Clara Raises $1.59M, Plans Ashford Drilling, and Moves on Hodgkinson Gold Project

Ashford Coking Coal Project Drilling Plans

During the December quarter, Clara Resources took a significant step forward in advancing its Ashford Coking Coal Project in New South Wales by issuing a Request for Proposal (RFP) to four drilling contractors. The planned program involves drilling four cored holes and eight chip holes on exploration licence EL6234. The objective is to upgrade the JORC resource classification, particularly aiming to increase the Measured category, while verifying the depth, thickness, and structure of coal seams. Additionally, the drilling will enhance coal quality data, including coking properties and washability, which are critical inputs for the upcoming pre-feasibility study (PFS).

The drilling program is expected to commence in March or April 2026 and will take less than a month to complete, followed by detailed laboratory analysis. These efforts are designed to refine the mining plan, improve coal preparation and processing designs, and sharpen cost estimates, all of which are essential for progressing the project towards development.

Capital Raising and Financial Position

To fund these activities, Clara successfully completed a capital raising of $1.587 million during the quarter. This comprised a $315,000 institutional placement and a fully underwritten 1-for-2 pro-rata non-renounceable rights issue raising $1.272 million, both priced at $0.003 per new share. The rights issue was fully underwritten by Sophisticated Capital Pty Ltd, providing the company with financial certainty to advance its exploration and development plans.

Proceeds from the capital raise are earmarked for resource delineation drilling at Ashford, further project development work to progress the PFS, working capital needs, and debt reduction. Despite ongoing exploration expenditure and corporate costs, Clara ended the quarter with a healthy cash balance of $1.167 million, a significant increase from the previous quarter’s $137,000, reflecting the successful capital raising.

Strategic Land Sale and Board Changes

In Queensland, Clara sold a 28-hectare parcel of land within its Kildanga exploration tenement near Gympie for $230,000. This sale, brokered by a local rural land agent, does not impact Clara’s exploration rights within the tenement, allowing the company to maintain its strategic position in the area.

On the corporate front, the company saw a board reshuffle with the resignation of Non-Executive Director Alex Fitzgerald and the appointment of Angus Middleton as a new Non-Executive Director. These changes may bring fresh perspectives as Clara advances its projects.

Acquisition of Hodgkinson Basin Gold Project

Perhaps the most notable development during the quarter was Clara’s execution of a binding term sheet to acquire 100% of AU SB Minerals Pty Ltd, which holds options to acquire three granted exploration permits in the Hodgkinson Basin, Far North Queensland. This acquisition positions Clara within a historically significant but underexplored gold province, offering potential for future exploration and resource development.

The acquisition consideration involves issuing over 533 million fully paid ordinary shares to the vendors of AU SB. Following shareholder approval, expected at a meeting scheduled for 6 February 2026, Clara will complete the acquisition and exercise the option agreements to secure the tenements. The company highlights the project's attractive geological setting and proximity to infrastructure as key value drivers.

Outlook and Next Steps

With drilling at Ashford imminent and the Hodgkinson Basin acquisition pending shareholder approval, Clara Resources is actively positioning itself to expand and diversify its portfolio. The coming months will be critical as drilling results and acquisition completion could materially influence the company’s trajectory. Investors will be watching closely for updates on resource upgrades and exploration progress.