Latest Feasibility Studies News

Ardea Resources enters FY2027 with its flagship Goongarrie Hub still short of a completed definitive feasibility study, even as Japanese partners and governments deepen their support. The company reported a A$24.6 million consolidated loss, while future funding arrangements beyond the current DFS program remain unresolved.

Australian Vanadium reported progress across its mine, electrolyte and battery businesses, but auditors highlighted material uncertainty over the company’s ability to continue as a going concern. The group held $17.9 million in cash at 30 June, yet expects to need additional funding within 12 months.

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.

Nico Resources is advancing drilling, metallurgical studies and a potential downstream battery-materials partnership at Wingellina, despite a subdued nickel market and a larger annual loss. The company ended FY2026 with $4.73 million across cash and short-term investments after raising $3.73 million in equity.

Victory Metals has set out a 20-year development case for North Stanmore, backed by a 47 million tonne Probable Ore Reserve and a pre-tax NPV8 of A$1.76 billion. The project remains pre-feasibility stage, while the company ended FY2026 with A$11.18 million in cash and no operating revenue.

Evion Group has moved its flagship Maniry graphite project into the development stage and secured a binding German offtake terms sheet, but its FY2026 accounts carry a material going concern warning. The company also faces an unpaid A$730,000 placement shortfall as it funds graphite, fluorspar and downstream expansion plans.

Sovereign Metals has expanded Kasiya into a potential rutile, graphite and heavy rare earths project, with a rare earths study adding an estimated US$722 million of pre-tax NPV8. The opportunity comes with a sharper execution challenge: Rio Tinto will not become operator, while Sovereign still needs a mining licence, binding offtakes and substantial funding.

Lindian Resources has crossed a significant operational threshold, moving Kangankunde in Malawi from construction into active mining while targeting first production in Q4 2026. The transition was funded by A$191.5 million in placements, but the company still faces the harder test of commissioning, downstream integration and cash discipline.

Astral Resources has strengthened its balance sheet and expanded its Mandilla gold resource as it moves from explorer toward developer. The next test is converting deep drilling, permitting progress and a proposed early-production joint venture into funded construction decisions.

EcoGraf has strengthened the technical and commercial case for its Tanzanian graphite strategy, including a larger Epanko ore reserve and planned downstream processing. But cash fell to A$3.8 million, and auditors flagged a material uncertainty over the company’s ability to continue as a going concern.

Aurum Resources has extended gold mineralisation beyond the current resource at its BST1 deposit, with standout intercepts including 2.63 metres at 76.74 g/t gold and 24 metres at 6.31 g/t. The results will feed into a Boundiali resource update targeted for early Q4 2026 and a definitive feasibility study due late this year.

Metals Australia has established a maiden 45.7Mt Inferred VTM resource at Manindi West, alongside test work producing titanium oxide above 99% purity. The opportunity is sizeable, but remains an early-stage resource supported by conceptual expansion targets and screening-level economics.