Perpetual builds a bigger Nevada tungsten target with grades up to 12.03% WO₃

Nevada tungsten project moves from acquisition to validation

Perpetual Resources Limited (ASX:PEC) is now testing whether a historic Nevada tungsten mine can support a modern exploration story, rather than simply owning an interesting piece of mining history. The company completed its acquisition of the Nevada Scheelite project in July, added 62 surrounding lode claims and subsequently reported selective underground samples grading as high as 12.03% WO₃.

“Perpetual is active in exploring for lithium and other critical minerals in the Minas Gerais region of Brazil, where it has secured approximately ~4,000 hectares of highly…”

“Location of the newly staked 62 lode claims relative to the four patented claims acquired by Perpetual, which comprise the Nevada Scheelite Tungsten Project.”

Caption and image © Perpetual Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

The new claims add approximately 1,272 acres to the four patented claims covering the historic mine, taking the broader exploration footprint to more than 15 times the original patented area. The ground is intended to capture interpreted strike extensions and parallel geological trends, but Perpetual has cautioned that the new claims remain untested and no conclusion can yet be drawn about their grade, continuity or economic significance. The expansion was the subject of the Nevada claim expansion, which outlined the same shift from a historic mine redevelopment opportunity towards a larger exploration play.

High-grade samples remain encouraging but selective

Modern underground sampling supplied the quarter's most marketable numbers. Eight of nine underground samples exceeded 1% WO₃, with five above 4%, including results of 5.79%, 5.76%, 4.89%, 4.48% and the 12.03% peak sample. Surface sampling reached 1.18% WO₃, while additional mineralisation was identified at the Viking's Daughter prospect. The company has completed its first underground LiDAR survey and is combining the resulting 3D model with mine plans, historical drilling and sampling data.

“Sample location plan showing rock chip samples NVS001 to NVS006 relative to the Nevada Scheelite Mine workings, claim boundaries and published 1:24,000-scale geological mapping…”

“400 Level plan with two cross sections exhibiting the Nevada Scheelite contact zone, highlighting granodiorite overhangs that historically hosted the highest-grade ore shoots…”

Caption and image © Perpetual Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 28 Oct 2026.

Those grades are not a resource estimate. The samples were selectively collected from accessible historic workings and are not representative of average grades, mineralised widths or continuity. The company’s 12.03% tungsten sample was previously reported with the same qualification: the result points to high-grade mineralisation, but does not establish how much of it exists or whether it can be mined economically.

Historical records offer a larger, though less reliable, body of evidence. Perpetual reviewed 42 Union Carbide drill holes and found 22 containing reported intervals at or above 0.2% WO₃, including 7.01 metres at 1.95% WO₃ and 7.59 metres at 1.50% WO₃. These are downhole lengths with unknown true widths, drawn from archival compilations lacking complete sampling and quality-control records. They remain unverified, represent roughly 10% of the identified drilling archive and do not form part of a JORC Mineral Resource or Exploration Target.

Drilling pipeline grows as funding becomes the constraint

“Long section view (looking NW) of the underground LiDAR model combined with digitisation of underground long section and level plans of the Nevada Scheelite Mine, showing…”

Perpetual is using the LiDAR survey, surviving historical core and digitised mine data to select targets for its maiden modern drilling program at Nevada Scheelite, which it is targeting for late 2026 subject to permitting and rig availability. The company also plans soil geochemistry across the expanded claims and intends to re-assay surviving historical core where appropriate. Its US government engagement strategy, supported by GreenMet, is assessing potential funding, financing and strategic partnership pathways, but no funding has been secured. The US funding assessment remains a potential source of support rather than committed capital.

The financial arithmetic gives those discussions added importance. Perpetual ended the quarter with A$1.639 million in cash after operating outflows of A$295,000 and exploration and evaluation spending of A$396,000. On the quarter's relevant outgoings, the Appendix 5B calculated an estimated 2.37 quarters of funding. A further US$100,000 in cash, alongside consideration shares of equivalent value, is due for the Nevada acquisition by 17 December 2026, while later staged consideration totals US$1.85 million in cash and US$1.85 million in shares through June 2030. Stage 4 to Stage 7 consideration shares remain subject to shareholder approval.

“Map showing the Igrejinha tenement area and locations of the Morro Grande and Mauricio Targets, including interpreted pegmatite projections, previous exploration and areas…”

Brazil adds a second active source of exploration news. At Igrejinha, an approximately 1,500-metre, 22-hole HQ diamond program has commenced across the Mauricio and Morro Grande prospects, targeting primary pegmatite beneath weathered material. At Paraíba, six of 18 selective rock-chip samples exceeded 0.50% WO₃, with a peak of 1.53%, while Perpetual is planning follow-up mapping, sampling and target ranking. Raptor is also being assessed for resource-definition drilling, although its program scope, budget and timing are not yet finalised.

The next useful test is therefore not another isolated high-grade number. It is whether Perpetual can convert a compelling but fragmented dataset into drill targets, repeatable widths and a resource-quality geological model before its cash position forces a funding decision. Nevada’s first modern drilling, Igrejinha’s core assays and the December acquisition payment should make that tension more visible over the coming quarter.