The Day's Play Edition 138: FDA approval, A$25M distribution deal and copper growth | OSL, CCO, MM1
THE COIN TOSS
OSL - OncoSil Medical secured U.S. FDA HDE approval, providing U.S. marketing authorisation for OncoSil in eligible distal cholangiocarcinoma patients.
CCO - The Calmer Co International secured exclusive global distribution with approximately A$25M in minimum purchases over 3 years.
MM1 - Midas Minerals extended Spaatzu copper-silver mineralisation to 1,200m strike, with intercepts up to 2.74% Cu and 71.9g/t Ag.
JLL - Jindalee Lithium produced MgO grading up to 93.4% from McDermitt-derived magnesium sulphate, providing an initial technical basis to assess a potential magnesium by-product.
GSN - Great Southern Mining extended Mon Ami mineralisation by up to 70m down dip and 55m down plunge, including 16m at 3.37g/t Au.
GG8 - Gorilla Gold Mines expanded Val mineralisation beyond 400m strike and 400m down-dip, with multiple parallel lodes identified.
GA8 - GoldArc Resources completed Mt Stirling Well grade control, returning 1m at 59.9g/t Au and 7 further intercepts above 10g/t Au.
AKN - AuKing Mining extended Tundulu carbonatite to 510.6m, with extensive carbonatite logged throughout and geology not ending at depth.
EMT - eMetals Ltd expanded Mineral Range to 145 claims and more than 12km of continuous strike ahead of drilling.
AM5 - Antares Metals advanced 3 Quinns gold targets to maiden drill design, with rock chips returning up to 65.2g/t Au.
GBL - Great Bear Exploration generated more than 200 high-priority copper, gold, silver and IOCG-style targets across the Great Bear Project.
OncoSil Medical (ASX:OSL)
U.S. FDA Approval Opens OncoSil Commercialisation Pathway
The Play
U.S. FDA granted HDE approval for OncoSil to treat distal cholangiocarcinoma in eligible patients.
Approval completes OncoSil Medical’s HDE process and provides U.S. marketing authorisation.
Approved indication covers unresectable, non-metastatic dCCA as an adjunct to systemic therapy.
OncoSil is the first U.S. FDA-approved Class III device for dCCA treatment.
Approval initially restricts U.S. use and distribution to a maximum of 5 treatment centres.
The Pitch
U.S. addressable market is estimated at approximately 1,000 patients and A$80m annually.
OncoSil uses intratumoral Phosphorous-32 microparticles to deliver targeted radiation.
OncoSil is approved for sale in 30+ countries, including the EU, UK and Australia.
OncoSil is designated a breakthrough device in Europe and the United States.
OncoSil has CE Marking approval, providing marketing authorisation in the EU and UK.
The Next Overs
Establish and activate priority U.S. treatment centres ahead of the expected FY27 launch.
Conduct the FDA-required Post-Approval Study, expected to enrol 30 patients.
Advance reimbursement and market-access pathways, including a Transitional Pass-Through Payment Status application.
Read full ASX Announcement here.
The Calmer Co International (ASX:CCO)
Exclusive Distribution Agreement Includes A$25M Minimum Purchases
The Play
Exclusive distribution rights granted across Australia, New Zealand, US, Canada and ASEAN markets.
Distributor must meet approximately A$25M in minimum purchases over the initial 3-year term.
First-year minimum purchases are approximately A$5.5M, increasing in years 2 and 3.
Agreement includes 2 further 3-year renewal options, subject to purchase and payment conditions.
Agreement adds a global distribution channel for the Company’s kava extract ingredients.
The Pitch
Kava extract range includes water-extracted and CO2-extracted Noble Kava products.
Products are sourced from Fiji, Papua New Guinea and Vanuatu.
Existing wholesale ingredients customers remain preserved under agreed carve-out arrangements.
CO2 extraction capacity is supported by partners in Australia and India and planned Fiji capability.
Wholesale (Bulk Ingredients) is 1 of the Company’s 4 strategic pillars.
