Latest Metallurgical Testing News

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.

Chilwa Minerals has lodged a prospectus supporting a fully underwritten US$3.5 million Nasdaq IPO, with most of the proceeds earmarked for exploration at its Chilwa Critical Minerals Project. The raising would strengthen its cash position, but the prospectus also flags material going-concern uncertainty and further funding needs.

RareX has moved Cummins Range through key permitting and heritage milestones, while stronger metallurgical results broaden the project’s critical-minerals potential. But the explorer’s annual loss widened to A$5.07 million, cash burn remained high and its going-concern assessment still depends on future funding and project development.

Vanadium Resources has repositioned its Steelpoortdrift project around a proposed V-Iron plant producing pig iron and vanadium-bearing slag for Western markets. The strategy has secured a non-binding U.S. offtake framework and advanced site and funding work, but the auditor has flagged material uncertainty over the company’s ability to continue as a going concern.

Blackstone Minerals has reported a larger FY2026 loss and warned of material uncertainty around its ability to continue as a going concern, despite ending the year with $13.7 million in cash. The company is directing its remaining financial capacity towards the Mankayan copper-gold project while seeking to reduce exposure to its Vietnam nickel assets.

High-Tech Metals enters FY2027 with $9.8 million in cash after a major option exercise, while its Western Australian gold portfolio advances toward development. The company remains loss-making and has no Ore Reserves, leaving drilling, studies and future funding as the key tests.

Recharge Metals ended FY2026 with $5.61 million in cash after a $5.97 million capital raise and the acquisition of the Sunset Well gold project. The explorer now faces a sharper test: whether drilling can turn Prospero’s 94,500-ounce inferred resource and its broader exploration portfolio into something more substantial.

Rimfire Pacific Mining has expanded its NSW scandium inventory and reported preliminary leach results that could support a simpler extraction route. But the ASX explorer ended FY2026 with $583,770 in cash, negative working capital and an auditor-highlighted material uncertainty over its ability to continue as a going concern.

Verity Resources has expanded its Monument gold story in Western Australia, but the explorer’s stronger resource base sits alongside a sharply higher annual loss, A$4.67 million operating cash outflow and a material uncertainty over its ability to continue as a going concern. The company finished FY2026 with A$1.05 million in cash and more than A$2.39 million of exploration commitments due within a year.

Global Gold Mining ended 2026 with $7.7 million in cash and a cleaner balance sheet, but remains loss-making and dependent on future funding as it pushes Sturec towards a pre-feasibility study. The company’s new identity and board are now attached to a project with 2.686 million ounces of gold, no declared Ore Reserve and several technical milestones still outstanding.

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.

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.