, acceptable radiation levels, and no dose-limiting toxicities.
• RAD204 advanced to higher dosing cohorts in its Phase 1 study after initial findings showed tumour uptake and no treatment-related adverse events.
• Radiopharm initiated two First-In-Human trials for RV-01 and RAD402, while continuing enrolment in the Phase 1 study of pancreatic cancer imaging agent RAD301.

Radiopharm Theranostics (ASX:RAD) (NASDAQ:RADX) has outlined significant progress across its clinical-stage oncology portfolio in its quarterly update for the period ended 31 March 2026. The company reported advancements in multiple diagnostic and therapeutic programs, alongside the initiation of new early-stage trials targeting a range of cancers with limited treatment options.

Progress in Brain Metastases Imaging

In March quarter, the company confirmed the completion of patient enrolment in its US Phase 2b trial evaluating RAD101, an imaging agent designed for recurrent brain metastases. Interim findings from the study showed concordance with MRI imaging in the majority of evaluable participants, meeting the primary endpoint criteria.

The trial, conducted in the United States, focuses on assessing diagnostic accuracy in patients with confirmed brain metastases originating from various solid tumours. Following the confirmation of interim results, the company will prepare for a larger, multi-centre Phase 3 trial.

RAD101 has received Fast Track designation from the U.S. Food and Drug Administration, enabling an expedited review process.

In April 2026, the company inked a supply agreement with Siemens Healthineers, which will distribute and radiolabel RAD101 with Fluorine-18 (18F).

Advances in Targeted Radiotherapeutics

New data from the ongoing Phase 0/1 ‘HEAT’ study of RAD202 were presented at the American Association for Cancer Research in April 2026. The therapy, which targets HER2-positive tumours, demonstrated positive uptake of RAD 202, showed no dose-limiting toxicities and organ-level observed radiation doses with the acceptable ranges.

A Data Safety Monitoring Committee has recommended progression to a higher dose level in the study. Further data from additional cohorts are expected by mid-2026, as the trial continues to evaluate safety and distribution patterns in patients with advanced solid tumours.

Meanwhile, RAD204, therapeutic candidate targeting PD-L1-driven cancers, continues to progress through Phase 1 evaluation. Early findings from the first two cohorts indicated tumour uptake in relevant lesions and no treatment-related adverse events. The study has advanced to higher dosing cohorts (90mCi), with further results anticipated later in the year.

Expansion Through New Clinical Trials

Radiopharm has initiated two First-In-Human studies to broaden its therapeutic portfolio. The first involves RV-01, a monoclonal antibody targeting the B7H3 protein, currently being tested across multiple tumour types. In February 2026, under Phase 1/2a trial, the first patient was dosed.

The second focuses on RAD402, developed for advanced prostate cancer, with the trial assessing safety, distribution, and preliminary activity. In March 2026, as part of Phase 1 trial, first patient received the dose.

Additionally, RAD301, an imaging agent for pancreatic cancer, continues enrolment in a Phase 1 study. Early data from this program have shown uptake in targeted lesions, supporting plans to advance into Phase 2 trials.

Financial Overview

The company reported a cash balance of AUD 19.2 million at the end of the quarter and net operating cash outflows totalled AUD 14.9 million, largely driven by research, development, and staffing costs.

Radiopharm Theranostics continues to advance its clinical programs across both diagnostic and therapeutic applications in oncology. With multiple trials progressing and new studies underway, the company is moving forward with its development strategy focused on addressing unmet needs in cancer care. Upcoming data from ongoing studies are expected to further inform the next stages of clinical development.

RAD shares were trading 4.76% higher at AUD 0.022 per share at the time of writing on 23 April 2026.

Highlights

• Resolution Minerals has secured firm commitments to raise AUD 20 million through an institutional placement backed by major global investors.
• The raise was backed by Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund.
• Funds will support drilling, metallurgical work, and permitting at Horse Heaven.
• Phase 2 drilling at Golden Gate begins in May 2026 targeting a 2027 resource estimate.
• The company is preparing for a planned NASDAQ listing.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has received firm commitments for AUD 20 million (before costs) capital raise through an institutionally led placement, marking a key step in advancing its U.S.-focused critical minerals portfolio.

The funding is expected to support exploration drilling, metallurgical work on antimony and tungsten, and permitting activities across its Horse Heaven project, while aligning with broader plans to expand its presence in U.S. capital markets.

