Resource Base Limited reports fresh tenement acquisitions in South Australia and a key board appointment, offset by the full impairment of its Quebec lithium projects. The company ends the quarter with a modest cash reserve and continues to explore new opportunities.
- No activity at Mitre Hill REE Project during the quarter
- Granted two new tenements in South Australia's Gawler Craton
- Full impairment and relinquishment of Wali Lithium Project in Quebec
- Appointment of Michael Beven as Non-Executive Director
- Quarter-end cash reserves of $738,000 and receipt of Canadian R&D tax credit
Mitre Hill and South Australian Expansion
Resource Base Limited (ASX – RBX) maintained a steady hand through the September 2025 quarter, reporting no new drilling or exploration activity at its flagship Mitre Hill Rare Earth Elements (REE) Project. Despite the pause, the company remains optimistic about the Murray Basin’s potential as a globally significant REE precinct, with a maiden JORC Inferred Mineral Resource estimate of 21 million tonnes at 767 ppm total rare earth oxides (TREO) already established.
Meanwhile, Resource Base has strategically expanded its footprint in South Australia’s Gawler Craton by securing two highly prospective tenements, EL7054 and EL7060. These tenements are located near recent discoveries by peers such as Petratherm and Marmota, in regions rich with titanium, gold, REEs, and platinum group minerals. The company’s recent appointment of exploration veteran Michael Beven as Non-Executive Director underscores its commitment to leveraging expert guidance in advancing these assets.
Challenges in Quebec Lithium Projects
On the international front, Resource Base faced setbacks with its Canadian lithium projects. The company has fully impaired the carrying value of its Wali and Ernst Lake lithium projects in Quebec, reflecting a strategic pivot away from these assets. The Wali Project was formally relinquished during the quarter, while the Ernst Lake Project remains under review as the company assesses future options. This move aligns with Resource Base’s sharpened focus on its titanium and critical minerals portfolio in South Australia.
Financial Position and Corporate Developments
Resource Base closed the quarter with cash reserves of $738,000, a modest but stable position supported by a Canadian R&D tax credit of approximately A$147,000. Exploration expenditure was limited to around $30,000, reflecting the company’s cautious approach amid its portfolio reassessment. Related party payments, including director fees, totaled $68,000.
The board also saw a notable change with the resignation of Paul Hissey and the appointment of Michael Beven, whose extensive experience across uranium, rare earths, lithium, and titanium projects is expected to bolster Resource Base’s exploration strategy and project development.
Looking Ahead
While the quarter was light on operational milestones, Resource Base’s strategic moves in South Australia and corporate reshuffling suggest a company positioning itself for growth in critical minerals. The market will be watching closely for updates on exploration progress in the Gawler Craton and any decisions regarding the Ernst Lake lithium asset.
Bottom Line?
Resource Base’s pivot towards South Australian critical minerals and board renewal set the stage for its next growth phase, but challenges in Quebec highlight the risks ahead.
Questions in the middle?
- What are the company’s plans and timelines for advancing exploration in the newly granted Gawler Craton tenements?
- Will Resource Base retain any interest or pursue partnerships for the Ernst Lake lithium project following impairment?
- How will the appointment of Michael Beven influence Resource Base’s strategic direction and project prioritisation?