Latest Materials News

Askari Metals cut its annual loss by half, but the improvement came alongside continued cash burn, heavy equity issuance and an auditor-highlighted material uncertainty over its ability to continue as a going concern. The company is now relying on further funding while it prepares exploration programs in Ethiopia and Namibia.

Canyon Resources has advanced construction at its Minim Martap bauxite project, but a lender’s drawdown suspension has delayed first shipment and created material uncertainty over the company’s ability to continue as a going concern. The annual report also details a recommended rejection of A2MP’s A$0.05-a-share takeover offer.

Cassius Mining reported a deeper FY2026 loss, negative net assets and a material uncertainty over its ability to continue as a going concern. The company is relying on further funding, a possible Ghana arbitration award and progress at its Soalara limestone project to support its next phase.

Tlou Energy has generated its first revenue from gas-derived power at the Lesedi project, but the milestone sits alongside a A$59.96 million loss, minimal cash and a material going-concern uncertainty. Proposed debt conversions could reduce liabilities, yet neither transaction is binding or provides new funding.

Botala Energy’s Serowe CBM project has reached its most important testing phase after well 3.5B delivered strong early water production and casing pressure. The operational progress is material, but the company still faces a funding hurdle and has not yet demonstrated sustained commercial gas flow.

Apollo Minerals ended 2026 with A$7.74 million in cash and no debt after raising A$9.3 million, but remains a loss-making explorer with no JORC Mineral Resources or production. The company is now concentrating its exploration story on the reinstated Couflens tungsten-gold project in France, while carrying a conceptual zinc-lead target in Gabon.

Heavy Rare Earths has identified high-grade heavy rare earth zones at Subron while preparing drilling across its South Australian portfolio. But the FY2026 report also highlights a material uncertainty over the company’s ability to continue as a going concern, with only $459,327 in cash at year-end.

Victor Group Holdings has swung from a $1.43 million profit to a $3.93 million half-year loss after fully impairing its iRich Finance investment. Revenue rose sharply, but operating cash flow remained negative and auditors identified a material uncertainty over the company’s ability to continue as a going concern.

Rincon Resources posted a $6.96 million FY2026 loss after writing down $5.53 million of exploration assets, while its cash balance rose following a $3.1 million placement. The explorer has narrowed its focus to Telfer South and Crackerbox, but remains dependent on future drilling and funding.

Killi Resources has emerged from FY2026 with $14.68 million in cash and a far larger strategic ambition, centred on its proposed 80% acquisition of the Lodestone Iron Ore Project. The company remains loss-making and the transaction was still conditional at year-end, but a 20,000-metre drilling campaign is now targeting rapid resource growth.

Rumble Resources has moved Western Queen closer to a potential 2027 gold start, pairing a larger resource with third-party processing access and A$10 million in royalty funding. The project remains pre-production, however, with approvals, financing, feasibility work and a final investment decision still outstanding.

Raptor Metals completed its transformation into a Canadian copper and polymetallic explorer in FY2026, backed by drilling success at Chester and new Bathurst Mining Camp acquisitions. But the company’s $3.28 million loss, $3.97 million operating cash outflow and auditor-flagged funding uncertainty leave the next capital raise as a central investor question.