Enegex Advances Exploration Amid Cash Constraints, Drilling Approval Key to Next Phase

Exploration Breakthrough at Three Springs

Enegex Limited (ASX: ENX) has reported a promising development in its West Yilgarn exploration portfolio with the identification of a substantial new gold anomaly at its Three Springs project. Soil sampling revealed a broad anomaly exceeding 1 kilometre in length and 0.8 kilometres in width, with assay results reaching up to 49 parts per billion (ppb) gold, approximately ten times the regional background levels. This anomaly remains open along strike, suggesting further potential for expansion.

Follow-up infill soil sampling has been completed to refine the anomaly’s extent, with results pending. Geological mapping confirms widespread soil cover with minor oxidised mafic, ultramafic, and granitic fragments, underscoring the challenge and opportunity of exploring beneath transported cover in this region.

Advancing Rocky Ridge with Drilling Approval

At the Perenjori project, Enegex has secured final environmental approval to commence exploration drilling at the Rocky Ridge gold prospect. Historical drilling at Rocky Ridge has returned encouraging intercepts, including 7 metres at 2.52 grams per tonne (g/t) gold and 7 metres at 1.14 g/t gold, indicating the presence of potentially commercial-grade mineralisation.

The company’s high-resolution magnetic survey has identified undrilled structures and intrusive bodies within key target areas, providing a roadmap for upcoming drilling campaigns. With statutory approvals and heritage clearances in place, Enegex is poised to unlock further value from this priority asset.

Strategic Expansion at Tampia West

During the quarter, Enegex was granted a new 139 square kilometre exploration licence at Tampia West, located just 20 kilometres west of the Tampia gold deposit recently mined by Ramelius Resources Ltd. The licence area features structural and aeromagnetic targets underlain by deformed gneiss and granite with mafic granulite and ultramafic lenses, remnants of former greenstone belts.

Previous exploration by Anglo American Exploration Pty Ltd focused on copper-nickel-PGE mineralisation, but large portions of the licence remain unexplored. Enegex plans to initiate reconnaissance soil sampling to evaluate gold potential, leveraging existing geochemical data and landowner consents.

Mixed Results at Gutha and Ongoing Portfolio Management

At the Gutha project, reconnaissance soil sampling targeting greenstone lithologies along strike from Chalice Mining’s Recherche West gold target yielded no significant gold anomalies to date. Despite this, the project remains part of Enegex’s broader strategy to explore under-explored soil-covered segments of the West Yilgarn.

The company continues to actively manage its portfolio, having surrendered the Goomalling project after thorough evaluation. Enegex remains vigilant for new opportunities that complement its existing assets, balancing early-stage reconnaissance with advanced exploration targets.

Financial Position and Outlook

As at 31 March 2025, Enegex held $1.38 million in cash, down slightly from $1.52 million at the end of the previous quarter. Quarterly cash outflows reflect ongoing exploration and corporate costs, with no equity raises reported during the period. The company’s modest cash position underscores the importance of disciplined capital management as it advances multiple projects.

Looking ahead, assay results from recent infill sampling at Three Springs and the commencement of drilling at Rocky Ridge will be key catalysts. Success in these programs could materially enhance Enegex’s exploration upside in a highly prospective region known for significant gold and base metal discoveries.