Turnstone Clears Swedish Survey Milestone as Potash Review Advances

Swedish Surveys Set the Next Exploration Decision

Turnstone Resources Ltd (ASX:TSR) has finished the first portfolio-wide geophysical campaign across its Swedish copper-gold assets, giving the explorer a new dataset before it commits to its next major field step. The drone surveys covered about 670 line kilometres across Glava, Torsby West and Klinten, with 25-metre line spacing, and were completed on schedule and within budget.

The work follows the company’s June copper-gold targeting update, which reported rock-chip results of up to 31.6 grams per tonne gold and 12.9% copper at Glava and validation of historic drilling at Torsby West. Turnstone will now combine the magnetic data with geological mapping and existing geochemical sampling to decide whether each area is ready for targeted electromagnetic surveying or drill testing.

“Turnstone Resources Swedish Portfolio”

“Location of Swedish licences”

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

At Glava, the survey is intended to test a deep intrusive model beneath the East and West Pit workings. At Torsby West, it will help assess whether historic copper workings are linked along a corridor extending up to about 25 kilometres within the permits, while at Klinten the focus is on diorite contacts and fracture arrays associated with its sheeted vein system. The company says drilling will only proceed once an unambiguous target has been defined.

Placement Funds Strategy but Cash Remains Tight

Turnstone raised A$835,000 in the September quarter from the first tranche of a A$1.1 million placement, with the remaining A$265,000 received in October after quarter-end. The placement issued 55 million shares at A$0.02 each, while the second tranche included A$165,000 of director commitments. The raising was initially reported as a A$1.1 million placement to advance Swedish exploration and review the German potash assets.

At 30 September, however, Turnstone held only A$557,483 in cash. Quarterly net operating and investing outflows totalled A$670,000, producing an estimated 0.85 quarters of funding at that spending rate. The company said it expects corporate costs to fall following changes to its administration structure, and intends to keep Swedish work staged through lower-cost mapping and data integration before deciding on drilling.

Potash Review Opens Possible Separation

The board has started a strategic options review for the Ohmgebirge potash project and related German assets. Options include separating the potash assets into a listed or unlisted vehicle, or bringing a new investor directly into the entity that holds them. Turnstone stressed that no transaction, structure or timetable has been approved.

The assets retain a substantial stated resource base, including an 83.1 million tonne probable ore reserve grading 12.6% K₂O and a 286 million tonne mineral resource grading 13.1% K₂O. The review also sits alongside an extended exclusivity period for negotiations over the neighbouring Sollstedt mine, now running to 31 December 2027. A German R&D tax rebate decision is expected in the December quarter.

Licence Transfers and Management Reset Remain Outstanding

Turnstone has received approval from Sweden’s Inspection for Strategic Products for the Glava 100 transfer, but legal ownership of all seven Swedish licences still rests with McKnight Resources AB on trust for the company. Approval from Sweden’s Mining Inspectorate is expected during the December quarter. The timing matters because Turnstone is finalising its 2027 exploration plans around the transfer process.

Richard Pearce is now non-executive chair, while Len Jubber has moved from managing director and chief executive officer to Board Advisor, Potash Strategy. The company plans to begin a CEO search as its asset base and strategy develop. Until then, its three directors are sharing executive duties, while the board must balance a new Swedish exploration program, an unresolved potash structure and the prospect of further funding.