iTech Minerals has unveiled a transformative year at its Reynolds Range project with high-grade gold-antimony discoveries and a lithium joint venture with SQM, while managing a $1.09 million net loss and bolstering its cash reserves.
- Discovery of high-grade antimony zones at Reynolds Range
- Lithium joint venture with SQM underway
- Maiden drilling confirms significant gold-antimony mineralisation
- Eyre Peninsula graphite project progresses despite market downturn
- FY2026 net loss narrows to $1.09 million with $4 million cash
Reynolds Range Emerges as Multi-Mineral Hotspot
iTech Minerals Ltd (ASX:ITM) has reshaped the narrative at its Reynolds Range project in the Northern Territory, uncovering high-grade antimony zones alongside substantial gold mineralisation and launching a lithium joint venture with global giant Sociedad Química y Minera de Chile (SQM). The past year saw the discovery of continuous antimony zones over 300 metres long at the Sabre and Falchion prospects, with rock chip assays reaching up to 30.6% antimony and 24 g/t gold, marking Reynolds Range as a significant new gold-antimony system.
These findings were bolstered by maiden reverse circulation drilling that returned standout intersections such as 31 metres at 2.5 g/t gold from 61 metres at Sabre and 14 metres at 6.31 g/t gold from 18 metres at Falchion, confirming the project's robust potential. A detailed drone magnetic survey further expanded the prospective structural trend from 2.5 kilometres to over 13 kilometres, revealing multiple east-west controlling structures that now guide targeted soil sampling and drilling efforts more efficiently than ever before.
Strategic Lithium Partnership with SQM
Capitalising on the discovery of spodumene-bearing pegmatites, iTech formalised a lithium joint venture with SQM in September 2025. Under the agreement, SQM can earn up to 70% of the lithium rights by funding exploration and development, while iTech retains 100% of non-lithium minerals including gold, antimony, and copper. This partnership has already injected $2 million into iTech’s coffers and has seen SQM commence extensive geophysical programs and prepare for lithium drilling in the latter half of 2026, combining SQM’s global lithium expertise with iTech’s local knowledge.
Eyre Peninsula Graphite Project Advances Amid Market Challenges
Despite a global downturn in graphite prices, iTech continued to progress its Eyre Peninsula Graphite Project in South Australia. The project boasts a JORC-compliant global resource of 35.2 million tonnes at 6.0% total graphitic carbon (TGC), with recent metallurgical work achieving up to 94% graphite concentrate at recoveries between 93% and 95%. Focused on unlocking the Sugarloaf prospect, which holds an exploration target of 158 to 264 million tonnes at 7-12% TGC, iTech is collaborating with METS Engineering and Adelaide University to develop innovative processing flowsheets tailored to the microcrystalline graphite, positioning the project for a potential rebound in graphite demand.
Financial Performance and Corporate Governance
For the financial year ended 30 June 2026, iTech reported a net loss of $1.09 million, a modest improvement from the previous year’s $1.22 million loss. This reduction was aided by $1.9 million in other income, primarily from the SQM farm-in agreement, offset partially by a $1.74 million impairment related to the Nackara Arc exploration licences deemed non-core at present. The company’s cash position strengthened significantly to $4.02 million, underpinning ongoing exploration activities.
The board, comprising seasoned mining professionals including Managing Director Michael Schwarz and Non-Executive Chairman Glenn Davis, continues to align remuneration with shareholder interests through performance rights and options. The company maintains rigorous governance standards and environmental compliance across its operations.
What Lies Ahead for iTech Minerals
With a sharper geological model, expanded exploration footprint, and a strong lithium partner in SQM, iTech is poised for an active drilling campaign targeting the three-dimensional geometry of high-grade gold-antimony shoots at Reynolds Range. Meanwhile, the Eyre Peninsula graphite project advances metallurgical research to overcome beneficiation challenges. The coming year will test whether these efforts translate into resource upgrades and commercial breakthroughs, especially as lithium and battery materials markets evolve.
Bottom Line?
iTech Minerals has laid a solid foundation at Reynolds Range and strengthened its lithium ambitions with SQM, but upcoming drilling results and market dynamics will be pivotal in defining its trajectory.
Questions in the middle?
- Will ongoing drilling at Reynolds Range confirm the scale and continuity of the high-grade gold-antimony system?
- How will SQM’s lithium exploration progress influence iTech’s stake and project valuation over the next 18 months?
- Can metallurgical advances at Eyre Peninsula unlock commercial viability for the microcrystalline graphite amid current market pressures?