Latest Exploration And Evaluation News

Nimy Resources has paired a maiden gallium resource and encouraging metallurgical recoveries with a sharp warning about funding pressure and an unresolved Lind legal dispute. The explorer ended FY2026 with $3.92 million in cash, but a $4.76 million Lind liability and an auditor-flagged going-concern uncertainty remain central risks.

Mont Royal Resources has used its first post-merger annual report to set out the scale of the Ashram rare earths project, while flagging the funding, permitting and technical work still ahead. The updated study outlines a 30-year operation with a C$2.03 billion post-tax NPV, but remains a preliminary assessment rather than a development guarantee.

Bindi Metals has converted its Ravni project in Serbia from surface exploration into a drill-tested gold-silver system, but the discovery story arrives alongside a larger loss and an auditor’s going-concern warning. The company ended June with $1.68 million in cash and a pipeline of follow-up drilling still dependent on future funding.

Prospect Resources has taken its flagship Mumbezhi Copper Project to 208.1 million tonnes, while lifting ownership to 90% and securing A$45 million for the next phase of work. The project remains pre-production, leaving the upcoming Scoping Study and further drilling to convert geological scale into an economic case.

Moho Resources has expanded its Bush Chook exploration story with new shallow gold systems, but its auditor has warned that ongoing cash outflows and reliance on future funding create material uncertainty over its ability to continue as a going concern. The company held $1.27 million in cash at 30 June 2026 after raising $2 million and selling Silver Swan North.

Leeuwin Metals ended FY2026 with a 342,300-ounce Marda resource, which increased to 378,600 ounces shortly after year end following further Evanston drilling. The gold explorer is now shifting towards permitting and mine planning, although it remains loss-making, has no Ore Reserves and expects to require further funding.

Legacy Minerals enters FY2027 with a larger Mt Carrington resource, a positive preliminary development study and fresh drilling underway, but the proposed mine still requires substantial funding. The ASX-listed explorer reported a A$1.85 million FY2026 loss and held A$6.07 million in cash at year-end.

Lachlan Star’s 2026 annual report puts its 90%-owned New Waverley project at the centre of the company’s exploration strategy after drilling outlined shallow, high-grade gold mineralisation across roughly 400 metres. The company ended the year with $6.52 million in cash, but remains loss-making and without a mineral resource or ore reserve.

Podium Minerals says optimisation work has maintained approximately 80% overall 3E recovery while cutting the targeted size of its downstream recovery circuit by about half. The technical gains came alongside a larger annual loss and an explicit reliance on further funding to advance Parks Reef.

Tambourah Metals has reported high-grade exploration results at Beatty Park South and Tambourah King, alongside a stronger cash position and a reduced annual loss. The projects remain at exploration stage, with drilling and resource modelling now carrying the story forward.

Critica Limited (ASX:CRI) has delivered stronger technical results across its Jupiter rare earths and Mt Lindsay tin-tungsten projects, but the developer remains dependent on further funding. Two scoping studies targeted for Q3 2026 now carry the burden of translating resource potential and laboratory results into project economics.

Bannerman Energy has moved its Etango uranium project materially closer to construction after completing a A$124 million placement and clearing conditions for its CNOL strategic investment. The project is advancing on site, but full-scale construction still depends on Final Investment Decision and completion of the joint venture documentation.