RIU Explorers Guide

UNEARTHED SCHOOL OF ROCK

The brightest stars among the ASX’s junior and midcap resources companies share their successes

Welcome

RIU Explorers Conference open for business once again

JAXON CRABB

On behalf of the team at Vertical Events, we are thrilled to welcome delegates from across the nation to the 2023 RIU Explorers Conference – Australia’s pre-eminent forum for the junior resources sector.

This year marks 21 since the first RIU Explorers Conference in 2002, and the annual event at Fremantle’s Esplanade Hotel has grown and evolved in the years since.

The 2023 iteration of the RIU Explorers Conference looms as our biggest and best yet. For the first time in a few years the event will not be subject to strict COVID protocols, and with the Western Australian borders open, we are welcoming the return of interstate and overseas delegates to this must-attend event. This freedom of movement coupled with an extremely strong resources investment environment driven by the global need for metals, and it’s little wonder Explorers is set to be as action-packed as ever.

Over three days starting February 14, delegates will hear from more than 90 presenters, mingle with 130 exhibitors, and gain valuable insight into junior companies at all stages of the mining exploration, development and production cycle.

Keynote speakers will provide invaluable insights into the resources space. This year’s speakers include Reg Spencer from Canaccord Genuity, Michael Boyce from Hamilton Locke, Nicholas Frappell from ABC Refinery, Daniel Hynes from ANZ, Jarra Smith from S&P Global Market Intelligence, Dr Andrew Scogings from CSA Global, and Stephen Wray from Noah’s Rule.

So strong is the interest in this year’s Explorers conference that in addition to those already lined up for an appearance, more than 100 ASXlisted resources companies currently sit on the waitlist.

Unfortunately, not all will be able to participate at RIU Explorers 2023,

MARKET INSIGHTS

but their interest is testament to the insatiable appetite for resources and commodities investment, as well as the conference's reputation as a must-attend event. Despite travel restrictions, Explorers 2021 and 2022 registered record crowds of 1500 and 1600 delegates respectively. As Explorers 2023 draws nearer, we are on track to pass the 1800 delegate mark for the first time – an incredible result. We invite you to find out more about the event through the pages of this guide and look forward to welcoming all delegates to the 2023 RIU Explorers Conference from February 14-16.

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“Delegates will hear from more than 90 presenters and mingle with 130 exhibitors”

Jaxon Crabb

A miner operates drilling machinery in the mine shaft

MARKET INSIGHTS

Investors in their element as resources market matures

With demand for energy transition metals like lithium, nickel and copper remaining high, opportunity abounds for producers and investors alike

PETER STRACHAN

The year opens into a more mature market phase where highly profitable producers of iron ore, lithium chemicals and nickel, including Fortescue (ASX:FMG), BHP, Hancock Prospecting, Mineral Resources (ASX:MIN) and IGO are active on the merger and acquisition front. This makes it an interesting time for small and mid-cap companies operating in prospective regions, like many of those set to appear at the RIU Explorers Conference this month.

Following the popular resources narrative of the past few years, investment activity through 2023 is likely to remain focused on minerals that support energy transition away from fossil fuels. With this the case, lithium, graphite, nickel, copper, rare earth elements (REE), and counterintuitively, natural gas are all expected to be targeted commodities.

COPPER TO THE FORE

Typically, rising commodity prices and exploration success drive investment dollars towards resource stocks. A flood of new capital following discovery boosts drilling activity, which inevitably leads to more exploration success, amplifying a self-fulfilling feedback loop that only halts when commodity pricing falls or exploration effort fails to deliver on early promise.

BHP set the ball rolling for copper with a timely $9.6 billion acquisition of OZ Minerals (ASX:OZL) in 2022. Meanwhile, the CSA copper mine’s new owner, Metals Acquisition Corp (ASX:MAC), will soon join Sandfire Resources (ASX:SFR) as the only significant ASX-listed pure copper producers.

SFR’s pending sale of the depleted DeGrussa copper project and risks associated with development of its deep, low-grade Motheo copper open pit operation in Botswana, along with capital spending on the

recently acquired MATSA Cu-Zn mine in Spain, may dissuade some investors, meaning focus could naturally begin to move down the list of project developers in search of the next copper opportunity. With its OZL buy, BHP inherits an option to purchase Havilah Resources’ (ASX:HAV) large but low-grade Kalkaroo copper-gold project on South Australia’s Gawler Craton. This project has access to BHP’s birthplace, Broken Hill, and would offer synergies with its South Australian Cu-Au portfolio.

MAC’s arrival in Cobar could also set the scene for further rationalisation of projects along the Lachlan Fold Belt. Aeris Resources (ASX:AIS), Aurelia Metals (ASX:AMI) and Peel Mining (ASX:PEX) may come into focus for potential consolidation as MAC tries to emulate Northern Star Resources’ (ASX:NST) growth model. The red metal will be a space to watch.

LITHIUM MARKET CONSOLIDATION

After a 10-fold price rise, spot pricing for lithium chemicals has begun to decline, while pricing for contracted lithium chemicals remains firm. Despite rising supply of lithium chemicals, the market is likely to remain in deficit for many years as battery demand expands.

Well-funded lithium producers are now active on the merger and acquisition front with more action likely as the year unfolds.

Pilbara Minerals (ASX:PLS) kicked things off with the acquisition of Altura, in 2021. IGO has also been active, selling its interest in the Tropicana gold project while buying a 49% interest in the Greenbushes lithium joint venture (TLEA), which has recently moved to diversify eastwards, adding the strategic Pioneer Dome lithium project north of Norseman to their portfolio with an agreed bid for underfunded Essential Metals (ASX:ESS). IGO has also expanded

its nickel footprint via acquisition of Western Areas (ASX:WSA) and is now creeping up the share register of Mincor Resources (ASX:MCR).

GOLDEN TIMES AHEAD?

In the six years until mid-2020, the ASX Gold Index lifted fivefold. Star performer Northern Star achieved a 400-fold share price rise over a 10year run on the back of solid results from the drill bit, combined with value-accretive asset acquisitions and disposals that built a $13 billion gold producer from a penny stock.

In the latter stages of this cycle in 2020/21, a Pilbara gold nugget mania attracted speculative capital, which resulted in De Grey Mining’s (ASX:DEG) multi-million-ounce Hemi gold discovery on its Mallina Gold project – highlighting the appetite for the precious metal when conditions are right.

With prices seemingly on the rise as the wheel rolls into 2023, could we see a refreshed appetite for gold sector discovery and consolidation?

RARE EARTH ACTION

The pace is also picking up for REE projects. Andrew Forrest’s Wyloo

Metals stumped up $150 million in the form of convertible notes to Hastings Technology Metals (ASX:HAS), supporting its move to gain access to downstream value adding. Not to be left out, Hancock Prospecting has taken a $60 million stake in Arafura Rare Earths (ASX:ARU).

MORE GAS PLEASE!

Perth Basin gas has become another hot topic as Hancock Energy and Strike Energy (ASX:STX) battle for control of West Erregulla JV partner, Warrego Energy (ASX:WGO), while Mineral Resources, which is bidding to take over its 20% partner in the Lockyer Deep gas field, Norwest Energy (ASX:NWE), wants low-cost energy to manufacture magnetite concentrate and upgrade lithium products.

Extreme gas pricing on Australia’s East Coast is likely to

support further exploration in the Otway Basin, where Cooper Energy (ASX:COE), Beach Energy (ASX:BPT) and 3D Oil (ASX:TDO) have identified targets where success would support transition to rebuildable and battery-based power supply.

AWASH WITH M&A?

■ Miners see the benefit of project and corporate acquisition to access skills and growth opportunities in an environment of rising capital and operating costs.

■ Existing producers are flush with cash.

■ Copper, rare earth elements and possibly gold are set for a strong 2023, with natural gas also in demand.

“Well-funded lithium producers are now active on the merger and acquisition front with more action likely as the year unfolds”

Peter Strachan

Staff on-site at OZ Minerals' Carrapateena mine in Far North South Australia.

Exploration by Pilbara Minerals at its Pilgangoora lithium/ tantalum project

MARKET INSIGHTS

Decarbonisation gives battery metals market a positive jolt

Net zero emissions targets are driving a 'mega' investment in battery metals

BARRY FITZGERALD

Battery metals have started off 2023 with a bang thanks to easing inflation and interest rate pressures, and China’s rebound from COVID lockdowns.

The improving economic backdrop adds to the already powerful thematic behind the rise of investor interest in battery metals because of their key role in global decarbonisation.

Exploration still going strong

JOSH CHIAT

Despite market pessimism on the back of inflation, interest rate rises and recessionary fears in the back half of last year, Australian mineral exploration continued to thrive.

According to BDO, Appendix 5B reports from ASX-listed explorers suggest more money was spent drilling in the September quarter than at any point since its Quarterly Explorer Cash Update was introduced in 2013.

Australian Bureau of Statistics figures back that up, showing $1.0849 billion was spent on exploration in a September quarter that eclipsed the record expenditure set in the June 2012 quarter – the height of the China-led mining and investment boom.

METAL HUNTING

BATTERY

Many commentators believe we are on the cusp of a very different commodity cycle, one fuelled by energy transition metals – think lithium, copper, nickel, manganese, graphite and more.

ABS data shows drilling spend for “selected base metals” in Australia, comprising EV metals like nickel and copper, rose to a record $267 million in the September quarter.

The “other” field, which includes lithium, graphite and rare earths, saw spending up 36.6% QoQ and 69.5% YoY to $140.7 million.

“We've certainly seen a significant pivot towards battery

critical minerals over the last six to 12 months; it's been much more noticeable in some of those other minerals, like rare earths, in the last six,” Association of Mining and Exploration Companies CEO Warren Pearce told Stockhead.

“I think that's largely because of significant investor interest and, particularly, a better understanding in the industry about the significant amount these minerals are going to be required for the EV revolution and renewable technologies.”

WA REMAINS ON TOP

When it comes to exploration and mining, Western Australia has proven itself over time to be the luckiest part of the “Lucky Country”.

Spending in WA hit an alltime high of $692.4 million in the September quarter, almost 70% of the national total, with Queensland seeing its biggest quarterly spend since 2012 at $156 million.

Greenfields exploration, generally considered riskier than brownfields work around existing mines, was seemingly prioritised.

Greenfields spend rose from $314.9 million in the June quarter to $344.9 million in the September quarter, with brownfields drilling spend falling slightly to $740 million.

While brownfields exploration retained a larger share of the pie, Pearce said the amount committed to unexplored areas was “extremely encouraging”, with critical mineral support a major factor.

Decarbonisation through electrification is metal intensive. So much so, a “mega” investment cycle in new supply capacity is required to meet 2050 net zero emissions targets.

And to encourage the required investment, there will have to be an attendant increase in metal prices. There is simply no other way if the supply challenge is to be met. It is an unprecedented supply challenge, too.

As the International Energy Agency explains, lithium, nickel, cobalt, manganese and graphite are crucial to battery performance, longevity and energy density.

Rare earth elements are essential for permanent magnets that are vital for wind turbines and electric vehicle motors, and electricity networks need a huge amount of copper and aluminium, with copper being a cornerstone for all electricity-related technologies.

BHP sees the need for nickel output to lift fourfold and copper twofold in the next 30 years, while Rio expects lithium demand could grow sevenfold before 2030 – all in pursuit of net zero emissions by 2050.

Other battery metals and green energy minerals, such as zinc and silver, along with the steel required for the clean energy infrastructure build-out, also stand to benefit from the decarbonisation push.

The full suite of battery materials are connected to the low emission technologies the world is banking on as it sets about decarbonising energy and transport. Last year, the US government alone committed to spending US$370 billion on clean energy projects over 10 years.

There was also another US$131 billion committed globally to

new battery gigafactories on Benchmark Minerals Intelligence estimates, taking the commitment in the last four years to US$300 billion. Each gigafactory needs to secure the requisite battery metals.

The resultant cornucopia of opportunities in the clean energy/battery metals space has reenergised the junior explorers and developers sector on the ASX.

Gold has long been the dominant focus of the junior brigade. But now there is a growing band of juniors focused on the battery metals space. Some have already made the transition to major mining company status on the back of the thematic.

The transitions achieved to date have primarily been in the lithium sector. Lithium producer Pilbara Minerals (ASX:PLS) is a prime example, thanks to its march from penny dreadful status in 2014, when it first went looking for lithium, to the $13 billion company it is today.

New mine developments in copper, nickel, manganese, graphite and other battery metals and minerals are also in the offing

“BHP sees the need for nickel output to lift fourfold and copper twofold in the next 30 years, while Rio expects lithium demand could grow sevenfold before 2030”

Rare earth elements are essential for wind turbines

Association of Mining and Exploration Companies CEO Warren Pearce

Barry Fitzgerald

132% Lithium had a stellar 2022, rising by more than 132% to more than US$80,000/t.

US$370bn

The US government will spend US$370bn on clean energy over 10 years.

7x Rio expects lithium demand to grow sevenfold before 2030, in pursuit of net zero emissions.

as juniors – with support from a battery focused investor base –convert exploration upside into producing mines.

As should be expected, the emerging mega mining cycle in the broad sweep of battery-related metals and minerals will not be without bumps and setbacks. The potential for recessions in the major economies is a near-term threat.

But again, the scale of the supply challenge for the metals and minerals needed for global decarbonisation stands as a supporting influence for the long term. While comforting for investors in the longer term, they need to remain alert for short-term commodity demand and price fluctuations.

Lithium again provides the example. The key battery material had a stellar 2022, rising by more than 132% to more than

US$80,000/t. The surge fuelled share price gains for junior explorers and producers alike.

