Leadership Changes and Capital Moves Signal Uncertainty for Lord Resources’ Next Steps
Lord Resources has completed its first drilling campaign at the Ilgarari Copper Project, identified promising geophysical targets, and bolstered its finances through successful capital raises amid key leadership changes.
- Completion of inaugural 11-hole drill program at Ilgarari Copper Project
- MLEM survey identifies multiple high-priority electromagnetic conductors
- Raised approximately A$1.39 million via entitlement offer and A$814,000 through placement
- Appointment of experienced Non-Executive Director Davide Bosio and CEO resignation
- Plans to integrate drilling results with geophysical data for targeted follow-up exploration
Exploration Advances at Ilgarari
Lord Resources Limited (ASX, LRD) has marked a significant milestone with the completion of its inaugural drilling program at the Ilgarari Copper Project in Western Australia. The 11-hole campaign, comprising both reverse circulation and diamond drilling, was designed to test extensions of known copper mineralisation and newly identified geophysical targets along the Ilgarari Fault.
The drilling followed a detailed ground moving-loop electromagnetic (MLEM) survey covering approximately 60 line-kilometres, which revealed multiple high-priority conductors, including several with conductance values exceeding 750 Siemens. Notably, a conductive plate was modelled down-dip and along strike from historic Alac underground workings, highlighting promising zones for further investigation.
Capital Raising and Financial Position
To support its exploration activities, Lord Resources successfully raised approximately A$1.39 million through a non-renounceable entitlement offer, supplemented by an additional A$814,000 via a placement of 22 million shares at A$0.037 each. These capital injections have strengthened the company’s balance sheet, providing a runway for ongoing and future exploration work.
Despite withdrawing a planned entitlement offer pending a detailed evaluation of recent drilling results and potential acquisitions, the company remains well-funded with cash reserves of approximately A$1.73 million at quarter-end. Exploration expenditure for the quarter totaled around A$477,000, reflecting the company’s active field program.
Leadership Changes and Strategic Outlook
Lord Resources also announced key leadership changes during the quarter. The appointment of Davide Bosio as a Non-Executive Director brings over two decades of Western Australian capital markets and resources experience, including board roles at notable ASX-listed companies. Concurrently, CEO Andrew Taylor resigned, with Exploration Manager Georgina Clark stepping up to oversee ongoing project execution, ensuring continuity amid the transition.
Looking ahead, the company plans to integrate the recent drilling results with its 3D geophysical models, including MLEM, gravity, and magnetics data, to refine drill targets. Follow-up drilling is anticipated to focus on step-out holes along the strongest mineralised trends, potentially incorporating down-hole electromagnetic surveys to better delineate copper zones at depth.
Other Projects Remain on Hold
No exploration activity was reported during the quarter at Lord’s other assets, including the Horse Rocks and Jingjing lithium projects, as well as the Gabyon and Jarama gold projects. This focus on Ilgarari underscores the company’s strategic prioritisation of its copper asset, which holds significant potential given the recent geophysical and drilling results.
Bottom Line?
Lord Resources’ recent drilling and capital raises set the stage for a pivotal phase of exploration, with market eyes now on assay results and strategic moves ahead.
Questions in the middle?
- What do the final assay results from the Ilgarari drilling reveal about copper grades and mineralisation continuity?
- How will the leadership changes influence Lord Resources’ strategic direction and operational execution?
- What are the company’s plans for capital raising following the withdrawal of the recent entitlement offer?
