Western Ridge Advances Keystone with Drilling Approval and US OTC Listing

Keystone Project Drilling Set to Restart After Eight Decades

Western Ridge Resources Limited (ASX:WRX) is gearing up to drill at its Keystone Project in Nevada, marking the first significant exploration at the historic Keystone Mine since operations ceased in 1943. The Bureau of Land Management has approved a fully funded 19-hole reverse circulation (RC) drilling program totaling approximately 1,380 metres, targeting extensions of the silver-rich vein system that produced around 36,000 ounces before World War II halted mining activities.

The program aims to test both strike and depth extensions of known mineralisation, with drilling scheduled to commence in the June 2026 quarter. Following this initial campaign, Western Ridge plans to systematically explore additional high-priority targets uncovered by recent geophysical work, potentially expanding the project's footprint.

Aeromagnetic Survey Reveals Multiple Drill-Ready Targets

Earlier in the quarter, Western Ridge completed a low-altitude drone aeromagnetic survey across the Keystone Project, successfully delineating multiple shallow targets considered ready for drilling. Many of these anomalies align closely with historic mine workings at Keystone and the nearby Marble Rock area, lending credibility to the geophysical interpretations and highlighting the prospectivity of the region.

The survey also identified over ten additional priority targets, many associated with historic workings, which the company intends to advance through systematic exploration during 2026. This approach aims to build a robust pipeline of opportunities beyond the initial drilling program. These developments follow the company’s earlier announcement of multiple drill-ready targets from the survey, reinforcing the strategic value of the geophysical data in guiding exploration priorities Multiple drill-ready targets.

Corporate Rebrand and US OTC Listing Enhance Market Position

Reflecting its strategic shift following the Keystone acquisition, the company formally rebranded from Summit Minerals Limited to Western Ridge Resources Limited during the quarter, adopting the new ASX ticker WRX. This rebrand underscores the company’s renewed focus on critical and precious metals exploration in the Americas.

Complementing this, Western Ridge secured a listing on the US OTCQB market under the ticker WRXLF, commencing trading on 30 March 2026. The dual listing facilitates easier access for North American investors, allowing trading in US dollars during US market hours without altering the company’s capital structure or ASX trading arrangements. This milestone aligns with the company’s broader strategy to engage US capital markets and support the advancement of its Keystone Project and other assets.

Exploration Spend and Financial Position

The company reported $874,000 in exploration and evaluation expenditure during the quarter, covering geological consulting, metallurgical costs, tenement management, and the Keystone acquisition. Operating cash outflows stood at $221,000, with investing cash outflows of $874,000, resulting in a quarter-end cash balance of $990,000. This cash position provides under one quarter of funding based on current expenditure rates, highlighting the need for further capital raising to sustain ongoing activities.

Payments to related parties, including director fees and consulting, totalled $97,000. The company expects to maintain similar operating cash flow levels in the near term and anticipates funding future exploration through equity financings, consistent with its past capital raising record.

Brazilian Projects on Hold as Focus Shifts to Keystone

No exploration activities were conducted on Western Ridge’s Brazilian assets during the quarter, including the Equador Niobium Project. The company appears to be prioritising its US-based Keystone Project as the main driver of near-term value, aligning with the corporate rebrand and market positioning efforts.

With drilling imminent and a growing pipeline of targets, Western Ridge is poised for an active 2026 field season at Keystone, aiming to unlock the potential of a largely underexplored polymetallic system. The company’s recent regulatory approvals and market moves build on momentum from the earlier drilling greenlight announcement, setting the stage for what could be a pivotal year in its exploration campaign.