PolarX Plans 2,400m Drilling After Securing US$2M Loan

Exploration Momentum Builds in Alaska

PolarX Limited has commenced its 2025 field season with a strong focus on advancing the Alaska Range Copper/Gold Project. The company initiated an airborne geophysics survey in July, capturing high-resolution aeromagnetic and LIDAR elevation data across the Caribou Dome and Senator tenements. This data is currently under analysis, setting the stage for targeted drilling.

Complementing the geophysical work, PolarX has mobilised a diamond core drill rig to site, with plans to drill approximately 2,400 metres during the year. These efforts aim to expand on the existing mineral resource, which as of June 2023 stands at 7.2 million tonnes grading 3.1% copper and 6.5 grams per tonne silver at Caribou Dome.

Strategic Ownership and Project Development

Following the exercise of an option in 2024, PolarX now holds an 81.94% interest in Caribou Dome and a 90% interest in the Senator mineral properties, with potential to increase to full ownership should minority partners dilute. The company is actively reviewing strategic options to fund and develop the Alaska Range Project, which benefits from excellent infrastructure including proximity to the Denali Highway and existing underground workings.

The Alaska Range Project also includes the Stellar Project, home to the Zackly copper-gold-silver deposit. Together, these assets position PolarX well within a prolific mineral belt with significant exploration upside.

Financial Backing and Operational Readiness

To support its accelerated exploration program, PolarX secured a US$2 million unsecured loan from Northern Star Resources, its largest shareholder. The loan features an initial interest-free period of three months, followed by a 7% annual interest rate. This injection of capital complements the company’s cash reserves of A$2.856 million as of June 30, 2025, providing a solid financial runway for the upcoming drilling campaign.

Meanwhile, the Humboldt Range Project in Nevada saw no significant activity during the quarter, allowing the company to concentrate resources on its flagship Alaska assets.

Looking Ahead

PolarX’s 2024 scoping study highlighted the Alaska Range Project’s robust economics, with a pre-tax net present value of A$625 million and an internal rate of return of nearly 74%, based on conservative commodity price assumptions. As drilling commences, the market will be keenly watching for assay results that could validate and potentially expand the resource base.