Category: Exploration & Discovery

Terra Metals (ASX: TM1) has observed zones of massive sulphide mineralisation in its first diamond drillhole of 2026 at the Southwest prospect within the Dante project in WA.The hole, SWDD011, targeted a geophysical anomaly identified using downhole electromagnetic (DHEM) surveying, located near a previous high-grade intersection.The company reported that multiple zones of semi-massive to massive sulphides were observed within a 320m mineralised interval dominated by disseminated and net-textured sulphides.Terra managing director Thomas Line saysthe results support the company’s geological model and confirms the effectiveness of DHEM in targeting sulphide mineralisation.“The visual interception of multiple zones of massive sulphides in our first 2026 diamond hole at Southwest is a major exploration milestone and a strong validation of our geological model” he said.“The result provides compelling evidence that we are vectoring into a richer massive sulphide component within the broader Southwest magmatic PGM-Cu-Ni sulphide system.”Assays for SWDD011 are pending and expected within eight to 12 weeks.The Southwest prospect forms parts of the broader Dante project in the West Musgrave region, a large-scale multi-metal discovery of nickel, copper and platinum group elements.

Broken Hills Mines (ASX: BHM)  has continued to ramp up operations at its Rasp silver-lead-zinc mine.BHM’s preliminary production summary shows strong growth for the March quarter, with silver production up 51.7%, lead production up 48.5% and zinc production up 7.9%.This uplift reflects the company’s progressive ramp up strategy. BHM is continuing to increase production to full capacity of its 750,000tpa processing plant via the supply of two additional ore feeds to complement existing long term Western Min ore supply.Operations from the main lode have been established, with stoping ore volumes expected to materially increase through the June and September quarters. Ore from the second feed, Pinnacles, is expected to begin supplying in the June quarter.BHM has also secured a long-term renewal of its CML7 mining lease at Rasp, extending operations until 2047.Exploration licence applications under its joint venture with Kingfisher Mining Limited (ASX: KFM) have been granted and are valid until 2032.

OD6 Metals (ASX: OD6) has confirmed continuous, high-grade fluorspar mineralisation at its Mammoth prospect, part of the Quinn project located about 220km north of Las Vegas, Nevada.

Red Mountain Mining (ASX: RMX) will recommence exploration across its US antimony portfolio, with fieldwork set to begin in Montana this month. Initial work will focus on the Thompson Falls antimony project located on the Montana-Idaho border near the country’s only operating antimony smelter. Planned activities include systematic geological mapping and surface sampling. Rock chip sampling completed last year returned grades of up to 36.5% antimony and 1.12ppm gold.  Red Mountain says it has strengthened its technical capabilities by appointing experienced geologist Max Baker as an advisory board member and by engaging Montana-based KC Harvey Environmental to support field operations and assist with regulatory approvals.    Additionally, KC Harvey Environmental will assist with initial geological mapping and surface sampling at Red Mountain’s Yellow Pine and Silver Dollar projects in Central Idaho, where historical mining and sampling have indicated antimony, gold and silver mineralisation.  The company says it is continuing discussions with US-based consultants regarding potential access to government-backed funding and grant programs. The restart of exploration comes amid increasing focus on antimony as a critical mineral, with both the US and Australian governments highlighting supply constraints and the need to secure domestic sources. Recent policy support in the US, including FAST-41 status for nearby antimony projects, has contributed to renewed activity across the sector.  

Tivan (ASX: TVN) has mobilised equipment and personnel to central Australia to commence 2026 fieldwork, prioritising its drilling program at the Molyhil tungsten project.The drilling program, commencing next week, will target high-priority tungsten targets outside the existing mineral resource to support a potential resource expansion.The program follows the grant of an Environmental (Mining) Licence by the Northern Territory Department of Lands, Planning and Environment, enabling Tivan to undertake ground-disturbing activities.Under the licence conditions, Tivan paid a security amount of $116,729 to the Northern Territory Department of Mining and Energy, reflecting historical site disturbance from previous operators.Tivan executive chairman Grant Wilson says this progress follows an extensive period of planning and a very wet season across central Australia.“The exploration drilling for new tungsten mineralisation at Molyhil is a standout in Phase One and will commence next week,” he said.“We are grateful to the Northern Territory Government and the Central Land Council for enabling Tivan to maintain strong project momentum and look forward to sharing the scoping study for Molyhil later this month.”Tivan’s geology team expects to complete Molyhil drilling program within April before shifting Phase One resources to additional drilling at the adjacent Sandover fluorite project.Tivan’s team is also preparing for Phase Two fieldworks at Molyhil and Sandover, scheduled for H2 CY26.

