Latest Exploration Drilling News

Small caps did the heavy lifting this week, led by two big discovery stories in resources. Funding raises and takeover moves kept attention on who can pay for the next step, not just promise it.

Speculative money piled into new discoveries and tight-supply metals, while a handful of small caps were sold hard on thin liquidity. The week’s biggest moves came from PGMs and tungsten on the way up, and micro-cap gas on the way down.

Scorpion Minerals has taken a significant step forward with a binding option to acquire the Old Prospect gold tenements and forged strategic partnerships to advance its gold and lithium projects in Western Australia.

Matsa Resources reported solid progress at its Lake Carey Gold Project, delivering $11.73 million in gold sales and initiating new exploration drilling to boost its resource base.

Nagambie Resources has entered a binding joint venture with Alkane Resources to develop its significant antimony-gold discovery, backed by a $4 million capital injection and a clear path to production.

Zimplats reported a 15% year-on-year rise in mined volumes and a 6% quarter-on-quarter reduction in operating cash costs per ounce, while advancing key infrastructure projects on schedule.

Beacon Minerals delivered a strong December quarter with increased gold production and improved recovery rates, while progressing key mining and exploration activities at the Lady Ida Gold Project.

Savannah Goldfields has resumed gold production at its Georgetown plant with strong sales and exploration results, backed by a $15 million capital raise to fuel growth and new project development.

Austral Resources has acquired the Lady Loretta mine from Glencore for A$45.5 million, significantly expanding its copper resource base and strengthening its cash position. This strategic move consolidates tenure adjacent to the Lady Annie Copper Mine and supports Austral’s ambition to become a mid-tier copper producer in North-West Queensland.

American West Metals has reported a substantial expansion of its Storm Copper Project resources in Canada alongside promising critical metals discoveries at its West Desert Project in Utah, underpinning its strategic growth and US market engagement.

Redcastle Resources has reported exceptional high-grade gold assay results from its ongoing grade control drilling at Redcastle Reef, alongside key regulatory progress that paves the way for mining to commence mid-2026.

Manuka Resources has secured a US$22.5 million loan facility and completed a A$15 million capital raise, positioning itself for a production restart in late Q2 2026 amid soaring silver and gold prices.