Institutional Backing Drives Capital Raise

Resolution Minerals confirmed that the placement attracted participation from institutional and sophisticated investors, with cornerstone support from Tribeca Investment Partners and L1 Capital Global Opportunities Master Fund. The capital raising, at AUD 0.07 per share, indicates a 6.3% premium to the 20-day VWAP and a 12.5% discount to the last trading price of AUD 0.08 as on 20 April. The capital raise is structure in two tranches, with the second phase subject to shareholder approval.

The placement also includes one free attaching listed option for every three share issued with an exercise price of AUD 0.10 and expiry due on 30 November 2029, subject to shareholder approval.

Advancing Critical Minerals Strategy in the U.S.

The company continues to develop its U.S.-based portfolio at a time of increasing focus on domestic supply chains for critical minerals. The Horse Heaven Project, which hosts antimony, tungsten, and gold mineralisation, has received FAST-41 status from the White House, a designation intended to streamline permitting processes, including an application for nearly 250 drill holes and bulk-sampling.

The company also confirmed downstream processing capabilities by achieving high-purity antimony production of 99.38 wt% antimony trioxide. Further optimisation work using pyrometallurgical and hydrometallurgical methods is ongoing, with additional results expected in the near term.

In parallel, the company completed the acquisition of the Johnson Creek Tungsten and Antimony Mill (believed to contain around 2,000 tonnes of tungsten ore), along with associated infrastructure and stockpiles, supporting its operational footprint in the United States.

Exploration Expansion at Golden Gate

At the Golden Gate prospect, a Phase 2 drilling program is anticipated to begin in May 2026, comprising up to 45 holes across nearly 13,700 metres. The program aims at defining the extent of gold mineralisation at Golden Gate and Golden Gate South, while also assessing associated tungsten potential.

The upcoming program is expected to contribute toward a maiden Mineral Resource Estimate targeted for the first quarter of 2027, subject to successful outcomes.

Market Expansion and Leadership Update

Resolution Minerals is progressing toward a planned listing on the NASDAQ, which is expected to broaden its investor base and align the company with other U.S.-listed critical minerals producers such as MP Materials Corp, Perpetua Resources Corp, USA Rare Earth Inc, and Energy Fuels Inc.

Additionally, the company updated that Brett Lynch has agreed to join as a Director, bringing a track record of scaling Sayona Mining from micro-cap to a multi-billion-dollar market capitalisation.

RML shares were trading at AUD 0.075 per share at the time of writing on 23 April 2026.

Highlights

• EV Resources has confirmed gold assays of up to 3.88 g/t at the Dollar Project, validating earlier exploration results through independent verification.
• High-grade polymetallic mineralisation has been identified across Nevada assets, including antimony, copper, and silver at both Dollar and Milton projects.
• A systematic soil geochemistry program has been completed, with assay results expected within five to seven weeks.
• Upcoming assay data will be integrated with structural analysis to define priority drill targets for a maiden Nevada drilling campaign.
• The company’s Nevada portfolio is aligned with efforts to support US domestic supply of critical minerals, alongside near-term production plans in Mexico.

EV Resources (ASX:EVR) has reported exploration progress across its Nevada assets – Milton and Dollar projects, with verified gold assays and recently completed field programs supporting the advancement of drill targeting at its high-grade polymetallic projects.

Gold Verification Strengthens Dollar Project Outlook

The company has confirmed gold assay results of up to 3.88 grams per tonne at its Dollar Project following fire assay verification by ALS Laboratories. The confirmation validates earlier findings and establishes the project as a high-grade polymetallic system.

Earlier reconnaissance sampling at Dollar reported 15.05% antimony, 17.8% copper, and more than 10,000 parts per million silver. The verified results reduce prior analytical uncertainty, support the geological model and will guide the next stage of exploration, particularly as the company moves toward targeted drilling.

At the Milton Project, previous assay results included up to 9.82% antimony and 24.00% copper, indicating mineralisation strength across the portfolio.

Field Programs Advance Across Milton and Dollar Projects

A systematic soil geochemistry program has been completed across both the Dollar and Milton projects. The program focused on polymetallic vein systems identified during initial site visits and was designed to map potential extensions of known mineralised zones.

Assay results from this program are expected within five to seven weeks. Once received, the data will be integrated with structural interpretations to define high-priority drill targets for the company’s maiden drilling campaign in Nevada.

Strategic Focus on US Critical Minerals Supply

EV Resources’ Nevada assets are positioned within a broader strategy to support domestic supply of critical minerals in the United States. Antimony, copper, and silver are all included on the US Government’s critical minerals list due to their importance in defense technologies and energy systems.

With global supply of antimony largely concentrated in China and Russia, the development of US-based sources has become increasingly significant. EVR’s projects are located in established mining regions, including proximity to existing operations such as the Round Mountain gold mine.