The Next Overs
Distributor must meet agreed minimum purchase requirements to retain exclusivity.
First-year minimum purchases of approximately A$5.5M apply under the Agreement.
Agreement provides 2 further 3-year renewal options, subject to purchase and payment conditions.
Read full ASX Announcement here.
Midas Minerals (ASX:MM1)
Spaatzu Copper-Silver Mineralisation Extends To 1.2km
The Play
Recent drilling extended the copper-silver mineralisation zone to at least 1,200m strike.
SPRC094 returned 41m at 1.13% Cu and 33.4g/t Ag from 19m depth.
SPRC093 returned 37m at 1.11% Cu and 29.7g/t Ag from 73m depth.
SPRC097 returned 29m at 1.47% Cu and 37.0g/t Ag from 86m depth.
RC drilling continues on additional lines southeast of SPRC097, with further results pending.
The Pitch
The Otavi Project comprises 10 exclusive prospecting licences totalling 1,776km² across Namibia’s Otjozondjupa and Khomas Regions.
Midas owns 100% of Otjitombo Mining, the legal and beneficial owner of the licences.
T-13 Deposit has an initial Inferred Mineral Resource of 10.5Mt at 1.6% Cu and 21g/t Ag.
Spaatzu comprises a 4km zone of soil and IP anomalism, partially drill-tested over 1.2km.
Otavi lies within the Otavi Mountain Land, part of the Pan-African Damaran Orogen region.
The Next Overs
Continue RC drilling on additional lines southeast of SPRC097, with further results pending.
Operate 7 rigs on Otavi, with plans to increase to 9 rigs in total.
Initial Resources for Spaatzu and Deblin and updated T-13 Resource expected in Q1 CY2027.
Read full ASX Announcement here.
Jindalee Lithium (ASX:JLL)
McDermitt Testwork Produces 93.4% Equivalent MgO
The Play
Testwork produced MgO with 93.4% equivalent MgO content from McDermitt-derived magnesium sulphate.
Both approaches produced MgO above 93%, with calciner conversion reaching 99.95%.
Results establish an initial proof of concept for a potential magnesium by-product.
Previous PFS testwork achieved magnesium extraction of up to 97.2% using sulphuric-acid leaching.
Further work will assess product specifications, scalability and commercial viability at McDermitt.
The Pitch
McDermitt contains a substantial magnesium endowment alongside lithium mineralisation.
The 2024 PFS treated magnesium as waste, removing it as magnesium sulphate without revenue credit.
Jindalee commenced its magnesium value-optimisation program in October 2025.
Approximately 100kg of McDermitt leachate was sent to Kemetco for magnesium testwork.
Jindalee holds 100% ownership of McDermitt through its wholly owned US subsidiary HiTech Minerals.
The Next Overs
Complete market and engineering studies assessing financial viability of magnesium by-products.
Undertake further testwork to improve on the initial MgO results.
Update the Mineral Resource estimate to include magnesium.
Read full ASX Announcement here.
Great Southern Mining (ASX:GSN)
Mon Ami Mineralisation Extends Up To 70m Down Dip
The Play
Drilling extended known mineralisation up to 70m down dip and 55m down plunge.
16m at 3.37 g/t Au from 178m included 4m at 8.54 g/t Au and 2m at 6.86 g/t Au.
19m at 1.12 g/t Au from 213m included 1m at 4.00 g/t Au and 1m at 5.00 g/t Au.
10 holes at Blanc Platt remain pending after drilling north of the existing resource.
38 Golden Boulder holes totalling 4,726m remain pending for assay results.
The Pitch
Mon Ami is 12km south of Laverton and approximately 12km east of the Granny Smith processing facility.
Mon Ami has a JORC (2012) Resource of 1.56 Mt at 1.11 g/t Au for 55.5Koz.
Mineralisation is hosted on the Barnicoat Shear Zone within metasedimentary and basalt sequences.
The main Vertical Lode dips approximately 85 degrees west, with up to 5 shallower lodes.
