CuFe Lifts Indicated Resource to 87% at Tennant Creek, Eyes Major Drilling Push

Orlando Resource Upgrade Strengthens Development Prospects

CuFe Ltd (ASX:CUF) has significantly boosted the confidence in its Orlando Copper-Gold Deposit at Tennant Creek, with the proportion of the resource classified as Indicated soaring from 56% to 87%. This upgrade comes after integrating historical QAQC data and building a refined geological model, allowing the company to consider underground mining options in upcoming scoping studies. The enhanced classification notably improves the economic visibility of the deposit, which now includes critical minerals bismuth and silver alongside copper and gold.

This resource update lifts the combined Tennant Creek resource, covering both the Orlando and Gecko projects, to 24.1 million tonnes grading 1.8% copper, 0.6 grams per tonne gold, 3.22 grams per tonne silver, and 0.07% bismuth. On a 100% basis, that equates to 433,000 tonnes of copper, 466,000 ounces of gold, 2.5 million ounces of silver, and 18,000 tonnes of bismuth, with CuFe holding a 55% stake. The company is now awaiting Aboriginal Areas Protection Authority certificates ahead of a planned drilling campaign during the dry season.

Strategic Alliances and Funding Support Processing Ambitions

CuFe continues to advance its collaboration with Emmerson Resources Limited (ASX:ERM) and Tennant Minerals Limited (ASX:TMS) through the Tennant Creek Copper Alliance, which recently secured approximately $600,000 in government grants to fund a prefeasibility engineering study for a multi-user processing plant in Tennant Creek. This facility aims to capitalise on regional synergies and reduce capital intensity for processing copper, gold, silver, and bismuth ores.

The alliance’s momentum is underscored by Emmerson Resources entering a Scheme Implementation Deed to be acquired by Pan African Resources plc in a deal exceeding A$300 million, a development that could reshape the regional mining landscape and potentially affect alliance dynamics. CuFe is concurrently preparing for a major drilling program, with up to 230 holes approved, targeting further resource upgrades at Gecko to migrate more tonnes into the Indicated category and enable comprehensive economic assessments.

Broader Project Portfolio and Financial Position

Beyond Tennant Creek, CuFe is progressing several projects across the Northern Territory and Western Australia. At Yarram, it is evaluating a concept study for extracting low-grade iron ore material with shorter lead times and lower capital requirements than high-grade deposits. The West Arunta Niobium-Copper Project received Traditional Owner approval for on-ground exploration activities scheduled for June, including rock chipping and soil sampling. Meanwhile, the Pilbara Gold Project is advancing tenure applications and heritage agreements, with fieldwork planned to define drill targets.

Financially, CuFe ended the quarter with $5.0 million in cash. Exploration and evaluation expenditure was $317,000 after partner reimbursements, while payments to related parties amounted to $494,000, including director fees, office rent, and settlement of rehabilitation liabilities at the former JWD Iron Project. The company issued 13.17 million shares during the quarter, bringing total shares on issue to approximately 1.74 billion.

CuFe’s resource upgrade at Orlando builds on previous improvements that have steadily increased the Indicated portion, unlocking underground potential and enhancing project economics. The upcoming scoping study incorporating bismuth and silver into the revenue stream is expected imminently, which, alongside the planned drilling campaign, will be pivotal for the company’s next phase of development. These moves follow the company’s earlier efforts to secure capital and advance feasibility studies, including the recent Tennant Creek Copper Alliance funding and the Orlando resource confidence boost.