Latest Garnet News

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.

Pure Resources finished 2026 with $3.67 million in cash and no debt after raising $4.7 million, but its annual loss widened as it shifted from explorer to a Garnet Hills-led advanced materials platform. The company is now pursuing garnet abrasives, jumbo flake graphite and heavy rare earth recovery through US research and defence partnerships.

Ark Mines has reported a FY2026 profit after receiving Queensland-backed funding, while its Sandy Mitchell rare earths resource expanded to 379.4 million tonnes after year end. The project now has development approvals and commercial-grade testwork behind it, but no Ore Reserve or mining decision yet.

eMetals has shifted its exploration focus from Uganda to a larger Utah tungsten project, where high-grade re-assays have set up a 17-hole drilling campaign. But the ASX-listed explorer ended the year with $1.79 million in cash, $1.40 million of deferred consideration and an auditor-highlighted material uncertainty over its ability to continue as a going concern.

Red Mountain Mining has reported widespread tungsten mineralisation from surface sampling at its Pioneer project in Montana, including results of up to 0.55% WO3. The expanded 517-hectare project also returned high-grade copper, silver and gold assays, setting up further fieldwork before potential drilling.

Taiko Critical Minerals has successfully closed a NZ$2.5 million Share Purchase Plan, issuing over 10 million shares at NZ$0.25 each to support the development of its Barrytown Critical Minerals Project.

Prospect Resources reveals significant copper extensions at Nyungu Central, with wide intercepts outside current resource boundaries, while maiden drilling at Sharamba shows promising visual mineralisation.

eMetals Limited has secured all necessary approvals to begin a 17-hole diamond core drilling program at its Mineral Range Tungsten Project in Utah, targeting high-grade tungsten mineralisation within a historically productive mining district.

Viking Mines has uncovered significant tungsten mineralisation in historical rock stockpiles at its Linka Tungsten Project, Nevada, with assay results reaching 1.8% WO3, well above the historical mined average. The findings open the door to potential ore sorting applications and advance the project towards a brownfields restart.

Pure Resources has appointed Vice Admiral Michael Noonan AO, retired Chief of the Royal Australian Navy, to its Advisory Board for a year-long term, bolstering its defence strategy and engagement with Australian and allied government agencies.

Koba Resources has completed maiden drilling at its Mt Garnet tin-tungsten prospects and expanded the uranium mineralised strike at Yarramba, setting the stage for significant assay results and follow-up drilling.

Heavy Minerals Limited’s Pre-Feasibility Study for its Port Gregory Garnet Project delivers a robust 24-year mine life with a maiden Ore Reserve and a post-tax NPV of A$322.8 million, highlighting a low-capital, high-return industrial mineral operation.