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Highlights
- PGM shares rose approximately 69% in early Tuesday trade following a series of project and operational updates.
- The company has completed Phase 1 aircore drilling at the Mt McKenna Gold Project, with assays expected in January 2026.
- The company received an early US$1 million release from a warranty retention bond linked to its scandium project sale.
- Platina continued portfolio optimisation, including surrendering Mt Narryer and progressing the sale of the Xanadu Project.
Platina Resources Limited (ASX:PGM) shares rose ~7.69% to AUD 0.042 in early Tuesday trade after the company announced key project milestones and operational updates.
The update covered progress across its Western Australian gold assets, alongside developments linked to a previously announced asset sale. Platina also provided updates on ongoing exploration activities and steps taken to streamline its tenement portfolio.
Phase 1 drilling completed at Mt McKenna Gold Project
Platina confirmed the completion of Phase 1 aircore drilling at its Mt McKenna Gold Project, marking a key step in advancing exploration across the tenement.
The drilling program covered 6,056 metres across 126 aircore holes, completed using two rigs in the northern section of the Target 2 area. The program tested four interpreted splays off the regional Granite Well fault. Assays from the drilling program are expected in January 2026. These results are intended to support lithogeochemical classification of the bedrock and improve understanding of any alteration halos that may assist with future targeting.
In parallel, Platina is continuing to collect end-of-hole drill chips from historical drilling across the tenement. These samples will be systematically mapped to identify geological settings considered favourable for future drill testing.
Exploration data to guide future target generation
The company stated that geological mapping data will be combined with new drill assays, historical end-of-hole geochemical sampling results, and a ground gravity survey. Together, these datasets are expected to guide target generation across the approximately 20-kilometre anomalous gold corridor identified on the Mt McKenna tenement.
Further mapping, sampling, and gravity surveys across the broader tenement area are planned to continue in phases in early 2026.
Reflecting on the development, Platina Managing Director Corey Nolan said, “Platina has rapidly advanced a number of exploration programs at the Mt McKenna Project since its acquisition in September as the Company delivers on its immediate goal to identify drilling targets for the start of 2026. Mt McKenna is in a world-class gold producing region in close proximity to several significant mines including Genesis Minerals’ Laverton Project and Gold Fields’ Granny Smith Gold Mine.”
Early release of US$1 million scandium warranty bond
Platina also reported receiving the early release of a US$1 million warranty retention bond related to the sale of its scandium project in August 2023. The bond had been held in trust for 30 months, subject to no breaches of warranties under the sale agreement.
The company noted that it may also receive an additional US$2 million cash payment upon approval of the Owendale, now known as the Burra, Mining Licence, or by 31 August 2026, which marks three years from the signing of the binding sale contract.
Tenement rationalisation progress
As part of its portfolio review, Platina surrendered the Mt Narryer Project after assessing historical data, including results from an exploration campaign conducted by former joint venture partner Chalice Mining Ltd. The company has sold all exploration information related to the project to Western Mines Group Ltd (ASX:WMG) for consideration equivalent to AUD 10,000 in WMG ordinary shares, expected to settle in early 2026.
Separately, Platina expects to finalise the sale of the Xanadu Project in Western Australia to Kalamazoo Resources (ASX:KZR) in January 2026. Consideration includes 1.25 million Kalamazoo shares, a retained 1% net smelter royalty, and a potential additional payment linked to future resource definition milestones.
