PolarX Strikes $39M JV with Northern Star to Boost Alaska Copper-Gold Drive

Exploration Momentum in Alaska and Nevada

PolarX Limited (ASX – PXX) has reported steady progress in its September 2025 quarter, focusing on advancing its flagship Alaska Range Copper-Gold Project alongside its Nevada-based Humboldt Range Gold-Silver Project. The company completed a 2,227-metre diamond core drilling program at the Caribou Dome project in Alaska, designed to test extensions of known mineralisation and deepen geological understanding. While assay results are pending and expected in January 2026, this drilling marks a significant step in delineating the resource potential of the project.

Complementing the drilling, PolarX conducted an extensive airborne geophysics survey over the Caribou Dome and Senator projects, covering more than 3,400 line-kilometres with high-resolution aeromagnetic and LIDAR data. Preliminary findings have already highlighted promising extensions to mineralisation zones, which were further investigated through helicopter-supported geological mapping and sampling during the quarter.

Northern Star Joint Venture Unlocks Major Funding

A pivotal development for PolarX is the joint venture agreement with Northern Star Resources Limited, a major player in the mining sector. Under this incorporated joint venture, Northern Star’s wholly owned subsidiary may earn up to a 70% interest in the Alaska Range Project by committing up to US$39 million in staged exploration and pre-feasibility expenditure. The initial stage requires a US$5 million contribution to secure a 15% interest, with subsequent funding tranches enabling Northern Star to increase its stake to 50% and eventually 70%, subject to shareholder approval scheduled for 25 November 2025.

This JV structure not only provides PolarX with substantial financial backing but also access to Northern Star’s technical expertise, positioning the Alaska Range Project for an aggressive exploration and development phase. The planned work includes expanding mineral resources at Caribou Dome and Zackly deposits, metallurgical testing, and comprehensive pre-feasibility studies to evaluate economic viability.

Nevada Expansion and Drilling Initiatives

In Nevada, PolarX has expanded its landholding by staking 36 new claims adjacent to its Black Canyon claim group, targeting the Ridgeline regional fault continuation known for hosting gold and silver mineralisation. The company commenced a reverse circulation drilling program focused on the northern section of the Ridgeline anomaly, a significant geophysical and geochemical target extending over 3.6 kilometres. Previous rock chip samples from this area have returned high-grade gold and silver values, underscoring the prospectivity of the region.

Financial Position and Outlook

PolarX raised $5.1 million through a share placement during the quarter, bolstering its cash position to A$4.35 million at the end of September. Exploration and evaluation expenditures totalled approximately A$2.86 million, reflecting the company’s active field programs. Despite a net cash outflow from operations, PolarX expects reduced expenditure in the coming quarter due to seasonal factors and anticipates continued funding support through the Northern Star JV and potential further equity raises.

The company’s recent 2024 scoping study on the Alaska Range Project projected a robust pre-tax net present value of A$625 million and an internal rate of return of nearly 74%, based on conservative commodity price assumptions. This underpins the strategic importance of the JV and ongoing exploration activities in unlocking value for shareholders.