Share prices were nevertheless hit on a couple of occasions due to negative price outlook assessments by investment banks. And there was some price weakness late in the year. But lithium shares have started 2023 strongly.

It seems that the late December/ early new year price retreat to around US$76,000/t is being seen for what it was – a response to quieter activity ahead of the Lunar New Year, and the lingering effects of China’s COVID lockdowns.

Consensus is for prices to ease further in 2023 to around the US$65,000/t level. But there is no certainty in that as might be expected in a commodity where supply continues to fall short of rapidly growing demand, and where question marks remain

over the speed at which new production to fill the gap can be brought to market.

And when it comes to the pricing of lithium producers and explorers on the ASX, the market is already factoring in lower prices. It means that while 2022 was a bumper year for the lithium stocks, 2023 could yet deliver some upside surprises.

Any retreat in current lithium prices also needs to be put in context. The current price remains phenomenal given that on estimates by Canaccord, a lithium price of (only) US$16,000/t is required to deliver a 15% internal rate of return (IRR) for lithium projects, rising to US$18,500/t for an IRR of 20%.

The world’s biggest miners BHP and Rio Tinto are at odds over whether the lithium industry is the place to be in the years ahead.

While acknowledging lithium has been “hot’’ in recent times, BHP has decided it does not want to be in the space, preferring to focus its battery metals exposure to copper and nickel. BHP chairman Ken MacKenzie argued last year that the barrier to entry was quite low and that lithium was abundant.

“So it is not necessarily a commodity that we’re interested in pursuing at this point of time.’’

Rio has different ideas, while also having copper and nickel in its sights for growth.

It wants to invest $US2.4 billion in a lithium project in Serbia, subject to currently withheld government approval, and last year spent $825 million buying a lithium project in Argentina as it expects elevated demand and pricing for a "long period of time".

BIG MINERS IN LITHIUM STANDOFF

zinc and silver mine at Broken Hill in the Australian Outback

MARKET INSIGHTS

Discover Aussie gold’s new class

As prices rebound, a new breed of Aussie gold producer emerges. Here are six small to mid-tier companies to watch

REUBEN ADAMS

Gold prices continue to rally in 2023, edging towards US$1930 per ounce by late January. That’s close to a record high in Aussie dollar terms.

Here are six small to mid-tier miners in or near production who could benefit from an emerging gold boom.

CALIDUS RESOURCES (ASX:CAI)

Production: 105,000oz pa

CAI announced commercial production at its Warrawoona gold project in the Pilbara earlier this month.

In December, the company delivered 5053oz of gold at unaudited cash costs of $2050/oz. For the final third of the month the gold room delivered 235oz a day, equivalent to a rate just over 85,000 ounces per annum.

CAI poured its first gold in May 2022, but faced two major COVID outbreaks in September, restricting material movement and ore production.

TEN SIXTY FOUR (ASX:X64)

Production: 84-89,000oz pa (FY23)

In FY23, this unhedged gold producer expects to produce up to 89,000oz at all-in sustaining costs (AISC) of US$1320-US$1370/ oz from its Co-O operation in the Philippines.

Co-O has been continuously producing gold for more than a decade, hitting the 1 million ounce milestone in 2020.

X64 says the narrow, highgrade orebody continues below current reserve limits and remains open at depth. A US$54 million infrastructure project called the Tigerway Decline will set-up the Co-O operation for the next decade, the company says.

ORA BANDA MINING (ASX:OBM)

Production: 56-61,000oz pa (FY23)

OBM has historically struggled to make a go of its troubled Davyhurst

gold operation near Kalgoorlie, but the tide could well have turned. Davyhurst produced 61,000oz in FY22, though operational issues affected overall performance. These issues prompted the company to initiate a strategic review and ‘reset’ of its operations early in 2022.

In July, OBM secured the services of a new chief executive, Luke Creagh, a veteran mining engineer who most recently served as chief operating officer at Northern Star Resources (ASX:NST).

OBM is aiming to produce up to 61,000oz at AISC of $2175/oz$2275/oz in FY23.

BEACON MINERALS (ASX:BCN)

Production: 24-28,000oz (FY23)

BCN is one producer taking advantage of the higher gold price, with the company locking in 6000oz of forward sales with Swiss firm MKS, hedged at an average net gold price of $2729/oz.

That represents 70% of its budgeted production from February to April.

Renowned for its links to WA’s historic gold capital KalgoorlieBoulder where it is based on the site of an 80s era gold refinery, BCN’s Jaurdi project near Kalgoorlie produced its first tonne of gold in December 2020.

A strong performance allowed the company to pay off its debts in October 2021.

In the December 2022 quarter, 6317oz was sold at an average price of $2633/oz for sale receipts of $16.63 million.

PANTORO (ASX:PNR)

Production: 108,000oz pa (FY23)

PNR and JV partner Tulla Resources (ASX:TUL) have completed their mission to revive the Norseman gold mine, one of the historic operations of the WA Goldfields.

Norseman was the longest continuously operating gold mines in Australia when it shut in 2014 after 79 years.

Located in a 5.5Moz gold field, the

project contains a mineral resource of 4.7Moz and an ore reserve of 900,000oz, with plans to produce 108,000oz pa over an initial sevenyear mine life.

Weekly gold shipments have continued since the first gold pour on 13 October 2022, with ~7300oz produced during the ramp up through January 4.

Full production rates are expected to be achieved during the forthcoming quarter, and a takeover whereby PNR will move to 100% ownership of the operation is in discussion.

GOING FOR GOLD

■ Surging gold prices into the new year have reinvigorated a sector which experienced a fluctuating 2022.

■ Gold is historically regarded a safe-haven asset – a store of value considered relatively low risk that has appealed in times of turmoil and volatility throughout the ages.

NAVARRE MINERALS (ASX:NML)

Production: 45,800oz pa (FY22)

NML acquired the 1Moz equivalent Mt Carlton gold mine from major producer Evolution Mining (ASX:EVN) in mid-December 2021 for an upfront cost of $40 million. It sold 5592oz of gold, 41,713oz of silver and 177t of copper in the September quarter at a high AISC of $3539/oz.

NML says these numbers will improve in the second half of FY23 as the operation introduces new, higher grade open pit ore from the satellite Mt Carlton United deposit.

■ Recent interest rate rises around the world combined with geopolitical uncertainty and much-publicised issues with cryptocurrency exchanges as an alternate store of wealth, are said to have contributed to gold’s recent price rise.

■ With the local currency helping its case, a number of experts predict big things for the yellow metal in Australia in 2023 and beyond.

Reuben Adams

FEATURED COMPANIES

The world is hungry for the metals of the future, and the only way to meet that need is through new discovery and production. Meet the companies striving to be part of a new metal era.

Disclaimer

Companies included in this Featured Companies section are advertising clients of Stockhead. The articles in this section have been developed in association with the companies featured. The views, information or opinions expressed in these articles do not represent the views of Stockhead. Stockhead does not provide, endorse, or otherwise assume responsibility for any financial product advice contained in these articles.

*Figures for Market Cap and Share Price were sourced from asx.com.au

KEY POINTS

◾ Company Name: Ardea Resources

◾ Company ASX code: ARL

◾ Key Commodities: Nickel, cobalt, scandium, rare earth elements

◾ Key Personnel: Mathew Longworth, Non-Executive Chair | Andrew Penkethman, Managing Director & CEO

| Ian Buchhorn, Executive Director

◾ Locations: Western Australia

◾ Market Cap as of 25/01/23: $137.20M

◾ 52-Week Share Price Range at 25/01/23: $0.550 - $2.050

◾ W: ardearesources.com.au

INVESTMENT HIGHLIGHTS

NOVEMBER 16: Metallurgical results suggest ARL could process additional 200,000tpa of feed grading 1% nickel at the Kalgoorlie Nickel Project (KNP) from mineralised neutraliser sourced from open-pit mining.

OCTOBER 14: ARL reveals plans to evaluate 4200sq km tenement portfolio for critical minerals, including lithiumcaesium-tantalum and rare earths.

MARCH 18: KNP awarded Major Project Status for national and strategic significance, giving access to the Major Projects Facilitation Agency, Critical Minerals Office, and other agencies for intergovernmental coordination of project support and approvals.

ANDREW PENKETHMAN MANAGING DIRECTOR & CEO

ARDEA RESOURCES

Project Status in March last year.

KEY POINTS

◾ Company Name: Auroch Minerals

◾ Company ASX code: AOU

◾ Key Commodities: Nickel, lithium, copper

◾ Key Personnel: Robin Cox, Technical Director | Mike Edwards, Executive Chairman

◾ Locations: Western Australia, Nevada, US

◾ Market Cap as of 25/01/23: $26.09M

◾ 52-Week Share Price Range at 25/01/23: $0.048 - $0.155

◾ W: aurochminerals.com

INVESTMENT HIGHLIGHTS

■ Transformative new high-grade lithium discovery, with aggressive exploration programs planned to run in parallel at the Nepean and Nevada lithium projects.

■ Leveraged to future battery metals demand from stable mining jurisdictions where existing high-grade shallow nickel sulphide resources offer potential to drive near-term development and production.

■ Drill rigs on the ground at the Kangaroo Hills and Nevada lithium projects.

COMPANY PROFILE

With the largest nickel-cobalt resource in the developed world on its books, Ardea Resources has enough nickel to produce 147 million electric cars – almost 14 times the number of EVs sold globally in 2022.

The company’s 100% controlled Kalgoorlie Nickel Project (KNP) and its sub-set, the Goongarrie Hub, have a mineral resource of 5.9 million tonnes contained nickel and 384,000t contained cobalt.

That makes it number one in WA when it comes to contained nickel alone, surpassing BHP’s renowned 3.7-million-tonne Mt Keith operation by more than 2 million tonnes.

In recognition of KNP’s national strategic significance to the Australian economy and its potential to assist a transition to clean energy, the KNP was awarded Major

AUROCH MINERALS

(ASX:ARL) (ASX:AOU)

COMPANY PROFILE

With rigs on the ground at transformative lithium projects in the world-class exploration regions of Nevada and Western Australia’s Goldfields, Auroch Minerals is strengthening its case as a future metals heavyweight.

The company, which holds a strategic portfolio including nickel and lithium in toptier mining jurisdictions, recently commenced drilling at both the Nevada project and the Kangaroo Hills lithium project.

AOU holds 80% of each project and is simultaneously testing the duo this quarter as part of what the company's technical director, Robin Cox, describes as “an ambitious exploration strategy”.

At the recently acquired Nevada project,

Securing the prized status was a major boost to ARL’s plan to be a significant producer of nickel and cobalt for the lithiumion battery sector. It gives the company enviable access to the Major Projects Facilitation Agency, Critical Minerals Office, Export Finance Australia and other key government agencies that can streamline the approvals process and allow access to additional sources for potential project funding, as well as opening doors to national experts and potential investment partners.

And in a sector where customers demand an ESG-compliant supply chain for nickel, cobalt and other inputs, Ardea aims to be one of the lowest-impact producers globally.

“We generate all of our own power off grid, completely independent of fossil fuels,” Andrew Penkethman, Ardea managing director and CEO, said.

“Our emissions are in line with BHP Nickel West, which promotes itself as one of the lowest carbon emission nickel producers in the world.”

As a testament to its sustainability practices, Ardea has been awarded a “BBB” ESG score for corporate and KNP practices by internationally leading and independent ESG disclosure platform for the mining industry Digbee ESG.

This initial accreditation is a highly favourable outcome for an emerging company and paves the way for operational

and reporting improvements to be made so ARL can achieve an AAA score as it grows.

Ardea’s main focus is developing the KNP through activities such as resource optimisation to define an updated ore reserve, open pit mine design, capital and operating cost definition, and the development of a detailed engineering design and plant layout.

In line with its ESG commitments, Ardea has developed an industry-leading low carbon emission flow sheet for its processing, with sustainable and ethical products to meet strategic partnership requirements. Further metallurgical testwork and feasibility studies are continuing and have gained pace since KNP was awarded Major Project Status.

While it progresses the KNP, Ardea will also put its recently expanded technical capacity to good use to evaluate more closely other compelling critical mineral opportunities. These include LCT, rare earths and lithium across its significant 4200sq km tenement package in WA’s Eastern Goldfields.

reverse circulation (RC) drilling is testing the Siebert Formation, which hosts American Lithium’s TLC deposit, for the presence of claystone lithologies elevated in lithium.

The initial work covers the San Antone East and Western Flats prospects, with another three – Traction, Lone Mountain and Heller – being progressed to drillready status. The project is located 340km southeast of the Tesla Gigafactory and close to major California ports.

At Kangaroo Hills, a new discovery which sits on the company’s Nepean nickel project ground, RC drills are targeting three identified pegmatite targets defined by recently completed mapping and sampling, including a mineralised pegmatite swarm, which returned a peak assay of 2.37% lithium oxide early in January.

Selective drill holes will also test for potential strike continuity of the initial discovery hole, which hit 6m at 1.38% Li2O from 198m.

They’re great signs in a hungry market and furthered by the fact AOU already holds significant nickel resources.

The 100% owned Saints and Leinster projects are located in WA’s NorsemanWiluna greenstone belt. Saints hosts a high-grade nickel resource of 911,000t at 2.3% nickel and 0.2% copper for 21,000t nickel and 1600t copper in arguably the best address globally for nickel sulphide mineralisation.

Two-thirds of the resource sits in the higher confidence indicated category.

The projects are surrounded by significant processing capability, including BHP’s Mt Keith and Leinster plants, Saracen Mineral Holdings’ (ASX:SAR) Sinclair plant and Poseidon Nickel’s (ASX:POS) Black Swan processing plant.

