Latest Le Minerals (ASX:LEL) News

LE Minerals finished FY2026 with an A$48.2 million statutory profit, but the result was driven by a one-off A$58.1 million after-tax gain from selling its Solaroz lithium project interest. The company ended the year with A$60.2 million in cash and term deposits as it reshapes its portfolio around Queensland and Utah exploration assets.

LE Minerals has amended its proposed $20 million sale of three Queensland graphite projects after ASX flagged promoter and classified-asset rules that could lock up consideration shares. The cash component may now range from $2 million to $5 million, while shareholder approvals and MBM’s proposed IPO remain key execution hurdles.

LE Minerals has confirmed lithium-bearing brines across its White Plains project in Utah, with 12 direct push holes returning grades of up to 114 mg/L at 15 metres. The company will now work towards a maiden JORC Mineral Resource, although five southern auger sites produced no brine and several claims were not renewed.

LE Minerals (ASX:LEL) reported a strong $60.4 million cash reserve as it progresses a $20 million sale and spin-out of its Queensland graphite assets to M Battery Materials. Meanwhile, exploration at its Capricorn Gold-Copper Belt and White Plains Lithium projects continues with mixed early results.

LE Minerals has received further assay results from its Burke-Mt Dromedary drilling program, confirming thick, high-grade graphite mineralisation between deposits and supporting an expanded resource estimate. The company is advancing a $20 million sale of these assets to M Battery Materials, which plans an ASX IPO.

LE Minerals has significantly expanded its White Plains Lithium Brine Project in Utah by securing an additional 2,340 hectares of mineral leases, boosting its total landholding to around 8,520 hectares. The company now holds exclusive rights to explore lithium and other mineral salts for three years, with the option to enter a 10-year extraction lease thereafter.

LE Minerals has progressed its $20 million sale of key Queensland graphite assets to M Battery Materials, which is preparing a $15 million ASX IPO. Shareholder approval for in-specie share distribution is expected within months.

Speculative small caps drove the week, with Tasman Resources, Solis Minerals and Lithium Energy leading the board after funding, drilling and asset sale updates. At the other end, ASX Ltd and Arafura Rare Earths fell hard as investors reacted to higher costs and fresh equity issuance.

Small-cap materials stocks swung hard as fresh funding, mine build decisions and standout drill hits drove the week’s biggest moves. Gold, lithium, rare earths and tungsten names all drew buying, while a few raisings and weak follow-through after trading halts kept losses sharp.

Lithium Energy nears completion of a major drilling campaign that reveals a substantial Exploration Target between its Burke and Mt Dromedary graphite deposits, while concurrently advancing the $20 million sale of its graphite assets.

Lithium Energy is selling its Queensland graphite projects for $20 million to M Battery Materials, which plans an ASX listing focused on battery minerals. Shareholders may receive MBM shares in-specie, gaining direct exposure to a growing battery materials platform.

Lithium Energy has wrapped up diamond and air core drilling at the Bajool Prospect, unveiling geochemical trends aligned with a potential porphyry system, while awaiting critical diamond core assay results.