Codrus Reports $23,000 Exploration Spend and $198,000 Cash at June Quarter

Strategic Shift Focuses on Project Portfolio and Capital Discipline

Codrus Minerals Limited (ASX:CDR) took a step back from field exploration during the June 2026 quarter, instead concentrating on technical reviews, strategic planning, and capital management to position itself for future growth. The company did not complete any acquisitions but actively assessed potential projects and partnerships aimed at enhancing shareholder value.

Bull Run Gold Project Highlights Polymetallic Upside

At its flagship Bull Run Gold Project in Oregon, USA, Codrus continued to digest results from its 2025 reconnaissance drilling, revealing high-grade molybdenum assays up to 4.2% Mo in the Lady May Zone. These findings reinforce the presence of a valuable polymetallic system, with rock chip samples and coincident soil anomalies supporting the potential for a broader porphyry-related copper, gold, and molybdenum mineralised system. A follow-up field program is being designed to advance molybdenum targets toward drill testing, signalling a pivot towards polymetallic exploration beyond gold. This builds on previous announcements that first brought attention to the project's molybdenum potential and the geological complexity of the district.high-grade molybdenum assays up to 4.2% Mo

Karloning Rare Earths Project Under Data Reassessment

In Western Australia, Codrus has initiated a detailed desktop review of historical data at the Karloning Rare Earths Project. Early indications point to significant tantalum and niobium mineralisation within a multi-commodity pegmatite system, potentially linking shallow clay-hosted rare earth elements with an underlying pegmatite source enriched in critical metals. The company plans an overlimit re-assay program to validate these findings and improve confidence in the dataset, aiming to clarify the project's scale and commercial potential.

Encouraging Uranium Signals at Jasper Wedge, Canada

Codrus maintained momentum at its Jasper Wedge Uranium Project in Saskatchewan by analysing geochemical and geophysical data from the 2024 field program. Soil assays revealed uranium levels slightly above regional background, complicated by masking elements like thorium and vanadium. However, element ratio analysis highlighted uranium anomalism at key targets JW6A, JW7, and JW10. Notably, rock chip samples from JW6A and JW10 returned strongly anomalous uranium values of 5.3ppm and 4.6ppm respectively, consistent with exploration models in the Athabasca Basin. These results support the project's prospectivity and underpin ongoing refinement of target areas and exploration methodologies.

Financial Discipline Amid Limited Exploration

Codrus ended the quarter with A$198,000 in cash, reflecting a disciplined approach to expenditure with exploration outlays of just A$23,000. The company generated approximately A$74,000 from the sale of 7.85 million shares in Moho Resources, maintaining operational flexibility. Despite a cash burn, Codrus signalled plans for a capital raise and a proposed acquisition announced post-quarter, indicating a strategic intent to bolster its financial position and advance its project pipeline.

Tenement Holdings and Future Prospects

The company’s portfolio remains diverse, with full or partial interests in gold, rare earth, and uranium projects across the US, Australia, and Canada. Notably, some tenements at Jasper Wedge and Nanuk Uranium Projects are held via agreements, which may influence timing and control. No new tenements were acquired or disposed of during the quarter, underscoring the company’s focus on internal assessment rather than expansion.