Corella Reports $933K Cash, 31.5M Options Exercised, $1M Placement Underway
Corella Resources shifts exploration focus to Bonnie Rock and Earoo tenements while progressing a $1 million capital raise and exploring joint venture options for its Tampu Project.
- Exploration program planned for Bonnie Rock and Earoo tenements
- Partial surrender of non-critical tenement areas to reduce costs
- Tampu Project under early-stage assessment for kaolin-to-HPA conversion and JV opportunities
- First tranche of $1 million placement completed, second tranche pending shareholder approval
- Cash position at $933,000 with 31.5 million options exercised into shares
Exploration Strategy Refocused
Corella Resources Ltd (ASX – CR9) has announced a strategic pivot in its exploration activities, concentrating efforts on the Bonnie Rock and Earoo tenements. Following a detailed review by engaged geologists, the company has outlined an exploration program targeting mineral prospects within these areas. This program, announced in late January 2026, is set to commence in the current quarter, subject to weather and land access conditions.
The focus on these tenements follows a reassessment of historical exploration data from previous operators, which has highlighted zones of interest. However, Corella has yet to verify this historical information, underscoring the early stage of this exploration phase.
Tampu Project Under Review
Meanwhile, Corella is taking a cautious approach with its Tampu Project. The company is exploring several avenues to enhance the project's commercial viability, including research into converting kaolin to high-purity alumina (HPA), a valuable industrial material. Additionally, the possibility of exploiting the project through joint venture arrangements is being considered. These initiatives remain confidential and preliminary, with no definitive outcomes expected in the near term.
Cost Management and Tenement Adjustments
In a bid to streamline operations and reduce costs, Corella has relinquished parts of several tenements deemed non-essential to its current projects. This partial surrender affects six tenements, including E70/5744 and E70/5882, aligning with statutory requirements and operational efficiency goals.
Financial Position and Capital Raising
Financially, Corella closed the quarter with a cash balance of approximately $933,000. The company successfully completed the first tranche of a $1 million placement to sophisticated investors in December 2025, raising $500,000 under ASX Listing Rule 7.1. The second tranche and associated options await shareholder approval at the upcoming general meeting scheduled for 10 February 2026.
During the quarter, 31.5 million options were exercised, converting into an equal number of shares, providing additional capital inflow. Directors have agreed to defer their fees until further capital raising is completed, reflecting a commitment to prudent financial management.
Looking Ahead
Corella continues to evaluate new project opportunities that could enhance shareholder value, maintaining a flexible and opportunistic approach to growth. The coming months will be critical as exploration results from Bonnie Rock and Earoo emerge and shareholder decisions on the placement are finalized.
Bottom Line?
Corella’s next moves on exploration results and capital raising will be pivotal for its growth trajectory.
Questions in the middle?
- What initial findings will the Bonnie Rock and Earoo exploration program reveal?
- How will shareholder approval impact the completion of the $1 million placement?
- What are the potential timelines and commercial prospects for the Tampu Project joint venture?
