Latest Exploration News

Hammer Metals’ proposed acquisition by Austral Resources has cleared its first court stage, with ASIC registering the scheme booklet and an independent expert backing the scrip deal. Shareholders now face linked votes on the takeover and the demerger of Western Australian gold assets into an unlisted company.

Heavy Minerals reported a sharply wider FY2026 loss and a $3.15 million net working capital deficit, with its auditor flagging material uncertainty over the company’s ability to continue as a going concern. The balance sheet pressure sits alongside stronger project milestones, including a post-year-end Port Gregory study and the push to fund Kanmantoo.

Xstate Resources has secured preferred tenderer status for a 305 square kilometre block in Queensland’s Taroom Trough, with the company set to initially operate a four-party joint venture. The prospective acreage offers exposure to basin-centred gas, associated liquids and light crude, but the licence remains subject to government processes.

Beetaloo Energy has secured a 25% non-operated interest in a 305 square kilometre Taroom Trough block as part of a four-company joint venture selected as Queensland’s preferred tenderer. The position comes with no upfront consideration, while its initial two-year work program is intended to be funded from existing cash.

EcoGraf has replaced its earlier Epanko announcement after ASX correspondence, setting out the assumptions behind a potential increase in Stage 1 production to 87,600 tonnes per annum. The higher-throughput case lowers estimated unit costs, but remains preliminary and is not yet the basis for project financing or a final investment decision.

Alkane Resources has reported a transformational FY2026, with the Mandalay merger helping lift revenue to A$935.8 million and profit after tax to A$228.7 million. The enlarged gold and antimony producer has also declared its first dividend and approved a buy-back, while setting broadly stable production guidance for FY2027.

Cobre has completed its A$90 million capital raise, including an approximately A$17.7 million second tranche backed by its two largest shareholders and directors. The proceeds will support Sierra Atacama ownership, debt repayment, plant upgrades and exploration in Chile and Botswana.

Peregrine Gold has secured $2.25 million through a discounted placement backed by major shareholder Mark Creasy, Lion Selection Group and company directors. The funding is earmarked for maiden drilling and broader gold and iron ore exploration in Western Australia, subject to heritage and Programme of Work approvals.

Mamba Exploration has secured a $6.0 million placement, attracted a $500,000 investment from New Murchison Gold and added former Westgold founder Peter Cook as a strategic adviser. The funding will support drilling at Meeka East and a staged earn-in over the early-stage Poison Hills project, where selective rock chips returned high silver, gold, copper and lead grades.

Iltani Resources has secured firm commitments for a $4.6 million placement, anchored by a $1.5 million investment from QIC’s Queensland Critical Minerals Fund. The funding will support a 145-hole drilling program at the Orient Silver-Zinc-Indium Project before the wet season, with further work planned in 2027.

Patriot Resources has completed 38 surface samples at its Tassa silver-gold project in Peru, where mapping identified a 120-metre breccia interpreted as the upper part of a preserved epithermal system. The company is now moving south into the newly acquired Tassa 5 tenement while its maiden drill permit application progresses.

First Au will acquire six exploration licences in Western Australia’s Ora Banda district for A$150,000 upfront, with a further A$500,000 deferred at the seller’s discretion. The deal expands its Riverina tenure but comes with a A$250,000 drilling commitment and remains subject to completion conditions.