Enterprise Metals Secures $90K Grant, Plans 26 Drills at Doolgunna Project

Strategic Heritage Agreement and Drilling Plans at Doolgunna

Enterprise Metals Limited (ASX: ENT) has made notable progress in its exploration efforts during the December 2024 quarter, highlighted by the execution of a modern Heritage Agreement with the Yugunga-Nya People (YNP) at its 100%-owned Doolgunna Project in Western Australia. This agreement follows the granting of Native Title to the YNP in 2021, a critical step that now facilitates Enterprise’s planned drilling activities.

The company has received Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) approval for two drilling Programs of Work targeting the Goodin Fault and Vulcan gold prospects. Pending a Heritage Survey, these programs envisage 26 drill holes combining Aircore and Reverse Circulation methods, largely utilizing existing tracks to minimise environmental impact.

Government Support and Exploration Incentives

Enterprise Metals secured a grant of up to $90,000 under the WA Government’s Exploration Incentive Scheme (EIS), covering nearly half of the planned drilling budget for the Vulcan and Goodins areas. This financial support underscores governmental encouragement for mineral exploration in the region and reduces the company’s capital outlay for these critical activities.

Broader Exploration Endeavours Across Multiple Projects

Beyond Doolgunna, Enterprise continues to advance its Mandilla Project, where recent ultrafine soil assays have identified promising gold anomalies. Additional soil sampling was conducted in the quarter to refine targets ahead of potential aircore drilling.

In the Murchison Project area, weather has delayed geophysical surveys, with Moving Loop Electromagnetic (MLEM) work expected to resume in early 2025. Meanwhile, at the Eneabba East Project, Enterprise has secured permissions for aircore drilling along road verges and engaged with local shires to support exploration of heavy minerals and base metals, including titanium and rare earth elements.

Corporate Developments and Financial Position

The quarter saw significant board changes, with the resignation of Dr Changshun Jia and the appointment of Mr Steve Hart as a Non-Executive Director. Notably, Mr Hart increased his shareholding substantially, now holding over 8.5% of the company’s voting power through various entities. Other directors also increased their holdings and unlisted options, reflecting confidence in the company’s prospects.

Financially, Enterprise Metals ended the quarter with $394,000 in cash and cash equivalents after spending $316,000 on exploration activities. The company raised $300,000 through a rights issue shortfall placement and is actively pursuing further funding options to sustain its exploration programs, with strong shareholder support anticipated.

Outlook and Strategic Focus

Enterprise Metals remains committed to its strategy of acquiring and advancing high-potential exploration projects in Western Australia. The upcoming drilling campaigns at Doolgunna and Mandilla, supported by government incentives and strengthened governance, position the company to potentially unlock significant value. However, exploration outcomes and funding execution will be key determinants of near-term progress.