A report from BDO has found Australian resource exploration companies are holding a record $12.04b in cash following an exceptionally strong funding quarter.The December quarter has historically been the strongest fundraising period for explorers and this pattern continued in 2025.For Q2 FY26, Australian advisory firm BDO recorded financing inflows of $5.63b, a 61% rise on $3.49b from the previous quarter, to support the highest total cash balance recorded since its analysis began, surpassing the previous $10.15b peak set in Q4 FY22.According to BDO, this is a clear indication of the improving financial health of ASX explorers and positive sector outlook.These numbers show strong liquidity among mid?tier and larger explorers as exploration activity gains momentum, with total expenditure increasing to $915.65m during the quarter — up from year-on-year (YoY) figures of $792.15m for FY24.BDO also reported the share of companies with less than $2m in cash declined to 36%, signalling reduced funding stress and improved prospects for project development heading into CY26.BDO natural resources and energy global lead Sherif Andrawes says investor sentiment improved during the quarter, supported by tightening supply conditions across key commodities and an increased global focus on critical minerals.“While gold continued to attract substantial funding inflows, significant support was also directed to energy?transition and critical minerals including lithium, uranium, rare earths, and copper,” he said.According to Australian Bureau of Statistics (ABS) data, gold exploration saw the largest rise in exploration activities, up 8.8%, while iron ore exploration fell 18.7%.Rox Resources (ASX: RXL) led the podium for ASX-listed gold explorers with $218m in cash available at the quarters end.Energy transition commodities were prominent this quarter, with lithium overtaking gold as the largest source of financing inflows by commodity.Lithium explorer Vulcan Energy (ASX: VUL), backed by Gina Rinehart’s Hancock Prospecting, recorded the highest cash balance at the end of the period, with $957.29m available on the back of Q2 fundraising activities, accounting for 88% of lithium-sector inflows for the quarter.“Growth in lithium financing inflows during the quarter, largely driven by Vulcan Energy, reflects Europe’s lithium supply deficit and the rising demand from electric vehicles (EVs) and energy storage systems, alongside the global expansion of electrification systems and the need to diversify sources of supply,” Mr Andrawes said.Arafura Rare Earths (ASX: ARU), another company backed by Hancock Prospecting, held the second highest cash balance of $500.72m at the quarters end after Ms Rinehart committed $125m to a share placement — raising Hancock’s stake in the company to about 15.7%.BDO reported the quarter saw a 32% increase in fund finders, companies that recorded debt and equity raises of $10m or more, rising to 103 companies from 78 in the previous quarter.These companies raised about $4.74b, about 65% higher than the $2.88b raised by 78 companies in the previous quarter. On average, the fund finder cohort for Q2 raised $46.01m per company and contributed about 84% to total financing inflows.“Looking forward, this quarter signals that ASX explorers enter 2026 with substantial momentum,” Mr Andrawes said.“Record financing inflows, rising exploration expenditure, improved cash reserves and a recovery in IPO activity collectively point to a more resilient and optimistic environment for explorers.”While macroeconomic uncertainty and market volatility remain ongoing challenges, broader participation across gold and energy?transition minerals indicates renewed investor support in Australia’s exploration sector.The sector appears well?positioned to sustain these activity levels into 2026, reinforcing the foundations laid during the standout quarter.

Rox Resources (ASX: RXL) has received commitments for $350m in debt facilities to fund the development of its 100%-owned Youanmi gold project in WA.The company has entered into a binding credit-approved commitment letter and term sheet with Societe Generale, Sydney Branch, Sumitomo Mitsui Banking Corporation, The Hongkong and Shanghai Banking and Westpac Banking Corporation to provide the $300m senior secured project term loan facility, $20m cost overrun facility and $30m bank guarantee facility.Rox Resources managing director and chief executive Phill Wilding comments on the funding.“The commitment of debt funding from an impressive selection of Australian and International banks is yet another major milestone for Rox as we accelerate our pathway to production for the Youanmi gold project,” he said.“The debt funding process included a thorough due diligence process by the banks’ independent technical expert, which provides further validation of the robustness of Youanmi and our expectation that it will be a high-margin operation.“The project is now fully funded through to production, and we look forward to making a final investment decision later in this quarter, before commencing construction activities.”Rox and the syndicate banks are now working towards satisfying conditions precedent. Financial close and first debt draw down is expected in the September quarter of 2026.

