Alchemy’s Full Bryah Iron Ore Acquisition Raises Stakes Ahead of Drilling Campaigns

Karonie Project – Lithium Exploration Accelerates

Alchemy Resources Limited has reported robust progress at its flagship Karonie Gold-Lithium Project in Western Australia during the June 2025 quarter. In partnership with the Japan Organization for Metals & Energy Security (JOGMEC), the company has advanced target generation efforts within the Roe Hills Farm-in and Joint Venture area. Detailed structural and lithological mapping, conducted alongside JOGMEC personnel and a specialist structural geologist, has pinpointed three extensive target zones measuring up to 6km by 2km. These targets align with prominent northeast-trending geological structures and feature widespread pegmatite occurrences, which are key indicators for lithium mineralisation.

Complementing fieldwork, Alchemy is leveraging reprocessed LiDAR survey data to refine geological interpretations and identify additional pegmatite bodies. The integration of geophysical and geochemical datasets has enhanced the understanding of the area’s structural framework, setting the stage for imminent drill planning and follow-up exploration activities.

Bryah Project – Full Control of Iron Ore Rights Secured

In a strategic move, Alchemy completed the acquisition of the remaining 50% interest in the iron ore rights at its Bryah Project from Carey Mining Pty Ltd for $75,000 cash plus a royalty arrangement. This transaction grants Alchemy 100% ownership of the iron ore rights across multiple tenements in the Bryah Basin, a region already demonstrating strong iron ore potential.

Recent exploration at the Valley Bore prospect within Bryah has confirmed high-grade hematite and banded iron formation outcrops extending over 2km in strike length, with rock-chip assays reaching up to 65.9% iron content. These results underscore the project's potential to contribute significantly to Alchemy’s resource base, with the royalty terms structured to provide ongoing value to Carey Mining upon production.

Lachlan Projects – Advancing Base Metals and Gold Targets

Alchemy’s exploration in New South Wales continues to build momentum, particularly at the Yellow Mountain prospect within the Lachlan Projects. Following heritage surveys conducted with the support of local Indigenous groups, the company has completed drill planning and additional mapping to follow up on encouraging 2024 assay results. Historic mine mullock samples returned up to 28.4% copper, while in-situ rock-chip samples showed notable grades of copper, gold, and lead, including 2.34% Cu, 2.34 g/t Au, and 8.49% Pb.

Drill pad preparations have been completed post-quarter, with drilling expected to test these high-priority targets shortly. These efforts are part of a broader strategy to unlock value from multiple projects within the Central Lachlan Orogen, known for its rich mineral endowment.

Corporate and Financial Overview

Alchemy Resources reported a cash balance of $1.2 million as of 30 June 2025, with exploration expenditure of $589,000 during the quarter, net of JOGMEC farm-in contributions. The company also issued 10 million unquoted options to employees and consultants, exercisable at $0.015 and expiring in December 2028, with plans to offer options to directors pending shareholder approval. Additionally, Alchemy updated its principal and registered office addresses in Western Australia.

While no mining production or development activities were reported this quarter, the company’s focused exploration and strategic acquisitions position it well for potential resource growth and value creation in the near term.