Eastern Resources Advances Marengo Farm-In Amid Regulatory Delays
Eastern Resources Limited reports steady progress on its Marengo Gold Project farm-in agreement despite ministerial approval delays, alongside ongoing environmental assessments at Nowa Nowa and a director resignation.
- Farm-in agreement for Marengo Gold Project delayed to Q1 2026
- Environmental Effects Assessment progressing for Nowa Nowa Iron Project
- Drilling rehabilitation completed at Lepidolite Hill lithium project
- No exploration activity at Nowa Nowa Copper and Trigg Hill Lithium projects
- Cash position stands at approximately $3.26 million
Marengo Gold Project Farm-In Progress
Eastern Resources Limited (ASX, EFE) has provided its quarterly update for the period ending 31 December 2025, highlighting ongoing developments across its portfolio of precious metals and critical minerals projects. The standout news revolves around the Marengo Gold Project in Queensland, where the company is working to earn up to an 80% interest through a farm-in agreement with BGM Investments Pty Ltd.
Despite initial optimism, the process has encountered delays due to a backlog at the Queensland Revenue Office, pushing the assessment and subsequent ministerial approval into the first quarter of 2026. Both Eastern Resources and BGM have agreed to extend the conditions of the transaction to the end of February 2026, allowing more time to secure the necessary approvals. The project itself is strategically located within a mineral-rich belt near Bowen and Mt Carlton, known for gold and base metals, underscoring its potential value.
Environmental and Exploration Activities
Meanwhile, Eastern Resources continues to advance its Nowa Nowa Iron Project in Victoria, focusing on the Environmental Effects Assessment (EES) approval process. This comprehensive permitting approach covers all planning and operating licence requirements, a critical step toward eventual development and operation of one of Australia’s highest-grade magnetite projects.
At the Lepidolite Hill lithium project in Western Australia, the company completed drilling rehabilitation work during the quarter, maintaining its commitment to responsible exploration practices. However, no exploration activities were reported for the Nowa Nowa Copper Project or the Trigg Hill Lithium Project during this period, suggesting a strategic pause or resource allocation elsewhere.
Corporate and Financial Updates
On the corporate front, Eastern Resources announced the resignation of Non-Executive Director Mark Calderwood in January 2026, citing a focus on other business interests. The board expressed gratitude for his contributions. Financially, the company reported a solid cash position of approximately $3.26 million at the quarter’s end, providing a reasonable buffer to support ongoing activities and potential new acquisitions.
Eastern Resources also indicated ongoing commercial discussions regarding new project opportunities, signaling a proactive approach to expanding its portfolio amid a competitive minerals exploration landscape.
Bottom Line?
Eastern Resources’ progress on key projects and strategic discussions set the stage for a pivotal 2026 as regulatory approvals and farm-in completions come into sharper focus.
Questions in the middle?
- When will the ministerial approval for the Marengo farm-in agreement be finalized?
- What are the company’s plans for exploration resumption at Nowa Nowa Copper and Trigg Hill Lithium?
- How will the director resignation impact Eastern Resources’ strategic direction?
