Latest Mineral Exploration 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.

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.

Fulcrum Lithium has staked 41 additional claims around its Alkali Flats project in Nevada and reported up to 79% lithium extraction from acid-free roast and water-leach tests. The results improve on earlier water-leach work, although they remain below the company’s 93% to 96% sulfuric-acid benchmark and come from scoping-level tests.

Patriot Resources has established a 31.4 million-ounce silver-equivalent inferred resource at its Tassa project in Peru, but the company's annual report warns that further capital raising is required to sustain operations. The explorer recorded a $4.82 million loss and remains dependent on final drilling approvals.

Buxton Resources has returned to profit after selling its 49% Copper Wolf joint venture interest to IGO for A$5.91 million. The transaction lifted cash and term deposit investments to A$7.39 million, but the explorer remains dependent on capital and future discoveries rather than recurring earnings.

Tasman Resources has swung to a $16.5 million FY2026 profit after booking a $19.48 million gain when Eden Innovations ceased to be controlled. The explorer also ended the year with $5.65 million in cash and no borrowings, but its next test is geological rather than accounting: drilling at Titan West and Parkinson Dam.

Tusker Minerals reduced its FY2026 loss, but the improvement was driven largely by a A$4.64 million asset-sale gain rather than mining revenue. The early-stage explorer is concentrating its capital on Cameroon rutile and heavy mineral sands while relying on future funding to maintain momentum.

Aldoro Resources has expanded its Kameelburg rare earths, strontium and niobium resource in Namibia to 804.5 million tonnes, including a maiden 162.1Mt Indicated category. The technical progress is substantial, but the annual report also flags a $15.7 million loss, just $78,561 in year-end cash and material uncertainty over ongoing funding.

Aurora Energy Metals (ASX:1AE) swung to a $21.8 million profit after selling its Oregon uranium project, but the result was driven largely by a non-cash accounting gain. The company’s concentrated Eagle Nuclear Energy stake was valued at about $15.5 million by the annual report date, down from $23.9 million at 30 June.

Ragnar Metals has identified at least five interpreted mineralised shoots at its Harnäs gold project in Sweden, but the exploration-led company ended FY2026 with only $233,220 in cash. The annual report also restates FY2025 after previously omitted Kaiser Reef options were recognised at $779,288.

Redstone Resources has expanded its exploration portfolio and reported deep copper intersections at West Musgrave, but its auditor has flagged material uncertainty over the company’s ability to continue without further funding. The ASX junior ended FY2026 with A$557,426 in cash against A$636,787 of annual Australian tenement commitments.