The Day's Play Edition 129: Lo Herma Resources surge 72%, Machinga acquisition secured, Lilly collaboration expands pipeline | AMU, AKN, ATX
THE COIN TOSS
AMU - American Uranium lifted Lo Herma Indicated Resources 72% ahead of the planned Scoping Study.
AKN - AuKing Mining secured the acquisition of the 100%-owned Machinga Heavy Rare Earths Project in Malawi.
ATX - Amplia Therapeutics secured a Lilly collaboration to evaluate narmafotinib with olomorasib in a Phase 1b/2b NSCLC trial.
MTM - Metallium secured its first commercial Flash Joule Heating technology services agreement worth up to US$1.4M with ECT.
TSK - Tusker Minerals secured a binding agreement to divest the Machinga REE Project for consideration of up to A$4M.
WAU - WA Gold confirmed at least 500m continuity of the Abercromby eastern lode with high-grade diamond drilling beyond the current resource model.
AIV - ActivEX identified multiple high-grade gold, silver and base metal surface targets across the Georgetown Project.
BMR - Ballymore Resources extended high-grade silver-lead-zinc-indium mineralisation at Torpy's with broader massive sulphide zones confirmed closer to surface.
MAT - Matsa Resources delivered further high-grade gold intercepts from diamond drilling at Fortitude North.
SUH - Southern Hemisphere Mining confirmed broad copper mineralisation at the Llahuin Project as a Mineral Resource upgrade advances.
GT1 - Green Technology Metals secured membership of the US Defense Industrial Base Consortium.
American Uranium (ASX:AMU)
Indicated Resources Jump 72% Ahead Of Scoping Study
THE PLAY
Updated Mineral Resource Estimate increased Indicated Resources 72% to 4.79Mlbs U₃O₈.
Total Lo Herma Mineral Resources increased 16% to 9.96Mlbs U₃O₈.
Resources within the proposed Scoping Study area increased 23% to 7.38Mlbs U₃O₈.
Indicated Resources within the proposed Scoping Study area increased from 32% to 54%.
The updated Mineral Resource Estimate incorporates results from the completed 120-hole 2025/26 drilling program.
THE PITCH
Lo Herma is an ISR uranium project in Wyoming's Powder River Basin.
The Mineral Resource Estimate comprises 4.79Mlbs Indicated and 5.17Mlbs Inferred U₃O₈.
The Mineral Resource Estimate is reported using a 200ppm U₃O₈ cut-off and 0.2 grade thickness.
AMU's total Wyoming Mineral Resources total 11.62Mlbs U₃O₈.
The Mineral Resource Estimate is reported for potential ISR mining.
THE NEXT OVERS
Hydrogeological pump-test results will be incorporated into the Lo Herma Scoping Study.
The Scoping Study is targeted for early Q4 2026.
The study will evaluate development options across proposed Mine Units 1, 2 and 3.
Read full ASX Announcement here.
AuKing Mining (ASX:AKN)
AuKing Expands Malawi Rare Earths Portfolio
THE PLAY
AuKing has agreed to acquire the 100% owned Machinga Heavy Rare Earths Project in Malawi.
Historical drilling returned multiple heavy rare earth and niobium intercepts across the project.
The project comprises 2 exploration licences covering approximately 200.4km².
The project is located within Malawi's Chilwa Alkaline Province.
The acquisition adds a second rare earths project in southern Malawi.
THE PITCH
Machinga hosts historical heavy rare earth enrichment averaging approximately 28–30% HREO.
Rare earth mineralisation is hosted within a peralkaline intrusive geological system.
Historical drilling identified heavy rare earth and niobium mineralisation across the project.
The project is located approximately 40km east of Lindian Resources' Kangankunde Project.
AuKing is fully funded to commence exploration following completion of the acquisition.
THE NEXT OVERS
Exploration is planned to commence following completion of the acquisition.
Initial work will integrate historical datasets with airborne magnetic and LiDAR surveys.
Completion remains subject to regulatory approval for the licence transfer in Malawi.
Read full ASX Announcement here.
Amplia Therapeutics (ASX:ATX)
Lilly Collaboration Expands Clinical Program Into Lung Cancer
THE PLAY
Clinical collaboration with Lilly extends narmafotinib's clinical development into NSCLC.
Agreement pairs narmafotinib with investigational KRAS G12C inhibitor olomorasib in advanced NSCLC.
Phase 1b/2b trial will evaluate safety and efficacy of the investigational combination.
Amplia will conduct the study at sites across Australia and the USA.
Collaboration expands narmafotinib beyond pancreatic and ovarian cancer into NSCLC.
THE PITCH
Narmafotinib is Amplia's investigational focal adhesion kinase (FAK) inhibitor.
Olomorasib is Lilly's investigational next-generation KRAS G12C inhibitor.
The collaboration is supported by a scientific rationale linking FAK activation with KRAS G12C inhibitor resistance.
Lilly will supply olomorasib for the clinical study.
Amplia is developing FAK inhibitors for cancer and fibrosis.
