Summit Minerals Acquires Keystone Project, Raises $1.08M, Plans Rebrand

• Acquisition of Keystone Project with historic high-grade silver and tungsten
• Raised approximately $1.08 million via one-for-three rights issue
• Initiated first modern exploration at Keystone since 1943 with UAV survey
• Proposed company name change to Western Ridge Resources
• Ongoing regional soil sampling at Equador Niobium Project in Brazil

A Strategic Acquisition in a Tier-1 Jurisdiction

Summit Minerals Ltd (ASX – SUM) has taken a significant step forward with the acquisition of the Keystone Project, a historic polymetallic site located in Nevada, USA. Known for its exceptionally high-grade silver production, with historic grades exceeding 1,000 grams per tonne, Keystone also hosts tungsten and gold mineralisation. This acquisition marks Summit’s entry into a well-established mining district within a mining-friendly jurisdiction, positioning the company to tap into the growing demand for critical and precious metals.

The Keystone Project covers over 1,000 acres, including a substantial patented landholding, and lies close to Winnemucca, a key regional mining centre with established infrastructure. The site has not seen significant exploration since mining ceased in 1943, making Summit’s planned modern exploration campaign the first in over 80 years.

Capital Raising and Exploration Initiatives

To support this strategic move, Summit completed a one-for-three non-renounceable entitlement issue, raising approximately $1.08 million before costs at $0.03 per share. The rights issue was fully underwritten by CPS Capital, ensuring the company’s financial footing as it embarks on its exploration program.

Exploration activities have already commenced with the engagement of Pioneer Exploration Consultants Ltd to conduct a low-altitude UAV magnetic survey over Keystone. This survey, completed in early January 2026, aims to provide structural data critical for targeting a preliminary drilling campaign planned for early 2026. The use of drone technology reflects Summit’s commitment to employing modern methods to unlock value from this historic site.

Rebranding to Reflect New Focus

In a move that signals a strategic evolution, Summit Minerals will seek shareholder approval to change its name to Western Ridge Resources Limited. This rebranding aligns the company’s identity with its expanded portfolio and focus on high-demand metals in the United States. The new ticker, WRX, will better reflect the company’s ambitions and geographic focus.

Alongside Keystone, Summit continues to advance its Equador Niobium Project in Brazil, where it is conducting regional soil sampling in the Borborema Pegmatitic Province, an area known for rare earth elements and critical metals such as tantalum and niobium.

Financial Position and Outlook

Summit reported exploration expenditure of $243,000 for the quarter, with no substantive mining production activities during the period. Despite operational and investing cash outflows, the company’s financing activities, primarily the rights issue, have bolstered its cash position to $2.11 million at quarter end. This financial strength provides a runway for the upcoming exploration and development phases.

Managing Director Dr Matthew Cobb expressed optimism about the company’s prospects, highlighting the strategic importance of Keystone and the potential to capitalise on critical metals essential for advanced technologies and energy applications.

Bottom Line?

Summit’s Keystone acquisition and rebranding set the stage for a pivotal year, with exploration results and shareholder approval poised to shape its next chapter.

Questions in the middle?

• What will the initial drilling campaign at Keystone reveal about the project's resource potential?
• How will the market respond to the proposed name change and strategic repositioning?
• What are the timelines and expected outcomes for the Equador Niobium Project’s soil sampling program?