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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.