The company’s near-term production capabilities at its Tecomatlán processing plant in Mexico, expected to be operational by the end of 2026, is expected to address immediate global supply shortages.

Upcoming Catalysts

Additional near-term developments include geophysical survey results from the Lirios project, assay results from a phase-one drill program, and commissioning progress at the Tecomatlán processing facility.

EVR shares were trading at AUD 0.01 per share at the time of writing on 22 April 2026.

Highlights

• Exploration at the Yidby Gold Project continues to expand the known extent of mineralisation through drilling and surface sampling.
• Reverse circulation drilling in December 2025 identified a 108-metre mineralised interval with multiple higher-grade zones.
• A new prospect named “Loot” has been identified at Yidby.
• Fieldwork has outlined an approximately 2-kilometre mineralised corridor linking Loot and Cashens Find prospects.
• A 10,000-metre, two-stage drilling program is underway to test extensions, depth continuity, and new geophysical targets.

Surefire Resources NL (ASX:SRN), an ASX-listed mineral exploration company, continues to build momentum at its Yidby Gold Project, a key component of the company’s exploration portfolio in Western Australia. Located within a prospective greenstone belt, the project has been the focus of sustained geological studies, drilling programs, and surface exploration. With multiple mineralised zones identified and new targets emerging, Yidby continues to evolve as a significant area of interest for gold exploration.

Project Setting and Geological Context

Yidby is situated in the Mid-West region of Western Australia within the Yalgoo-Singleton Greenstone Belt. The project comprises multiple granted exploration licences and includes several established prospects where gold mineralisation has been identified.

The project is allocated near several significant gold deposits, and mineralisation covers 80m width, with indications that it remains open in all directions.  

Expanding Mineralisation Footprint at Yidby

Exploration at Yidby has continued to extend the known footprint of gold mineralisation through ongoing drilling programs. In December 2025, assay results from reverse circulation drilling highlighted the widest mineralised zone recorded at the project, including a 108-metre intercept with embedded higher-grade intervals. These results indicate that the project’s mineralisation is ‘robust’ with considerable thickness.

Results released in September 2025 also outlined broad mineralised zones and confirmed continuity along significant strike lengths. These outcomes build on previous drilling campaigns that have progressively expanded the mineralised system and contributed to identifying additional structural targets for further exploration across the project area.

New Surface Discovery Extends Exploration Footprint

Recent on-surface rock sampling has led to the identification of a new gold prospect, named “Loot,” within the Yidby deposit. Sampling returned gold grades of 1.70 g/t, 3.66 g/t and up to 12.04 g/t from an unexplored area in distinct felsic albitite lithology.

The discovery was made following exploration work completed in February 2026, targeting areas highlighted by historical records from Western Mining Corporation dating back to the 1970s.

Emerging Two-Kilometre Mineralised Corridor

Fieldwork and validation of historical data have outlined a mineralised corridor extending approximately two kilometres, highly prospective for identification of additional on surface mineralisation.  

Within the Loot and the Cashens Find prospects, gold mineralisation is associated with albitite-rich (+90%) rocks, characterised by fine-grained felsic material and sulphide features.

Drilling Programs Target Expansion and Depth Potential

The company is progressing a 2-stage reverse circulation drilling program of approximately 10,000 metres, designed to test extensions of known mineralisation and evaluate new targets. The program includes drilling along strike and at depth within the main Yidby zone, as well as assessing north-south extensions at Cashens and geophysical targets at Copper Hill.

The Yidby Gold Project continues to develop through systematic exploration and ongoing geological assessment. Multiple prospects, expanding mineralised zones, and a combination of exploration techniques contribute to a growing understanding of the project area. As work progresses, further drilling and analysis are expected to define the extent of mineralisation and guide future exploration activities.

SRN shares traded at AUD 0.001 per share on 17 April 2026.

Highlights

• Preliminary metallurgical testing recorded gold recovery of around 95% across low, average, and high-grade composite samples.
• Diagnostic leach results show that 94–96% of the gold is free cyanidable, indicating suitability for Carbon-in-Leach processing.
• Gravity recovery tests using Knelson concentrators achieved over 50% recovery for high and low-grade samples.
• Combined gravity and CIL delivered overall gold recovery of approximately 95% under test conditions.

Far East Gold Limited (ASX:FEG) has released preliminary metallurgical test results from the Sua prospect within the Idenburg project, indicating promising gold recovery outcomes. The testing, conducted on limited composite samples of drill core, indicates that the industry standard gravity and leach processing methods have the potential to deliver high gold recovery, subject to further analysis. Furthermore, the results confirm gold recoveries reported in 2007.

