Maverick Minerals has turned its expanded West Arunta portfolio into an active drilling campaign, but the September quarter left the explorer with A$1.503 million in cash and estimated funding for about two quarters. Pokali East assays expected in early 2027 could become the next major test of the strategy.
- A$1.503 million cash balance at 30 September 2026
- Approximately A$3.381 million spent on investing activities during the quarter
- Up to 4,900 metres of Pokali East drilling now underway
- Viper ground gravity survey planned to refine drill targets
- Estimated funding available for approximately two quarters
West Arunta expansion consumes most of Maverick’s cash
Maverick Minerals Australia Ltd (ASX:M96) has moved quickly from acquiring ground in Western Australia’s West Arunta to drilling it, but the pace has come at a clear financial cost. The explorer ended the September quarter with A$1.503 million in cash, down from A$5.300 million three months earlier, after paying A$2.7 million for the Viper Project and A$100,000 towards its 90% acquisition of Lyza Mining.
The spending pushed investing cash outflows to A$3.381 million for the quarter, including A$342,000 on exploration and evaluation. Operating outflows added A$419,000, while option exercises contributed just A$2,743. On the quarter’s relevant outgoings, Maverick calculated total available funding of A$1.548 million, including an unused A$45,000 credit facility, equivalent to approximately two quarters.
Pokali East drilling creates the nearest exploration catalyst
The most immediate test is Pokali East, where drilling commenced on 27 October after a rig arrived the previous day. The program comprises up to 14 reverse-circulation and aircore holes for approximately 4,900 metres, targeting interpreted extensions of a copper corridor along strike and at depth. Samples are being sent for laboratory analysis as drilling progresses, with assays expected in early calendar 2027.
The program is built around historical results reported by Rincon Resources, including 212 metres at 0.23% copper from two metres and a higher-grade interval of four metres at 3.87% copper within a broader 62-metre interval grading 0.35% copper. Maverick said those results, along with rock-chip samples grading as high as 17% copper, have not been independently verified by the company. The drilling is described as the first phase towards a maiden JORC Mineral Resource Estimate, not as a resource definition program with an established outcome.
The acquisition that brought Pokali into Maverick’s portfolio was covered in the 90% Lyza Mining acquisition, which added eight West Arunta tenements and left Rincon with a 10% interest under a free-carried joint venture until a decision to mine. Maverick still requires shareholder approval for A$500,000 of initial consideration to be paid in shares at A$0.015 each; if approval is not obtained by 30 November, the consideration is payable in cash. A further A$500,000 in shares is tied to completion of initial and secondary drilling programs, while a A$200,000 facilitation fee is payable in shares or cash subject to approval.
Viper targets await gravity survey ranking
At Viper, Maverick holds a 75% interest in eight granted exploration licences and seven applications, with Caprice Resources and other minority holders free-carried until a decision to mine. The company has completed a high-resolution airborne magnetic, radiometric and digital elevation survey, and says the merged data sharpened interpretations of structural corridors that may have focused intrusion and hydrothermal fluid flow.
Three areas, Viper East, Viper Central and Viper West, have been selected for a first-pass ground gravity survey. Atlas Geophysics is undertaking the work across a 400-metre by 400-metre station grid, with the results intended to rank targets for mapping, geochemical sampling and eventual drill definition. This is still target-generation work: the filing identifies possible rare earth element-niobium, IOCG, gold and base-metal systems but reports no new drilling results or discovery.
Funding pressure meets an expanding exploration program
The capital structure also carries the imprint of the expansion. Maverick issued 25 million shares and 12.5 million options to CPS Capital as lead manager fees relating to its A$5 million placement, and a further 20 million shares and 20 million options to Wolf Like Me for the Viper acquisition facilitation fee. Those options are exercisable at A$0.02 and expire on 25 December 2028.
Maverick has reduced commitments at its older projects, surrendering Bonnie Rock, Earoo, Wiltshire and several Tampu tenements while retaining the ground around its previously identified Tampu mineral resource. That may preserve cash, but the company’s immediate program now includes Pokali drilling, Viper gravity work and the potential cash settlement of acquisition-related consideration. The next assays may therefore matter for more than geological interest: they arrive against a funding estimate based on a quarter before the full drilling spend was reflected.
Bottom Line?
Pokali East assays expected in early 2027 will arrive alongside a more immediate question: how Maverick funds the next phase if exploration spending accelerates.
Questions in the middle?
- Will Pokali East drilling confirm extensions to the historical copper corridor, or require a change in targeting?
- How much will the drilling and Viper gravity programs alter the company’s approximately two-quarter funding estimate?
- Will shareholders approve the share-based acquisition consideration and facilitation fee, avoiding additional cash demands?