White Cliff Minerals Advances Rae Copper Project with Strong Drilling and Asset Sale

• Drilling restarted at Rae Copper Project targeting 8–10 km fault zone
• High-grade copper intercepts up to 175m @ 2.5% Cu reported
• Metallurgical tests show >90% copper recovery with simple flotation
• Sale of Great Bear Project for A$5.8m to Hydrocarbon Dynamics Ltd
• New board appointments and strengthened cash position at A$3.18 million

Drilling Resumes with Impressive High-Grade Intercepts

White Cliff Minerals (ASX:WCN) has marked a significant milestone with the successful restart of drilling operations at its Rae Copper Project in Nunavut. Initial supply flights in late March paved the way for drilling to commence in mid-April, focusing on the Danvers deposit along the extensive 8–10 km Teshierpi Fault Zone. The company is targeting both regional expansion and depth extensions, with diamond drilling planned at the Stark and Hulk sediment-hosted copper targets in May.

Early assay results from Danvers have delivered some eye-catching intercepts, including 175 metres at 2.5% copper and 8.66 g/t silver from 7.6 metres, and a standout 90 metres at 4% copper and 7.5 g/t silver from surface. These intercepts not only extend mineralisation beyond the historic footprint but also reinforce the potential for open-pit mining given the shallow high-grade zones. The discovery of Danvers 2, located more than 4 km southwest along the same structural corridor, returned 15 metres at 4.8% copper and 20 g/t silver, highlighting the Teshierpi Fault Zone as a major copper-bearing structure. These results build on the company’s prior findings confirming district-scale mineralisation and validate the ongoing drilling campaign’s strategic focus. This drilling campaign follows the company’s earlier mobilisation efforts documented in the major copper expansion mobilisation announcement.

Metallurgical Testwork Supports Simplified Processing Route

Complementing the drilling success, metallurgical testwork from Danvers has returned copper recoveries exceeding 90%, peaking at 95.4%, alongside silver recoveries up to 93.3%. The tests confirmed a simple conventional flotation flowsheet that produces a high-grade concentrate of approximately 40% copper and 150 g/t silver without the need for regrinding. This outcome de-risks the processing pathway and suggests the potential for clean, smelter-friendly concentrate production, which could reduce capital and operating costs. These findings align with the company’s strategy to advance a scalable and cost-effective development plan for Rae. The metallurgical results were detailed in the recent over 95% copper recovery report.

Geophysical Surveys Highlight New Exploration Targets

Airborne geophysical surveys conducted in 2025 have identified compelling targets along the Teshierpi Fault Zone. Magnetic and electromagnetic data reveal linear magnetic lows and elevated conductivity zones that coincide with known mineralisation at Danvers and extend along strike. These anomalies suggest fluid pathways and sulphide mineralisation traps, providing a robust framework for prioritising future drill targets. The integration of these geophysical insights with drilling results underpins the company’s confidence in the Rae project’s district-scale potential.

Sale of Great Bear Project Refocuses Strategy and Strengthens Balance Sheet

In a strategic move to concentrate on its flagship Rae Copper Project, White Cliff Minerals has executed a binding agreement to sell its Great Bear Project for A$5.8 million to Hydrocarbon Dynamics Ltd (ASX:HCD), which will be renamed Great Bear Exploration Ltd. The consideration includes A$1.2 million in cash and 230 million shares valued at A$4.6 million, subject to shareholder approval and HCD’s ASX re-listing scheduled for late May. White Cliff plans an in-specie distribution of approximately 165.1 million HCD shares to its shareholders, retaining a 9.9% stake post-distribution. This transaction is expected to bolster White Cliff’s cash reserves and fund ongoing exploration at Rae. The sale and board reshuffle were foreshadowed in the company’s earlier Great Bear Project sale and board reshuffle announcement.

Corporate Developments and Financial Position

Alongside operational progress, White Cliff Minerals appointed Mr Gavin Rezos as Non-Executive Chair and Ms Sara Kelly as Non-Executive Director effective 1 March 2026, signaling a refreshed leadership focus. The company ended the quarter with approximately A$3.18 million in cash, having spent A$2.25 million on exploration and evaluation activities. The cash runway is supported by in-the-money listed options that could potentially raise circa A$6.5 million upon exercise, and the anticipated receipt of A$1.2 million from the Great Bear sale. These funds position White Cliff to sustain and potentially accelerate its Rae exploration program through 2026 and beyond.

Bottom Line?

White Cliff Minerals is sharpening its focus on Rae with robust drilling and metallurgical results, while the Great Bear sale provides fresh capital to fuel exploration, execution of these plans will be critical to watch.

Questions in the middle?

• How will drilling results from Stark and Hulk sediment-hosted targets influence Rae’s resource potential?
• What impact will the Great Bear Project sale and in-specie distribution have on shareholder value and liquidity?
• Can the simplified flotation process demonstrated at Danvers translate into lower capital expenditure and operational costs in future development?