Dart Mining starts deep Walwa drilling with tin and funding catalysts ahead

Walwa drilling moves from theory to testing

Dart Mining NL (ASX:DTM) has moved its Walwa tin-tantalum project from historical-data review into field testing, with a 1,500-metre diamond drilling program starting on 16 October. The campaign is designed to test two targets beneath the historic Walwa, or Mt Alwa, mine, where previous drilling reached no deeper than 160 metres and averaged about 50 metres.

“Walwa is an early drill target for multiple sub-horizontal tin lodes to 8m thickness and conceptually for a large high-grade tin greisen in the uppermost part of the underlying…”

“Plan showing rock chip sample locations, Walwa tin mine area, showing the June 2026 samples (red stars), historical rock chip samples with published or digitised locations…”

Caption and image © Dart Mining NL. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The targets are ambitious rather than established resources. A seismic survey interpreted up to four further aplite-pegmatite dykes below the drilled zones, while Dart is also testing a conceptual greisen-hosted tin target near the top of a possible buried intrusion, estimated at 400 to 600 metres below surface. The work builds on the Walwa 3.96% tin results, which came from selective rock-chip samples and included elevated tantalum and niobium. Those samples support the exploration thesis, but do not establish representative grades or continuity.

“Overview of the Wagga Tin Belt (from DTM:ASX 11 August 2026).”

Dart says Walwa has recorded 162 tonnes of tin production and has compiled 150 historic drill holes totalling 7,672 metres. Historical, pre-JORC estimates cited in the report include 8.64 million tonnes at 0.163% tin and 50 parts per million tantalum pentoxide at Mt Alwa, plus a higher-grade selective zone. The company expressly states these figures are not current Mineral Resources or Ore Reserves and may not be capable of conversion into JORC-compliant resources.

Yamarna expands the portfolio into Western Australia

“Project Locations”

The quarter also broadened Dart’s geographic footprint. The company is progressing its agreement to acquire 865 square kilometres in Western Australia’s Yamarna district, about 25 kilometres west of Gold Fields’ 8Moz Gruyere mine. The package comprises one granted tenement and seven applications, with exposure to both gold and lithium targets.

The Yamarna South ground carries a reported 20-kilometre gold trend identified by broad-spaced auger work, while Yamarna North includes rock-chip results of up to 19.9g/t gold at Sail & Anchor and soil anomalies at Yilly Yilly. Dart plans infill auger work, geophysics and systematic air-core drilling, but the applications remain in the approvals process. The acquisition itself, funded through cash, shares, options and a 1% net smelter royalty, was previously backed by the 865km² Yamarna acquisition.

Coonambula advances toward a maiden resource

In Queensland, Dart increased its interest in the Coonambula antimony-gold joint venture with Great Divide Mining to 45% through its drilling contribution. It expects to reach 51% after completing metallurgical studies and declaring a maiden JORC-compliant Mineral Resource Estimate.

“Location plan showing CBADD023–CBADD039 drill hole collars relative to previously reported holes and the interpreted Banshee mineralisation zone.”

The latest drilling completed the assay dataset from the Banshee program and confirmed gold, with associated silver and antimony, across the 730 metres drilled to date. Highlights included 12 metres at 1.03g/t gold and 1.01g/t silver, 3 metres at 1.96g/t gold and 1.1 metres at 3.81g/t gold. The company says gold is distributed along strike, while the richest silver-antimony grades sit in discrete zones near the historic workings. That distinction matters: the latest holes generally carried less than 0.1% antimony, despite visible stibnite, so the high-grade antimony story remains dependent on identifying those concentrated shoots. The project’s earlier drilling and resource plans were outlined in the Banshee 730m gold results.

Cash position leaves little room for delay

The report’s most immediate constraint is financial. Dart ended the September quarter with A$273,000 in cash after A$574,000 of investing outflows, including A$441,000 spent on exploration and evaluation. The Appendix 5B calculation puts available funding at 0.62 quarters based on relevant outgoings of A$437,000, with no unused financing facilities recorded.

Dart says it expects to maintain its current net operating cash-flow level and continue operations on the basis of a successful capital raise. A second tranche of A$1.371 million is subject to shareholder approval on 10 November 2026. The company is also pursuing the sale of Victorian assets to Indigo Metals, but that transaction is tied to Indigo’s proposed initial public offering and admission to the ASX. Until those funding and divestment steps are completed, Walwa drilling, Coonambula resource work and Yamarna exploration are competing for a comparatively thin cash buffer.