Catalina Resources (ASX: CTN) has entered into a binding option agreement to acquire 100% of BGM Metals, including its exploration licenses in the Eastern Goldfields.The agreement covers the Aerosmith project, located on the south-eastern margin of the Yilgarn Craton.The package includes multiple prospects spanning volcanogenic massive sulphide (VMS) copper, structural gold and magmatic copper-nickel sulphide targets.Catalina executive director Ross Cotton comments on the acquisition.“The combination of mapped electromagnetic conductors, interpreted base-metal fertile stratigraphy and documented copper anomalism provides a compelling technical foundation for systematic exploration,” he said.“Importantly, the option structure allows Catalina to secure exposure to this opportunity in a disciplined manner while we undertake detailed technical assessment.“The acquisition expands our copper–gold exploration pipeline and positions the company to evaluate a prospective mineralised corridor within one of WA’s established mineral provinces."Importantly, this acquisition comes as Catalina continues to advance exploration across its broader project portfolio, with further results expected from ongoing programs, including the Central Yilgarn and Breakaway Dam.”Under the deal terms, Catalina will pay a $10,000 option fee for a 12-month option to acquire BGM. If exercised, the consideration will be $200,000 in Catalina shares based on a 20-day VWAP or a cash equivalent.

Recent drilling and surface sampling activities at Sky Metals’ (ASX: SKY) Tallebung tin project have identified significant extensions of the known mineralisation, outlining new mineralised positions east and south?east of the current footprint.

High-grade gold discovered in the Murchison Golden Dragon Mining’s (ASX: GDR) exploration program has intersected high-grade gold close to surface at an advanced gold target within the greater Cue gold project in WA. The first phase of reverse circulation (RC) drilling confirms both the presence and continuity of a high-grade zone within a broader mineralised system at the Coodardy target. Golden Dragon says this support the interpretation that Coodardy forms part of a larger, coherent gold-bearing system with significant potential for expansion. Managing director Simon Buswell-Smith comments on the results. “The high-grade results combined with the significant results from the other recent drillholes, bodes extremely well for potential future open pit development at Coodardy,” he said. “The primary focus of the next phase of exploration will be testing this high-grade zone north and south in poorly tested areas to extend the mineralisation.  “The team has interpreted the high-grade zone to plunge to the north into the fresh rock which would be a very exciting development if confirmed as we expect. “This is the first time in many decades where ownership of the entire strike length is owned by one company, which is a game changer for Coodardy and we are now in a position to unlock the broader potential of this system.” More drilling is planned to commence this month with primary focus to test along strike at Coodardy and other nearby advanced target. 

Tivan upgrades Speewah estimate  Tivan (ASX: TVN) has updated the mineral resource estimate (MRE) for its Speewah fluorite project, with an increase of 16% in tonnage and 6% in contained calcium fluoride. This follows completion of the stage one drilling program at the project completed in Q4 that delivered about 23km of drilling.  The drilling supports the feasibility study (FS) for the project scheduled for completion later this month. Tivan says the MRE update has reaffirmed Speewah as one of the largest high-grade fluorite resources globally, enhancing the integrity of the resource and supporting updated mine planning and production scheduling that will be undertaken as part of the definitive feasibility study (DFS) that will commence following completion of the FS. Tivan executive chairman Grant Wilson says the upgraded MRE will strongly support the progression of Speewah, as Tivan builds a new, critical export sector for Australia and strengthens the resilience of vital supply chains in Asia. “Speewah is now confirmed as a world-class Fluorite resource, rare in the western hemisphere, in terms of size, grade, depth, mineralogy and proximity to port,” he said. “Beyond the significant uplift in tonnage, we have achieved a step-change in data integrity, that will strongly support the definition of ore reserves later this year.  “Our improved knowledge base materially increases our conviction in further resource expansion, that will support life of mine extension at the DFS stage and beyond. “Speewah is also now the most transparently reported fluorite deposit in the world. Transparency is a hallmark of Tivan and the JORC code is a bedrock attribute of Australia as a Tier 1 mining jurisdiction.  “We will maintain these same standards of excellence as we define the Sandover fluorite resource, enabling our strategic partners in Japan to proceed with confidence over a long-term horizon.” Speewah now hosts a JORC (2012) compliant Indicated and Inferred Resource of 43.2mt at 8.3% calcium fluoride (2% calcium fluoride cut-off grade) containing 3.6mt calcium fluoride.  The MRE update includes a high-grade component of 9.6mt at 20.6% calcium fluoride (10% calcium fluoride cut-off grade) containing 2mt calcium fluoride.