High Recovery Levels Observed Across Sample Types

Initial metallurgical testing was carried out on three composite samples representing different grade ranges: low-grade (1.1 g/t Au), average-grade (3.7 g/t Au), and high-grade (39.8 g/t Au). The average grade sample is the average grade of the inferred Sua resource (JORC 20210 as estimated by SMGC.

The results highlighted high gold recovery across all test conditions, with recovery reaching approximately 95% across all tested samples. The outcomes also showed limited presence of silver and copper, consistent with prior resource estimates, and low grades of arsenic or other deleterious elements.

Processing Methods Show Compatibility with Conventional Techniques

Diagnostic leach testing revealed that gold in the samples is present as free cyanidable gold. Between 94% and 96% of the gold readily amenable to cyanidation. This supports the potential application of a Carbon-in-Leach (CIL) processing approach.

Bench-scale Knelson concentrators showed that Gravity Recoverable Gold (GRG) recoveries were above 50% for both high-grade and low-grade samples. It is noted that bench-scale Knelson units can produce a higher relative mass pull compared to processing plant, meaning these results may overestimate recovery levels achievable in production conditions. Even so, the findings indicate that a notable share of gold is recoverable through gravity methods, supporting the inclusion of a gravity circuit in the processing design.

Subsequent bottle roll leach testing of gravity tails further delivered high gold recovery. The total recovery of the combined gravity and CIL test was 95%.

Additional Testing Highlights Variability in Alternative Methods

Whole-of-ore bottle roll tests conducted on average-grade and low-grade samples achieved recovery levels exceeding 95% for the average-grade material, with slightly lower outcomes for the low-grade sample. These results remained higher for the combined gravity and leach testing, subject to additional work.

Separate intermittent bottle roll tests were performed to evaluate heap leach processing. In comparison, gold extraction rates were lower, particularly for the low-grade sample, which recorded recovery of approximately 60%.

The metallurgical test work from the Sua prospect provides early-stage confirmation of high gold recovery potential using established processing techniques. These findings are consistent with earlier studies. However, the results remain preliminary and are based on limited samples. Further metallurgical testing will be necessary to refine recovery assumptions, confirm processing routes, and support future resource development decisions.

FEG shares were trading 4% higher at AUD 0.13 per share at the time of writing on 21 April 2026.

Highlights

• King River Resources aligns its strategy with the acquisition of the Mindoolah Gold Project.
• The company has identified a 1.6km magnetic anomaly as a potential primary gold source.
• Surface sampling confirmed gold mineralisation across the anomaly.
• Historic drilling has indicated mineralisation extending toward depth.
• High-resolution geophysical surveys are planned to refine drill targets.

King River Resources Ltd (ASX:KRR) has recorded a notable 200% share price gain over the past year as of 20 April 2026, bringing renewed attention to the company’s evolving exploration story. The stock's movement is increasingly being viewed in the context of developments at the Mindoolah Gold Project, where the company is shifting its focus beyond historically mined high-grade quartz reefs.

Instead of following isolated zones of mineralisation, King River is now targeting what it interprets as the primary source of gold within the system. This change in geological thinking is beginning to reshape the narrative, positioning Mindoolah not as a legacy asset, but as a project with a different scale of potential under a revised exploration approach.

A Shift in Exploration Thinking

The decision to acquire the Mindoolah Gold Project marks a turning point in how the asset is being approached. Located in Western Australia’s Murchison Province, the project had historically been associated with narrow quartz reefs that delivered high-grade gold.

King River is now advancing a different interpretation. Rather than treating these reefs as standalone targets, the company is positioning them as surface expressions of a larger mineralised system. The focus is shifting from tracing known mineralisation to locating where it originates.

The 1.6km Magnetic Target

At the centre of this narrative is a 1.6km magnetic anomaly, interpreted as a monzogranite intrusion. This structure is being considered as the potential conduit and source for mineralising fluids within the system.

Surface work provides initial support. Rock chip sampling has returned gold values, including 0.84 g/t Au, directly over the magnetic high. Observations of quartz veining across the area align with the intrusive-style model now being applied.

Historic drilling adds further context. Drill hole MP4 intersected mineralisation before terminating at the water table, leaving the deeper extent of the system unresolved. Within the current framework, this is treated as an incomplete test of a potentially larger target.

Building Toward Drill Precision

Rather than moving directly into drilling, the company is focusing on refining its targeting. A high-resolution helicopter magnetic survey has been planned to better define subsurface structures and improve accuracy in drill positioning.

