Latest Critical Minerals Exploration News

Resouro Strategic Metals reported a C$2.45 million comprehensive loss and used C$2.59 million in operating cash in the six months to September 30, leaving C$1.06 million on hand. A C$2.5 million share placement helped cover the shortfall, but the company warned that continued financing may be needed to sustain operations.

Palisade Metals has expanded its Finley Basin tungsten project and moved closer to maiden drilling in Montana, but ended September with A$1.46 million in cash and estimated funding for only 0.79 quarters. The company is considering asset sales and equity funding alternatives as it advances its North American critical minerals strategy.

Red Mountain Mining has completed its maiden 1,776-metre drill program at Oaky Creek, with antimony-gold assays due in November. In Montana, surface sampling confirmed tungsten mineralisation across three Pioneer prospects, while the company ended the quarter with A$1.022 million in cash and an estimated 2.2 quarters of funding.

Terra Critical Minerals has secured formal access to Glen Eden Station in NSW, clearing a 30-year land access barrier ahead of planned tungsten drilling. The explorer ended September with A$274,000 in cash and an estimated four quarters of funding at its current spending rate, before the cost of drilling is considered.

Morella Corporation Limited (ASX:1MC) has put a maiden 5.44 million tonne Inferred resource at Mt Edon on the books, but entered the next phase with only A$555,000 in cash and an estimated 0.7 quarters of funding. Mac Well exploration and a proposed Elevra portfolio expansion add upside, while further drilling and metallurgical work remain unfunded beyond the near term.

Octava Minerals is pursuing a staged Argentine fluorspar option while its auditor flags material uncertainty over the explorer’s ability to continue as a going concern. The company ended September with A$322,000 in cash and is relying on shareholder-backed funding to advance both the new project and its Byro critical minerals target.

Stelar Metals has repositioned around the Hill of Leaders Tungsten Project after rock-chip assays reached 15.69% WO₃, but the discovery remains early-stage and the company is still loss-making. A subsequent A$2.628 million placement gives the explorer more room to test the system with maiden drilling.

OZZ Resources has completed its return to the ASX with a new critical minerals focus, but its $3.884 million cash balance is yet to translate into Bedaburra exploration spending. The company is now seeking to expand the Western Australian project while it rebuilds its exploration pipeline.

OD6 Metals has converted a run of high-grade Nevada fluorspar discoveries into a proposed 10,000-metre maiden drilling and bulk-sampling campaign. The company ended September with A$1.775 million in cash, but a subsequent A$6.92 million placement lifted pro forma funds to about A$8.695 million before costs and later movements.

Chilwa Minerals has lodged a prospectus supporting a fully underwritten US$3.5 million Nasdaq IPO, with most of the proceeds earmarked for exploration at its Chilwa Critical Minerals Project. The raising would strengthen its cash position, but the prospectus also flags material going-concern uncertainty and further funding needs.

Terra Critical Minerals has expanded across tungsten, tin and uranium in three mining jurisdictions, but its FY2026 accounts put the funding challenge front and centre. The ASX-listed explorer ended the year with $336,585 in cash and an auditor-flagged material uncertainty over its ability to continue as a going concern.

Tyranna Resources has reported a A$3.72 million FY2026 loss, A$370,484 in closing cash and an auditor-flagged material uncertainty over its ability to continue as a going concern. The company has since sold its Namibe project, raised A$1 million and committed to a new rare earths earn-in in Angola.