Funding Secured as Astute Metals Faces Strategic Decisions on Governor Broome and Exploration Plans

Red Mountain Lithium Project – A Major New Discovery

Astute Metals NL has delivered a compelling update from its Red Mountain Lithium Project in Nevada, USA, confirming the discovery of high-grade lithium mineralisation that could position the project as a significant new player in North America's lithium landscape. The latest drilling results include a standout intersection of 32.4 metres at 3,260 parts per million lithium (ppm Li), including an ultra high-grade zone of 8.6 metres at 5,060 ppm Li, the highest grade recorded at the project to date.

These results extend the known mineralisation footprint, with the high-grade zones occurring in clay-rich sediments typical of Nevada's prolific lithium deposits. The project benefits from proximity to infrastructure, including a major highway, which could facilitate future development.

Promising Metallurgical Testwork Enhances Project Potential

Complementing the drilling success, metallurgical testwork using Falcon C beneficiation techniques has demonstrated the potential to upgrade lithium grades significantly. Low-grade samples saw a 22% increase in lithium concentration with a 36.3% mass reduction, while high-grade samples achieved a 38% grade increase with over 50% mass reduction. These improvements suggest more efficient processing, lower reagent consumption, and a reduced environmental footprint, all critical factors for project viability.

Needles Gold-Silver Project – New Targets and Historical Riches

Astute Metals also reported a comprehensive technical review of its Needles Gold-Silver Project, also in Nevada. The review identified four drill-ready targets featuring high-grade gold and silver mineralisation, some of which have historical workings dating back to the early 1900s. Rock chip samples have returned impressive grades, including up to 33 grams per tonne gold and 1,115 grams per tonne silver, underscoring the project's exploration potential.

The geological setting suggests both vein and disseminated mineralisation styles, with alteration minerals typical of epithermal gold deposits. Recent geophysical surveys have highlighted chargeability anomalies that warrant further drilling to test these prospective zones.

Governor Broome Mineral Sands Project – Strong Scoping Study Results

In Western Australia, the Governor Broome Mineral Sands Project continues to show promise, with a scoping study released earlier this year confirming robust financial metrics, including a pre-tax net present value of A$139 million and an internal rate of return of 54%. While no recent fieldwork was conducted this quarter, the company is actively exploring options to realise value from this asset, including potential joint ventures or sale.

Corporate and Funding Update

Astute Metals successfully raised A$5.5 million through a placement, supported by institutional and sophisticated investors, with an additional share purchase plan planned to raise up to A$500,000. This capital injection is expected to fund the upcoming maiden resource estimate for Red Mountain and advance exploration at Needles. The company also announced the resignation of Non-Executive Director John Young, with the board continuing to operate effectively.

Exploration expenditure for the quarter was approximately A$1.26 million, focused primarily on drilling and testwork at Red Mountain and technical reviews at Needles. The company holds a cash balance of A$314,000 at quarter-end, with funding arrangements in place to support operations for the next twelve months.