Complementary work includes LiDAR and photogrammetry to generate detailed surface models, alongside bathymetric surveys to assess operational conditions. These steps indicate a phased approach aimed at narrowing uncertainty before deeper exploration.

Broader Exploration Footprint

Beyond Mindoolah, King River maintains a wider portfolio across the Northern Territory and Western Australia. Its tenements in the Tennant Creek region and East Kimberley have been subject to geophysical surveys, soil sampling, and drilling programs over recent years.

These programs have focused on iron oxide copper-gold targets, with datasets from 2023 to 2025 currently under review. Multiple prospective zones have been identified along known mineralised trends, contributing to the company’s overall exploration pipeline.

King River’s 200% share price rise reflects growing market attention on its shift toward source-focused exploration at Mindoolah. While still early-stage, the evolving geological model, supporting surface evidence, and planned geophysics work position the project as one to watch as targets are refined and tested.

Highlights

• Radiopharm Theranostics will present early clinical data from its HEAT trial at the American Association for Cancer Research Annual Meeting 2026.
• Initial results from three patients showed tumour uptake of 177Lu-RAD202 at the lowest 30 mCi dose.
• No dose-limiting toxicities or treatment discontinuations reported.
• The trial has been cleared to advance to a higher 130 mCi dose cohort following review by the Data Safety and Monitoring Committee.

Radiopharm Theranostics Limited (ASX:RAD) (NASDAQ:RADX) has announced that new clinical data from its ongoing Phase 0/1 HEAT trial will be presented at the American Association for Cancer Research (AACR) Annual Meeting 2026 in San Diego. The study evaluates 177Lu-RAD202, a HER2-targeted radiopharmaceutical therapy, in patients with advanced solid tumours.

First-in-Human Data to Be Presented

The upcoming poster presentation will feature early clinical findings from the first cohort of three patients enrolled in the HEAT trial. These patients, who have HER2-positive breast and urothelial cancers, had previously undergone multiple metastatic treatments and received the lowest dose of 30 mCi.

Tumour Uptake and Safety Observations

Findings to be presented at the AACR indicated that 177Lu-RAD202 demonstrated visible tumour uptake at the initial and lowest administered dose of 30 mCi, with notable localisation in breast cancer lesions.

In terms of safety, 177Lu-RAD202 was generally tolerated, with most treatment-related adverse events classified as Grade 1 or 2. Furthermore, no dose-limiting toxicities were reported, and none of the patients discontinued treatment due to side effects. Additionally, radiation exposure across organs remained within clinically acceptable limits, allowing the study to proceed with dose escalation.

Trial Advances to Higher Dose Level

Following evaluation by the Data Safety and Monitoring Committee, the trial has been cleared to proceed to the third dose cohort. The next phase will assess the therapy at a dose level of 130 mCi in patients with HER2-positive advanced solid tumours.

The committee’s review focused on potential safety events and provided suggestions regarding the continuation of the trial.

Study Design and Therapy Overview

The HEAT trial is a first-in-human, open-label, multicentre study designed to assess 177Lu-RAD202. The therapy is a Lutetium-177–labeled single-domain antibody that targets HER2-expressing tumours.

RAD202 is designed to target HER2, a protein commonly overexpressed in breast cancer and other solid tumours. Earlier diagnostic research involving HER2-positive breast cancer patients demonstrated clinical proof-of-concept, along with observed safety and biodistribution patterns.

RAD shares were trading 2.44% higher at AUD 0.021 per share at the time of writing on 20 April 2026.

Highlights

• EV Resources intersected a consistent shallow CRD system in 10 of 11 drill holes at Lirios 1.
• The mineralised unit extends over at least 400 metres and remains open along a 6-kilometre structural corridor.
• The system shows predictable geometry with sub-horizontal orientation and uniform thickness of 1 to 2.25 metres.
• Surface sampling has returned high-grade antimony results of up to 30.2%, supporting strong mineralisation potential.
• The company is progressing toward further drilling, geophysical integration, and a maiden JORC Resource Estimate.

EV Resources Limited (ASX:EVR) has released an update reporting progress of drilling and geological modelling at its Los Lirios Antimony Project in Oaxaca, Mexico. The company, which holds a 70% interest in the project, has identified a shallow and laterally extensive carbonate replacement deposit (CRD) system in ten of 11 drill holes at the Lirios 1.

Widespread Intersections Confirm System Continuity

Drilling at Lirios 1 included 11 holes, of which 10 intersected a consistent silicified limestone unit. This unit, interpreted as a carbonate replacement system, is occurring at shallow depths and maintains a relatively uniform thickness ranging from approximately 1 to 2.25 metres.

