Marquee Resources has secured a binding agreement to acquire the historic Tungsten Mountain Project in Nevada, expanding its critical minerals portfolio, supported by a $3.2 million capital raise to fund acquisition and exploration.
- Binding agreement to acquire 100% of Tungsten Mountain Project
- Historic tungsten production with significant exploration upside
- Capital raising of A$3.205 million underway
- Advancement of key projects including Mt Clement and Redlings
- Legal proceedings ongoing at Kibby Basin with updates expected
Tungsten Mountain Acquisition Adds US-Based Critical Mineral Asset
Marquee Resources Limited (ASX:MQR) is set to expand its critical minerals footprint with a binding agreement to acquire a 100% interest in the Tungsten Mountain Project, located in Churchill County, Nevada. The historic scheelite skarn mine, discovered in 1951, offers a brownfield opportunity with documented past production and extensive underground workings spanning over 950 metres.
The project’s strategic location benefits from proximity to infrastructure, including maintained gravel roads and a nearby 41 MW geothermal power plant, supporting potential future operations. Historical production between 1954 and 1961 yielded nearly 7,000 dry short tons at an average grade of 1.16% WO3, with concentrate grades exceeding 65% WO3. However, these figures remain indicative as the records are not reconciled to modern standards.
Exploration Program Targets Historical Data Validation and Modern Assessment
Marquee plans a phased exploration approach, commencing with validation of historical data, detailed geological mapping, and ultraviolet-lamp surveys to identify scheelite mineralisation. Subsequent phases include geophysical surveys and an initial drilling campaign of approximately 1,000 metres, aimed at confirming mineralisation continuity and advancing towards a JORC-compliant Mineral Resource. The project’s mineralisation remains open along strike and at depth, with multiple untested structural targets identified.
The acquisition consideration includes US$125,000 cash on completion, US$1 million in Marquee shares subject to shareholder approval, milestone shares contingent on resource delivery, and a 2% net smelter return royalty split between two vendors. Completion hinges on customary approvals, including a shareholder vote scheduled for 14 August 2026.
Capital Raising Supports Acquisition and Portfolio Advancement
To fund the Tungsten Mountain acquisition and exploration activities, Marquee has launched a capital raising package totalling approximately A$3.205 million. This comprises a A$2.183 million placement and a pro-rata non-renounceable entitlement offer to raise up to A$1.022 million, priced at A$0.005 per share with free-attaching options exercisable at A$0.02. The entitlement offer closed on 27 July 2026, with results due shortly. The raising aims to cover acquisition payments, exploration programs, and assessments for potential US government critical-minerals funding.
Progress on Other Key Projects and Corporate Updates
Beyond Tungsten Mountain, Marquee is advancing its Mt Clement Antimony Project in Western Australia, which saw a 69% increase in its Inferred Mineral Resource Estimate to 1.93 million tonnes at 0.6% antimony equivalent. Phase 3 drilling is slated for later in 2026 to extend mineralisation and support metallurgical testwork.
At the Redlings Rare Earth Element Project, Marquee secured a Research and Development Patent License and Option Agreement with UT-Battelle LLC, operator of Oak Ridge National Laboratory under the US Department of Energy. This grants access to advanced rare-earth extraction technologies, including the NEAREST process, which promises lower reagent use and waste generation for clay-rich deposits like Redlings.
Exploration preparations continue at the Yindi Gold and Lithium Project with a first-phase RC drilling program planned for early September 2026, targeting structurally controlled gold mineralisation beneath transported cover. Meanwhile, at West Spargoville, a recent mapping and surface sampling program has been completed, with results expected in 4–6 weeks to guide potential follow-up drilling.
Legal proceedings remain active for the Kibby Basin lithium project in Nevada, with Marquee anticipating further market updates later in 2026. The company also continues to evaluate potential project divestments and strategic transactions to streamline its portfolio.
Financial Position and Outlook
Marquee ended the quarter with cash reserves of A$987,000, excluding an expected R&D tax incentive refund of approximately A$500,000 due in August or September 2026. Operating and investing activities reflected ongoing expenditure on exploration and corporate costs, partially offset by financing inflows from the capital raising.
The company’s immediate priorities include progressing the Tungsten Mountain acquisition through shareholder approval, initiating the initial exploration program, advancing Mt Clement drilling preparations, commencing Yindi drilling, and assessing the application of licensed REE separation technology at Redlings. The upcoming shareholder meeting on 14 August will be pivotal for approving share issues related to the Tungsten Mountain transaction.
Bottom Line?
Marquee’s acquisition of Tungsten Mountain and concurrent capital raise mark a bold step into US tungsten assets, but success hinges on validating historical data and securing shareholder backing.
Questions in the middle?
- Will Marquee successfully convert historical tungsten data into a JORC-compliant resource at Tungsten Mountain?
- How will the integration of NEAREST technology impact the economics of the Redlings REE project?
- What is the timeline and potential outcome of the Kibby Basin legal proceedings and their impact on project value?