Announcements

Augustus Minerals has overcome weather delays to restart reverse circulation drilling at its Music Well gold project, 35 kilometres north of Leonora in WA. After completing one final hole at its Clifton East prospect, the rig will move to the high-priority St Patrick's Well target, where rock chip sampling returned multiple high-grade gold assays over a 600-metre-long mineralised trend.

Red Metal Limited has confirmed heap leach potential from deeper, dominant fresh granite ore at its Sybella rare earths project in Queensland, with tests delivering strong neodymium and praseodymium recoveries of 65 and 68 per cent, respectively. Significantly, the result was achieved using just 19 kilograms per tonne of acid, paving the way for a prefeasibility study on the giant resource.

The Bulls N' Bears ASX Runner of the Week is… Energy Technologies, which rocketed 315 per cent after its subsidiary inked a deal with an Israeli defence giant for its next-gen smart glasses, opening a door to a potential US$10 million order. Also charging was RAS Technology, which jumped 133 per cent on a $49.8 million cash takeover offer, and Tambourah Metals, which soared 81 per cent on spectacular high-grade gold hits in WA.

Big Hits looks at notable drill intercepts reported to the ASX this week, led by Rapid Critical Metals' spectacular shallow silver strike returning a blistering 4m at over 2000g/t silver in NSW. High-grade gold runner-up Benz Mining has defined a massive 100m-200m wide stacked mineralised system in WA, while Encounter Resources confirmed an exceptional 12.7-metre copper intercept at more than double its current resource grade in WA's Paterson Province.

Argonaut Securities led a busy fortnight of capital raisings, securing roles on $225 million in gold transactions. However, the aftermarket delivered a bruising verdict: eight of ten featured stocks in this edition of Cap Raise Crucible traded below their issue prices by Friday morning. Wiluna fell 22.3 per cent, while Identifai soared 145 per cent. Broker commissions, valuable options and IPO rewards stole the spotlight.

Ora Banda Mining has advanced its major growth projects during the September quarter, kicking off construction of a new 3.0-million-tonne-per-annum processing plant and starting underground development at the high-grade Waihi mine in WA's Eastern Goldfields. The company produced 33,305 gold ounces at an all-in sustaining cost of A$4214 per ounce and maintained full-year guidance, boosting liquidity to A$507 million.

Forrestania Resources has declared its takeover bid for Zenith Minerals unconditional after securing a controlling 58.99 per cent stake, clearing the way for a bigger WA gold business. The move paves the way for Forrestania to fold Zenith's assets into its hub-and-spoke gold strategy centred on Edna May and Lake Johnston. In a separate development, the company has also secured 400,000 tonnes of ore feed from Star Minerals.

Kuniko Limited has deployed a downhole electromagnetic probe at its Commonwealth-Silica Hill project in New South Wales, hunting for deep, off-hole extensions to a high-grade mineralised system that previously delivered hits up to 20,603g/t silver. The survey will investigate three of the company's recently completed deep drill holes, testing for conductive sulphide bodies beneath its existing resources.

Neometals Limited has hit paydirt at its Ironclad gold deposit in WA's Murchison region, intersecting a significant 22.87- metre run grading 2.73g/t gold, including two higher-grade zones of 2.82m at 7.54g/t gold and 7.23m at 4.81g/t gold. The result extends the known gold mineralisation a further 50m to the north, increasing the total strike length to 450m.

Red Metal has kicked off a 5000-metre infill and extension drilling program at its flagship Sybella rare earths project near Mount Isa. The campaign is designed to increase confidence in and expand its colossal 4.795-billion-tonne resource. Results will feed into an updated resource estimate and a prefeasibility study scheduled for completion in the first quarter of 2027.

Manhattan Gold Corp's maiden drilling at its Hook Lake project in Canada is shaping a potential district-scale opportunity, delivering 41.15m at 4.66g/t gold, including 7.62m at 18.67g/t, at Jaws, alongside a new polymetallic discovery at Spectre. The 19.81-metre Spectre hit carried copper, gold, silver and high-grade zinc, opening a second front in the emerging discovery story.

Xpedra Resources is gearing up for its biggest-ever drilling program at the Springfield gold deposit in New South Wales. The 5000-metre campaign will test a tantalising 1.1-kilometre-long northern strike extension for the first time with deep drilling, while also probing for depth extensions in a system which has already delivered strong hits, including 94m at 2g/t gold.

After a strategic pivot from its US assets, Locksley Resources has hit the ground running at its 1000-square-kilometre Greater Tottenham copper-gold district in NSW. The company has established an operations base and is fast-tracking a major 15,500m drilling blitz to re-log historic core, collect metallurgical samples and refine targets to grow its existing copper-gold resource.

Red Metal has moved to final de-risking of its giant Sybella rare earths project near Mount Isa, kicking off six-metre-tall column leach tests to simulate a full-scale commercial heap leach operation. The work builds on previous successful tests and is a critical de-risking milestone ahead of a definitive feasibility study. The company is also testing a coarser crush size, which could significantly lower future operating and capital costs.

Aurum Resources has unveiled significant new gold intercepts from multiple targets within its flagship 3.22-million-ounce Boundiali gold project in Côte d'Ivoire, West Africa. The company's latest drilling returned a standout 57-metre hit grading 2.34g/t gold outside the current resource at the BST1 deposit. The results are the final assays to be included in a resource update expected at the end of October.

The Ship of Theseus asks whether a vessel remains the same after every original plank has been replaced. Dollar Bill finds similar ships sailing around the ASX where management, projects, commodities and boards can all purport to morph into something shiny and new, but for investors, the real question is which planks created value in the first place. 