THE NEXT OVERS
Amplia and Lilly will finalise the study protocol and associated clinical documents.
The Phase 1b/2b study is planned to begin in late 2026.
The study will be conducted at sites in Australia and the USA.
Read full ASX Announcement here.
Metallium (ASX:MTM)
First Commercial FJH Agreement Launches Processing-as-a-Service
THE PLAY
Metallium signed its first commercial Flash Joule Heating technology services agreement with ECT.
The 12-month agreement provides up to US$1.4M in Phase-1 cash consideration, excluding ECT options.
ECT will evaluate Flash Joule Heating for MXene production using Metallium's reactor systems.
The agreement represents the first commercial implementation of Metallium's Processing-as-a-Service strategy.
Metallium retains ownership of its Flash Joule Heating reactor technology and future technology improvements.
THE PITCH
The agreement was executed through Metallium's wholly owned subsidiary, Flash Metals USA.
The research programme will be conducted at the Gator Point Technology Campus in Texas.
ECT holds the exclusive licence to commercialise Flash Joule Heating for MXene production.
The agreement is legally binding with an initial 12-month term.
Phase-1 provides a framework to negotiate a potential commercial licence and royalty agreement.
THE NEXT OVERS
ECT will undertake the agreed research and development programme.
Metallium will provide engineering support, reactor access and technical expertise.
The parties may negotiate a commercial licence and royalty agreement following successful completion of the research programme.
Read full ASX Announcement here.
Tusker Minerals (ASX:TSK)
Binding Machinga Sale Sharpens Capital Allocation
THE PLAY
Tusker executed a binding agreement to divest the 100% owned Machinga REE Project.
The proposed transaction provides consideration of up to A$4M through cash, AuKing shares and performance shares.
The proposed divestment redirects capital towards Tusker's rutile and heavy mineral sands portfolio.
Tusker will retain exposure to Machinga through AuKing shares and performance shares.
Completion remains subject to definitive transaction documentation and required approvals.
THE PITCH
Machinga comprises the EPL 0529 and EPL 0705 prospecting licences in southern Malawi.
The project is held by Green Exploration Limited, Tusker's wholly owned subsidiary.
Machinga is a heavy rare earth elements prospect with demonstrated potential from prior exploration.
Tusker's core portfolio comprises rutile and heavy mineral sands projects in Cameroon and Malawi.
Tusker is an African-focused explorer advancing critical mineral projects.
THE NEXT OVERS
The parties will execute definitive transaction documentation.
Legal, regulatory, shareholder and third-party approvals will be sought.
Transfer approval for EPL 0529 and EPL 0705 will be sought from the relevant Malawian mining authority.
Read full ASX Announcement here.
WA Gold (ASX:WAU)
High-Grade Drilling Confirms Abercromby Eastern Lode Continuity
THE PLAY
Diamond drilling confirmed continuity of the Abercromby eastern lode over at least 500m.
All 7 diamond holes intersected the targeted eastern lode at, or very close to, predicted positions.
Drilling returned 9.41m @ 2.89g/t Au, including 0.38m @ 35.21g/t Au.
Results confirmed down-dip continuation below and along strike from the current resource model.
The mineralised system remains open in all directions.
THE PITCH
Abercromby is a 100%-owned gold project in Western Australia's Wiluna-Agnew region.
The current program comprises resource development diamond drilling targeting the eastern lode.
The 7 eastern lode intercepts returned a weighted average grade of 2.61g/t Au.
The current JORC Mineral Resource totals 11.12Mt @ 1.45g/t Au for 518,000oz.
Abercromby is located on granted mining leases within an established gold mining region.
THE NEXT OVERS
Approximately 6,000m of additional resource development and step-out drilling is planned.
Geotechnical drilling will support open pit design and maiden Ore Reserve estimation.
Environmental, metallurgical, geotechnical and mining studies will continue.
Read full ASX Announcement here.
ActivEX (ASX:AIV)
High-Grade Surface Sampling Defines Priority Targets
THE PLAY
Surface rock sampling identified multiple high-grade gold, silver and base metal targets across Georgetown.
The Comet Prospect returned 14.4g/t Au and 150g/t Ag from a surface rock sample.
The Tambo–Mountain Creek Prospect returned 221g/t Ag with 5.81g/t Au from a surface rock sample.
Additional surface samples returned 7.32g/t Au at Stockman and 5.29g/t Au at Cleanskin Creek.
Results defined priority targets for follow-up exploration.
THE PITCH
The Georgetown Project comprises multiple gold and base metal prospects in Queensland.
A total of 39 surface rock samples were collected from outcrop and historic mine dump material.
Samples were analysed for gold and multi-element geochemistry by ALS in Townsville.
The programme assessed historical workings across Bridle Creek, Leichardt Creek, Stockman and Cleanskin Creek.
The reported results are derived from surface rock sampling, not drilling.
THE NEXT OVERS
Further surface geochemical exploration is planned where transported sand cover is not an issue.
Ground-based geophysical surveys are planned.
RC drilling is planned for priority geochemical, geophysical and geological targets.
Read full ASX Announcement here.
