SER lines up three Queensland assay catalysts after busy field quarter

Three Queensland drilling campaigns move into execution

Strategic Energy Resources Limited (ASX:SER) has turned its Queensland portfolio into a rolling sequence of exploration catalysts, with drilling completed at Canobie, underway at Bulimba after quarter-end and scheduled next at Diamantina. The activity gives the copper-gold explorer a steady run of potential assay news, although no new drilling results were reported in the September quarter.

“Plan view of 3D constrained magnetic and gravity models with current and proposed drill holes from Charcoal Bore shown. Plan view cut at -625m.”

At Canobie, Fortescue fully funded more than 1,500 metres of diamond drilling across the Charcoal Bore and Alcala prospects. The campaign followed up copper and gold mineralisation encountered at Charcoal Bore in 2025 and tested Alcala, an untested magnetic and gravity anomaly near the intersection of the Gidyea and Quamby shear zones. Assays are expected in November, making Canobie the first near-term test of whether the geophysical targets translate into stronger mineralisation. The program forms the first stage of the three funded drilling programs outlined earlier this year.

Sumitomo-backed Bulimba reaches its first drill test

Bulimba is now moving from regional geophysics to a direct drill test. Sumitomo Metal Mining Oceania approved an exploration budget exceeding $1 million for 2026, funding a project-wide airborne gravity gradiometry survey and passive seismic work before a 600-metre diamond hole at the Coral Trout prospect.

The surveys covered 2,332 line-kilometres and 124 passive seismic stations, with Coral Trout selected as the first drill target in a structurally complex part of the Palmerville-Gamboola Fault Zone. SER describes the target as a reversely magnetised body modelled from about 225 metres below surface, potentially associated with a concealed intrusion-related gold system. That description remains an exploration thesis, not a resource estimate. Drilling began after quarter-end, supported by a $137,500 Queensland Government CEI grant.

Diamantina acquisition clears the way for maiden drilling

SER also completed the final consideration for its acquisition of 100% of the Diamantina Copper-Gold Project from Anglo American, paying $150,000 in cash and issuing 688,412 shares valued at $150,000. Anglo American now holds more than 2% of SER, with 1,438,412 shares. The transaction closes the ownership chapter and shifts attention to the first SER-led drill program, following the 100% Diamantina acquisition.

Native Title work and earthworks have been completed at Elizabeth Springs East, where two holes will target extensions to historical copper-bearing intersections. One prior hole returned 161 metres at 0.4% copper and 0.11 grams per tonne gold from 449 metres, including 17.3 metres at 1.76% copper and 0.37 grams per tonne gold. The company also cites a 0.67-metre interval grading 25.6% copper and 1.29 grams per tonne gold within that broader intersection. These historical results help explain the target selection, but the upcoming holes will need to confirm continuity and scale.

Capital raise lifts cash ahead of the assay cycle

SER raised $1.715 million before costs through a $1.25 million placement and an oversubscribed Share Purchase Plan, both priced at $0.12 a share. Existing shareholders provided strong support, while directors received approval to participate with $100,000. The raise expands on the July capital raise and was directed towards drilling at the 100%-owned Diamantina project.

Cash stood at $2.493 million at 30 September, up from $1.835 million at the previous quarter-end. The company reported quarterly net cash outflows of $208,000 from operations and $600,000 from investing activities, offset by $1.466 million in net financing inflows. On the Appendix 5B calculation, SER had an estimated 5.78 quarters of funding available, although $280,000 was held for Canobie and $714,000 for Bulimba joint venture activity. That provides a clearer runway than the balance sheet alone suggests, but the pace of exploration spending and the timing of partner contributions will remain important.