Buxton Advances Madman Drilling and Sells Copper Wolf JV Stake to IGO for A$6.15M

Madman Project Drilling Set to Begin

Buxton Resources (ASX:BUX) is primed to kick off its maiden drilling campaign at the Madman Project in Western Australia after securing all critical licences and regulatory approvals. The program, targeting a Havieron-style magnetic anomaly roughly 220 metres below surface, will involve two deep mud rotary and diamond drill holes. Site works include upgrading existing seismic tracks and establishing new access under Aboriginal supervision, reflecting a strong engagement with the Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation.

This drilling initiative has also attracted an Exploration Incentive Scheme co-funding grant of up to A$180,000, underpinning the project's potential. Buxton has engaged McKay Drilling, with rig mobilisation scheduled for mid-April 2026 and earthworks already underway as of early April. The company further bolstered its position by lodging a new tenement application to expand the Madman tenure to approximately 530 square kilometres, signaling confidence in the project's prospectivity.

Copper Wolf JV Sale to IGO for A$6.15 Million

In a significant strategic move, Buxton executed a binding Asset Sale Agreement to divest its 49% interest in the Copper Wolf Project joint venture to IGO Limited (ASX:IGO) for about A$6.15 million. This transaction, announced late March, will see IGO assume full ownership and operational control of the JV tenements spanning roughly 12.5 square kilometres, with the existing farm-in and joint venture agreements terminated upon completion.

Buxton retains 100% ownership of surrounding tenure covering approximately 30.5 square kilometres, including key prospects like Wolverine and Sun Devil/Aztecs, which remain outside the JV. The deal also releases Buxton from future liabilities related to the JV area and surrenders IGO’s Right of First Refusal over Buxton’s Arizona copper projects, potentially opening new avenues for exploration freedom. Completion hinges on shareholder approval and an Independent Expert’s Report assessing the transaction’s fairness.

Financial Position and Funding for Exploration

Buxton ended the quarter with a cash balance of approximately A$0.66 million, reflecting a modest exploration spend of A$0.247 million. The company’s cash position is set to strengthen following a well-supported A$3 million placement announced post-quarter, priced at A$0.035 per share. The raise attracted strong demand from existing shareholders and new institutional investors, with funds earmarked for advancing drilling and exploration across Madman, Lateron, Centurion, and Montello projects.

A conditional placement to directors, subject to shareholder approval, is also planned. This capital injection aligns with Buxton’s strategy to accelerate discovery efforts in Australia, following the sale of its Copper Wolf JV stake. The company’s recent funding activities build on the momentum from its A$3 million placement announced earlier in April, which was aimed at fast-tracking exploration programs.

Exploration Status Across Other Projects

Aside from Madman and Copper Wolf, Buxton reported no material exploration activities during the quarter for several projects including Centurion, Lateron, Graphite Bull, Blackhawk, Montello, Matrix, Royale, West Kimberley, and Fraser Range. Work continues on data compilation, geochemical analysis, and heritage assessments, laying groundwork for future field seasons.

Notably, the company’s strategic focus appears to be narrowing towards projects with near-term drilling potential, as evidenced by the prioritisation of Madman and the ongoing land access negotiations at Lateron. This selective approach follows earlier announcements of high-priority copper-gold targets and assay results at Centurion and Lateron, which hint at promising exploration upside in Western Australia.

Buxton’s divestment of its Copper Wolf JV interest to IGO, coupled with the expansion and imminent drilling at Madman, positions the company to concentrate resources on Australian assets with compelling geological characteristics. The upcoming shareholder meeting and Independent Expert’s Report on the Copper Wolf sale will be pivotal milestones to watch in the coming months.