Meanwhile, Nepean is home to the historic high-grade Nepean mine, which was the second producing nickel mine in Australia –producing 32,202 tonnes at an average grade of around 3%.

In September, Auroch revealed a mineral resource estimate of 236,000t at 1.5% nickel and 0.1% copper for 3615t nickel and 252t copper, mapping shallow mineralisation only. That was before lithium pegmatites were identified at Kangaroo Hills.

Auroch recently boosted its coffers to just under $5 million, leaving the junior explorer well-funded to accelerate its lithium hunt in Western Australia and Nevada, and advance its nickel assets in Western Australia.

With nickel sulphides in increasing demand from global battery makers, Auroch is also nearing the completion of scoping studies to assess the potential development of its shallow high-grade resources.

ROBIN COX TECHNICAL DIRECTOR

KEY POINTS

◾ Company Name: Azure Minerals

◾ Company ASX code: AZS

◾ Key Commodities: Nickel, copper, cobalt, lithium

◾ Key Personnel: Tony Rovira, Managing Director & CEO | Brian Thomas, Chairman

◾ Locations: West Pilbara, Western Australia

◾ Market Cap as of 25/01/23: $98.58M

◾ 52-Week Share Price Range at 25/01/23: $0.160 - $0.460

◾ W: azureminerals.com.au

INVESTMENT HIGHLIGHTS

■ The Andover project encompasses a highly fertile, mineral-rich district, where Azure has discovered multiple nickel-copper-cobalt sulphide deposits and identified significant lithium-rich pegmatites.

■ The mineral resource estimate (MRE) for the Andover deposit contains +75,000 tonnes of nickel, copper and cobalt, with the MRE for the neighbouring Ridgeline deposit due for release in Q1 2023.

■ Andover hosts abundant lithiumrich pegmatites with surface sampling returning high grades of up to 3.32% Li2O, and lithium-focused drilling to start in Q1 2023.

TONY ROVIRA MANAGING DIRECTOR & CEO

AZURE MINERALS

(ASX:AZS)

COMPANY PROFILE

Azure Minerals is on the fast track to a development decision at its Andover nickelcopper-cobalt project, which is now also revealing its lithium riches in the West Pilbara region of Western Australia.

The company is defining a new nickel province where it has made four significant discoveries and identified a pipeline of undrilled targets along a 4km-long mineralised belt in what is now recognised as the newest, and one of the most exciting, nickel districts in Australia.

The Andover project is 60% owned by Azure and 40% held by renowned billionaire prospector and mine finder Mark Creasy, of Bronzewing and Nova fame.

The project is geologically similar to major discoveries like Panoramic Resources’ (ASX:PAN) Savannah nickel-copper-cobalt

mine in the East Kimberley, the NovaBollinger nickel-copper-cobalt mine in WA’s Fraser Range, and the Julimar Intrusive Complex that hosts Chalice Mining’s (ASX:CHN) Gonneville palladium-platinumnickel-copper-cobalt project.

While Azure’s extensive and focused exploration continues to successfully uncover nickel, copper, and cobalt, it is also quickly revealing Andover’s strong lithium potential.

The company has identified numerous outcropping lithium-rich pegmatites within an area more than 4km long and 2km wide, with surface sampling returning high grades of up to 3.32% Li2O. This has prompted Azure to start lithium-focused drilling in the first quarter of 2023, and attracted the attention of global lithium heavyweight SQM, which took a $20 million, 19.99% stake in AZS in January.

To date, AZS has drilled around 90,000m across 200 holes, which has culminated in a maiden resource of 4.6 million tonnes at 1.41% nickel equivalent – over 80% of which is in the higher confidence indicated category.

The resource currently hosts over 75,000 tonnes of nickel, copper, and cobalt, which is only expected to grow with a resource for the neighbouring Ridgeline deposit, located just 200m from the Andover deposit, slated to be delivered in the first quarter of 2023.

In November 2022, Azure reported the highest-grade nickel intersection so far from the Ridgeline deposit, after drilling hit a broad, high-grade zone that returned 18.2m

at 1.93% nickel, 0.65% copper and 0.08% cobalt, including 9.3m at 2.58% nickel, 0.75% copper and 0.1% cobalt from 510.5m.

This drill hit also confirmed that the strongly mineralised shoots containing massive nickel sulphides remained open down-plunge, providing further upside for resource expansion.

Azure has also received positive metallurgical results from Ridgeline that show it can deliver high-grade concentrates and excellent metal recoveries.

The company is rapidly progressing the Andover project towards production via a dual pathway strategy of successful exploration and resource definition, while simultaneously fast-tracking project development studies.

Successful delivery of this strategy will grow Andover into a major nickel-copper sulphide mining and processing operation with multiple deposits, feeding a central processing plant.

AZS is leveraged for success through its strong balance sheet, exposure to highvalue and in-demand battery metals that now includes lithium, and supportive and reputable major shareholders.

KEY POINTS

◾ Company Name: C29 Metals

◾ Company ASX code: C29

◾ Key Commodities: Lithium, copper

◾ Key Personnel: Jeremy King, Executive Director | David Lees, NonExecutive Chairman | Phil Thomas, Project Manager Argentina

◾ Locations: Argentina, Queensland & New South Wales

◾ Market Cap as of 25/01/23: $10.09M

◾ 52-Week Share Price Range at 25/01/23: $0.087 - $0.365

◾ W: c29metals.com.au

INVESTMENT HIGHLIGHTS

■ Drilling underway at its Pocitos 7 lithium project within the South American lithium triangle in Argentina with a view to rapidly establishing a mineral resource.

■ Location of Pocitos 7 and Pocitos 9 projects places them close to established infrastructure, accelerating potential project development timeline.

■ C29 also exploring for copper-gold at the Mayfield project in Queensland, and copper at the Sampsons Tank project in NSW at a time of heightened interest in the red metal’s green infrastructure applications.

C29 METALS

(ASX:C29)

COMPANY PROFILE

C29 is drilling at the Pocitos 7 lithium project in Argentina, as the explorer seeks to establish its presence in premium battery metal territory.

Pocitos 7 is in the heart of South America’s lithium triangle, home to 75% of the essential battery component’s global supply, and current drilling is designed to establish the presence of lithium-charged, aquifer-held brines, which would form the basis for a mineral resource estimate at the project.

That would be a significant step for C29, given lithium is arguably the world’s most sought-after mineral owing to its use in the emergent electric vehicle battery industry.

Previous geophysical work at Pocitos 7 has established the potential for a large aquifer hosting lithium-charged brines. C29

is out to prove the concept.

“We are extremely pleased to kick off proceedings at Pocitos 7,” Jeremy King, C29 executive director, said on announcement of drilling in late December.

“The company has the opportunity to rapidly establish a meaningful resource at this salar as part of a wider drive to create a significant lithium operation.

“Local lithium logistics and services infrastructure provide important foundations to enable such an outcome.

The locational advantage King alluded to is a reference to the triangle’s status as a lithium producer. Helping C29’s development cause is access to infrastructure, including power, gas transmission and all-weather roads, allowing transport of refined lithium carbonate through a major port.

Pocitos 7 is not alone on C29’s books. The company signed an option agreement to acquire 80% of the exploration licenses to Pocitos 7 and the nearby Pocitos 9 in October.

Both projects are positioned in the miningfriendly Salta province, in proximity of established global industry players including SQM, Albemarle, Orocobre, Toyota, Ganfeng, Lithium Americas, Lithium LSC, Argosy, Livent, Galaxy, POSCO and Galan Lithium (ASX:GLN).

Closer to home is C29’s 100% owned Mayfield copper-gold project in the highly prospective eastern fold belt of the Proterozoic Mount Isa Inlier in Queensland.

Mayfield sits just 25km south of Carnaby Resources’ (ASX:CNB) discovery at Nil Desperandum and Lady Fanny, and 50km from Hammer Metals’ (ASX:HMX) Kalman project.

Over 80% of the project area sits under thin alluvial cover, which exhibits extensive near-surface mineralisation associated with magnetic anomalies.

With copper sentiment strong on the back of green-technology requirements, C29 is looking to define and rank targets with a view to drill here in 2023 as well.

At its 100% owned Sampsons Tank copper project in NSW, having identified three coherent bedrock conductors, the company is looking to further define targets by way of ground geophysics before moving to drill in 2023.

Sampsons Tank sits within an emerging high-grade copper district – it shares key geological, geophysical and geochemical features analogous to the nearby Trition Cu Mine, Collerina Cu, Tottenham Cu and Iron Duke Cu projects.

JEREMY KING EXECUTIVE DIRECTOR

KEY POINTS

◾ Company Name: Caspin Resources

◾ Company ASX code: CPN

◾ Key Commodities: Platinum-group elements, nickel, copper, gold

◾ Key Personnel: Greg Miles, Chief Executive Officer | Cliff Lawrenson, Chairman

◾ Locations: West Yilgarn & Musgrave provinces, Western Australia

◾ Market Cap as of 25/01/23: $46.45M

◾ 52-Week Share Price Range at 25/01/23: $0.365 - $1.190

◾ W: caspin.com.au

INVESTMENT HIGHLIGHTS

■ Major new platinum-group element-nickel-copper discoveries at Serradella and Vicia prospects, inside its Yarawindah Brook Project, and potential for new discoveries at greenfield site Mount Squires project.

■ Significant pipeline of drilling campaigns planned for 2023, with results pending from Mount Squires project where +10% copper was recently reported at surface.

■ Well funded for exploration, with no debt and $6.8m cash at bank as of September and backing of strategic shareholders including Chalice Mining (ASX:CHN).

GREG MILES CEO

CASPIN RESOURCES

(ASX:CPN)

COMPANY PROFILE

A well-funded Western Australian explorer operating in one of the world’s most exciting discovery provinces of recent times, there’s no shortage of excitement around Caspin Resources.

Caspin’s focus is on the 80%-owned Yarawindah Brook platinum group element (PGE)-nickel-copper project in WA’s emerging West Yilgarn PGE province, as well as the 100% owned Mount Squires project in West Musgrave’s nickel-copper corridor.

The West Yilgarn is famously home to Chalice Mining’s (ASX:CHN) Gonneville PGE-nickel-copper deposit, and CPN’s Yarawindah project 40km to the north shows similar promise thanks to a series of prospects discovered by the Caspin team.

The most significant of these are the

Serradella prospect, where drilling intersected wide mineralised zones of up to 25m, which included rhodium – the world’s most expensive precious metal – as well as the recently announced Vicia PGE discovery where 32m of mineralisation was intersected from 58m.

This year, the company plans further drilling around the area to test the extent of rhodium mineralisation. A third rig was recently added to the artillery to accelerate delineation drilling of Serradella – results are expected imminently.

Vicia and Serradella are just two of at least six targets within the broader project, which is said to be geologically similar to Chalice’s Gonneville discovery. Chalice holds a stake in Caspin courtesy of a cornerstoned capital raise announced to market in July 2021.

The company’s concurrent focus is the 100% owned Mount Squires project to the south-west of OZ Minerals’ Nebo and Babel deposits in the West Musgrave province near the WA-South Australian border.

The province is prospective for copper and nickel mineralisation, and Caspin’s exploration work has done the talking so far.

Results from an aircore program carried out near the border of Caspin’s ground and OZ Minerals’ One Tree Hill deposit 200m to the north are pending. This work was designed to establish whether One Tree Hill carries over the lease area boundary.

But rock chip samples taken from surface at an 8km copper geochemical anomaly known as the Sienna prospect assayed as high as 10.6% copper – a result the company said showed it was in the early stages of defining a significant magmatic sulphide system prospective for copper, and potentially nickel and PGEs.

CPN is awaiting the results of a further 1200 soil samples from West Musgrave in addition to aircore assays, while also planning work for the 2023 field season at Mount Squires.

Caspin’s management team has extensive familiarity with its projects going beyond the history of the ASX-listed entity as it currently stands. The company is helmed by Greg Miles, a 25-year mining industry veteran who worked on the early-stage work at both Yarawindah and CPN’s West Musgrave projects for Cassini Resources prior to its takeover by OZ Minerals.

Caspin would ultimately spin out of OZ in 2020 and has quickly forged its own reputation as an explorer to watch in 2023 and beyond.

KEY POINTS

◾ Company Name: Charger Metals

◾ Company ASX code: CHR

◾ Key Commodities: Lithium

◾ Key Personnel: David Crook, Managing Director and CEO | Terry Gardiner, Non-Executive Chairman | Adrian Griffin, Non-Executive Director

◾ Locations: Western Australia, Northern Territory

◾ Market Cap as of 25/01/23: $23.29M

◾ 52-Week Share Price Range at 25/01/23: $0.305 - $1.000

◾ W: chargermetals.com.au

INVESTMENT HIGHLIGHTS

JANUARY 19: Drilling resumes at the Medcalf spodumene prospect at Charger Metals’ Lake Johnston lithium project. Twenty RC holes will test for extensions to the mineralised pegmatites both along strike and at depth.

DECEMBER 20: Maiden drilling program at the Medcalf spodumene prospect intersects numerous spodumene-bearing pegmatites within a 50m-wide zone.

NOVEMBER 21: Charger receives drilling approvals and increases its land position at the Lake Johnston lithium project by 33sq km.

DAVID CROOK MANAGING DIRECTOR & CEO

CHARGER METALS

(ASX:CHR)

COMPANY PROFILE

Charger Metals is targeting lithium in two highly prospective provinces among billiondollar neighbours.