The company highlighted that the system is sub-horizontal and gently folded, extending laterally across the drilled area. A step-out drill hole located near the historical workings also intersected the unit, indicating likely strike continuity.

Large-Scale Target Emerging Along Structural Corridor

The identified CRD unit has been traced across a minimum strike length of 400 metres and aligns with the broader 6-kilometre Lirios Fault Zone corridor. The system remains open in most directions, with only the northeastern extent showing no intersection in the current drilling phase.

While drilling assay results are still awaited, geological logging and correlation with channel samples give confidence in the potential of the identified system.

Surface Sampling Supports High-Grade Potential

Channel sampling results have provided additional support for the presence of antimony mineralisation across the project. Previous sampling has returned grades of up to 30.2% antimony, while a second batch of 18 additional samples has confirmed mineralisation across historical workings.

These findings, combined with geological and structural observations to date, contribute to an emerging understanding of the scale and distribution of the mineralised system.

Next Phase of Exploration Planned

EV Resources is preparing for further exploration activities, including completion of Phase 1 drilling at additional targets such as Hormiguero and Lirios 2. Upcoming work will also involve the integration of geophysical data with the current geological model to refine drill targets.

Future drilling phases are expected to focus on extending the CRD system and testing feeder structures. In parallel, the company is progressing toward defining an Exploration Target and initiating a maiden JORC Mineral Resource Estimate.

The identification of a shallow and laterally continuous CRD system at Los Lirios marks a significant stage in the project’s development. With drilling confirming widespread mineralisation and surface sampling indicating high-grade antimony presence, the project is advancing toward resource definition.

EVR shares were trading 11.1% higher at AUD 0.010 per share at the time of writing on 20 April 2026.

Highlights

• EV Resources is advancing multiple workstreams across its Mexico Antimony Hub.
• The company has commenced geophysical surveys at Los Lirios, including CSAMT and ground magnetics, to define mineralisation and structural controls across key target areas.
• A total of 11 diamond drill holes have been completed at Lirios 1 and submitted for assay, with drilling now progressing at the Hormiguero prospect.
• A new vein structure, San Miguel, has been identified near Lirios 1, revealing near-surface antimony mineralisation in an area without prior exploration.
• Refurbishment of the Tecomatlán Processing Plant has commenced, with key works underway and operational readiness targeted for the second half of 2026.

EV Resources Limited (ASX:EVR) has reported progress at its Mexico Antimony Hub, with multiple workstreams advancing as the company transitions from planning to execution of its near-term antimony production strategy.

The update highlights developments at the Tecomatlán Processing Plant in Puebla and the 70%-owned Los Lirios Antimony Project, where refurbishment, drilling, and geophysical programs are underway.

Geophysical Surveys Expand Targeting Scope

The company has launched a geophysical program at Los Lirios, including Controlled-Source Audio-frequency Magnetotellurics (CSAMT) and ground magnetics surveys. The work spans Lirios 1, Lirios 2, and the Hormiguero area, with the objective of defining mineralisation and structural controls to identify priority zones and generate regional targets for future drilling.

With more than 90% of the project area yet to be explored, and approximately 5km of the Lirios Fault Zone (LFZ) still untested, the campaign is expected to expand the inventory of drill-ready targets across the project.

In combination with initial drilling, CSAMT is expected to serve as a key exploration and targeting tool as EVR progresses toward a maiden JORC Mineral Resource Estimate.

Drilling Campaign Progress at Lirios 1

The company has completed 11 diamond drill holes at the Lirios 1 prospect, which have been submitted for assay. The drill rig has since been moved to the Hormiguero prospect to continue exploration.

Core logging, cutting and sampling are ongoing at dedicated processing facilities, with initial observations providing insights into the hydrothermal system. Sampling previously returned antimony grades of up to 30.2%, supported by metallurgical testwork indicating high recovery rates.

New Near-Surface Discovery at San Miguel

A vein structure, named San Miguel, has been uncovered near Lirios 1. The vein, approximately two metres wide, was identified through fieldwork and excavation, revealing near-surface antimony mineralisation in an area without prior exploration. These findings underscore the near-surface potential of the project area and provide additional drill targets.

Processing Plant Refurbishment Underway

Refurbishment activities at the Tecomatlán Processing Plant (a cornerstone of EVR’s near-term production strategy) have commenced, focusing on the grinding circuit and associated infrastructure.

Notably, key steel fabrication works have been initiated, and are on track to achieve the 5-week delivery schedule. The company is targeting operational readiness of the plant in the 2H2026.

EVR shares were trading 11.11% higher at AUD 0.010 per share at the time of writing on 20 April 2026.