The resource sits on granted Mining Licence M 38/1256, with many prerequisite studies and approvals already attained.
The Next Overs
Receive remaining Blanc Platt assays, expected over the next 1-2 weeks.
Receive assay results from 38 Golden Boulder holes, expected in the coming weeks.
Based on ongoing results, an updated Mon Ami Mineral Resource Estimate will likely be completed in future.
Read full ASX Announcement here.
Gorilla Gold Mines (ASX:GG8)
Val Mineralisation Expands Beyond 400m Strike
The Play
Val mineralisation now extends more than 400m of strike and 400m down-dip.
VIVEX025 returned 0.9m at 23.0g/t Au and 4.5m at 4.0g/t Au.
VIVEX020 returned 5.1m at 2.3g/t Au in a new footwall position.
VIVEX021 returned 2.0m at 4.1g/t Au, extending mineralisation at depth.
Multiple parallel lodes have now been identified across the Val prospect.
The Pitch
Val sits 30m from Vivien’s western pit wall and has a different orientation to Vivien Main.
Val mineralisation occurs in quartz veins associated with shears within porphyritic basalts and ultramafic units.
Vivien hosts a Mineral Resource of 278,000oz at 4.2g/t Au.
The Vivien Project historically produced more than 370,000oz at an average grade above 5.5g/t Au.
Gorilla Gold Mines owns 100% of the Vivien Gold Project near Leinster, Western Australia.
The Next Overs
Recommence Vivien drilling in coming weeks targeting further growth at Val and Vince.
Complete DHEM surveying of existing drill holes to delineate new targets.
Continue exploration drilling across the North Kalgoorlie Hub targeting resource growth at Sovereign.
Read full ASX Announcement here.
GoldArc Resources (ASX:GA8)
Final Grade Control Results Return 59.9 g/t Au
The Play
1m at 59.9 g/t Au returned from 24m in the final Mt Stirling Well grade control results.
Six consecutive rounds have returned high-grade intercepts at Mt Stirling Well.
7 further intercepts above 10 g/t Au were reported in the final round.
3m at 14.253 g/t Au returned from 27m, including 1m at 32.4 g/t Au from 28m.
Grade control coverage across Mt Stirling Well is complete at the spacing required for mine planning.
The Pitch
Mt Stirling Well hosts a JORC Inferred Mineral Resource of 198,000t at 2.3 g/t Au.
The deposit is approximately 700m southwest of Mt Stirling within the Leonora North hub.
Gold mineralisation occurs within narrow, flat-dipping quartz veins hosted by granitoid rock.
GoldArc Resources retains 100% ownership of Mt Stirling and Mt Stirling Well.
The program is funded 100% by BML Ventures Pty under a 50/50 net profit sharing arrangement.
The Next Overs
Progress mine planning and updated mining models at Mt Stirling with BML Ventures.
Commence the ~6,600m RC program in August 2026 to test soil gold anomalies around the Mt Stirling deposits.
Follow up Yttria’s 2 newly defined gold corridors with RC drilling.
Read full ASX Announcement here.
AuKing Mining (ASX:AKN)
Tundulu Diamond Hole Extends Carbonatite to 510.6m
The Play
First Tundulu diamond hole reached 510.6m after carbonatite intersections continued beyond 300m.
Extensive carbonatite geology was identified throughout 510.6m, remaining open at depth.
RC drilling confirmed widespread carbonatite lithologies across the current Tundulu drilling area.
Seven Malawi export approvals secured for 4,165 RC drilling samples, with 1,270 now in Perth.
Initial 4,300m RC program completed across 31 holes, with assays pending.
The Pitch
Tundulu REE Project lies in southeastern Malawi, approximately 90 km east of Blantyre.
Exploration Licence EL0731/24 covers approximately 91.5 km² and is held by Green Exploration.
Carbonatite material has been interpreted at targets several hundred metres from Nathace Hill.
Diamond drilling is being undertaken using NQ-diameter diamond core drilling in Malawi.
