Latest Mineral Resource And Ore Reserve News

Daly Resources has emerged from its June ASX debut with $11.05 million in cash, a 6,500 km² Northern Territory exploration portfolio and a growing list of drill targets. The catch is familiar for early-stage explorers: the company has yet to define a mineral resource or reserve, while its strongest Huckitta results remain surface sampling rather than drilling.

PC Gold will acquire the last third-party mining leases inside its Spring Hill development area, adding a water licence and operating rights for A$6.5 million. The deal could simplify mine planning and approvals, but still requires Northern Territory ministerial approval and does not add a reported resource.

Burley Minerals has confirmed shallow Channel Iron Deposit mineralisation across the North and Step-Out Targets at its Cane Bore project, with assays averaging 50.6% Fe across reported intersections. The mineralisation remains open northeast and southwest, but further drilling, metallurgy and approvals are still required before any resource can be defined.

Helix Resources is shifting its exploration focus from Arizona towards Pilbara gold after a year of acquisitions, portfolio reassessment and a narrowed annual loss. The strategy reset comes with only $83,676 in cash, a stated need for further funding and a proposed Mosquito Creek acquisition awaiting shareholder approval.

Somerset Minerals reported a $2.17 million statutory profit for 2026, but the result was driven mainly by a gain on divesting its Blackdome-Elizabeth subsidiaries rather than recurring operations. The company’s Coppermine copper campaign delivered strong Jura and Talisker drilling results while its auditor warned that further funding is needed to sustain exploration.

Black Rock Mining has advanced early works at its Mahenge graphite project, but the annual report warns that securing approximately US$298 million of project funding by November is critical to its survival as a going concern. The company ended FY2026 with A$4.7 million in cash and an A$7.6 million net loss.

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.

Viking Mines has repositioned itself around Nevada tungsten, with Linka producing a 56.9% WO₃ concentrate at 76.0% recovery and gaining approval for a 63-hole maiden drilling programme. The opportunity is advancing, but the company remains loss-making, has no JORC resource at Linka and will need further funding as work accelerates.

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.

Right Resources posted a A$5.16 million loss for FY2026 and warned of material uncertainty over its ability to continue as a going concern, despite A$3.24 million in cash at year-end and a subsequent A$2.94 million capital raise. The explorer is betting that new drilling at Blue and a revised geological model at Pilot can improve the investment case.

KGL Resources says its Jervois copper project is funded through construction and ramp-up after a US$300 million Wheaton agreement and a post-year-end A$300 million equity raising. The company is now targeting a final investment decision in the second half of 2026 and first copper concentrate in 2028, while its annual report highlights the execution risks still attached to that timetable.

GreenX Metals has put a conceptual copper-silver target at Tannenberg and a major Poland arbitration award at the centre of its next phase. The annual report also shows the cost of that strategy: a $12.34 million loss, a $4.42 million project impairment and continued reliance on equity funding.