Albright Metals’ SMS Share Receipt Hinges on Mining Milestone at Tumblegum South

Performance Rights Milestone Triggers Share Issuance

Albright Metals (ASX:ABR) has received notification that Star Minerals (ASX:SMS) has begun commercial mining at the Tumblegum South Gold Project, activating a key performance rights milestone. This milestone entitles Albright Metals to 4 million ordinary shares in Star Minerals, valued at around $212,000 based on the $0.053 SMS share price on 15 May 2026. The shares bolster Albright’s liquid assets, providing additional funding flexibility for its own exploration and development activities.

CEO Greg Hill praised Star Minerals’ achievement, noting the timing coincides with historically high gold prices. He highlighted that these shares will help fund Albright’s Golden Pike Project in Canada, which includes both gold and antimony exploration components. The company retains a further 3 million performance rights tied to the declaration of a Measured Mineral Resource at Tumblegum South, offering potential for more share issuance down the track.

Strategic Asset Sales and Focus on Canadian Gold

Albright Metals’ receipt of SMS shares follows its 2021 sale of the Tumblegum South Gold Project to Star Minerals, structured with share and performance rights consideration. This deal has now begun to deliver tangible value with mining commencement.

Meanwhile, Albright has been sharpening its focus on its Canadian assets, notably the Golden Pike Gold and Antimony Project in New Brunswick. This project, acquired from Globex Mining Enterprises, covers over 3,200 hectares including the high-grade Vail Road gold deposit and the Bond Road antimony prospect. The project benefits from strong infrastructure and a favourable mining jurisdiction. Recent drilling results from Golden Pike have confirmed high-grade gold continuity, supporting plans for resource updates and development studies. These developments build on Albright’s strategy to prioritise high-impact assets, as reflected in the recent high-grade gold assays and tenement sales that have bolstered its balance sheet.

Maintaining Australian Interests While Expanding

Despite the pivot to Canada, Albright retains significant interests in Australia. Its Bryah Basin manganese joint venture with OM Holdings continues to progress, with over $4.5 million spent by OM to earn into the manganese rights. The company also holds copper, nickel, cobalt, and gold mineral rights at the Gabanintha project near Meekatharra, which hosts a JORC 2012 resource. This diversified portfolio provides multiple avenues for value creation.

Albright’s recent asset sales, including Bryah Basin tenements, have unlocked capital to support its Canadian ambitions, as seen in the $1.8 million tenement sale and subsequent funding rounds. The SMS shares received now add to this funding toolbox, offering non-dilutive capital to advance exploration and development.