Latest Resource Definition News

Magmatic Resources has used FY2026 to turn the newly acquired Weebo Gold Project into its main exploration engine, while Fortescue-funded drilling continued to test copper-gold targets at Myall. The company ended the year with $5.54 million in cash, but a larger annual loss and continued exploration spending keep execution and funding firmly in focus.

Strata Minerals has shifted from broad exploration to a Zelica-centred Western Australian gold strategy, pairing strong drilling results with a proposed capital-light mining pathway funded by BML Ventures. The opportunity is growing, but the company remains loss-making and warns that further funding may be required to continue as a going concern.

Flynn Gold has lodged a prospectus for a one-for-three renounceable rights issue priced at 1.5 cents, offering shareholders a heavily discounted entry point alongside free options. The partially underwritten raise is intended to fund Golden Ridge drilling, a maiden Firetower resource estimate and working capital.

Flynn Gold is pushing Golden Ridge and Firetower towards resource definition, but its FY2026 annual report flags a material going-concern uncertainty and a cash balance of just A$1.11 million. A partially underwritten A$3 million rights issue now sits alongside drilling, permitting and a non-binding processing pathway with Henty Gold Mine.

Western Mines Group has reported its richest basal nickel intersection yet at Mulga Tank, including 38 metres at 0.71% nickel from more than 1.3 kilometres underground. The exploration progress is substantial, but the company also recorded a larger annual loss, limited year-end cash and a material going-concern uncertainty.

Charger Metals has restarted diamond drilling and added an RC rig to a 10,000m campaign at its Lake Johnston lithium project in Western Australia. The programme targets extensions and infill at the 10.6Mt Medcalf resource while testing whether the conceptual Medcalf West target can be converted into a mineral resource.

White Cliff Minerals has expanded the assay-confirmed footprint of its Rae Copper Project beyond 11.5km, while new Danvers 3 drilling has placed visible copper sulphides within 19 metres of surface. The most eye-catching Danvers 3 interval still awaits laboratory assays.

Sierra Nevada Gold has begun mobilising a five-rig, 25,000m exploration campaign at its As Safra Copper-Gold Project in Saudi Arabia. The program will test Central Copper’s resource potential while opening up more than 12km of broader discovery targets, with first assays expected in November 2026.

Nexus Minerals has more than doubled its Wallbrook Mineral Resource to 631,000 ounces, lifting group resources to 709,000 ounces across Western Australian projects. The expansion comes alongside a $6.53 million FY2026 loss, falling cash reserves and a post-year-end $5.4 million capital raising.

Australian Gold and Copper has reported repeated broad zinc-gold-lead intersections at northern Evergreen, including a peak interval of 26.4% zinc. A 21-hole, 2,593-metre RC program has also finished testing extensions to the prospect’s recent high-grade gold-silver discovery, with assays due from late October to early November.

AIC Mines is paying $120 million for the Mt Cuthbert copper project in northwest Queensland, funded partly by a $70 million placement to Hawke’s Point. The deal would add 246,000 tonnes of contained copper to the group’s resources, but comes before Mt Cuthbert has a single Ore Reserve.

West Cobar Metals has engaged Wallis Drilling for its first scandium-focused campaign at the Salazar project, with work targeted for October subject to approvals. The programme will test shallow saprolite for higher-grade scandium zones and extensions to existing rare earth and titanium dioxide resources.