Lithium Permit Denial Clouds Bulletin’s Ravensthorpe Project Outlook

Strategic Expansion at Lake Rebecca

Bulletin Resources Limited (ASX – BNR) has announced a major milestone in its gold exploration efforts with the Lake Rebecca Gold Project nearly doubling in size to 1,100 square kilometres. This expansion was achieved through the strategic acquisition of seven highly prospective gold tenements in Western Australia's Laverton Tectonic Zone, a region renowned for significant gold deposits. The enlarged project area now sits adjacent to major operations by Northern Star Resources and Ramelius Resources, positioning Bulletin in a promising geological corridor.

The company has been actively conducting geological reviews of the newly acquired tenements, focusing on targets such as Graham’s Find and Mulgabbie South, where previous mineralised intercepts have been recorded. Notably, Bulletin secured approval for a programme of works to undertake aircore drilling over a discrete 1km by 1km soil gold anomaly at the Chifley 1 target, which lies within a structurally favourable zone. This anomaly, defined by soil sampling, presents a compelling opportunity to uncover new gold mineralisation beneath transported soil cover.

Regulatory Challenges at Ravensthorpe Lithium Project

While Bulletin advances its gold exploration, the company faces a setback in its lithium ambitions. The Minister of Environment has dismissed Bulletin’s appeal against the Department of Mines, Petroleum and Exploration’s decision to refuse a Native Vegetation Clearing Permit for the Ravensthorpe Lithium Project. This permit was critical for planned exploration activities targeting high-grade spodumene-bearing pegmatites near Rio Tinto’s Mt Cattlin lithium mine.

In response, Bulletin is reassessing its options and reviewing remaining exploration targets outside the Cocaranup Timber Reserve. The outcome underscores the increasing regulatory scrutiny and environmental considerations impacting lithium projects in Western Australia, a key global lithium hub.

Financial Position and Outlook

Financially, Bulletin Resources remains well-capitalised with cash and investments totaling $18.85 million at the end of the quarter. Exploration expenditure was modest at $112,000, reflecting a disciplined approach as the company prioritises drilling approvals and target refinement. Corporate and administrative costs amounted to $403,000, with payments to directors and service providers disclosed transparently.

The company also holds significant investments in listed entities, including Matsa Resources Limited and Auris Minerals Limited, valued at over $11 million. This diversified portfolio provides additional financial flexibility as Bulletin navigates its exploration programs and regulatory challenges.

Looking ahead, Bulletin’s focus will be on executing the approved drilling programme at Lake Rebecca to test the soil anomaly and other high-potential targets within the expanded tenement package. Simultaneously, the company’s strategic review of the Ravensthorpe Lithium Project will be critical in determining its future direction in the lithium sector.