A$1.46 million cash and 0.79 quarters of funding at Palisade

Finley Basin drilling moves closer, funding remains the constraint

Palisade Metals Limited (ASX:PM1) has advanced access and permitting work for its maiden drilling campaign at the Finley Basin tungsten project in Montana, while its cash position has tightened to a level that makes funding the next phase the immediate investor issue. The company ended the September quarter with A$1.46 million in cash, down from A$3.08 million, and reported estimated funding of 0.79 quarters based on its relevant quarterly outgoings.

Montana project landholding more than doubles

Palisade expanded Finley Basin’s landholding from 372 hectares to more than 752 hectares, a 102% increase achieved through staking 47 additional federal mineral claims during the quarter. The expansion builds on the earlier Finley Basin expansion, which had taken the project to 696 hectares and positioned it for maiden drilling.

Field work during the quarter included geological mapping, surface sampling and ultraviolet night traverses that confirmed scheelite-bearing outcrops in the Amsden Formation. Palisade also reviewed Union Carbide’s historical exploration database and marked old access tracks and drill pads, which it said may help reduce ground disturbance during drilling and assist with permitting.

Seven-hole program awaits timing and capital

The initial road-access program comprises seven diamond holes from four pads, covering up to approximately 3,100 metres. It is intended to twin historical holes and test the down-dip continuity of previously identified tungsten mineralisation. A broader permitted exploration program allows for up to 7,000 metres across 16 drill sites, although any helicopter-supported work will be assessed after the first results.

Following quarter end, the Montana Department of Environmental Quality confirmed a reduced seasonal reclamation bond for the initial road-access program, while the U.S. Forest Service issued a non-federal commercial road-use permit. Palisade has not set a drilling date: timing remains dependent on funding, seasonal conditions and contractor availability.

Historical tungsten estimate carries no JORC status

The project’s attraction rests partly on a historical Union Carbide estimate of 850,000 tons at 0.68% WO3, based on 14 historical drill holes. That estimate is not a JORC 2012 mineral resource or ore reserve, has not been independently verified by Palisade and is not being adopted as a current resource. Future exploration could materially change the historical figures, and the company has given no assurance that exploration will establish an economically viable resource.

Beecher test work adds a 2027 catalyst

At the Beecher project in South Dakota, metallurgical work is testing whether rubidium can be extracted alongside lithium and whether a combined process flowsheet can be developed. The March 2026 resource estimate totals 3.03 million tonnes at 1.00% Li2O and 0.116% Rb2O, including a 1.04 million-tonne high-grade rubidium zone. Results are expected in the first half of 2027, but the rubidium component is not included in the economic assumptions used to define the lithium resource’s reasonable prospects for eventual extraction.

Asset sales and equity funding enter the plan

Quarterly cash outflows included A$0.6 million on exploration and evaluation, A$0.6 million on administration and corporate costs, A$0.4 million on staff and A$0.4 million in term-sheet and due-diligence costs linked to a proposed acquisition. The sale of Arika Resources shares brought in A$285,000, but did not prevent the cash balance from falling sharply.

Palisade said it is pursuing potential asset realisations and equity funding alternatives, while retaining the ability to adjust exploration and corporate spending. It is also evaluating strategic pathways for selected South Dakota assets and non-core Western Australian holdings. The next meaningful test is whether those funding initiatives arrive before the company needs to commit capital to drilling at Finley Basin.