Charger’s flagship project is the 70% owned, 62.7sq km Bynoe project, in a known lithium belt close to Darwin. Surrounding Bynoe is Core Lithium’s (ASX:CXO) Finniss lithium project, which has a current mineral resource estimate of 18.9Mt at 1.32% Li2O.

Approvals were received for the maiden drill program at Bynoe last November and Charger is looking forward to starting further exploration.

Geochemistry and aeromagnetic data indicates the trend direction of lithiumcaesium-tantalum (LCT) pegmatites extend

from Finniss to the Bynoe project, so the team is keen to begin drilling as soon as wetseason weather allows.

At the Lake Johnston lithium project in Western Australia’s Eastern Goldfields, the drill rigs have been revved up for the year at the Medcalf spodumene discovery.

The region has been attracting a lot of interest from lithium explorers thanks to it being home to Covalent Lithium’s Earl Grey project, which is linked to the broader Mount Holland Lithium Project.

Mt Holland is one of the largest undeveloped hard-rock lithium projects in Australia, with ore reserves for the Earl Grey deposit estimated at 189 Mt at 1.5% Li2O. Covalent is a joint venture between subsidiaries of the world’s largest lithium producer, Chile-based SQM, and Wesfarmers.

Exploration at Charger’s nearby Medcalf spodumene discovery has confirmed multiple lithium systems, with soil anomalies and rock chips yielding high-grade lithium oxide samples from 1.51% to 7.15%.

Charger’s maiden drilling program at the Medcalf spodumene discovery got off to a very encouraging start before a break for the festive season, with numerous spodumene-bearing pegmatites intersected within a 50m-wide structural zone.

Drilling has now resumed to test the 800m by 300m swarm of pegmatites both along strike and at depth.

Another key prospect is Mount Day, a large LCT pegmatite field including numerous mapped pegmatites within a 5.5km by 1.5km field.

And in November, Charger acquired a 33sq km tenement, with areas falling within the Lake Johnston ‘Goldilocks Zone’ for lithium mineralisation.

Leading the way, Charger has a highly credentialled and experienced board and management team who have extensive experience in exploration, development, operations, funding and M&A.

The company got a major show of support last September when it completed a $5.5 million placement to institutional, sophisticated and professional investors.

“Increasing demand for primary supply into the lithium market should continue to underpin projects such as Charger’s Bynoe and Lake Johnston lithium projects, and the funds raised will allow us to aggressively drill both these highly prospective lithium projects,” Charger managing director, David Crook, said at the time.

KEY POINTS

◾ Company Name: Corazon Mining

◾ Company ASX code: CZN

◾ Key Commodities: Nickel, copper, cobalt, lithium

◾ Key Personnel: Terry Streeter, Non-Executive Chairman | Brett Smith, Executive Managing Director

◾ Locations: Canada, New South Wales, Western Australia

◾ Market Cap as of 25/01/23: $14.03M

◾ 52-Week Share Price Range at 25/01/23: $0.014 - $0.039

◾ W: corazon.com.au

INVESTMENT HIGHLIGHTS

◾ Corazon is an ASX-listed company focused on the exploration and development of critical battery metals including nickel, copper, cobalt and lithium.

◾ 100% ownership of the historic nickel-copper-cobalt Lynn Lake mining centre in Manitoba, Canada that hosts large JORC-compliant resources of 116,800t of nickel, 54,300t of copper and 5800t of cobalt.

◾ On the back of the emerging rechargeable battery sector, Corazon is leveraged to exploration success and the redevelopment of the Lynn Lake mining centre.

BRETT SMITH EXECUTIVE MANAGING DIRECTOR

CORAZON MINING

than 20 separate deposits.

Corazon took the strategic step of consolidating the entire Lynn Lake nickel field under its ownership in 2015 – the first time this world-scale nickel belt had been controlled by one company.

the company, alongside the exploration and expansion of the undeveloped Miriam nickel sulphide deposit.

KEY POINTS

◾ Company Name: Dreadnought Resources

◾ Company ASX code: DRE

◾ Key Commodities: Rare earths, nickel, copper

◾ Key Personnel: Paul Chapman, Chairman | Dean Tuck, Managing Director

◾ Locations: Kimberley, Gascoyne and Yilgarn regions of Western Australia

◾ Market Cap as of 25/01/23: $302.79M

◾ 52-Week Share Price Range at 25/01/23: $0.032 - $0.155

◾ W: dreadnoughtresources.com.au

INVESTMENT HIGHLIGHTS

■ Rapidly expanding, potentially globally significant rare earths elements (REE) opportunity with the discovery of the Yin REE ironstone and carbonatite complex at the Mangaroon project, situated in WA’s underexplored Gascoyne region.

■ Copper, silver, gold and cobalt massive sulphide camp discovery at the Tarraji-Yampi project in the Kimberley.

■ Nickel, copper, and platinum group elements (PGE) earn-in and joint venture with First Quantum Minerals at Mangaroon.

COMPANY PROFILE

Massive commitments to the green energy transition over the next decade and beyond will require substantial amounts of critical metals like nickel, copper, cobalt, and lithium – and experts say supply won’t be able to keep up. That puts those already advanced in the space, like emerging nickel-focused explorer and developer Corazon Mining, in the driver’s seat to help meet ever-increasing demand.

Corazon’s flagship Lynn Lake nickelcopper-cobalt project in Manitoba, one of Canada’s largest historic nickel producing regions, provides a huge opportunity for resource development and discovery.

Lake Lynn was a prolific historical operation that was mined for 24 years through to 1976, producing 206,200t of nickel and 107,600t of copper, and hosting more

CZN has so far defined large JORCcompliant resources amounting to 16.3Mt of ore containing 116,800t of nickel, 54,300t of copper and 5,300t of cobalt – from just six of the +20 deposits located within the mining centre.

Corazon also plans to undertake a drilling program in early 2023 targeting porphyry copper-gold-cobalt deposits at the 80%-owned Mt Gilmore project in New South Wales.

Mt Gilmore hosts a +20km trend with mineral geochemical characteristics specific to large porphyry copper-gold deposits.

At Corazon’s market capitalisation of ~$13 million – Lynn Lake’s enterprise value is roughly $7 million, providing plenty of upside given the company’s aggressive exploration strategy, which is focused on extending the existing resource and uncovering new nickel sulphide deposits.

The company also has exposure to its target commodities in Western Australia and New South Wales.

CZN piqued investor interest in December 2022 with a lithium discovery at its Miriam project in the Eastern Goldfields region of Western Australia that sent shares up 65%. Field mapping at the project revealed pegmatite at surface with high concentrations of spodumene. No past lithium exploration had been undertaken at the Miriam project, providing a potentially significant opportunity for Corazon.

Lithium exploration will be a priority for

The project hosts the cobalt-dominant ‘Cobalt Ridge’ prospect, where extremely high grades of up to 8% cobalt have been reported.

With the substantial growth continuing in the battery sector, Corazon is leveraged to both exploration success and the potential to redevelop the Lynn Lake mining centre.

Mining studies are ongoing with the goal of transforming Lynn Lake into a sustainable, long-life, automated, bulk tonnage, and low-cost operation right on the doorstep of the high-demand American and European markets, hungry for highquality nickel sulphide.

DEAN TUCK MANAGING DIRECTOR

DREADNOUGHT RESOURCES

(ASX:CZN) (ASX:DRE)

COMPANY PROFILE

Dreadnought Resources has a demonstrated track record of delivering multiple discoveries hosting the critical metals that are key to the decarbonisation of the global economy.

The company has four substantial projects, all in Western Australia, with optionality in geography and critical metal mix.

Most recently, Dreadnought successfully uncovered several large-scale zones hosting rare earths elements (REE), niobium, titanium, and phosphorus mineralisation at its 100% owned Mangaroon project.

The project spans 4,900sq km in the vastly underexplored Gascoyne region, providing the explorer with a large-scale first mover advantage.

Recent first-pass, wide-spaced drilling of the C1-C5 carbonatite targets exceeded expectations, expanding the intrusive complex to 6.5km in strike by 1km wide.

“Importantly, the carbonatite complex remains completely open and is interpreted to be significantly larger than we originally believed,” Dean Tuck, managing director of Dreadnought, said.

DRE previously identified 30km of REE ironstones at the Yin prospect that show strong potential for high-grade and significant volumes of neodymium-praseodymium (NdPr), similar to Hasting Technology Metals’ (ASX:HAS) Yangibana REE project located just 25km to the southeast.

NdPr is the key component of highperformance neodymium, iron, and boron magnets, which are rapidly increasing in demand thanks to their use in electric vehicles, speakers and medical devices like MRIs.

In December Dreadnought delivered its initial resource for Yin of 14.36 million tonnes at 1.13% total rare earth oxide and 0.34% neodymium and praseodymium oxide, within six months of discovery. The initial resource covers only 3km, just 10% of the 30km Yin REE ironstone complex.

DRE has also pinpointed seven carbonatite intrusions with potential similarities to major operating REE mines like Lynas’ (ASX:LYC)

Mt Weld in Australia and MP Minerals’ Mountain Pass in the US.

Meanwhile, the company has a major partner doing the heavy lifting on the nickel, copper, and platinum group elements (PGE)

component of the Mangaroon project.

$20 billion Canadian heavyweight First Quantum Minerals can earn an initial 51% stake in the Money Intrusion copper-nickelPGE project by spending $12 million and has the option to top up its interest to 70% by sole funding the project through to a decision to mine.

In the Kimberley, Dreadnought’s goal is to uncover a cluster of high-grade copper, silver, gold, and cobalt massive sulphide deposits at the broader Tarraji-Yampi project, where exploration hasn’t occurred since the 1970s. DRE has an extensive pipeline of JORC resource ready drill-out targets.

Paul Chapman, chairman of Dreadnought, said the Orion copper-silver-gold-cobalt-zinc deposit – which the company discovered in 2021 – could extend to a depth of at least 500m and was ready for a JORC resource drill out.

“We also have at least nine Orion lookalikes that have similar if not better potential,” he said.

Dreadnought is a highly active explorer, backed by directors and management that have significant ‘skin in the game’. Over $3 million has been invested by the board and management.

More than 85% of the money spent so far has gone straight into the ground.

KEY POINTS

◾ Company Name: Eagle Mountain Mining

◾ Company ASX code: EM2

◾ Key Commodities: Copper

◾ Key Personnel: Charles Bass, Managing Director | Tim Mason, CEO | Rick Crabb, Chairman

◾ Locations: Arizona, US

◾ Market Cap as of 25/01/23: $74.67M

◾ 52-Week Share Price Range at 25/01/23: $0.150 - $0.705

◾ W: eaglemountain.com.au

INVESTMENT HIGHLIGHTS

DECEMBER 16: EM2 intersected 9.94% copper, 102g/t silver and 3.35g/t gold over 1.3m at North East Talon, along with elevated rare earth elements detected in previous drilling.

NOVEMBER 11: Strong grades continued to flow in large diameter drilling at Talon, within the broader Oracle Ridge project.

OCTOBER 6: Strong assays reported outside of the updated resource for the Oracle Ridge copper mine.

TIM MASON CEO

EAGLE MOUNTAIN MINING

(ASX:EM2)

COMPANY PROFILE

Eagle Mountain Mining is a copper-focused exploration and development company with a key objective of becoming a low-emission producer at its high-grade Oracle Ridge project in the mining friendly US state of Arizona.

Copper is a metal essential to the electrification required to drive the world’s clean energy transition, with demand widely forecast to rise to 60 million tonnes by 2050 –double today's consumption volume of about 30 million tonnes per year.

Eagle Mountain’s focus since acquisition in November 2019 has been on progressing towards a restart of the historic Oracle

Ridge copper mine in Arizona, where EM2’s reinterpretation of existing data is building on geological knowledge of the mine and region.

With a history spanning back to 1873, the last significant production from Oracle Ridge was in the mid 1990s. The project benefits from the significant existing infrastructure, including 18km of underground tunnels, as well as its previous production history.

Oracle Ridge’s copper JORC resource currently stands at 16.5 million tonnes at 1.45% Cu for 240,000 tonnes contained copper, with significant gold and silver as well.

The sustained success of EM2’s ongoing drilling program at Oracle Ridge has the company confident it can increase this mineral resource estimate (MRE), given its pipeline of quality targets outside the MRE.

Recent recommissioning of the existing mine allows for underground drilling. Further MRE updates are planned for 2023 on the back of current drilling.

Eagle Mountain couldn’t be better placed. Arizona is at the heart of US mining and home to some of the world’s largest copper discoveries belonging to companies including BHP, Rio Tinto, Freeport McMoRan, and Hudbay.

Oracle Ridge is less than a two-hour drive from the city of Tucson and only half an hour from the nearby San Manuel copper mine –the world’s largest underground copper mine in the 1980s, which produced more than 700Mt of ore.

Consistent with its goal to supply copper for clean energy, EM2 is leveraging Oracle

Ridge’s good credentials with the key objective of becoming a low-emission producer.

These credentials stem from leveraging the natural benefits of gravity in its future operations, including downhill haulage of ore via a conveyor or road.

EM2 also plans to use solar panels to harness sun energy, as well as low-emission or hybrid equipment.

Unlike large open pits, underground operations have a far less surface disturbance leading to less impact on the environment.

The company’s leadership team includes Charles Bass, who has 50 years’ experience in the mining industry, including cofounding Aquila Resources before it was taken over for $1.4 billion in 2014.

CEO Tim Mason has 20 years’ experience in mining across corporate, operations, business development and engineering roles.

CEO of US operations Manuel Ramos is a veteran of the Arizona copper industry, having been VP of metallurgical operations, then president and Chief Operating Officer at prolific copper producer ASARCO over 19 years.

