Latest Exploration Spending News

Auravelle Metals has reported encouraging gold results at Sheoak and expanded its Crown project, but its FY2026 annual report flags a material uncertainty over its ability to continue as a going concern. The company lost A$3.98 million, used A$4.07 million in operating cash and held A$632,721 at year end before completing a further A$1.5 million placement.

Mantle Minerals reported a $12.50 million FY2026 profit after selling Mt Roe Mining to Northern Star for $13.5 million, while continuing operations remained loss-making. The company ended the year with $5.50 million in cash and is redirecting capital towards Yule River and Carlton Hill exploration.

Western Ridge Resources reported a $12.22 million loss for the year ended 30 June 2026, with cash falling to $407,860 and its auditor warning of a material uncertainty over the company’s ability to continue as a going concern. The company is now relying on Keystone drilling and further funding to advance its Nevada exploration strategy.

Basin Energy’s maiden drilling at Newmans has outlined a 3.3 km shallow magnet rare earth corridor within its expanding Sybella-Barkly project. But the ASX-listed explorer remains pre-revenue, reported a larger annual loss and faces a material uncertainty over its ability to continue funding operations.

Magmatic Resources has used FY2026 to turn the newly acquired Weebo Gold Project into its main exploration engine, while Fortescue-funded drilling continued to test copper-gold targets at Myall. The company ended the year with $5.54 million in cash, but a larger annual loss and continued exploration spending keep execution and funding firmly in focus.

US1 Critical Minerals has warned of a material uncertainty over its ability to continue as a going concern, with only $302,641 in cash at year-end. Its forecast depends heavily on completing a conditional sale of Tanzanian uranium licences for an initial US$1 million.

Grand Gulf Energy has reported a sharply wider FY2026 loss after impairing $15.03 million of Red Helium exploration assets. The auditor also flagged material uncertainty over the company’s ability to continue without further capital.

Ozz Resources has emerged from suspension after raising $4.8 million, acquiring the Bedaburra nickel-copper-cobalt project and reshaping its exploration portfolio. The annual report also highlights a still-loss-making balance sheet and unresolved funding demands ahead.

Nordic Resources increased its FY2026 loss as it accelerated exploration in Finland, drilling nearly 11,500 metres across its gold projects and ending the year with A$8.48 million in cash. The next test is whether drilling, metallurgy and permitting can turn a growing resource base into a mine development case.

Far Northern Resources expanded its Northern Territory gold inventory to 117,000 ounces during FY26, while Bridge Creek moved closer to mining studies. The progress came alongside a wider annual loss, falling cash reserves and an auditor-emphasised going-concern consideration.

Miramar Resources has outlined a maiden 39,764-ounce Inferred gold resource at its Gidji joint venture, but its annual report also flags material uncertainty over its ability to continue as a going concern. A September placement has improved liquidity, though further funding and drilling remain central to the story.

Caspin Resources has reported its strongest Bygoo tin intersection to date, while early test work points to 83.8% tin recovery into a high-grade concentrate. The gains come with familiar exploration-stage caveats: a $5.70 million annual loss, $5.03 million of operating cash outflow and continued reliance on equity funding.