Kali Metals expands Marble Bar gold pipeline with nine new targets

• 2.6m at 10.8g/t gold from 8.7m in final Marble Bar diamond drilling
• Nine new Marble Bar targets scheduled for October reconnaissance
• Mt Cudgewa rock chips returned up to 6.0% SnO2 and 0.38% WO3
• JX Advanced Metals to fund up to $700,000 of exploration through March 2027
• $5.242 million cash and zero debt at quarter end

Marble Bar drilling delivers shallow high-grade intersections

Kali Metals Limited (ASX:KM1) has finished its latest Marble Bar drilling campaign with a pair of shallow, high-grade diamond intersections, while expanding the number of targets competing for follow-up work. The final results included 2.6 metres at 10.8g/t gold from 8.7 metres and 1.8 metres at 7.4g/t gold from surface.

The Phase II program comprised 129 reverse-circulation holes totalling 4,059 metres and 16 diamond holes covering about 282 metres. It was designed to test gently dipping mineralisation mapped across a cumulative 3km strike at closer spacing across the Sherman, Tiger, Tiger 2 and Churchill prospects. The results remain exploration-stage findings: the report does not disclose a mineral resource or economic assessment.

The final drilling results add to the

Four new prospects and nine targets widen the gold pipeline

Rock-chip sampling across 48 samples identified four new gold prospects. Stug produced a peak assay of 53.1g/t gold, alongside several results above 3g/t; Vickers returned up to 5.8g/t, Pershing up to 1.7g/t and Chiha up to 1.8g/t. These are surface sampling results, useful for ranking targets but not equivalent to a drilled intercept or a defined resource.

Soil sampling added a 6.5km east-west gold-in-soil anomaly at E45/6430, as well as extensions near Tiger and a further 1.1km anomaly in the eastern part of E45/4700. After quarter end, drone imagery and geochemistry generated nine additional target areas. Kali plans a helicopter-supported mapping and sampling program across those areas from mid-October, with the results intended to determine which targets merit drilling.

The work builds on the

Mt Cudgewa advances tin and tungsten exploration

In Victoria, mapping at Mt Cudgewa outlined a mineralised vein system about 1.7km long and 250 metres wide, roughly 200 metres south of historic alluvial tin workings. Initial rock chips returned up to 6.0% SnO2 and 0.38% WO3, with multiple quartz-vein zones identified across the broader system.

Those results are consistent with the

JX funding reduces the immediate exploration burden

Kali’s binding memorandum of understanding with JX Advanced Metals provides up to $700,000 for exploration across its 1,413 square kilometre Southern Lachlan Fold Belt project through 31 March 2027. Kali will manage the program and may charge a management fee. After the due-diligence period, JX has an option to negotiate a formal farm-in or joint venture by 30 June 2027; no such transaction has been completed.

The arrangement follows the

Cash position supports roughly three quarters of planned work

Kali held $5.242 million in cash and had no debt at 30 September, down from $6.841 million at the previous quarter end. Exploration and evaluation payments totalled $1.425 million, while net operating and financing outflows brought total relevant quarterly outgoings to $1.553 million. On the Appendix 5B calculation, that equates to 3.4 quarters of funding, excluding any future funding from JX.

The next evidence will come from the October Marble Bar reconnaissance, further work at Mt Cudgewa and the JX-funded Southern Lachlan program. High-grade samples have expanded Kali’s exploration choices, but the company now faces the harder task of converting a wide target inventory into repeatable results, drilling priorities and eventually an economic case.

Bottom Line?

Kali has more targets and an external exploration backer, but the next value test is whether reconnaissance and follow-up drilling can turn surface indications into a defined mineralised system.

Questions in the middle?

• Will the nine new Marble Bar target areas produce drill-ready prospects after the October reconnaissance program?
• Can follow-up sampling at Mt Cudgewa confirm continuity and scale beyond the strongest rock-chip results?
• Will JX move from funded due diligence to a formal farm-in or joint venture by June 2027?