KEY POINTS

◾ Company Name: Encounter Resources

◾ Company ASX code: ENR

◾ Key Commodities: Copper, rare earths, lithium

◾ Key Personnel: Will Robinson, Managing Director | Paul Chapman, Non-Executive Chairman | Dr Jon Hronsky OAM, Non-Executive Director

◾ Locations: Western Australia, Northern Territory

◾ Market Cap as of 25/01/23: $58.66M

◾ 52-Week Share Price Range at 25/01/23: $0.112 - $0.250

◾ W: enrl.com.au

INVESTMENT HIGHLIGHTS

◾ 100% owned West Arunta copper-REE project in WA shows early hallmarks of a new critical minerals province with compelling REE targets under shallow cover.

◾ Large scale NT copper leverage through active exploration farm-in agreements with BHP at the Elliott project, South32 at the Jessica/Carrara projects, and at ENR’s 100% owned Sandover project with an extensive outcropping copper unit mapped.

◾ Field work identifies the potential of 4km+ of pegmatites at the 100% owned Junction project in the NT’s North Arunta province.

WILL ROBINSON MANAGING DIRECTOR

ENCOUNTER RESOURCES

(ASX:ENR)

COMPANY PROFILE

Encounter Resources is following up on some exciting late-2022 results as it explores for copper, rare earths and lithium at its 100% owned projects, as well as those covered by farm-in agreements with industry titans BHP, South32 and IGO.

Attracting the attention of majors is hard work in a crowded small cap space, so the backing of high-profile partners is a significant tick for ENR. ENR currently has agreements in place for up to $65 million in initial exploration funding.

In its 100% owned portfolio, Encounter controls a commanding position in the exciting West Arunta region of WA with a +100km east-west tenement holding.

“Modern geophysics is revealing exceptional targets in the West Arunta critical minerals province. The limited exploration in the West Arunta has shown that the region is highly prospective for the formation of IOCG and carbonatite-hosted REE deposits under shallow cover,” Will Robinson, Encounter managing director, said.

The first drill holes completed in the region contain highly anomalous REE and niobium as well as IOCG pathfinders. We believe that the West Arunta is on the verge of becoming the next major copper and rare earths exploration focus in Australia.”

Across the Northern Territory border ENR’s assets include a series of copper opportunities. Among these are the Elliott project, which is being advanced via a $25 million earn-in and joint venture in partnership with BHP, and farm-in agreements with South32 at the Jessica Copper and Carrara Copper-Zinc projects.

Eight targets defined at Jessica and Carrara by South32 will be drilled commencing in April-May 2023, while the first diamond drill program by BHP was recently completed at Elliott.

On top of this, field work recently delineated two juicy lithium targets at the Junction project in the lithium-rich North Arunta pegmatite province of the Northern Territory, home to Core Lithium’s (ASX:CXO) Ringing Rocks target.

Outcropping pegmatites at the Junction

project have been sampled, with results expected in February 2023.

A soil sampling program early this year at Junction will test for caesium, tantalum, tin, tungsten and rubidium, as well as more lithium, with ENR to carry out reverse circulation drilling of defined targets after the results of this sampling are in.

In WA’s Paterson Province, ENR is developing a large portfolio, including the 100% owned Lamil Project, and coppercobalt deposits at the Yeneena project through its $15 million earn-in and JV with IGO. Lamil covers an extensive mineralised copper-gold system 25km northwest of Newcrest’s huge Telfer gold, copper mine.

“The footprint of mineral system at Lamil continues to grow and high-grade coppergold reefs, up to 6.5% copper and 21.5g/t gold, were intersected nearer to surface in the latest drilling,” Robinson said.

“For 2023, we are looking to capitalise on our strengths: the right commodity mix; high quality projects; relationships with Australia’s biggest companies and an experienced and capable team.”

KEY POINTS

◾ Company Name: Galan Lithium

◾ Company ASX code: GLN

◾ Key Commodities: Lithium

◾ Key Personnel: Richard Homsany, Non-Executive Chairman | Juan Pablo Vargas de la Vega, Managing Director | Daniel Jimenez, Non-Executive Director

◾ Locations: Argentina, Western Australia

◾ Market Cap as of 25/01/23:

$377.29M

◾ 52-Week Share Price Range at 25/01/23: $0.935 - $2.330

◾ W: galanlithium.com.au

INVESTMENT HIGHLIGHTS

DECEMBER 13: Galan acquires the remaining 20% of the Greenbushes South Lithium Project from Lithium Australia, giving GLN 100% ownership.

NOVEMBER 2: Application submitted to scale up HMW project piloting stage to 4000 tonnes per annum lithium carbonate equivalent (LCE), including the construction of 120ha of evaporation ponds.

OCTOBER 24: HMW mineral resource increases 2.5 times to a globally significant 5.8Mt contained LCE at 866mg/l lithium, with the project retaining its high-grade profile.

JUAN PABLO VARGAS DE LA VEGA MANAGING DIRECTOR

GALAN LITHIUM

(ASX:GLN)

COMPANY PROFILE

Galan Lithium is poised to become a major player in battery minerals with two worldclass projects within South America’s ‘lithium triangle’, as well as Greenbushes South in Western Australia, about 3km from the world’s largest and highest grade hard rock lithium deposit.

After snapping up the last 20% it didn’t already own in the Greenbushes South lithium project last year, Galan is set to drill for the first time down the road from the Greenbushes mine owned by industry giants Albemarle, Tianqi Lithium and IGO.

A drilling program at the project 250km south of Perth and covering about 315sq km, will take place after highly encouraging

fieldwork campaigns.

“We are very excited by the identified opportunity at the newly defined Fry’s Block (at Greenbushes South),” Juan Pablo Vargas de la Vega, Galan managing director, said ahead of the drilling.

“We now have three highly prospective targets and expect these initial targets to be the first of many planned in one of the world’s most renowned lithium districts.”

Over in Argentina, Galan has two preliminary economic assessment (PEA) level projects – Hombre Muerto West (HMW) and Candelas – with a combined long-term base production of 34,000 tonnes per annum lithium carbonate equivalent (LCE).

HMW has been proven to host lithium brine deposition of the highest grade and lowest impurity levels in Argentina. That’s not bad given it’s in world-class lithium ‘elephant country’, within a 20km radius of the established El Fenix lithium operations (Livent Corporation), the Sal de Vida (Allkem) and Sal de Oro (POSCO) lithium projects.

HMW’s definitive feasibility study, on track for delivery in Q1 this year, got a game-changing boost last October when Galan announced a 2.5-times increase in its mineral resource estimate (MRE) to 5.8 million tonnes contained LCE at 866 mg/l Li. For the first time the MRE included a higher confidence measured resource, which came in at 4.4Mt at 883 mg/l Li.

That increase, driven by the company’s

greater tenure scale and encouraging drilling, brings the total Galan resource (including Candelas) to a globally significant 6.5Mt at 839 mg/l Li.

The news was followed in November by Galan announcing it would apply to scale up the pilot program at HMW, which is in the final stages of construction.

The expanded pilot program will include 120ha of evaporation ponds to boost pilot production to 4000 tonnes per annum of LCE.

Full-scale HMW production profile permits for 20,000tpa of LCE are on track to be lodged in the first quarter of this year, while construction of the expanded pilot plant could start in the second half of calendar year 2023.

Led by a highly experienced board and in-country team with a mix of world-class knowledge and local insights, Galan is targeting first-phase lithium concentrate output from HMW in 2024 and lithium concentrate production from HMW in 2025.

KEY POINTS

◾ Company Name: Galileo Mining

◾ Company ASX code: GAL

◾ Key Commodities: Palladium, nickel, copper, platinum, rhodium, cobalt, gold

◾ Key Personnel: Brad Underwood, Chairman & Managing Director

◾ Locations: Norseman & Fraser Range, Western Australia

◾ Market Cap as of 25/01/23: $188.73M

◾ 52-Week Share Price Range at 25/01/23: $0.185 - $1.950

◾ W: galileomining.com.au

INVESTMENT HIGHLIGHTS

◾ Galileo Mining recently encountered significant palladium, platinum, copper, nickel, and rhodium at its emerging Callisto discovery in Norseman, Western Australia.

◾ The company is strongly supported, with its largest shareholders being successful mining investor Mark Creasy and major mining company IGO.

◾ Galileo is well funded with a strong cash position of $20 million and has an exceptional track record of deploying capital into exploration activities, building shareholder value through discoveries.

BRAD UNDERWOOD CHAIRMAN & MANAGING DIRECTOR

GALILEO MINING

(ASX:GAL)

COMPANY PROFILE

Galileo Mining has all the hallmarks of success, with the backing of high profile mining investors, high value targets hosting minerals critical to the world’s electric future, plenty of cash in the bank, and an early stage discovery with substantial upside.

GAL has come off a busy 2022 and launched into 2023, with exploration ongoing across its portfolio of projects in the tier one mining jurisdictions of Norseman and the Fraser Range in Australia’s top mining state, Western Australia.

The 100% owned Norseman project is ripe with new discoveries, the most recent being a fresh nickel sulphide zone at the Callisto prospect that in December 2022 delivered its highest grades to date of nickel (1.58%) and copper (0.93%) from

disseminated sulphides.

The peak nickel, copper, and palladium grades at the prospect are interpreted as increasing at depth and to the east.

“The nickel results from disseminated sulphides in diamond core show we are drilling a quality mineralised system capable of producing high grades of nickel, copper, and palladium within disseminated sulphides,” Brad Underwood, managing director of Galileo, said following the discovery.

The Callisto prospect is geologically similar to the extensive Platreef palladium-platinumgold-rhodium-copper-nickel deposits in the renowned Bushveld Complex of South Africa, which contains the world’s largest reserves of platinum group elements (PGEs).

The Platreef deposits are very large in nature and have combined indicated resources of +700 million tonnes (Mt) at 1 gram per tonne PGEs plus gold.

Callisto already hosts a 25Mt nickel-cobalt laterite resource and Galileo is working hard to unearth the full potential of this new palladium-platinum-rhodium province in Western Australia, with over 20,000m of drilling completed so far.

GAL also has joint ventures with successful mine finder Mark Creasy, one of the company’s largest shareholders, over highly prospective ground in the Fraser Range.

The region is best known for another Creasy-led discovery – the world-class Nova

nickel-copper-cobalt mine unearthed in 2012 by Sirius Resources.

There is still vast untapped potential in the Fraser Range, with just two deposits uncovered to date and over 150km of prospective strike between them.

Galileo has identified two targets that host sulphides, one located 30km from Nova and the other 80km from the mine, increasing the confidence in the regional prospectivity.

GAL is led by a highly experienced board including Underwood, who has more than 20 years’ experience in exploration, prospecting, and mining and was previously general manager of the Creasy Group’s exploration in the Fraser Range and at Norseman.

The company, which includes major mining company IGO – the current owner of the Nova mine – as one of its largest shareholders, is well funded with ~$20 million in the bank to continue building shareholder value through discoveries.

With an early discovery valuation of around $180 million, Galileo is highly leveraged to further exploration success.

KEY POINTS

◾ Company Name: Global Lithium Resources

◾ Company ASX code: GL1

◾ Key Commodities: Lithium

◾ Key Personnel: Warrick Hazeldine, Non-Executive Chairman | Ron Mitchell, Managing Director

◾ Locations: Western Australia

◾ Market Cap as of 25/01/23:

$560.85M

◾ 52-Week Share Price Range at 25/01/23: $1.005 - $2.940

◾ W: globallithium.com.au

INVESTMENT HIGHLIGHTS

◾ Transformative JORC compliant resource upgrade to 50.7 million tonnes at 1% Li2O following substantial increases in inventory at the Manna and Marble Bar lithium projects in Western Australia.

◾ Consolidated ownership of Manna project with the acquisition of the remaining 20% interest from Breaker Resources, providing Global Lithium with a clearer development pathway.

◾ Scoping study already underway and feasibility study to commence at Manna in 2023 to progress the project towards production.

GLOBAL LITHIUM RESOURCES

projects in December 2022.

GL1 anticipates it will grow this resource base further in 2023 with the inclusion of results from an additional ~30,000m of drilling undertaken at the Manna project. Both the Manna and Marble Bar projects have significant scope for further growth, the explorer says.

Global Lithium cemented itself as the sole owner of the Manna project in November last year after it acquired the remaining 20% of the project from Breaker Resources – a move that provides the company with a clearer development pathway.

concentrate produced from the company’s operations at market prices, which increased significantly in 2022.

$16 billion lithium producer Mineral Resources (ASX:MIN), meanwhile, increased its stake in the company to 9.9% in October 2022 by participating in the $121.5m equity raising.

In 2022, Global Lithium also signed a non-binding memorandum of understanding with Korean battery maker SK On to explore a range of business opportunities, including potential development of downstream lithium assets.

KEY POINTS

◾ Company Name: Greenstone

Resources

◾ Company ASX code: GSR

◾ Key Commodities: Gold, lithium, cobalt, scandium

◾ Key Personnel: Chris Hansen, Managing Director & CEO | Glenn Poole, Technical Director & Chief Geologist

◾ Locations: Coolgardie & Norseman, Western Australia

◾ Market Cap as of 25/01/23:

$34.38M

◾ 52-Week Share Price Range at 25/01/23: $0.023 - $0.084

◾ W: greenstoneresources.com.au

■ High-grade gold resources centered on the historic mining region of Coolgardie, including the historic and underexplored Burbanks gold mine (100% ownership).

■ Advanced stage cobalt, nickel, manganese and scandium project centered on Norseman, for which IPO options are currently under review (50% ownership).