Buru Energy has lodged a production licence application for its 100 per cent-owned Rafael conventional gas and condensate project in WA's Canning Basin. The submission marks a major regulatory step and follows the booking of 15.25 million barrels of oil equivalent in reserves and referral to the Environmental Protection Authority. Buru is planning a modular development, targeting drilling in 2027 and first gas by early 2029.

Terrain Minerals is set to crank up its biggest ever drilling program at its Smokebush gold-silver-tungsten project in WA, with an 86-hole, 10,905m reverse circulation campaign aimed at expanding the maiden 54,000-ounce gold resource at its Lightning deposit. The program will also test seven new priority exploration targets which management believes could represent repetitions of the known mineralised system.

Great Southern Mining has struck high-grade gold in its maiden reverse circulation drilling program at the Amy Clarke prospect, part of its Duketon gold project near Laverton in WA. Best results from the 18-hole campaign included 5m at 6.71 g/t gold from 51m, with a higher-grade core of 3m at 10.4 g/t gold. Another hole returned 11m at 1.86 g/t gold from 45m.

NSW's Lachlan Fold Belt has seen a return to prominence in Australia's junior explorer ranks, with a string of newcomers chasing the next big copper-gold discovery. Kuniko is marking a year of rapid progress at its Commonwealth-Silica Hill gold-silver project in NSW, with drilling returning stunning grades and fresh discoveries, including a recent 0.5m at 27g/t gold and a mouth-watering 20,603g/t silver.

Big Hits looks at notable drill intercepts reported to the ASX this week, led by Haranga Resources' underground gold intersection with a blistering 32 metres at more than 10g/t gold in California. West Musgrave-focused runner-up Terra Metals landed a massive, near-surface PGE broadside exceeding 190 metres of continuous shallow mineralisation, while Amara Minerals cracked a 102-metre intercept to reinforce the structural architecture of its premier Victorian gold-antimony system.

This week's Bulls N' Bears ASX Runner of the Week is… Identifai Genetics, after the Israeli biotech newcomer made a stellar $10 million debut on the ASX with its AI-powered prenatal screening technology. Also charging higher were Avenira, which doubled after securing an $85 million funding package to fully fund its giant Wonarah phosphate project through to first shipment and Image Resources, which continued to run on the back of renewed interest in its mineral sands assets and high-grade gold drilling results at Erayinia-King.

Forrestania Resources is fast-tracking its Edna May gold hub for a December restart after hitting key milestones. First ore from the Johnson Range mine is on the run-of-mine pad, critical mill liners are en route and its first tailings cell is nearly complete. With a global resource of over two million ounces, the company is building a formidable two-hub production business in WA.

Aurum Resources has hit bonanza gold outside the existing 570,000-ounce BST1 resource in the south of its flagship 3.22-million-ounce Boundiali project in Côte d'Ivoire, West Africa. The latest results, which include an intercept of 0.65m at a heady 41.38g/t gold from a 25-hole, 7100-metre diamond drilling program, will inform Aurum's upcoming gold resource update, due by the end of this month.

Estrella Resources is preparing to unleash the drill bit on its tantalising Laleno Dome copper-gold prospect in Timor-Leste after securing government approval for its maiden drilling campaign. The company is targeting a potentially sizeable porphyry-style mineral system, with compelling geophysical anomalies and copper sightings at nine locations setting the scene for a high-stakes exploration push into previously untested ground as early as next week.

Lindian Resources reports its Kangankunde rare earths project in Malawi remains on schedule for first monazite concentrate production in December. The project, one of Africa's largest, holds a 261-million-tonne resource. The company says key construction milestones have been hit, with power infrastructure nearing commissioning and ore stockpiles now at 149,000 tonnes. The progress comes as Western economies look to diversify critical mineral supply chains.

Estrella Resources has significantly de-risked its massive Werumata limestone project in Timor-Leste, converting 274 million tonnes to the higher-confidence JORC-compliant indicated category. The project now contains a total combined resource of 533 million tonnes, with the new indicated component providing a solid foundation for a scoping study currently being finalised by the company.

Augustus Minerals is making a strategic play for the Mt Kare gold project in Papua New Guinea, a region known for monster deposits. The project is just 15km from the 32-million-ounce Porgera mine and shares key geological traits. Although competition for the license is hot, Augustus is bolstering its case by compiling historical data and building crucial relationships with local landowners and government officials.

Larvotto Resources has shipped the first antimony concentrate from its Hillgrove antimony-gold mine in NSW, with a 68-tonne delivery to offtake partner Wogen Resources, triggering the company's first revenue and officially making it Australia's newest critical minerals supplier. Production is ahead of schedule, with gold concentrate shipments to follow shortly.

Kalgoorlie Gold Mining has fast-tracked a two-pronged drilling assault at its Pinjin gold project, 140km northeast of Kalgoorlie in WA's Eastern Goldfields. An RC drilling program is currently testing for depth extensions to high-grade gold at its Lighthorse prospect, while an aircore campaign will test the nearby Rebecca Sequence for the first time, just 16km along strike from Ramelius Resources' 1.4-million-ounce Lake Rebecca gold project.

Moonlight Resources has put some serious numbers on the table, defining a significant near-surface gold exploration target of between 16.2 and 19.8 million tonnes grading 0.94 to 1.15g/t gold for up to 662,000 contained gold ounces at its Clermont project in Central Queensland. The company has already launched a 13,000m drilling campaign to test its ambitious new target.

WA Gold has defined nine compelling geophysical anomalies with a combined strike length of more than 4km at its Bullabulling North project near Coolgardie in WA. The targets sit along structures interpreted to host a neighbouring 4.5-million-ounce gold deposit and coincide with the company's own previous gold drilling hits. The results provide a pipeline of targets for a new round of deeper drilling.