PolarX Strengthens Alaska Range Project with High-Grade Drilling and Majority Ownership

• PolarX secures 81.9% interest in Caribou Dome and 90% in Senator mineral properties
• 2024 drilling extends high-grade copper and silver mineralisation at Caribou Dome
• 2024 Scoping Study projects A$625 million pre-tax NPV and 73.9% IRR for Alaska Range Project
• No significant activity at Humboldt Range gold-silver project during the quarter
• Company maintains sufficient funding with plans for further equity financing

Consolidating Ownership and Advancing Development

PolarX Limited (ASX: PXX) has taken significant strides in the March 2025 quarter to cement its position in the Alaska Range Copper-Gold Project. The company progressed the formal establishment of mining ventures that will transfer ownership of the Caribou Dome and Senator mineral properties, securing majority stakes of 81.9% and 90% respectively. These interests could rise to full ownership if minority parties dilute by failing to meet future funding obligations, positioning PolarX as the dominant operator in this promising Alaskan copper-gold district.

Encouraging Drilling Results Bolster Underground Potential

Building on a successful 2024 drilling campaign, PolarX reported multiple high-grade intersections at Caribou Dome, including 15.5 metres grading 7.4% copper and 21.4 grams per tonne silver, with sub-intervals reaching 11.4% copper. These results extend the known depth and continuity of the mineralised zone, providing valuable data to support future underground mine planning. The mineralisation remains open at depth, underscoring the potential for resource expansion beyond the current 7.2 million tonnes at 3.1% copper and 6.5 grams per tonne silver.

Robust Economic Outlook from 2024 Scoping Study

The combined Alaska Range Project, which includes the Caribou Dome, Senator, and Stellar properties, benefits from a positive 2024 scoping study. The study projects a pre-tax net present value (NPV) of A$625 million at a 7% discount rate and an internal rate of return (IRR) of 73.9%, assuming copper and gold prices of US$8,500 per tonne and US$1,900 per ounce respectively. These metrics highlight the economic viability of the project and provide a strong foundation for advancing towards development.

Limited Activity at Nevada Gold-Silver Project

In contrast, PolarX’s Humboldt Range Gold-Silver Project in Nevada saw no significant activity during the quarter. The project comprises strategically located claims near major operating mines such as Florida Canyon and Rochester, offering potential for future exploration. However, the company’s immediate focus remains on advancing the Alaska Range assets.

Financial Position and Outlook

PolarX reported operating cash outflows of A$382,000 for the quarter, alongside capitalised exploration and tenement costs. The company ended the period with A$791,000 in cash and cash equivalents, maintaining sufficient funding to support ongoing operations. Management anticipates increased expenditure in coming quarters to fund planned exploration and development activities, with further equity financing expected to underpin these initiatives.

Overall, PolarX’s March quarter report underscores a pivotal phase in its Alaska Range Project journey, combining strengthened ownership, encouraging exploration results, and a compelling economic case. The company’s ability to secure funding and execute its development strategy will be critical to unlocking the full value of these assets.

Bottom Line?

PolarX’s strengthened ownership and promising drilling results set the stage for critical development decisions in the Alaska Range Project.

Questions in the middle?

• Will PolarX secure full ownership of Caribou Dome and Senator through future funding?
• How will upcoming drilling programs target undrilled high-priority zones to expand resources?
• What financing strategies will PolarX pursue to support accelerated development plans?