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Highlights
- Yandal Resources (YRL) jumps over 75% on drilling update
- Moab Minerals (MOM) secures capital to support uranium exploration
- Chariot Corporation (CC9) expands lithium footprint in Nigeria
The Australian Securities Exchange (ASX) on 10 July witnessed significant movements across the mining and exploration space, led by a standout performance from Yandal Resources (ASX:YRL), which soared 75.8% following promising drilling results.
Yandal Resources Boosted by Strong Drill Intercepts
Yandal Resources (ASX:YRL) saw a notable increase in valuation after releasing initial results from its Caldan aircore drilling program at the Arrakis prospect. The update revealed a mineralised zone stretching approximately 800 metres. Notably, drillhole 25IWBAC023 delivered results of 11m @ 2.1g/t gold from 90m, including 7m @ 3.1g/t from 92m.
The program is expected to conclude within the next two weeks, with further results anticipated. Following this, the company aims to advance exploration at the New England Graphite prospect with a scheduled aircore drill rig.
Moab Minerals Strengthens Capital Position
Moab Minerals (ASX:MOM) climbed 50% to $0.001 after securing a capital raise of $141,000 and an additional loan of $500,000. The funding will support Moab’s exploration strategy, with a focus on its Manyoni Uranium Project in Tanzania. The company plans to explore new project opportunities alongside this advancement.
Chariot Corporation Expands in Nigeria
Chariot Corporation (ASX:CC9) rose 18.18% to $0.065 after announcing the acquisition of a 66.7% interest in C&C Minerals. This acquisition grants access to four lithium project clusters in Nigeria – Fonlo, Gbugbu, Iganna, and Saki. The deal includes a US$1.5 million cash component and share issuance.
To support ongoing activities, Chariot is transitioning its convertible note facility to a new working capital arrangement totaling $880,000, with financial terms outlining interest and default charges. A portion of this funding is due for repayment by the end of July.
Downward Trends: Rapid Critical, AYM and Arcadia Slide
On the downside, Rapid Critical Metals (ASX:RCM) dropped 33.33% without any accompanying news. The company recently sold its Tin Mountain property in South Dakota for a combined value of US$850,000 in shares and cash.
Australia United Mining (ASX:AYM) also declined 33.33%, while Arcadia Minerals (ASX:AM7) slipped 27.9%. Both companies have not made recent announcements. Arcadia continues to focus on battery metals projects in Namibia, while AYM remains engaged in exploration across New South Wales and Queensland.