■ Exploration war chest at GSR’s disposal, with $4.9 million cash at bank at September 30 and no debt.

COMPANY PROFILE

Global Lithium is rapidly building its valuable lithium resource in Western Australia, positioning itself as the state’s fastest growing lithium company.

The global electric vehicle value chain is now turning its attention to the next wave of potential supply and Western Australia is in the box seat, accounting for more than 50% of the world’s lithium production in the form of raw materials.

Global Lithium wholly owns two of only 14 JORC compliant lithium resources in Australia, having amassed a game-changing war chest of 50.7 million tonnes at 1% Li2O after delivering substantial increases in the resources at the Manna and Marble Bar

GREENSTONE RESOURCES

(ASX:GL1) (ASX:GSR)

COMPANY PROFILE INVESTMENT HIGHLIGHTS

Bonanza gold grades are a rare event in modern gold exploration, so Greenstone Resources’ hit of 7m at 57.8 grams per tonne gold near Coolgardie in December was an eye opener to the potential of its historic Burbanks gold project.

Burbanks was first discovered in 1885 and across more than a century produced over 420,000 ounces of gold from just the upper 150m – including a high-grade core 180,000 ounces at 27.4 grams per tonne (g/t) gold. Eye-watering numbers.

Historically, however, operators had been focused on small-scale production, meaning limited exploration work had been carried

“We are now in the fortunate position to own 100% of Manna following the consolidation of Breaker Resources’ 20% stake in November 2022,” Ron Mitchell, Global Lithium managing director, said.

“This provides us with maximum control and flexibility to expedite these studies with the goal of bringing Manna into production as soon as practicable.”

The company expects to reveal the outcomes of the scoping study, which will lay the foundation for the subsequent feasibility study, for Manna in the first quarter of 2023.

Late last year, GL1 also completed a $121.5m equity raising providing it with the cash it required to fund the acquisition and complete the upcoming feasibility study, while adding balance sheet strength and flexibility during the critical project growth and study phase.

Global Lithium is in the enviable position of having secured lucrative partnerships such as a 10-year strategic offtake with Suzhou TA&A for at least 30% of spodumene

GL1’s highly experienced board and management team has deep lithium industry connections like Mitchell’s own 25 years’ experience in senior commercial, strategy, sales and business development roles, including senior positions at Tianqi Lithium Corporation and Talison Lithium.

He is also the inaugural chairman of the London Metal Exchange (LME) Lithium Committee, a position he has held for more than three years.

out below 250m in the central mining area and almost no exploration below 50m along the broader 5km strike extent of the Burbanks shear zone.

Greenstone has completed a full corporate rejuvenation process with an entirely new board and management team now undertaking a three-phase drilling campaign to test the true geological potential of Burbanks and the broader Coolgardie gold portfolio.

The campaign has started with 10,000m of infill drilling over an under-explored and unclassified area north of the main mine, which supports an exploration target of between 215,000-330,000 ounces. It was here that bonanza gold was reported from 90m.

Greenstone hopes the current round of drilling will add up to 330,000 ounces of contained gold to the project’s already considerable 277,000oz JORC resource.

The company is scheduled to finish the first phase of infill by March, after which it will update the resource to potentially support a pre-feasibility study while tackling the second and third phases of the program.

These will test unexplored areas of the Burbanks shear zone to depths of up to 500m, and also test directly below the level of the historical mine area.

Greenstone’s other Coolgardie hub assets include the Phillips Find mining centre and the Phoenix mine – both previously producers of historical significance.

As with Burbanks, Greenstone sees potential for exploration beneath the three

historic open pits of Phillips Find, where little has been done to date.

Meanwhile at the recently acquired Phoenix, planning is underway for maiden drill campaign in early 2023 that will target north-west to south-east trending geological structures.

Greenstone’s other major asset is its cobalt-focused 50-50 joint venture with Conico (ASX:CNJ), the Mt Thirsty project.

Located 16km northwest of Norseman, Western Australia, Mt Thirsty borders ground held by Galileo Mining (ASX:GAL), which last year made significant platinum-group discoveries just 200m north of the JV’s tenement boundary.

First phase drilling at Mt Thirsty was a success, with the JV reporting the sixth-best cobalt intercept reported nation-wide in 2022 – 78m at 0.113% cobalt from an extremely shallow 3m, including 15m at 0.45% cobalt, 0.91% nickel, 5.42% manganese and 40.9g/t scandium from 45m.

Drilling was principally focused on testing deeper ultramafic sill horizons at Mt Thirsty, including potential extensions to GAL’s Castillo discovery.

Options to consolidate the ownership structure at the Mount Thirsty JV to support an IPO are currently under review.

RON MITCHELL MANAGING DIRECTOR

CHRIS HANSEN MANAGING DIRECTOR & CEO

KEY POINTS

◾ Company Name: Hammer Metals

◾ Company ASX code: HMX

◾ Key Commodities: Copper, gold

◾ Key Personnel: Dan Thomas, Managing Director | Russell Davis, Chairman | Ziggy Lubieniecki, NonExecutive Director

◾ Locations: Mount Isa, Queensland & Yandal region, Western Australia

◾ Market Cap as of 25/01/23: $59.14M

◾ 52-Week Share Price Range at 25/01/23: $0.044 - $0.130

◾ W: hammermetals.com.au

INVESTMENT HIGHLIGHTS

◾ JORC resource inventory of over 400,000 tonnes of copper equivalent metal at an average grade of 1.5% copper equivalent with a resource upgrade expected in Q2 2023.

◾ Multiple high-grade exploration targets in Australia’s most desirable copper district with follow up drilling programs underway.

◾ Experienced team with a proven track record for large-scale mineral discoveries.

DAN THOMAS MANAGING DIRECTOR

HAMMER METALS

COMPANY PROFILE

Hammer Metals has built a sizable copper resource after establishing a large foothold in one of the world’s most significant iron oxide-copper-gold regions, providing it an advantage over many other explorers.

The company has a vast 2600sq km of highly prospective ground in Mt Isa in Queensland, one of the largest base metal provinces in the world.

IOCG deposits can host massive and highgrade concentrations of copper, gold, and other minerals. BHP’s Olympic Dam mine in South Australia, for example, is one of the world’s largest deposits of copper, gold, silver, and uranium.

Late last year, HMX expanded its resource at Mt Isa to over 400,000 tonnes of copper equivalent metal at an average grade of

1.5% copper equivalent by announcing a maiden resource for its Lakeview deposit. Further growth is anticipated as the company prepares to deliver a resource upgrade for the project’s cornerstone Kalman deposit in 2023 based on recent drilling and promising recent ore sorting results.

The current in-ground value of Kalman’s resources, based on current metal prices, is more than $6 billion, and recent exploration shows strong potential to increase resources further.

Kalman also has the added advantage of being the world’s third-highest grade undeveloped molybdenum deposit.

The numbers justify more than 10 years spent accumulating a significant land position at Mt Isa, where work is ongoing across the board. HMX has a pipeline of targets here, from greenfield prospects with strong IOCG potential through to advanced development study projects.

Mining studies are already underway at Kalman, as well as the Jubilee, Overlander, and Elaine prospects, to assess development options.

Hammer also has joint ventures in Mt Isa with two globally significant copper producers, Sumitomo Metal Mining and Glencore, which validates the company’s thesis of the potential that lies within its tenure.

The JVs cover only 15% of HMX’s ground

and exclude the already defined JORC resources.

In Western Australia, the explorer has a large position in the heart of the fertile yet underexplored Yandal belt that boasts production of over 24 million ounces (Moz) of gold.

The 260sq km of highly prospective ground sits close to existing multi-million-ounce mines, including the 4Moz Bronzewing and 1.1Moz Orelia gold deposits.

Hammer Metals has identified numerous zones of highly anomalous gold in drilling at the Bronzewing South and North Orelia prospects.

HMX has also uncovered a highly encouraging lithium-bearing zone at its Yandal ground, 40km east of the world-class Kathleen Valley lithium-tantalum project. Rock chip sampling delivered grades of up to 0.65% Li2O from the newly discovered Tapenade prospect.

The established copper inventory and extensive exploration blue sky underpins the underlying value attributed to Hammer Metals.

KEY POINTS

◾ Company Name: ioneer

◾ Company ASX code: INR

◾ Key Commodities: Lithium carbonate, boric acid

◾ Key Personnel: James D. Calaway, Executive Chairman | Bernard Rowe, Managing Director & CEO | Ian Bucknell, CFO

◾ Locations: Nevada, US

◾ Market Cap as of 25/01/23: $986.21M

◾ 52-Week Share Price Range at 25/01/23: $0.315 - $0.835

◾ W: ioneer.com

INVESTMENT HIGHLIGHTS

◾ Ioneer is positioned to become a cornerstone supplier of lithium into the domestic US EV supply chain through separate binding offtake agreements with Ford and Toyota (Toyota-Panasonic joint venture).

◾ With debt and equity commitments of nearly US$1.2 billion, INR is primed to commence construction upon receipt of final permitting.

◾ Exploration programs focused on organic growth opportunities will become more prominent to demonstrate significant multi-generational scale potential of the Rhyolite Ridge project.

IONEER

COMPANY PROFILE

Australian-listed ioneer has positioned itself to become a cornerstone supplier of lithium to the domestic US electric vehicles (EV) supply chain through its Rhyolite Ridge project – the most advanced undeveloped lithium project in the US with conditional loan backing from the US Department of Energy.

Fully funded to a final investment decision, the world-class resource is a unique lithiumboron deposit with a very robust definitive feasibility study modelled on 63Mt, 26+ year mine life – and significant potential for this to increase further.

It’s also expected to be a low-cost lithium producer in the US, thanks partly to its valuable boron co-product.

Ioneer entered into a conditional 50-50

joint venture agreement with SibanyeStillwater in September 2021 to advance Rhyolite Ridge, with INR retaining operational management responsibility.

INR signed separate offtake agreements with Ford Motor Company and PPES (a joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021.

In top location for a battery metals project, Rhyolite Ridge is on uninhabited federal land just 330km from the Tesla Gigafactory near Reno, Nevada.

It’s also an ideal time for the project, with the US now determined to overcome its dependence on foreign battery supply chains and supporting the domestic industry with billions of dollars.

INR is a beneficiary of this government push, receiving in January a US Department of Energy (DOE) conditional commitment for a loan of up to US$700 million (A$1 billion).

The proposed DOE loan, coupled with Sibanye-Stillwater’s (JSE: SSW and NYSE: SBSW) expected 50% equity contribution of US$490 million in the project, is expected to fund a substantial part of the preliminary capital expenditure estimate – a significant step towards a complete funding package for Rhyolite Ridge.

Conditions include a positive record of decision (ROD) issued by the Bureau of Land Management, and a final investment decision (FID) by both ioneer and Sibanye-Stillwater.

However, the term sheet and conditional

commitment from DOE demonstrates its strong support for Rhyolite Ridge. The loan would also be the first-ever by the DOE to provide financing for the processing component of a project where lithium is extracted and refined at site.

In a positive sign from the DOE, Jigar Shah, director of its Loans Programs Office (LPO) commented: “Rhyolite Ridge is a major step towards bolstering domestic lithium production for clean energy technologies, and LPO is excited to further develop an environmentally responsible US supply chain for critical materials.”

After a construction period of 24 months, first production is expected in 2026 from a low-emissions and low-water-usage site with a small mine footprint.

While the BLM works towards the permitting ROD, ioneer will continue efforts on being “shovel ready” ahead of FID and, with a resource update on the horizon, is now planning exploration programs focussed on organic growth opportunities within existing tenements aimed at demonstrating the significant multi-generational scale potential that Rhyolite Ridge has to offer.

BERNARD ROWE MANAGING DIRECTOR & CEO

KEY POINTS

◾ Company Name: Krakatoa Resources

◾ Company ASX code: KTA

◾ Key Commodities: Rare earths, nickel, copper, platinum group elements, gold

◾ Key Personnel: Colin Locke, Executive Chairman | Mark Major, CEO

◾ Locations: Western Australia, New South Wales

◾ Market Cap as of 25/01/23:

$14.82M

◾ 52-Week Share Price Range at 25/01/23: $0.039 - $0.140

◾ W: ktaresources.com

INVESTMENT HIGHLIGHTS

■ Emerging critical metals developer, successfully progressing a diverse portfolio of rare earths, nickel and rubidium projects, located in tier-one mining jurisdictions.

■ Major clay-hosted ionic rare earth discovery made at Mt Clere in April 2022 – Tower deposit maiden mineral resource estimate of 101 million tonnes at 840ppm TREO defined in November 2022.

■ Exploration and development potential at Mt Clere underpinned by scale of the project, with only 20% of Mt Clere explored to date.

MARK MAJOR CEO

KRAKATOA RESOURCES

(ASX:KTA)

COMPANY PROFILE

Krakatoa Resources has secured the right projects and commodities at the perfect time, aligning the company’s growth with strong demand from the electric revolution.

The explorer has exposure to the critical rare earth magnet metals needed to fuel the global clean energy transition through EVs, wind turbines, aerospace, and robotics.

Importantly, and a major competitive advantage for Krakatoa, is the company is developing Australia’s few clay rare earth resources.

KTA’s Mt Clere project hosts a large resource of 101 million tonnes at 840 parts per million of total rare earth oxides (TREO) at the Tower prospect, located in the mineral

rich Yilgarn Craton in Western Australia.

Forty per cent of that resource is already in an indicated category.

Tower was the first major discovery at Mt Clere, which contains significant and widespread clay-hosted ionic rare earth elements (REEs) at several of its prospects, with mineralisation starting at surface.

