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Highlights
- Advanced the flagship Webb Project with drilling, geophysics, and geochemical surveys.
- Identified 11 new high-priority exploration targets through airborne surveys and modelling.
- Secured new gold and copper projects, expanding into proven mineral districts.
- Completed over 1,500 metres of RC and diamond drilling across key Webb targets.
- Ended FY25 with a cash position of AUD 4.1 million, fully funded for upcoming exploration.
CGN Resources Limited (ASX:CGR) reported steady and strategic progress across its exploration portfolio during the 2025 financial year (FY25), marked by disciplined exploration, targeted project acquisitions and a sharpened focus on unlocking the mineral potential of underexplored regions in Western Australia.
Now in its second year post-IPO, the company remains committed to building long-term shareholder value through world-class geoscience and its pipeline of prospective exploration targets. In addition to advancing its flagship Webb Project in the West Arunta region, the company significantly expanded its portfolio with the acquisition of new projects in Leonora and the Paterson Province, targeting gold and copper respectively—broadening its footprint into proven mineral districts and diversifying its exploration strategy.
Webb Project Advancing Key Targets in West Arunta
Throughout FY25, the company executed multiple exploration and evaluation programs at Webb, including airborne gravity and magnetic surveys, geophysical modelling, surface geochemistry, heritage surveys, reverse circulation (RC) drilling and diamond drilling.
The Webb Project continues to demonstrate potential for large-scale mineral systems, including iron oxide copper gold (IOCG)-style mineralisation, nickel sulphide, and carbonatites enriched with niobium and rare earth elements.
Additionally, in FY25, the company has been active in project generation and secured two land packages that offer further avenues for exploration.
Airborne Surveys Define 11 New Targets
CGR completed a 1,600 line-kilometre high-definition airborne gravity and magnetic survey over the northern half and a southern section of the tenure. Key targets included Kandula, Elmar and Mahmud.
Expert-led geophysical modelling and integrated targeting studies identified eleven new high-quality targets within the northern half of the tenure package that are intended to be explored systematically.
The Shep target was prioritised following positive results from the targeting study, 2024 FLEM data, IP data and first pass drilling. These insights will guide systematic exploration campaigns at Webb.
Geochemical Survey Results Highlight Gold & Pathfinder Elements
The company completed an UltraFine+™ geochemical survey across parts of the Kandula, Shep and Elmar targets. A total of 227 samples were collected and analysed, reporting distinct enrichment trends in gold data and multiple crucial pathfinder elements for carbonatites and IOCG deposits.
The significant enrichment trends were observed at Shep, K4 and E3. The results assisted in refining targeting strategy and selecting drill targets for the next campaign.
RC & Diamond Drilling Completed at Priority Targets
CGR carried out a combined RC and diamond drilling campaign as its key project for the year. Drilling commenced in April 2025 and focused on untested targets at Kandula, Elmar, and Shep.
Total six holes were completed, including three water bores, totaling 782m of RC drilling and 727.5m of diamond tails. The program represents a significant step forward in validating the geological potential of the Webb tenure.
New Gold & Copper Projects Expand Portfolio
In parallel with ongoing work at Webb, CGR continued its project generation strategy, securing new tenements to diversify its exploration portfolio.
The Christmas Well and Panhandle projects near Leonora target gold, while the Broadhurst Project in the Paterson Province focuses on copper.
Exploration Outlook
Focus remains on executing high-impact exploration programs aimed at achieving a major discovery. With a portfolio of projects that offers discovery potential, efforts in the first half of FY26 will centre on advancing the Christmas Well, Panhandle, and Broadhurst projects, before shifting back to active exploration at the Webb Project in the second half.
Cash Position - Well-Funded for FY26 Activities
The company received AUD 200,000 in Exploration Incentive Scheme funding for drilling at the Elmar prospect, Webb. At the end of FY25, cash balance stood at AUD 4,124,789. CGR stated that it is well funded to undertake exploration across its projects.
CGR shares traded at AUD 0.043 per share on 24 September 2025.
