Permit Delays Could Stall Megado’s Iberian Copper and Canadian Lithium Plans

Iberian Copper Project Progress

Megado Minerals Limited (ASX, MEG) has provided a detailed update on its flagship Iberian Copper Project located in Northern Spain, spanning the provinces of Navarra and Aragón. The project covers a substantial 956 square kilometres, including 12 permits with five currently under application. The company anticipates the award of Investigation Permits in the first quarter of 2026, a critical regulatory milestone that will unlock the next phase of exploration activities.

Once permits are secured, Megado plans to commence airborne geophysical surveys across the entire permit area. This will be followed by a maiden drilling program targeting high-priority copper and silver occurrences. The region is historically significant, hosting at least 12 historic copper mines and over 50 copper and silver occurrences, with mining activity dating back to the 1800s and continuing through to the 1970s.

Strategic Exploration and Project Potential

The geological setting of the Iberian Copper Project is promising, focusing on the North Spanish Oligocene belt known for copper oxide deposits in sandstones and conglomerates. Megado is developing a comprehensive works program to identify multiple discrete targets within the project area, potentially enabling several simultaneous exploration campaigns. This multi-target approach could enhance the project's value proposition by diversifying exploration risk and increasing the chance of significant discoveries.

Canadian Lithium and Gold Assets

In addition to its European copper ambitions, Megado retains 100% ownership of two lithium and gold projects in Canada’s James Bay District, Quebec, the Cyclone Lithium and Gold Project and the K Lithium Project. The Cyclone project, covering 130 square kilometres, is prospective for lithium, gold, and nickel and is strategically adjacent to Sirios Resources’ Aquilon Gold Project, which is under option to Sumitomo Metal Mining Canada Ltd. Sirios has reported some of the highest gold grades in Quebec on this neighbouring project, underscoring the potential of the region.

Megado is actively pursuing partnerships to advance these Canadian assets, signalling a balanced portfolio approach that spans critical minerals and precious metals across two continents.

Financial Position and Outlook

Financially, Megado closed the December 2025 quarter with A$2.0 million in cash. The company invested approximately A$500,000 in exploration activities, including geophysics and geological consulting, alongside A$158,000 in administration and corporate costs. Payments to related parties amounted to A$74,000, primarily covering directors’ fees and remuneration.

While no new exploration results were disclosed this quarter, the company’s focus remains on securing permits and initiating field programs. The timely award of Investigation Permits will be a key catalyst for upcoming news flow and potential re-rating as drilling results emerge.