Highlights

• Immuron reported global Q3 sales of AUD 1.5 million, up 16% year-on-year.
• Australia led performance with AUD 0.9 million in quarterly sales, rising 15%.
• Canada recorded over 100% Q3 growth compared to the prior corresponding period and 82% growth quarter-on-quarter.

Immuron Limited (ASX:IMC) shares surged over 24% to AUD 0.036 in morning trading on 17 April 2026 after the company released its third-quarter (Q3) sales update. The biopharmaceutical group reported year-on-year growth across key markets and continued sales growth of its lead product, Travelan®, alongside ongoing expansion in retail distribution and marketing initiatives.

Global Sales Show Steady Uptick

In Q3, the company recorded global sales of AUD 1.5 million, marking a 16% increase compared to the prior corresponding period (pcp). Year-to-date sales for the nine months ended 31 March 2026 reached AUD 5.7 million, up 7% pcp.

Image source: Company update

Highlights

• Brett Lynch is set to join the board ahead of Resolution Minerals’ planned NASDAQ listing to support U.S. expansion initiatives.
• He brings more than 30 years of mining experience and held leadership roles across Australia, Asia, and North America.
• The company is advancing its Horse Heaven Antimony-Tungsten-Gold project in Idaho following FAST-41 designation.

Resolution Minerals Ltd (ASX:RML) (OTCQB:RLMLF) has taken another step in advancing its U.S. growth strategy with the appointment of experienced international mining executive Brett Lynch as a Non-Executive Director. The move comes as the company prepares for a planned NASDAQ listing and continues advancing the Horse Heaven Antimony-Tungsten-Gold project in Idaho, US. The appointment is expected to take effect prior to the planned listing.

Board Appointment Ahead of U.S. Expansion

The company confirmed that Brett Lynch will transition from his current role as a Senior Strategic Adviser to the Board as a Non-Executive Director. The appointment highlights RML’s commitment to strengthen its leadership capability as it advances its US expansion strategy.

Since joining in July 2025, Lynch has contributed to shaping the company’s U.S.-focused strategy, particularly around its critical minerals portfolio. He shares the board’s view on the importance of the Horse Heaven project, particularly in the context of U.S. supply chain priorities.

Experience Across Global Mining Operations

Lynch has more than 30 years of experience in mining and related businesses across North America, Asia and Australia. He is an experienced mining executive and ASX company director, recognised for his ability to grow resource companies, deliver operational improvements and create shareholder value.

In the role of Managing Director of ASX-listed Sayona Mining, he assisted in transforming the small-cap business into a multibillion-dollar lithium producer through the acquisition, including the acquisition and restart of the North American Lithium operation in Québec.

He has also held senior executive and operational roles with MIM Holdings, New Hope Corporation and Orica, and served as Chairman of Ionic Rare Earths Limited. His qualifications include a Bachelor of Engineering (Mining) with Honours from the University of Melbourne, a Graduate Diploma of Business (Accounting) from Monash University and a Company Director Diploma from the Australian Institute of Company Directors.

US Critical Minerals Strategy

Resolution Minerals is progressing its Horse Heaven Antimony-Tungsten-Gold project in Idaho, which has been granted FAST-41 status by U.S. authorities. The company is advancing plans to develop potential supply pathways for antimony and tungsten, minerals that are increasingly relevant to industrial and strategic applications in the United States.

The addition of Brett Lynch to the Board marks a step in Resolution Minerals’ preparations for its U.S. market entry and broader expansion strategy. His experience in scaling mining operations and navigating North American markets aligns with the company’s focus on advancing its critical minerals assets.

RML shares were trading at AUD 0.075 per share at the time of writing on 17 April 2026.

Highlights

• Radiopharm Theranostics has completed final patient dosing in the U.S. Phase 2b trial of 18F-RAD101.
• The study enrolled 30 patients with recurrent brain metastases from various solid tumors.
• The trial evaluates diagnostic accuracy against MRI with gadolinium.
• Interim results show 90% concordance with conventional imaging.
• Clinical trial readout is expected in June 2026.
• The company plans to transition to a Phase 3 pivotal trial.

Radiopharm Theranostics (ASX:RAD) has reached a key milestone by completing patient dosing in its U.S.-based Phase 2b imaging trial evaluating the performance of 18F-RAD101. RAD 101 is an imaging agent designed for patients with recurrent brain metastases originating from various solid tumours. Following this development, the company intends to advance RAD 101 into a US Phase 3 pivotal trial.

Trial Milestone Achieved

The company confirmed that the final participant has been dosed in the multicenter, open-label Phase 2b trial. The study includes 30 individuals with confirmed recurrent brain metastases. The trial is designed to assess the diagnostic performance of 18F-RAD101.