Green Exploration is a subsidiary of Tusker Minerals.
The Next Overs
Continue deeper diamond drilling, with other deeper holes planned around Nathace Hill.
Process initial Tundulu samples at Intertek’s Perth laboratory and report assay results.
Prepare a maiden Tundulu resource estimate, depending on assay results, before year-end.
Read full ASX Announcement here.
eMetals (ASX:EMT)
Mineral Range Expands To 145 Claims Ahead Of Drilling
The Play
36 additional claims covering 718 acres have been granted immediately north of Garnet.
Project now comprises 145 claims covering 2,782 acres across the Mineral Range Batholith.
Expanded tenure provides more than 12km of continuous strike length across the Batholith.
New claims contain extensive garnet-rich skarn zones confirmed by earlier mapping and field activities.
Earthworks and drilling are expected to commence later this month.
The Pitch
eMetals holds a 100% interest in the Mineral Range Tungsten Project in Utah.
Project targets high-grade tungsten mineralisation within the Mineral Range in Beaver County, Utah.
Past-producing mines include Garnet, Big Pass and Two R’s within the Project area.
Garnet recorded historical production of 634 tonnes at 0.64% WO₃.
Big Pass recorded historical production of 279 tonnes at 0.79% WO₃.
The Next Overs
Earthworks are expected to commence later this month at Mineral Range.
Drilling is expected to commence later this month at Mineral Range.
Testing of known strike and depth extensions of historical mines is planned.
Read full ASX Announcement here.
Antares Metals (ASX:AM5)
Quinns Gold Targets Advance Toward Maiden Drilling
The Play
Rock chip sampling returned up to 65.2 g/t Au at the Fennell Gold Prospect.
Fennell mapping expanded the mineralised area from 130m to 250m wide.
Venture soil sampling defined a 600m by 250m gold anomaly.
Finlay sampling returned a new rock chip result grading 1.67 g/t Au.
Fennell, Finlay and Venture now advance to maiden drill design.
The Pitch
Quinns covers 383km2 across 20km of the Meekatharra greenstone belt in Western Australia.
Fennell is hosted by BIF, with mineralised quartz veins crosscutting the BIF contact.
Finlay contains shallow historic workings mapped across a 90m northwest strike, with additional quartz veins.
Venture lies southeast of the historic Enterprise Mine, along the previously mined quartz vein trend.
Quinns is approximately 10km from Monument Mining’s Burnakura Mill and 50km from Westgold Resources’ mills.
The Next Overs
Complete heritage surveys and finalise targets at Fennell, Finlay, Venture and the new prospect.
Commence maiden drilling at Quinns, including aircore at Venture and the shallow dry blowing target.
Expand soil sampling and geochemistry along the Company’s 20km Meekatharra greenstone belt strike.
Read full ASX Announcement here.
Great Bear Exploration (ASX:GBL)
200+ High-Priority Targets Identified Across Great Bear
The Play
Independent review generated 200+ high-priority exploration targets across the Great Bear Project.
Targets cover copper, gold, silver and IOCG-style mineralisation across the Project.
Target selection is complete, with all targets advancing through field and geochemical sampling.
The review identified several new areas where limited exploration has occurred.
Multiple geological, geochemical and geophysical datasets were integrated to prioritise target areas.
The Pitch
Great Bear project claims cover more than 2,800km² across key portions of the Great Bear Magmatic Zone.
The GBMZ is recognised by the Geological Survey of Canada as Canada’s premier IOCG province.
The Project is prospective for IOCG, IOA, epithermal veins, skarn and uranium deposits.
Copper, gold, silver and uranium are the Company’s primary metals of interest.
Historical exploration and mining predominantly focused on uranium and silver, while copper and gold were largely overlooked.
The Next Overs
Advance all targets through field and geochemical sampling over the coming weeks.
Commence the planned FALCON airborne gravity gradiometry, magnetic and radiometric survey.
Use field and geophysical results to generate targets for direct drill testing.