Can Bubalus Sustain Momentum Amid Pending Assay Results and New Drilling?

Exploration Momentum Builds in Victorian Goldfields

Bubalus Resources Limited (ASX – BUS) has reported a busy quarter ending 30 June 2025, marked by the completion of its maiden drilling program at the Bubalus South gold-antimony project. The approximately 700 metres drilled across five holes confirmed mineralisation with notable gold and antimony grades, alongside silver, bismuth, and molybdenum. While some assay results remain pending, the initial findings validate the prospectivity of the Intrusive Related Gold System (IRGS) target.

Complementing this, extensive geochemical and geophysical surveys at the adjacent Crosbie North project have delineated compelling Fosterville-style targets. These targets are slated for maiden drilling in the third quarter of 2025, signaling a strategic push to expand the company’s footprint in this prolific Victorian gold region.

Advancing New Frontiers – Avon Plains and Critical Minerals

Looking ahead, Bubalus is advancing preparations for its maiden drilling program at the Avon Plains Gold Project, a historically high-grade gold mine. Scheduled for Q4 2025, this program aims to test previously unmined reef zones and historic shafts, potentially unlocking new resource opportunities.

On the critical minerals front, the company achieved heritage drilling clearance for its Yinnietharra Lithium Project, located near Delta Lithium’s Malinda Prospect. This clearance paves the way for imminent drilling activities targeting spodumene-bearing pegmatites. Meanwhile, a final access agreement is expected shortly for the Nolans East Rare Earth Project, enabling planned drilling to proceed on this rare earths prospect situated near Arafura Resources’ Nolans Bore deposit.

Financial Position and Corporate Developments

Bubalus maintains a robust financial position with approximately AUD 3.25 million in cash reserves at quarter-end, following a successful capital raising of AUD 1.5 million in April 2025. Exploration expenditure for the quarter totaled AUD 639,000, reflecting active field programs and preparatory work. The company also issued shares and options in May 2025 as part of its ongoing capital management strategy.

With no substantive development or production activities reported this quarter, Bubalus remains focused on rapid evaluation and advancement of its diversified portfolio, which spans gold, lithium, and rare earth projects across Victoria, Northern Territory, and Western Australia.

Outlook

As Bubalus transitions from reconnaissance to targeted drilling, the upcoming assay results and maiden drill programs will be critical in defining the scale and quality of its mineral assets. The company’s strategic positioning in both gold and critical minerals markets aligns well with evolving demand trends, potentially enhancing its appeal to investors seeking exposure to diversified exploration plays.