Venari Minerals Reports Maiden 3Mt LCE Resource with Enhanced Lithium Recovery

Maiden Lithium Resource Confirms Red Mountain's Scale

Venari Minerals (ASX:VMS) has marked a significant milestone with the delivery of a maiden JORC Inferred Mineral Resource Estimate (MRE) for its Red Mountain Lithium Project in Nevada. The estimate totals 500 million tonnes at 1,139ppm lithium, translating to 3.03 million tonnes of contained Lithium Carbonate Equivalent (LCE). This positions Venari among the larger lithium explorers on the ASX by contained LCE.

The resource includes a notably high-grade northern zone comprising 47.9Mt at 2,193ppm lithium using a 1,300ppm cut-off, underscoring the project's potential for economically attractive lithium mineralisation. The deposit's shallow dipping stratigraphy and outcropping mineralised zones could bode well for future mining assessments.

Strong Drilling Results Support Resource and Expansion

The maiden resource follows completion of 32 drill holes totaling over 6,000 metres, with recent assays confirming consistent high-grade lithium mineralisation. For example, drill hole RMRC016 intersected 6.1 metres at 2,130ppm lithium from 32 metres depth, including 3 metres at 3,550ppm lithium. These results extend the known mineralisation over a strike exceeding one kilometre.

These drilling outcomes underpin the revised Exploration Target for the project, which estimates a potential lithium resource ranging from 2.02 to 2.69 billion tonnes at grades between 1,000 and 1,300ppm lithium. This equates to a conceptual contained lithium range of 10.7 to 18.6 million tonnes LCE. Venari plans systematic drilling and sampling in 2026 and 2027 to upgrade resource categories and expand the deposit. The company’s recent update on the Exploration Target highlights this substantial upside potential, reinforcing Red Mountain’s strategic importance in the lithium sector massive upside at Red Mountain.

Enhanced Beneficiation Improves Lithium Grade and Recovery

Complementing the resource announcement, Venari reported improved beneficiation test-work results using a pre-soaking step before attrition scrubbing. This process upgraded lithium content by 46.2%, lifting grades from 2,600ppm to 3,800ppm in the fine clay fraction, while achieving a lithium recovery of 68.9%. The reduction in calcite content by nearly 15% also promises lower acid consumption in downstream processing.

These metallurgical improvements build on earlier test-work and support the project's potential for efficient lithium extraction. Venari has engaged Brisbane-based Pitch Black Group to refine metallurgical flowsheets, aiming to progress towards a scoping-level study. Lithium carbonate product test-work is underway with results expected imminently, setting the stage for future economic assessments.

Corporate Moves and Financial Position

During the quarter, Venari completed a share buyback targeting unmarketable parcels (3,846 shares or fewer) at 13 cents per share. This initiative reduced the shareholder register's complexity and lowered ongoing compliance costs. Notably, Chairman Tony Leibowitz participated by acquiring 300,000 shares.

Financially, the company reported exploration and evaluation expenditure of approximately A$534,000 for the quarter and held A$1.68 million in cash at period-end. Elevated outflows reflect the timing of payments related to extensive drilling programs completed in late 2025. Venari expects a material reduction in expenditure going forward but retains flexibility to raise capital if needed, supported by ongoing discussions with investors and brokers.

Other Projects Remain on Hold

No substantive work was conducted during the quarter on Venari’s other assets, including the Needles Gold Project in Nevada, the Georgina Basin IOCG Project in the Northern Territory, and the Governor Broome Mineral Sands Project in Western Australia. The company continues to explore options to realise value from these non-core projects.