High-Tech Metals reports strong drilling results at Wagtail Gold Deposit and secures $10.7 million from option exercises, advancing its Mt Fisher and Mt Eureka gold projects.
- High-grade drilling at Wagtail confirms continuity of mineralisation
- Outstanding assay, 6m at 28.96 g/t gold including 1m at 171.35 g/t
- Metallurgical tests at Mt Fisher show ~93% gold recovery
- Ownership in Mt Eureka project increased to 75%
- Raised $10.7 million from option exercises post-quarter
Strong Drilling Results at Wagtail
High-Tech Metals Limited (ASX, HTM) has delivered a promising update for its December 2025 quarter, highlighting high-grade drilling success at the Wagtail Gold Deposit within its Mt Fisher Project. Early assay results from infill and grade-control drilling revealed a standout intersection of 6 metres at 28.96 grams per tonne gold, including an exceptional 1 metre at 171.35 grams per tonne. Visible gold in quartz-sulphide veins confirmed the deposit’s continuity and reinforced its near-term development potential.
Metallurgical Advances Support Development
Complementing the drilling success, metallurgical testwork on Mt Fisher stockpile material demonstrated high gold recoveries of up to approximately 93%. The tests confirmed the ore is free-milling and non-refractory, with rapid leach kinetics and low reagent consumption. These findings underpin capital-efficient processing options and support ongoing studies into toll-treatment pathways, reducing upfront development costs.
Strategic Project Consolidation and Funding
High-Tech Metals also increased its stake in the Mt Eureka Gold Project to 75%, consolidating its position across the broader Mt Fisher–Mt Eureka greenstone belt. This move strengthens the company’s control over a significant landholding in Western Australia’s Northern Goldfields, a region known for prolific gold deposits.
Post-quarter, the company bolstered its financial position by raising $10.7 million through the exercise of 42.9 million listed options. This capital injection is earmarked to accelerate drilling, development studies, and exploration activities across its portfolio. Additionally, High-Tech signed a non-binding Memorandum of Understanding with Wiluna Mining Corporation to explore toll-treatment options at Wiluna’s processing facility, potentially streamlining ore processing and reducing capital expenditure.
Outlook and Next Steps
With drilling ongoing at Wagtail and a pipeline of exploration targets across Mt Fisher and Mt Eureka, High-Tech Metals is positioning itself for near-term gold production. The company’s strategy focuses on advancing existing mining leases to establish early cash flow, while continuing to explore and grow resources in one of Western Australia’s last under-explored greenstone belts.
CEO James Merrillees expressed confidence in the company’s trajectory, noting the strong endorsement from the market reflected in the recent capital raise and the promising technical results. As development studies progress and further assay results emerge, High-Tech Metals aims to unlock additional value and move closer to production decisions.
Bottom Line?
High-Tech Metals’ recent drilling and funding milestones set the stage for critical development decisions in 2026.
Questions in the middle?
- Will full assay results from Wagtail drilling confirm sustained high-grade mineralisation?
- How will the non-binding MoU with Wiluna Mining translate into a formal processing agreement?
- What is the timeline for advancing Mt Eureka drilling and potential resource upgrades?