Norfolk Metals Confirms High-Grade Copper at Carmen Amid ASX Suspension and $2.1M Raise

Phase #1 Drilling Validates Carmen Copper Potential

Norfolk Metals Limited (ASX:NFL) has wrapped up its maiden reverse circulation (RC) drilling campaign at the Carmen Copper Project in Chile, delivering assay results that confirm significant higher-grade copper mineralisation. The 37-hole program, totalling 3,401 metres, validated the historical NI 43-101 resource estimates and highlighted promising sulphide mineralisation open at depth. Notably, drill hole CCRC-25-033 intersected 32 metres at 1.3% copper starting from 97 metres, including several higher-grade sub-intervals up to 2.2% copper, reinforcing the project's upside potential beneath the oxide zone.

Drilling also confirmed continuity of copper oxide mineralisation along the Carmen-Tabaco Thrust Fault system, with down-dip extensions remaining open and prospective for resource expansion. The detailed structural interpretation suggests that copper mineralisation is structurally controlled by intersections of the main thrust with secondary faults, indicating potential steeply plunging shoots that will be a focus for upcoming diamond drilling.

These results build on earlier campaign phases and provide a solid platform for the planned Phase #2 diamond drilling program targeting sulphide zones and regional step-outs. The maiden campaign’s safety record was impeccable, with no incidents reported, underscoring operational discipline during this critical exploration phase.

ASX Suspension and Material Acquisition Progress

Norfolk Metals remains suspended from trading on the ASX, following its March 11 announcement linked to a proposed material acquisition in Chile and a planned re-compliance under Listing Rule 11.1. The company is actively navigating Chilean regulatory approvals and ASX requirements, aiming to provide a comprehensive update in May 2026. This update is expected to include an indicative timeline for acquisition completion and resumption of trading.

The acquisition aligns with Norfolk’s strategy to consolidate its position in Chile’s prolific Atacama Region, home to major copper developments such as Teck and Newmont’s Nueva Unión joint venture located just 16 kilometres northeast of Carmen. The company’s progress includes a recently lodged Declaración de Impacto Ambiental (DIA), a key environmental approval milestone. While regulator feedback has requested additional technical clarifications and supplementary information, Norfolk is working closely with local consultants to address these iterative requirements typical of Chile’s environmental regime.

Capital Raise Strengthens Balance Sheet

In parallel with exploration and acquisition activities, Norfolk successfully completed a $2.1 million capital raise via placements to sophisticated investors, existing shareholders, and directors. The placement was priced at $0.10 per share, representing a modest discount to recent trading prices, and included free attaching options exercisable at $0.15 over three years, subject to shareholder approval. The raise boosts Norfolk’s cash position to approximately A$2.06 million as of 31 March 2026, providing financial flexibility for ongoing exploration and corporate activities.

This raise builds on earlier funding rounds, including a $2.1 million placement announced in January 2026, which supported the maiden drilling campaign and early-stage project development. The involvement of cornerstone resource investors signals confidence in Norfolk’s Chilean copper strategy and exploration upside.

Ongoing Exploration at Australian Projects

Beyond Chile, Norfolk maintains its interests in the Orroroo Uranium Project in South Australia and the Roger River Project in Tasmania. Both projects remain in good standing with tenements fully granted. The Orroroo project covers 723 square kilometres within the Walloway Basin and continues to be assessed for exploration potential, including future geophysical surveys. Meanwhile, Roger River remains prospective for gold and copper, with drilling plans advancing following regulatory engagement and approvals.

Expenditure for the quarter included $655,000 on exploration and evaluation across these projects, alongside option payments related to the Chilean acquisition and corporate costs. The company reported $112,000 in payments to related parties, comprising director fees and consulting.

Next Steps and Market Implications

Norfolk’s immediate focus will be on advancing the regulatory approvals for its Chilean acquisition and environmental permits, which are prerequisites for resuming ASX trading. The upcoming Phase #2 diamond drilling campaign, designed to test sulphide mineralisation at depth and along strike, will be a critical catalyst for the company’s copper resource ambitions.

These developments come amid a rising copper market, where supply constraints and demand from green energy technologies underpin interest in new projects. Norfolk’s strategic location near major copper operations and its demonstrated higher-grade intercepts position it as a junior explorer to watch. However, the foreign NI 43-101 resource remains unclassified under the JORC Code, introducing uncertainty around resource reporting and future mine planning.

As Norfolk navigates acquisition complexities and exploration milestones, investors will be watching closely for updates on the ASX re-compliance timeline and the outcomes of the Phase #2 drilling program, which could materially influence the company’s valuation and project economics.

These latest results and corporate moves follow a series of announcements that include the US$250,000 option payment to secure project ownership and the $2.1 million capital raise that underpinned the maiden drilling campaign, highlighting Norfolk’s methodical progression in Chile.