Oceana Lithium Limited advanced its lithium, uranium, and base metals exploration across Australia and Brazil in the June 2025 quarter, supported by a $667,000 capital raise and key board appointments.
- Progress on Napperby, Bangemall, and Solonópole projects
- Comprehensive data reviews and fieldwork identify promising targets
- Placement raises $667,000 for project development and working capital
- Board reshuffle with new director and company secretary appointments
- Cash position stands at approximately $3.1 million at quarter-end
Exploration Momentum Across Three Key Projects
Oceana Lithium Limited (ASX, OCN) has reported steady progress in its June 2025 quarterly activities, focusing on its lithium and base metals exploration projects in Australia and Brazil. The company’s efforts concentrated on advancing geological understanding and identifying mineralisation targets at the Napperby Project in the Northern Territory, the Bangemall Project in Western Australia, and the Solonópole Project in Ceará, Brazil.
At Napperby, Oceana completed a detailed review of historical data and conducted fieldwork targeting uranium mineralisation associated with fertile granites and potential shear zones. The project area is notable for its proximity to known uranium deposits and anomalous uranium/thorium ratios, suggesting promising exploration potential.
Reassessing Bangemall and Unlocking New Targets
The Bangemall Project saw a comprehensive desktop review of historical geochemical and geophysical data, highlighting a previously under-tested airborne electromagnetic anomaly that may indicate base metal sulphide mineralisation. Oceana plans to engage specialist consultants to remodel this anomaly and conduct further fieldwork, aiming to better define exploration targets in this structurally complex region.
Strategic Focus and Permitting at Solonópole
In Brazil, Oceana’s Solonópole Project underwent a strategic tenement review, resulting in the relinquishment of less prospective licences while maintaining focus on the highly prospective Nira Prospect. The company continues to navigate environmental permitting and land access challenges, with recent approvals granted for drilling and trenching at key lithium and tantalum targets. These developments underpin Oceana’s commitment to advancing its lithium portfolio in a jurisdiction with strong infrastructure.
Capital Raising and Corporate Updates
To support its exploration activities and working capital needs, Oceana completed a placement raising $667,000 through the issue of 29 million shares at 2.3 cents each. Shareholder approval is being sought for related option issues to incentivise consultants and the lead manager. The company ended the quarter with a healthy cash balance of approximately $3.1 million.
Post-quarter, Oceana announced key board and management changes, including the resignation of Non-Executive Director and Company Secretary Daniel Smith. Russell Curtin, a seasoned resources sector professional, joined as Non-Executive Director, while Maddison Cramer was appointed Company Secretary, bringing extensive corporate governance expertise.
Looking Ahead
Oceana Lithium’s June quarter report reflects a company actively refining its exploration focus, bolstered by fresh capital and leadership. The coming months will be pivotal as the company pursues further geophysical analysis, field programs, and shareholder approvals, all while exploring new project opportunities that complement its existing portfolio.
Bottom Line?
Oceana Lithium’s strategic exploration and corporate moves set the stage for potential growth, but key results and approvals remain on the horizon.
Questions in the middle?
- Will the airborne electromagnetic anomaly at Bangemall yield significant base metal discoveries?
- How soon can Oceana resolve permitting and access delays at the Solonópole Nira Prospect?
- What impact will the new board appointments have on the company’s strategic direction?