Clay-hosted ionic rare earth deposits offer explorers advantages over their hard rock counterparts.

They often contain a higher proportion of magnet rare earths, and crucially, the heavy rare earths – the type critical for use in wind turbines and electric vehicles.

Clay-hosted deposits are also easier to explore, drill and mine, and processing is cheaper. Only a handful of these types of projects are being developed outside of China, which dominates the market.

Krakatoa’s aggressive exploration has delivered significant, near-surface, high-grade REEs and also identified valuable heavy mineral sands comprising highly sought after minerals such as zircon, rutile, and ilmenite.

There is still extensive exploration upside, with the company having outlined an exploration target of up to 481 million tonnes TREO and only 20% of the target drilled so far.

Mt Clere also provides strong potential for a major base metals discovery, with targets identified that show similarities to Chalice Mining’s (ASX:CHN) Gonneville deposit at its company-making Julimar nickel-copperplatinum group elements (PGE) discovery.

Krakatoa began drilling for basement sulphides in late November 2022 and only a short time later reported that it had encountered multiple sulphide zones in all holes, with one intersection returning a wide 30m zone of up to 30% sulphides from 183m downhole.

Further growth potential lies within the historic King Tamba tantalum mine that hosts other specialty metals like rubidium, lithium, niobium, and tin.

Krakatoa is preparing to deliver a maiden resource for the project, which is located 80km northwest of Mt Magnet within the Dalgaranga Greenstone Belt in Western Australia, but there is still plenty of exploration upside to be investigated further.

In October 2022, the company revealed it had struck high-grade rubidium over wide zones of up to 71m thick, with mineralised extensions immediately along strike and east of the historic open pit.

Krakatoa has set an exploration target of up to 3.18 million tonnes at the King Tamba project.

KEY POINTS

◾ Company Name: Latin Resources

◾ Company ASX code: LRS

◾ Key Commodities: Lithium, kaolin-halloysite, copper

◾ Key Personnel: Chris Gale, Managing Director | David Vilensky, Chairman | Peter Oliver, Non-Executive Director

◾ Locations: Brazil, Australia, Argentina, Peru

◾ Market Cap as of 25/01/23: $275.20M

◾ 52-Week Share Price Range at 25/01/23: $0.030 - $0.228

◾ W: latinresources.com.au

INVESTMENT HIGHLIGHTS

◾ Delivered maiden resource in December 2022 of 13.3 million tonnes at 1.2% lithium for the Colina deposit in Brazil.

◾ Significant upside at Colina with an additional exploration target of up to 22 million tonnes and an aggressive 65,000m program of drilling planned for Q1 2023.

◾ Encouraging metallurgical results showing average recoveries of 80.5% and production of high-grade concentrate up to 6.6% from simple heap leaching, which is consistent across the known ore body.

CHRIS GALE MANAGING DIRECTOR

LATIN RESOURCES

(ASX:LRS)

COMPANY PROFILE

Latin Resources is taking the same triedand-tested path as its US$4 billion TSX-V listed neighbour in Brazil – Sigma Lithium Resources – which is on track to reach commercial production from the largest lithium hard rock deposit in the Americas in April 2023.

LRS has a huge foothold in the highly prospective Salinas Lithium Corridor, with its flagship Salinas project sitting in a geological setting like Sigma Lithium’s Grota do Cirilo project, which hosts a world-class resource of 85.7 million tonnes (Mt) at 1.43% Li2O.

It was here that Latin ended 2022 on a high note with the delivery of a maiden resource of 13.3Mt at 1.2% Li2O for the Colina deposit –within that broader Salinas project.

The substantial deposit has significant growth potential, with an exploration target set between 13.5Mt and 22Mt within a grade range of 1.2% to 1.5% Li2O.

Recent drilling 500m to the west of Colina, at the Colina West prospect, has also confirmed the continuity of the thick high-grade spodumene pegmatites previously intersected, as well as uncovered a new zone of mineralisation that remains open in all directions.

LRS has also pinpointed extensions of the Colina deposit to the south and outcropping pegmatites containing spodumene over a 4km strike at the Salinas South target.

These potential parallel mineralised pegmatite systems have significant scale implications for Salinas.

The company has an aggressive drilling program planned for 2023, doubling the number of rigs it has on site to eight to complete a massive 65,000m of drilling.

The significant momentum in the lithium space has prompted Latin Resources to fast track the Salinas project towards a definitive feasibility study, with a preliminary economic assessment currently underway.

The completion of the PEA will pave the way for LRS to progress straight into a definitive feasibility study and investigate the potential to commission a DMS pilot plant at the Salinas project.

Meanwhile, Latin is progressing

exploration activities over its diversified portfolio of sustainable minerals in Australia and Latin America.

In Western Australia the key focus is halloysite and kaolin at its Cloud Nine project. LRS has an ongoing $3.2 million research project with independent research organisation CRC CARE to investigate the potential for the use of halloysite to be utilised in the reduction of methane emissions in the agricultural sector.

In South America, the focus is on lithium in Brazil and Argentina, and copper in Peru.

Lithium and copper are in high demand and have been on an upward trajectory thanks to the electrification push continuing its rapid ramp up around the globe.

Lithium has been the standout for LRS, with the price notching huge gains over the past couple of years. Entering the new year with significant momentum behind it in this space, 2023 looms large for Latin Resources.

KEY POINTS

◾ Company Name: Narryer Metals

◾ Company ASX code: NYM

◾ Key Commodities: Platinum group elements, rare earths, nickel, copper

◾ Key Personnel: Gavin England, Managing Director & Technical Director

| Richard Bevan, Non-Executive Chairman | Damon O’Meara, NonExecutive Director

◾ Locations: Western Australia, South Australia

◾ Market Cap as of 25/01/23: $6.65M

◾ 52-Week Share Price Range at 25/01/23: $0.094 - $0.300

◾ W: narryer.com.au

INVESTMENT HIGHLIGHTS

■ Tight capital structure with just 47,550,001 shares on issue; good cash position; costs directed into exploration.

■ Strong newsflow pipeline anticipated, with a portfolio of exciting critical metal targets to test over the coming 3-12 months backed by a team with a successful history of exploration and discovery.

■ Management assessing opportunities to increase shareholder value, including an option agreement to acquire the highly prospective REE ground at the Rocky Gully Project in Western Australia’s south west.

GAVIN ENGLAND MANAGING DIRECTOR & TECHNICAL DIRECTOR

NARRYER METALS

(ASX:NYM)

COMPANY PROFILE

Exploring for renewable energy resources in the right places, with a money-in-theground approach and a highly experienced management team, Narryer Metals is making all the right moves in its hot pursuit of rare earth elements (REEs) and platinum group elements (PGEs).

Since listing in April last year, Narryer has aggressively tackled its 100% owned ground prospective for nickel-copper-platinum group metals and rare earth elements in its namesake Narryer Terrane region of Western Australia – in the same geological setting as Chalice Mining’s (ASX:CHN) prolific Gonneville discovery – as well as the Gawler Craton in South Australia.

Drilling kicked off at Mt Nairn at the end of October targeting anomalies identified

during electromagnetic surveying. The 3700m program is now complete, with assays pending.

A rare earth elements target was also identified from the presence of thorium at Mt Nairn, as the region began to establish itself as a REE hotspot.

Desert Minerals (ASX:DM1) nearby Innouendy prospect has shown evidence of nickel-PGE and ionic clay-hosted REE mineralisation, while Krakatoa Resources (ASX:KTA) made a major ionic clay-hosted REE discovery at its Mt Clere project.

NYM’s project has similar geology to Innouendy and Mt Clere, and REE fieldwork is underway to follow this up.

In September, Narryer’s management doubled down on REEs when it entered an option to acquire the Rocky Gully project along the Albany Fraser Belt in WA’s Great Southern.

REE and scandium mineralisation have been identified at Rocky Gully and the company is undertaking metallurgical test work on historical drill material alongside the Australian Nuclear Science and Technology Organisation, with plans to undertake additional on-ground exploration in line with results in the first quarter of 2023.

Most recently, re-assaying of pulp samples obtained in previous drilling at Rocky Gully returned a significant intercept of 24m at 3066 parts per million magnet rare earth oxides (MREO) and 337ppm scandium oxide from 4m, including 4m at 5030ppm total rare earth oxides.

The same hole featured an intersection containing a high-grade zone of valuable scandium – 8m at 546ppm scandium oxide. Scandium is considered one of the most expensive of all the natural elements, owing to its natural rarity.

Across the border in South Australia, Narryer is progressing work at the Ceduna and Sturt nickel-copper-cobalt-PGE-REE projects in the iconic Gawler Craton.

Previous exploration of Narryer’s ground here has identified anomalous nickel sulphides and PGEs, which the company said had remained inadequately tested.

REE exploration in the region has also generated astounding results, including Indiana Resources’ (ASX:IDA) Lake Labyrinth discovery, Petratherm’s (ASX:PTR) Comet discovery, Itech Minerals’ (ASX:ITM) Caralue Bluff discovery and Chemx Materials’ (ASX:CMX) Kimba prospect.

Narryer has been cost effective in its testing at Ceduna, assessing more than 300 samples from the project stored in the SA Drill Core Library. Assays are expected this quarter, with drilling expected to follow.

Extending the exploration undertaken last year, 2023 will be an exciting period for this junior explorer.

KEY POINTS

◾ Company Name: New World Resources

◾ Company ASX code: NWC

◾ Key Commodities: Copper

◾ Key Personnel: Mike Haynes, Managing Director | Richard Hill, Chairman

◾ Locations: Northern Arizona, US

◾ Market Cap as of 25/01/23: $98.94M

◾ 52-Week Share Price Range at 25/01/23: $0.028 - $0.074

◾ W: newworldres.com

INVESTMENT HIGHLIGHTS

◾ Working to restart production at the Antler copper mine in Arizona, with an initial scoping study last year showing potential for over 30,000t of copperequivalent production per annum, with projected free cashflow of $135 million/ pa and 42% internal rate of return.

◾ Close to infrastructure, including roads and power lines, reducing project infrastructure costs.

◾ Completed $8 million placement in December to progress work at Antler.

MIKE HAYNES MANAGING DIRECTOR

NEW WORLD RESOURCES

(ASX:NWC)

COMPANY PROFILE

New World Resources is bringing a highgrade copper mine, closed since 1970, back into production, right as the world recognises the importance of the red metal to its future infrastructure needs.

The Antler mine in northern Arizona produced a total of around 70,000 tonnes of ore, with copper grades of 2.9% (plus 6.2% zinc), before its closure in 1970.

New World Resources acquired an option over the deposit in 2020 and wasted no time, having put in the hard yards since to bring the deposit’s high grade JORC resource to 11.4 million tonnes at 4.1%

copper equivalent (CuEq), at a 1% CuEq cut-off.

The resource was most recently updated in November last year, when it increased by a whopping 48%.

A scoping study has been completed at Antler, based on the previous mineral resource. The study revealed a project with significant potential – 9.3 million tonnes of production over a projected mine life of 10 years, with $200 million in capital expenditure, 271,000t CuEq metal output, and free cash flow of $135 million per annum.

The study also estimated the project’s C1 cash costs, on a CuEq basis, of US$1.66 per pound over the forecast initial operating life, which would put the mine towards the lower end of global copper producers. The project would have an internal rate of return of 42%.

New World is planning to update its scoping study with the latest resource estimate early this year, while continuing with its aggressive drilling program, which could further expand the project’s impressive resource.

In December New World reported it had intercepted the highest-grade mineralisation encountered at Antler to date – 10.7m at 13.7% CuEq in the deepest hole yet drilled at South Shoot.

NWC said the mineralisation at Antler remained completely open at depth.

“This hole intersected the South Shoot 66m down-dip from another recently completed hole that intersected a combined thickness of 26.8m at 7%CuEq,” Mike Haynes, New World managing director, said.

“This shows that these ultra-high grades are present within a substantial area.

“It also reinforces our view that, because of its very high grades, the Antler deposit could be profitable through almost all commodity price cycles. The project stands to deliver exceptional returns if high copper prices prevail, as forecast, later this decade – by which time Antler is expected to be in full operation.”

Cashed up thanks to an $8 million raise in December, New World plans to release a pre-feasibility study on the Antler project by the end of 2023.

As the world shows signs of recognising the need to secure supplies of copper critical to the development of infrastructure required for a greener energy future, New World may have timed its run at Antler to perfection.

KEY POINTS

◾ Company Name: Octava Minerals

◾ Company ASX code: OCT

◾ Key Commodities: Lithium, gold, platinum group metals

◾ Key Personnel: Clayton Dodd, NonExecutive Chairman | Damon O’Meara, Non-Executive Director | Bevan Wakelam, Managing Director & CEO

◾ Locations: Western Australia

◾ Market Cap as of 25/01/23: $6.22M

◾ 52-Week Share Price Range at 25/01/23: $0.117 - $0.280

◾ W: octavaminerals.com

INVESTMENT HIGHLIGHTS

JANUARY 17: Octava enters JV with Future Metals (ASX:FME) over Panton North and Copernicus North tenements, with Octava to be freecarried to decision to mine.

NOVEMBER 24: Multiple pegmatites identified at Talga and an expanded area identified for further detailed exploration.

NOVEMBER 10: Analysis of soil geochemical samples identifies 1.5km target at Pinnacle Well lithium prospect, while mapping confirms pegmatites with geology similar to Global Lithium Resources’ (ASX:GL1) Archer deposit of 18Mt at 1% lithium oxide, only 10km away.

