Latest Reserves News

Arafura Rare Earths has moved its Nolans rare earths project from financing decision to early construction, with A$700 million of procurement scope advanced during the September quarter. The company ended the period with A$885 million in cash and term deposits, while major debt and equity funding arrangements remain subject to completion conditions.

Focus Minerals generated A$180.1 million in customer receipts during the September quarter, while Bonnie Vale underground production rose alongside stable processing at Coolgardie. The company finished with A$184.6 million in cash, a A$95.1 million term deposit and a fully franked dividend paid to shareholders.

Korvest expects its first-half FY27 trading result to come in significantly above the prior corresponding period and ahead of the stronger second half of FY26. The outlook follows record FY26 revenue, a growing order book and major investment in manufacturing capacity.

Terrain Minerals has started its largest-ever Smokebush drilling campaign after establishing a 54,000-ounce inferred gold resource at Lightning, while newly identified tungsten adds a second critical-minerals angle. The exploration momentum comes with a clear funding constraint: quarter-end cash covered only 1.16 quarters of reported outgoings, before the company placed its remaining rights issue shortfall.

Middle Island Resources has connected three mineralised zones at its Bobija project in Serbia into an 80,000-square-metre shallow polymetallic system, while confirming sizeable copper and gold targets elsewhere in its portfolio. The explorer is also shedding its Northern Territory licences to reduce annual commitments by about $400,000, but reported only $1.694 million in quarter-end cash.

Bathurst Resources lifted first-quarter consolidated EBITDA to NZ$9 million, helped by stronger export coal pricing and improved North Island domestic earnings. The miner held its FY27 EBITDA guidance at NZ$30 million to NZ$40 million while advancing two projects that could extend its operating life by up to 20 years.

Cann Group’s September quarter delivered a sharp increase in revenue and exports as its Mildura GMP facility gained traction in Europe. But with just $49,000 in cash, $626,000 of undrawn debt capacity and an estimated 0.9 quarters of funding, the recovery still depends on collections and further financing.

TZ Limited reduced net operating cash outflow to $275,000 in the September quarter, but ended with just $185,000 in cash against $5.055 million of drawn debt. The company says it has received funding proposals from more than one party, though no transaction has been completed.

Vintage Energy’s September quarter exposed a sharp liquidity squeeze, with unrestricted cash falling to $0.53 million and estimated funding covering just 0.7 quarters. The company is still advancing two gas wells and has accepted a new Queensland exploration tenement, but both initiatives depend on securing additional capital.

El Dorado Goldfields has begun testing a 180km² Guyana land package after securing an option to acquire a 90% interest in the Oko North and Oko South projects. Early rock-chip assays reached 2.32 g/t gold, but the greenfields projects remain undrilled and have no defined resources or reserves.

49 Metals has completed assays from all 22 holes in its maiden Gold Mountain RC program, with results pointing to a broad gold system and multiple higher-grade structures at the Adit Zone. A further 3,500 metres of drilling is now underway, while the company held $5.536 million in cash at quarter end.

Tolu Minerals has strengthened its case for an early 2027 Tolukuma restart, reporting record drilling, a 909,000-ounce resource and A$56.5 million in cash. The next test is execution: assays are delayed, plant refurbishment continues and underground development must translate into mineable reserves and ore supply.