FMR’s Chilean JV Drilling Kicks Off Amid Capital Raise and Board Changes

Strategic Acquisition and JV Completion

FMR Resources Limited (ASX, FMR) has successfully completed the transaction to earn up to a 60% interest in the highly prospective Llahuin copper-gold-molybdenite project in central Chile. This milestone unlocks access to a promising porphyry system within a recognized mining district, positioning FMR to potentially make a company-defining discovery.

The Llahuin Project, located near Illapel in Chile’s Coquimbo Region, benefits from excellent infrastructure including proximity to roads, electricity, and ports, which enhances the project's development potential. The joint venture with Southern Hemisphere Mining Ltd covers key tenements over the Southern Porphyry target area, where historic shallow mineralization and coincident geophysical anomalies suggest a large, untested copper system.

Maiden Drilling Program Underway

Following detailed geological mapping and advanced geophysical reprocessing, FMR has commenced a maiden diamond drilling program targeting the Southern Porphyry system. The Phase I program plans approximately 4,000 metres of drilling over three months, focusing initially on Target A and Target D, with hole depths up to 1,600 metres.

This drilling aims to delineate the scale and geometry of the copper porphyry system, with integrated downhole geophysical logging to refine models and identify further targets. The program’s flexible design allows for immediate follow-up drilling at Target A if significant mineralization is encountered.

Capital Raise and Board Strengthening

To support its expanded exploration activities, FMR completed a placement raising $3.4 million during the quarter. Notably, Tribeca, a resources-focused fund, joined existing major shareholder Mark Creasy, strengthening the company’s shareholder base. Concurrently, FMR appointed Justin Werner as a Non-executive Director, adding valuable expertise to the board as the company advances its Chilean and Canadian projects.

Progress in Canadian Exploration

FMR continues to advance its Canadian assets, including the Fairfield and Fintry projects. At Fairfield, induced polarization surveys have commenced at the Goshen Prospect to better define sulphide zones ahead of planned drilling in Q4 2025. The Fintry project will see a detailed UAV drone magnetics survey later in the year to map prospective intrusive units for rare earth elements, following a rationalization of tenure to focus on high-potential claims.

Financial Position and Outlook

At quarter-end, FMR held $6.55 million in cash, providing a solid financial foundation to execute its exploration programs. Exploration expenditure for the quarter was $344,000, reflecting active fieldwork and preparatory activities. No production activities were reported, consistent with the company’s focus on early-stage exploration.

With maiden drilling results pending and ongoing geophysical surveys, FMR is well-positioned to deliver significant news flow in the coming months as it tests its Chilean porphyry targets and advances Canadian exploration.