BEVAN WAKELAM MANAGING DIRECTOR & CEO

OCTAVA MINERALS

(ASX:OCT)

COMPANY PROFILE

Octava Minerals has wasted no time developing its project portfolio with exposure to clean energy critical minerals and gold in proven discovery areas since listing in September.

OCT’s key asset is the Talga lithium project, within the East Pilbara’s world-class hard rock lithium discovery region where projects of fine pedigree abound.

Talga is just 10km north of Global Lithium’s (ASX:GL1) Archer resource of 18 million tonnes at 1% lithium oxide. It is also geologically analogous to Pilbara Minerals’ (ASX:PLS) Pilgangoora lithium mine, with a resource of 309Mt at 1.14% lithium oxide, 100km to the west.

Since exploration started at Talga in

October, Octava has identified an ~1.5km length pegmatite zone where lithium mineralisation has previously been recorded, as well as multiple new pegmatites with visible indications of lithium mineralisation at the Pinnacle Well prospect. Drilling at the prospect is set to start in Q1 as OCT’s analysis of the project continues.

Talga also has gold potential in an impressive neighbourhood for the yellow metal. Previous exploration of the area has encountered widespread gold and base metal anomalism.

On the gold front, OCT plans to bring in the drill rigs in Q2 this year at two identified priority prospects – Razorback and Cord. These are in the same greenstone stratigraphy and structures as Calidus Resources’ (ASX: CAI) nearby Warrawoona gold mine (1.5 million ounces) and Haoma Mining’s Bamboo Creek gold mine.

At Global Lithium’s (ASX:GL1) Twin Veins prospect, again just 10km to the west, drilling uncovered 12m at 2.95 grams per tonne of gold from a shallow 37m.

Octava’s East Kimberley project comprises Panton North and Copernicus North tenements in the Halls Creek Orogen, a tier one nickel sulphide-platinum group metal province. OCT’s project is right next door to Future Metals’ (ASX:FME) Panton PGM project, which has a 6.9Moz palladium equivalent resource which includes nickel and cobalt, as well as PGMs.

In January Octava and FME announced a

JV agreement. FME will earn up to a 70% interest in Panton North and Copernicus North by free-carrying Octava through to a decision to mine – sole-funding a minimum $2 million worth of exploration over four years.

Results from previous explorers at Yallalong in the West Murchison show it to be prospective for gold, nickel, copper, PGM and rare earth element mineralisation.

The project has a similar geological setting to projects such as Chalice’s (ASX:CHN) Julimar discovery.

Octava is led by a team with more than 40 years’ experience in developing successful resources projects, including Damon O’Meara, non-executive director of Narryer Metals (ASX:NYM) and First Au (ASX:FAU), and Clayton Dodd, who until recently was executive chairman of Podium Minerals (ASX:POD), another platinum group metals explorer developing a project in WA’s Mid-West. CEO and managing director Bevan Wakelam is an experienced geologist and resource marketing executive, who has worked with Rio Tinto (ASX:RIO) and played a key role in the start-up team at Roy Hill Iron Ore.

KEY POINTS

◾ Company Name: Sarama Resources

◾ Company ASX code: SRR

◾ Key Commodities: Gold

◾ Key Personnel: Andrew Dinning, Managing Director & CEO | Simon Jackson, Non-Executive Chairman

◾ Locations: Houndé belt, Burkina Faso

◾ Market Cap as of 25/01/23: $18.61M

◾ 52-Week Share Price Range at 25/01/23: $0.090 - $0.225

◾ W: saramaresources.com

INVESTMENT HIGHLIGHTS

◾ 100% owned land position in the heart of two prolific gold belts in SW Burkina Faso, with the Sanutura Project hosting a very large, gold-camp-sized mineralising system.

◾ Value underpinned by a multi-millionounce pit-constrained resource, where a third is in oxides and two-thirds is over 2g/t.

◾ First 20,000m of current 50,000m drilling campaign has intersected multiple areas of near-surface, highgrade oxide mineralisation proximal to but outside the current resource, paving the way for a near-term resource upgrade.

ANDREW DINNING

MANAGING DIRECTOR & CEO

SARAMA RESOURCES

(ASX:SRR)

COMPANY PROFILE

Sarama Resources is focused on establishing a new mining district in southwest Burkina Faso having accumulated a large, strategic landholding that forms a major part of a multi-millionounce regional camp.

The West African gold developer has a controlling position along 70km of the Houndé belt, the most prolific gold belt in Burkina Faso, and one of the most fertile gold belts in West Africa, with the southern end alone having a gold endowment over 20 million ounces.

Sarama’s flagship Sanutura project lies just 60km south of Endeavour Mining’s 5Moz Houndé mine, 120km south of Fortuna Silver’s high-grade

+1Moz Yaramoko mine and 140km south of Endeavour Mining’s 5Moz Mana mine.

Despite these substantial deposits, the belt remains relatively underexplored.

TSX-V listed Sarama, which was listed on the ASX in mid-2022, has already established a substantial ~3Moz resource –of which a third is oxide and two thirds is over 2 grams per tonne.

The Sanutura resource comprises a significant high-grade and oxide component that will underwrite project development and reduce up-front development capital and risk.

Having completed 40% of a +50,000m shallow oxide-focused program, Sarama has so far delivered seven new discoveries outside the existing resource with multiple areas of additional near-surface, high-grade mineralisation uncovered.

The current exploration program is designed to materially upgrade the value and quality of the resource.

The results of the program support the company’s thesis that there is still a significant amount of gold to be discovered near the existing resource.

Sarama is targeting >1Moz of pit-shell constrained oxide resource upon completion of the program.

The Sanutura project is already at a scale that will support a robust economic development, exploiting the large oxide resource and favourable grade profile, which will allow for a simple, scalable, and staged CIL development off a modest capital base.

There is significant regional consolidation opportunity to create a major gold camp, with Sanutura positioned to play a pivotal role in the consolidation and development of the Southern Houndé belt, which is dominated by Sarama and Endeavour Mining.

The regional consolidation opportunity primarily comprises the 0.7Moz Karankasso Project, a joint venture between Endeavour and Sarama, along with Endeavour’s 1.5Moz Bantou project – both of which sit adjacent to Sanutura, creating the potential for a combined +5Moz gold project with 2400sq km of highly prospective ground.

Despite the extensive value of Sarama’s large West African ground position, the company is one of the most undervalued gold stocks on the ASX and TSX-V markets and has significant upside potential with scope to be valued at multiples of the current levels, managing director Andrew Dinning says.

Dinning was previously President of Moto Gold Mines, which discovered the 22Moz Kibali deposit in the DRC – a company which was acquired by Randgold and AngloGold Ashanti for US$600 million in 2009.

KEY POINTS

◾ Company Name: Taiton Resources

◾ Company ASX code: T88

◾ Key Commodities: Gold

◾ Key Personnel: Datuk Siak Wei Low, Non-Executive Chairman | Noel Ong, Managing Director

◾ Locations: Western Australia, South Australia

◾ Market Cap as of 25/01/23:

$15.69M

◾ 52-Week Share Price Range at 25/01/23: $0.190 - $0.250

◾ W: taiton.com.au

INVESTMENT HIGHLIGHTS

◾ Newly ASX-listed early-stage explorer focused on discovering large-scale mineral deposits in South Australia and Western Australia utilising funds raised from a successful $7 million IPO.

◾ Dominant landholding at the Highway project underpinned by the same mineralised system that hosts the major Olympic Dam polymetallic mine in South Australia’s Gawler Craton.

◾ Potentially new mineral-rich district in central South Australia with high metallogenic potential and large volume deposits.

TAITON RESOURCES

(ASX:T88)

COMPANY PROFILE

Taiton Resources celebrated the end of 2022 with a milestone ASX debut following a successful IPO that raised over $7 million.

The early-stage explorer has assembled a portfolio of highly prospective projects in mineral-rich regions of Western Australia and South Australia.

Most notably, Taiton’s Highway project hosts part of the same major mineralised system that underpins BHP’s massive Olympic Dam polymetallic mine in South Australia’s Gawler Craton.

The Gawler Craton is an extremely fertile region that has yielded numerous economic discoveries of gold, diamonds, copper, nickel, iron ore, and uranium along with other minerals.

Demonstrating the potential of the region, the Olympic Dam mine is the fourth largest copper deposit and the largest known single deposit of uranium in the world.

Other major projects located in the Gawler Craton include the Prominent Hill mine, which produces one of the highest grades of copper concentrate on the market, and the Carrapateena copper-gold-silver deposit, one of the largest mining projects in South Australia in the last decade.

So, there is vast exploration blue sky for Taiton to work with. The company believes central South Australia, where the Highway project is located, could potentially be a new mineral district with high metallogenic potential and large volume deposits.

T88’s other South Australian gem is known as the Challenger West project, which is located close to the well-established and pastoperating Challenger gold mine.

Discovered in 1995, the Challenger mine produced ~1.2 million ounces of gold between 2002 and 2018 from the 650,000-tonne-perannum processing plant, which is the jewel in the crown for emerging gold producers in the region because it has the potential to be restarted and positioned as a regional processing hub.

Taiton was the lucky last explorer permitted to enter the area before the South Australian government placed restrictions on

new applications.

In Western Australia, Taiton has established a foothold in the Lake Barlee region, which is situated in the Yilgarn Craton, a large mineral-rich area that has spawned numerous major mines over the past few centuries and has been described as “Australia’s premier gold and nickel province”.

T88 has an extensive database of historical exploration data generated by several explorers over the past three decades. This data comprises drilling results showing significant levels of gold and other polymetallic mineralisation.

The cash raised in the recent IPO will be used to systematically explore the three projects, with the goal being to unearth the next major mine.

Taiton has already identified several walkup drill targets that it plans to investigate in the current exploration program.

The newly minted company is also focused on creating shareholder value through acquisitions and is keeping an eye out for attractive exploration and development opportunities that complement its existing portfolio and provide strong potential for growth.

KEY POINTS

◾ Company Name: West Cobar Metals

◾ Company ASX code: WC1

◾ Key Commodities: Rare earths, lithium, copper, gold

◾ Key Personnel: Robert Klug, Non-Executive Chairman | Kevin Das, Executive Director | David Pascoe, CEO

◾ Locations: Western Australia, Northern Territory & New South Wales

◾ Market Cap as of 25/01/23: $16.71M

◾ 52-Week Share Price Range at 25/01/23: $0.095 - $0.335

◾ W: westcobarmetals.com.au

INVESTMENT HIGHLIGHTS

DECEMBER 12: Extensive first phase of 9000m aircore drill program commences, designed to extend the inferred resource at the Newmont REE deposit and explore other parts of Salazar. Assays expected Q1 2023.

NOVEMBER 7: Exploration target of 200-500Mt of 1000-1400 parts per million total rare earth oxide established, highlighting potential to extend Salazar inferred resource.

OCTOBER 31: WC1 completes acquisition of the Salazar rare earth element clay project with an inferred JORC resource of 43.5 million tonnes at 1192ppm TREO.

KEVIN DAS EXECUTIVE DIRECTOR

WEST COBAR METALS

(ASX:WC1)

COMPANY PROFILE

West Cobar is fast tracking the development of its Salazar project, which features some of the highest grade clay-hosted rare earth element (REE) resources ever discovered in Australia.

This exciting REE project, acquired last October, comes with more than eight years of exploration data, as well as metallurgical and technical studies. It also offers substantial potential to extend resources at a time of rapidly escalating demand for REEs.

Acquired from privately owned Salazar Minerals, the project is located on nonagricultural undeveloped state land close to port, rail and air services, and only 120km from the deep water port of Esperance in Western Australia’s south.

The most advanced of the Salazar prospects, Newmont, already boasts an inferred mineral

resource of 43.5 million tonnes at 1192ppm total rare earth oxide and features low levels of uranium and thorium. The Newmont deposit also includes a high-grade alumina zone with an Inferred Mineral Resource of 3.4Mt of 31% Al2O3.

Now an exploration target of 200-500Mt of 1000-1400ppm total rare earth oxides (TREO) has been established, and an aircore drilling program is underway. The aim of the program is to both increase the inferred resource at Newmont and to delineate areas where additional inferred resources can be defined at Newmont, plus explore the O’Connor licence area within the project.

West Cobar has engaged The ARC Centre of Excellence for Enabling Eco-Efficient Beneficiation of Minerals (COEMinerals) and Nagrom to carry out metallurgical testwork and optimisation studies concurrently, to keep the project moving forward at a steady pace.

The rare earth mineralisation at Salazar is clay-hosted, making it amenable to mine using conventional open pit methods, without the need for crushing and blasting using explosives.

Most of the project’s value will be derived from high-value magnet rare earths –neodymium, praseodymium, dysprosium, and terbium oxides. These are critical for high performance permanent magnets that are essential for clean-energy products such as

EVs and wind turbines.

Testwork at the Newmont deposit has shown that radioactive elements uranium and thorium are at very low levels. At higher levels, these elements can be problematic for rare earth projects due to the treatment of radioactive elements.

Another recent addition to West Cobar’s project portfolio is the 667sq km EL33208 tenement in the Northern Territory, Litchfield Province.

Known as the Hermit Hill Project, EL33208 was granted just before Christmas and is being assessed for its lithium prospectivity given it lies in the same region as Core Lithium’s Finniss Project and Ragusa Minerals’ Tank Hill lithium discovery.

West Cobar has a further three projects at various stages of exploration 100-200km west of Cobar, including Bulla Park Project (copper and silver); Cawkers Well (gold); and Nantilla (copper, base metals, and gold).

The company is led by a highly experienced team with a strong track record in the resources sector.

NOEL ONG MANAGING DIRECTOR