Weather Halts Queensland Work, But WA Acquisition Pushes Coppermoly Forward
Coppermoly Limited has progressed its acquisition of the Wyenamdoo tungsten project in Western Australia while Queensland fieldwork was stalled by wet weather. The company plans significant drilling targeting critical minerals as tungsten prices surge.
- No fieldwork in Queensland due to adverse weather
- Wyenamdoo Project acquisition expected to complete in Q3 FY26
- 1,500m reverse circulation drilling planned targeting tungsten
- Due diligence and stakeholder engagement completed for Wyenamdoo
- Appointment of Hall Chadwick as external financial auditor
Quarterly Overview and Weather Impact
Coppermoly Limited (ASX – COY) reported a quiet December quarter for its Queensland operations, with no field activities conducted due to persistent wet weather in the Cloncurry-Mount Isa region. The company prudently deferred geophysical surveys to avoid data distortion caused by the saturated ground conditions, reflecting a cautious approach to exploration integrity.
Progress on Wyenamdoo Acquisition in Western Australia
Meanwhile, significant progress was made on the Western Australian front with Coppermoly advancing its binding agreement to acquire 100% of the Wyenamdoo Project from Aldoro Resources Limited. The acquisition is anticipated to complete in the third quarter of the current financial year. During the quarter, Coppermoly completed comprehensive due diligence, including reviews of exploration data, tenement compliance, and engagement with key stakeholders such as local shires and pastoral lease owners.
Drilling Plans and Critical Minerals Focus
Following acquisition completion, Coppermoly plans to initiate a 1,500-metre reverse circulation drilling program targeting tungsten mineralisation, which has shown promising surface rock chip results. The company has already notified all relevant parties, including drilling contractors and landowners, and confirmed that no Cultural Heritage survey is required due to cleared Native Title status. This drilling campaign aligns with the broader strategic emphasis on critical minerals, particularly tungsten, which is currently experiencing unprecedented price levels globally.
Corporate and Financial Governance Updates
On the corporate governance front, Coppermoly appointed Hall Chadwick (WA) as its external financial auditor, citing their expertise and cost-effective fee structure. Financial disclosures revealed a cautious cash position with $688,000 in cash reserves at quarter-end and ongoing expenditure on exploration and evaluation activities. Payments to related parties, primarily director fees, amounted to $50,400 during the quarter.
Outlook and Strategic Positioning
While Queensland operations remain on hold due to weather, the imminent completion of the Wyenamdoo acquisition and planned drilling program position Coppermoly to capitalise on critical mineral demand. The company is preparing an investor presentation to highlight the significant anomalies and potential of the Wyenamdoo project, signalling confidence in its strategic pivot towards tungsten and other critical minerals.
Bottom Line?
Coppermoly’s next moves in WA drilling and tungsten exploration will be key to watch as critical mineral markets heat up.
Questions in the middle?
- When exactly will drilling commence at Wyenamdoo following acquisition completion?
- How might ongoing weather conditions affect Queensland exploration timelines?
- What are the financial implications of tungsten price surges for Coppermoly’s project valuation?
