How Wildcat’s Tenement Swap Could Transform Tabba Tabba’s Development

Strategic Tenement Acquisition

Wildcat Resources Limited (ASX, WC8) has announced a binding agreement to acquire exploration licence E45/2364, a key tenement adjoining its flagship Tabba Tabba lithium project in Western Australia's Pilbara region. The acquisition is part of a tenement swap with Northern Star Pilbara Pty Ltd, where Wildcat will transfer several non-core exploration licences and applications in exchange. This swap is designed to optimise the development footprint of the Tabba Tabba project, potentially unlocking operational and capital cost efficiencies.

Enhancing Project Economics Ahead of DFS

The newly acquired licence sits adjacent to Wildcat’s existing mining leases M45/354 and M45/377, allowing for a more cohesive surface layout and mine plan. Wildcat is currently progressing a Definitive Feasibility Study (DFS) for Tabba Tabba, scheduled for completion in 2026. Incorporating the additional tenure into the DFS could strengthen the project’s economic profile by improving access and potentially reducing development costs.

Capital Structure and Financial Position

Notably, the transaction involves no direct cash payment or equity issuance, enabling Wildcat to preserve its capital structure and maintain its strong cash position, which stood at $51.2 million as of 30 September 2025. This financial flexibility is critical as the company advances its lithium exploration and development activities in a competitive market.

Maintaining Focus on Core Assets

In exchange for the key tenement, Wildcat is divesting a portfolio of non-core exploration licences and applications to Northern Star. Importantly, the company retains full rights to lithium, caesium, tantalum, and other silicate minerals on certain licences, ensuring continued control over its most valuable resources. The divestment is unlikely to impact ongoing exploration at the Bolt Cutter Central Project, where recent discoveries have added to Wildcat’s growth pipeline.

Outlook and Industry Context

Wildcat’s Managing Director, AJ Saverimutto, highlighted the cooperative nature of the transaction and its strategic value in advancing the Tabba Tabba project. As lithium demand continues to rise globally, securing contiguous and optimally positioned tenements is a key competitive advantage. The upcoming DFS will provide further clarity on the project's viability and cost structure, setting the stage for potential development decisions.