How Will Audalia’s $540K Placement Fuel Medcalf’s Maiden Ore Reserve?
Audalia Resources is progressing its Medcalf vanadium-titanium-iron project with an updated Pre-feasibility Study and fresh capital injection, positioning the company for its maiden ore reserve announcement.
- Medcalf Project PFS update underway with current costings
- Completed $540,000 placement to fund project development
- Cash balance of $623,000 at quarter end after $438,000 exploration spend
- Loan facilities totaling $6 million available with 2026 repayment dates
- Company preparing product samples for potential offtake partners
Medcalf Project Update
Audalia Resources Limited (ASX – ACP) has provided its quarterly update for the period ending 31 December 2025, focusing on the ongoing development of its Medcalf Project in Western Australia. The project, rich in vanadium, titanium, and iron, is situated near Lake Johnston, approximately 470 kilometres southeast of Perth. Audalia is currently updating its Pre-feasibility Study (PFS) to reflect current operating and capital costs, with the aim of establishing a maiden Ore reserve.
The updated PFS, expected to be released next quarter, incorporates recent geotechnical and metallurgical studies, alongside refined financial modelling and scheduling. This update follows the previous PFS released in July 2022 and is a critical step in advancing the project towards potential production.
Corporate and Financial Position
During the quarter, Audalia completed a $540,000 placement by issuing 20 million shares at 2.7 cents each to a sophisticated investor. These funds are earmarked to support mining design, permit acquisition, secondary approvals, and ongoing evaluation work at Medcalf, as well as to bolster general working capital.
At the end of December 2025, the company reported cash and cash equivalents of $623,000, following $438,000 spent on exploration and evaluation activities. Payments to related parties, primarily consultancy fees to the CEO’s associated company, amounted to $23,000. Despite the cash outflows, Audalia maintains access to $6 million in loan facilities, with repayment obligations due in mid-2026.
Strategic Outlook and Funding
Audalia is actively preparing product samples to present to potential offtake partners, signalling early commercial engagement efforts. The company acknowledges that its current cash runway extends to just over one quarter, necessitating ongoing funding strategies. However, the board expresses confidence in securing additional capital based on a consistent track record of successful placements and strong shareholder support.
The company’s focus remains on advancing the Medcalf Project through regulatory approvals and detailed mining studies, with the updated PFS expected to provide greater clarity on project economics and feasibility. Investors will be watching closely for the upcoming PFS release and any announcements regarding offtake agreements or further capital raises.
Bottom Line?
With the PFS update imminent and funding secured for now, Audalia’s next moves will be pivotal in defining Medcalf’s path to production.
Questions in the middle?
- What are the key economic assumptions and outcomes in the updated PFS?
- How soon can Audalia secure binding offtake agreements for its products?
- What are the company’s plans to extend its cash runway beyond the next 1.2 quarters?
