Alchemy Resources Unveils 12 Lithium-Gold Targets as JOGMEC Farm-In Advances

Karonie Project: Accelerating Lithium-Gold Exploration

Alchemy Resources Limited has made notable strides in its March 2025 quarter activities, particularly at the 100%-owned Karonie Gold-Lithium Project in Western Australia. The Japan Organization for Metals and Energy Security (JOGMEC) fulfilled its minimum farm-in expenditure of $600,000, marking a key milestone in their joint venture agreement signed in September 2024. This JV allows JOGMEC to earn up to 51% by funding $6 million in exploration by March 2029.

During the quarter, Alchemy completed an extensive multi-element soil sampling program across the Roe Hills tenure, collecting 4,038 samples. Combined with previous data, the total dataset now exceeds 5,400 samples. These assays have revealed multiple coincident lithium and pathfinder element anomalies, which have been visualized through heat maps. The integration of soil geochemistry with recently completed Drone Magnetics and LiDAR surveys has identified twelve compelling target areas for detailed follow-up mapping and drilling planned for the June 2025 quarter.

Reconnaissance mapping has validated these soil anomalies and uncovered new pegmatite outcrops, further enhancing the geological model. Importantly, heritage surveys conducted with the Kakarra A native title claimants cleared the way for future drill programs without significant access impediments.

Advancing Gold and Base Metals at Lake Rebecca and Lachlan

At the Lake Rebecca Projects, Alchemy’s geologists undertook field reconnaissance to ground truth existing gold targets and collect strategic samples. This work builds on a prior comprehensive review that confirmed the region’s high prospectivity, given its structural setting near significant gold deposits.

Meanwhile, in New South Wales, the Lachlan Projects saw heritage surveys completed at the Yellow Mountain prospect with the support of local Indigenous groups. Encouragingly, recent assays from 2024 fieldwork returned high-grade results including 28.4% copper in historic mine mullock and rock-chip samples grading up to 2.34% copper, 2.34 g/t gold, and 8.49% lead. These findings have informed drill planning and additional mapping, setting the stage for imminent drilling campaigns.

Bryah Basin: Regaining Control and Preparing to Drill

Alchemy also regained operational control of the Bryah Basin project in Western Australia following Sandfire Resources’ decision to assign its 80% interest back to Alchemy’s wholly owned subsidiary. This move restores Alchemy’s dominant position in the region, which hosts a rich base and precious metals database. Planning is underway for a maiden drill program at the Valley Bore prospect, although no field work was conducted during the quarter.

Financial Position and Outlook

Alchemy ended the quarter with a healthy cash balance of $1.89 million and maintained low net exploration expenditure of $30,000 after accounting for JOGMEC’s farm-in contributions. There were no production or development activities during the period, reflecting the company’s focus on advancing its exploration pipeline.

Overall, Alchemy’s strategic partnerships, particularly with JOGMEC, and its methodical approach to integrating geochemical and geophysical datasets are positioning the company well to unlock value across its lithium, gold, and base metals projects.