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PTR Minerals has identified potential 15-17% heavy mineral zones for early mining at Rosewood, while testing suggests a high-quality leucoxene product may be produced without dry separation. The project also cleared key water, customer and study milestones, although the work remains preliminary and includes Inferred Resources.

Broken Hill Mines delivered its first quarterly silver output above 100,000 ounces as three ore feeds lifted mining and processing at Rasp. The September quarter also brought A$37.6 million in sales, an A$85 million capital raise and fresh high-grade drilling results at Centenary and Pinnacles.

Osmond Resources has advanced its Spanish critical minerals project through a maiden resource, a striking but preliminary scoping study and a maximum government grant. Yet with A$3.15 million in cash against a development concept requiring US$299 million, financing remains the project’s defining test.

Novatti’s AU/NZ quarterly transaction value rose to $1.2 billion, but regulatory disruption to international BPAY payments pushed revenue lower and left Cash EBITDA negative. The company is targeting an early 2027 relaunch while relying on pipeline conversion and product mix improvements to support its next phase of growth.

Australian Rare Earths has produced its first Mixed Rare Earth Hydroxide at the Koppamurra pilot plant while extending an interpreted carbonatite system at Overland by roughly 5km. The operating progress comes with two important qualifiers: Koppamurra still needs further product refinement and Overland assays remain pending.

Quantum Graphite has taken Uley 2 FEED work to 80% completion while finalising its Oman refinery plans and revised financing structure. The progress comes alongside A$1.272 million of quarterly operating and investing outflows, just A$50,000 of reported quarter-end cash and estimated funding of 1.33 quarters.

The Calmer Co. posted record Q1 FY27 revenue of A$2.44 million, powered by a sharp lift in US wholesale orders and continued Coles and Woolworths growth. But with A$953,000 in cash against quarterly operating outflows of A$755,000, the kava company remains dependent on further funding and sustained sales momentum.

Murray Cod Australia has posted record quarterly sales and expanded into hundreds of Woolworths and Coles stores, but the growth story still depends on turning distribution gains into recurring cash receipts. Underlying operating cash outflow remained A$4.27 million after excluding a one-off R&D tax incentive, while August fish mortality exposed an operational risk.

Northern Minerals has advanced Browns Range through feasibility, engineering and exploration, but its flagship rare earths project remains stalled at the funding gate. The company missed its 30 September FID target, flagged material uncertainty over its ability to continue as a going concern and warned that Iluka may be able to terminate the project’s supply agreement.

Metals Australia has advanced feasibility, permitting and funding work at its Lac Carheil graphite project while establishing a 45.7Mt Manindi VTM resource. The progress sits alongside a modest A$2.575 million cash balance and no disclosed financing facilities.

Heavy Minerals has delivered a maiden Ore Reserve and a A$322.8 million post-tax NPV for Port Gregory, while Kanmantoo engineering advances toward a Final Investment Decision. The projects now have more defined technical foundations, but the company’s cash position and non-binding funding discussions leave execution as the central question.

Kalamazoo Resources has reported a strong quarter at Ashburton, where high-grade Mt Olympus drilling is feeding an updated resource and pre-feasibility study. The company also secured A$18 million in placements, although its September cash balance was just A$670,000 before the post-quarter raise.