Ballymore Resources (ASX:BMR)
High-Grade Drilling Extends Torpy's Mineralisation Near Surface
THE PLAY
Drilling confirmed further high-grade silver-lead-zinc-indium mineralisation at the Torpy's discovery.
Broad massive sulphide zones extended known mineralisation closer to surface.
BTPRC011 returned 29m @ 71.3g/t Ag, 3.64% Pb, 2.19% Zn and 7.1g/t In from 105m.
BTPRC010 returned 14m @ 76.6g/t Ag, 3.43% Pb, 2.32% Zn and 3.7g/t In from 76m.
The first 2 assay results were received from a 22-hole drilling campaign.
THE PITCH
Torpy's is part of the Ruddygore Project near Chillagoe in North Queensland.
The 22-hole program tested extensions to newly recognised high-grade shoots.
Both reported holes targeted up-dip extensions and intersected massive to semi-massive sulphide mineralisation.
Mineralisation is dominated by galena and sphalerite, the principal lead and zinc sulphide minerals.
The Ruddygore Project covers 556km² in North Queensland.
THE NEXT OVERS
Assay results from the remaining drill holes are pending.
Gravity surveys, mapping and rock-chip sampling will continue across the Torpy's district.
Final gravity and MT survey modelling is scheduled for August 2026.
Read full ASX Announcement here.
Matsa Resources (ASX:MAT)
High-Grade Diamond Drilling Strengthens Fortitude North
THE PLAY
Diamond drilling returned further high-grade gold intercepts at the Fortitude North prospect.
Drilling returned 26.6m @ 4.48g/t Au from 92.9m, including 10.3m @ 6.24g/t Au.
Additional intercepts included 5.1m @ 9.68g/t Au, 5.8m @ 8.29g/t Au and 9.0m @ 3.27g/t Au.
Nine diamond holes totalling 3,404m have been completed from the planned 10,000m program.
Results support the current exploration model for Fortitude North.
THE PITCH
Fortitude North is located within the Lake Carey Gold Project in Western Australia.
The prospect lies within the Fortitude Shear gold corridor, which extends across more than 40km.
The current diamond drilling program is designed to better understand structural controls and alteration associated with gold mineralisation.
Aircore drilling previously defined a 1.7km-long gold anomaly that remains open in both directions along strike.
Current interpretations indicate high-grade gold is hosted by multiple stacked, moderately dipping structures.
THE NEXT OVERS
Further exploration drilling is planned in the northern part of Fortitude North.
A further 6,000m of lake-based diamond drilling has been designed.
An expanded RC and diamond drilling program is being planned to test the 1.7km-long gold anomaly.
Read full ASX Announcement here.
Southern Hemisphere Mining (ASX:SUH)
Broad Copper Intercepts Support Llahuin Resource Upgrade
THE PLAY
Recent drilling intersected broad zones of copper sulphide mineralisation at the Llahuin Project.
Drilling returned 241m @ 0.42% CuEq from 18m, including 143m @ 0.51% CuEq.
Hole 24LHRD065 intersected 154m @ 0.66% CuEq from surface.
Results confirmed continuity of the copper system below previous RC drilling.
A resource upgrade is in progress and will be reported once all drilling results are received.
THE PITCH
Llahuin is Southern Hemisphere Mining's 100%-owned copper-gold-molybdenum project in Chile.
The current JORC Mineral Resource totals 218.2Mt @ 0.38% CuEq.
The 2026 drilling program completed 9 diamond tail extensions for 2,251m of HQ3 drillcore.
Drilling targeted the Cerro and Ferro South prospects within the Llahuin Project.
The current Mineral Resource comprises Measured, Indicated and Inferred categories.
THE NEXT OVERS
Remaining drilling results will be incorporated into the resource upgrade.
The updated Mineral Resource will be reported once all drilling results are received.
Further deep drilling is planned at Ferro South.
Read full ASX Announcement here.
Green Technology Metals (ASX:GT1)
DIBC Membership Expands North American Supply Chain Position
THE PLAY
Green Technology Metals was accepted as a member of the US Defense Industrial Base Consortium.
Membership provides access to US Department of Defense stakeholders, industry participants and technology developers.
The consortium supports collaboration to strengthen strategic supply chains and capability development.
Membership complements GT1's engagement across Canadian critical minerals initiatives.
GT1 continues progressing government-supported infrastructure and technical study initiatives in Ontario.
THE PITCH
The Defense Industrial Base Consortium is a US-based industry and government collaboration network.
GT1 is developing an integrated lithium business in Ontario, Canada.
The company received C$500,000 through Ontario's Critical Minerals Innovation Fund for technical studies.
GT1 retains conditional approval for up to C$5.4 million under Canada's First and Last Mile Fund.
Export Development Canada has issued a C$100 million Letter of Interest supporting potential Seymour Project financing.
THE NEXT OVERS
Technical studies supported by the Critical Minerals Innovation Fund will continue.
Enabling infrastructure studies for the Jackfish Road corridor will continue.
GT1 will continue engagement across Canadian federal and provincial critical minerals initiatives.