Maverick Minerals Raises $5 Million, Advances Exploration in West Arunta

Strategic Expansion in West Arunta

Maverick Minerals Australia Ltd (ASX:M96) has completed the acquisition of the Viper Project tenements in Western Australia’s West Arunta region, a move that significantly broadens its exploration footprint. The company paid $2.7 million (excluding GST) as part of the acquisition, which was finalised shortly after the end of the June quarter.

The Viper Project, formerly known as the Chobe Project, covers a geologically prospective area characterised by listric, north-dipping reverse faults exposing the Aileron Province basement. Maverick’s due diligence highlighted the potential for niobium, rare earth elements, and iron oxide copper gold (IOCG) mineralisation, positioning the project as a key focus for upcoming exploration efforts.

Capital Raise Supports Exploration Ambitions

Backing its expansion plans, Maverick raised $5 million (before costs) through a two-tranche placement to sophisticated investors. The first tranche, completed in early May, raised $2.46 million via the issue of 205 million shares under the company’s 15% placement capacity. This was ratified by shareholders in June. The second tranche followed in late June, raising $2.54 million through the issue of over 211 million shares accompanied by 208 million free attaching options exercisable at $0.02 and expiring in December 2028.

Alongside the placement, 17.25 million options were exercised during the quarter, converting into an equal number of shares and further bolstering Maverick’s cash position, which stood at $5.3 million at quarter-end.

Early-Stage Work at Bonnie Rock and Earoo

Exploration activities continued at the Bonnie Rock and Earoo projects with reconnaissance fieldwork and soil sampling. At Bonnie Rock, field inspections confirmed the presence of quartz veining with variable thickness and continuity, and samples have been sent for assay with results pending. Historical data from the broader bilocupping prospect area will be reviewed alongside these results to inform next steps.

At Earoo, 30 soil samples were collected to assess the potential for limited aircore scout drilling aimed at testing previously identified gravity and VTEM anomalies linked to the Earoo Sill intrusive system.

Tampu Project Maintained Amid Strategic Review

The Tampu Project tenements are being maintained with minimal exploration expenditure to keep them in good standing. Maverick is exploring options to develop the project’s previously identified mineral resource, including research into converting kaolin to high-purity alumina (HPA) to enhance commercial viability. However, details remain confidential and outcomes uncertain at this stage.

Looking Ahead to Increased Drilling Activity

With the Viper acquisition complete and further tenements under due diligence, Maverick is gearing up for a proposed drilling program in the latter part of 2026. The company intends to evaluate the initial exploration results from Bonnie Rock and Earoo to decide on further drilling or other activities. The upcoming months will be critical in testing the new ground and advancing the company’s portfolio in a region increasingly recognised for its rare earth and critical mineral potential.