Targeting Tumour Biology

RAD101 is a small-molecule imaging agent developed to target fatty acid synthase (FASN), a protein involved in catalysing fatty acid synthesis and is overexpressed in many solid tumours. By focusing on FASN activity, the approach aims to improve the detection of cancer cells, offering a clinically relevant method for identifying metastatic disease.

Study Objectives and Design

The primary goal of the trial is to measure concordance between 18F-RAD101 positive lesions and those observed through conventional imaging techniques such as MRI with gadolinium. The company highlighted that the interim data to date reported 90% concordance with MRI, further validating confidence in RAD 101’s potential. In June 2026, clinical trial readout is expected.  

RAD101 has received Fast Track designation from the U.S. Food and Drug Administration for its ability to differentiate between recurrent tumors and treatment-related changes., including applications in leptomeningeal disease.

The completion of dosing marks a significant step in the ongoing evaluation of RAD101 as a diagnostic imaging agent. As the trial progresses toward data analysis, the findings are expected to contribute to the understanding of new imaging approaches for recurrent brain metastases and their potential role in clinical practice.

RAD shares were trading at AUD 0.021 per share at the time of writing on 16 April 2026.

Highlights

• CGN Resources has completed a heritage survey, clearing drill-ready targets at the Christmas Well Project.
• The company has finalised plans for the maiden reverse circulation drilling program.
• Multiple high-priority gold targets have been identified across the Christmas Well Project.
• Geological reinterpretation highlights structurally favourable mineralisation zones.
• Additional exploration work is planned across the Panhandle and Broadhurst Projects.

CGN Resources Limited (ASX:CGN) has taken a key step forward in its exploration journey, advancing its Christmas Well Project in Western Australia toward drilling readiness. The company has completed a comprehensive Heritage Survey across key target areas at the Christmas Well Project. The survey covered five high-priority locations—Oxtongue, Lambs Fry, Sweetbread, Trotter, and Rocky Mountain Oyster—clearing planned drill sites for future work.

This milestone enables CGN Resources to finalise its maiden drilling program, with the final heritage report expected by the end of April. The timeline supports the planned commencement of reverse circulation (RC) drilling in mid-May. Preparatory steps, including engagement of Impact Drilling and logistics planning for site preparation, are already underway.

Data-Driven Target Generation

The company’s technical team has undertaken a systematic review of regional and project-scale datasets. These include geological mapping, aeromagnetic data, historical drilling results, and surface geochemistry.

By integrating these datasets with high-resolution magnetic surveys, CGN has identified a series of gold targets. These targets exhibit structural and lithological characteristics consistent with known gold deposits within the Yilgarn Craton.

The identified targets fall into three main categories:

• Untested greenfield targets derived from geophysical modelling
• Litho-structural targets concealed beneath transported cover
• Historical gold intercepts lacking modern follow-up exploration

Many of these targets are positioned along shear zones, structural offsets, and lithological contacts—settings commonly associated with gold mineralisation in the Leonora district.

Priority Target Areas

Several high-priority targets have been defined for imminent drilling.

These targets collectively form a pipeline of drill-ready opportunities supported by geological interpretation and historical evidence.

Broader Project Portfolio Progress

Beyond Christmas Well, CGN Resources continues to advance other exploration assets. At the Panhandle Project, additional heritage surveys are scheduled, with work expected to begin shortly to incorporate further targets into the upcoming drilling campaign.

The company is also progressing its Broadhurst Project in the Paterson Province. Covering 543 square kilometres, the project targets mineralised sedimentary units associated with copper, lead, and zinc occurrences. Exploration licence applications are in place, with plans to commence exploration following tenure grant.

Strategic Location Advantage

The Christmas Well and surrounding projects are located near Leonora, within a region known for significant gold endowment. The project areas target the contact between the Norseman-Wiluna greenstone belt and the Raeside Batholith—an area associated with major deposits such as Gwalia, Tower Hill, and King of the Hills.

CGN’s tenure covers sections of this favourable geological contact, providing multiple exploration opportunities across its portfolio.

Moving Toward Drilling

With heritage clearance completed, targets defined, and logistics underway, CGN Resources is transitioning into the next phase of exploration. The planned RC drilling campaign in May represents the first systematic test of several structurally supported gold targets identified through detailed geological work.

As exploration progresses across Christmas Well and adjacent projects, the company continues to build a pipeline of targets supported by both historical data and modern interpretation.

Shares of CGR traded at AUD 0.075 at the time of writing on 15 April 2026.