The Day’s Play Edition 74: ASX mining funding, drilling and development updates | Reach Resources, Prairie Lithium, Nordic Resources

Reach Resources (ASX:RR1)

Binding agreement outlines funded mining pathway

Reach Resources executed a binding option agreement for Murchison South mining and milling arrangements.

The Play

• Executed binding option agreement covering M59/769 at Murchison South Project

• Agreed A$2 million option fee and A$900,000 placement subscription terms
• Proposed 50/50 net project profit sharing under RTMM agreement structure
• Arranged upfront funding for mining, haulage and processing through Andel
• Granted exclusivity to negotiate right to mine and milling agreement

The Pitch

• Murchison South hosts an 80,000oz gold Mineral Resource at Blue Heaven

• Kirkalocka Mill operates approximately 75km from Murchison South Project
• Agreement applies only to M59/769 retaining optionality across other tenements
• RTMM framework includes direct cost recovery and open book oversight
• Proposed agreement term extends 4 years and 9 months from commencement

The Next Overs

• Option exercise remains subject to approvals and due diligence completion

• Reach plans mining approvals work using A$2 million option proceeds
• Placement shares issued following receipt of A$900,000 subscription funds

Read full ASX Announcement here.

Cauldron Energy (ASX:CXU)

Acquisition expands holdings around Manyingee deposit

Cauldron Energy acquired 5 additional tenements at the Yanrey Uranium Project in Western Australia.

The Play

• Acquired 5 tenements expanding Yanrey uranium landholding position

• Added 4 tenements surrounding Paladin’s Manyingee Uranium Deposit holdings
• Acquired E08/2896 between Manyingee and Manyingee North deposits
• Prioritised E08/2896 for 2026 drilling subject to required approvals
• Agreed acquisition terms using 1.5% gross metal royalty structure

The Pitch

• Yanrey hosts more than 55Mlbs contained uranium oxide Mineral Resources

• Existing resources include Bennet Well, Manyingee South and Manyingee North
• Yanrey Project covers approximately 1,250km² of granted and pending tenure
• Cauldron controls approximately 80km of prospective Cretaceous coastline exposure
• Manyingee North contains 9.8Mlbs eU3O8 from 14.9Mt at 297ppm

The Next Overs

• Planned 2026 drilling to test E08/2896 following approvals

• Geology team to assess interpreted mineralisation extensions between deposits
• Historic Spinifex Well drilling to undergo further technical review

Read full ASX Announcement here.

Skylark Minerals (ASX:SKM)

Skylark secures control of overlooked Abujar neighbour

Skylark moved from option holder to full owner of Vavoua, securing a large underexplored gold project near an operating mine ahead of deeper testing.

The Play

• Skylark exercised its option to acquire 100% of Vavoua.

• Acquisition cost totals A$150,000 from existing cash reserves.
• Vavoua covers 537km² in central Côte d’Ivoire.
• The project sits 20km north of the operating Abujar Mine.
• Historical drilling returned shallow gold intersections across a small target area.

The Pitch

• Vavoua sits within a regional corridor hosting multiple gold deposits.

• The project shares structural similarities with Abujar and Yaouré.
• Historical work includes auger sampling and 8,000m of AC drilling.
• Best AC drilling returned 2m at 6.4g/t Au from 27m.
• The project remains underexplored, particularly at depth.

The Next Overs

• Deploy technical teams for detailed ground reconnaissance.

• Complete infill geochemical sampling and auger coverage.
• Drill test priority targets subject to results and approvals.

Read full ASX Announcement here.

Nordic Resources (ASX:NNL)

Secondary target moves toward standalone gold resource

Nordic expanded Vesipera through maiden drilling and moved a secondary prospect closer to a maiden JORC resource.

The Play

• All 6 Vesipera holes delivered significant gold intersections.

• Step out drilling expanded mineralisation east, west and south.
• Twin hole drilling validated prior results using modern QA QC methods.
• Mineralisation remains open along strike and at depth.
• NNL flagged potential for a maiden JORC resource at Vesipera.

The Pitch

• Vesipera sits within the Kiimala Trend project in Finland.

• Vesipera sits beside the 147koz Angesneva gold deposit.
• Kiimala hosts 12 known gold prospects.
• 8 Kiimala prospects have returned significant gold intersections.
• NNL holds a 1.23Moz AuEq Finnish resource inventory.

The Next Overs

• Update Vesipera database with new drill results.

• Assess maiden JORC resource potential.
• Receive Angesneva assays in coming weeks.

Read full ASX Announcement here.

Red Mountain Mining (ASX:RMX)

Secures first drill test across 3km antimony system

Red Mountain secured approval to drill Oaky Creek, moving a 3km surface defined antimony gold system toward first subsurface testing.

The Play

• Drilling approval secured for 32 RC holes to maximum depths of 300m.

• 5 priority antimony targets defined from rock chip, soil and auger sampling.
• 300m x 30m anomaly set for drill testing at Oaky Creek South.
• Rock chip assays returned up to 39.3% Sb and 1.09ppm Au.
• Orientation IP survey completed to sharpen deeper mineralisation targeting.

The Pitch

• Oaky Creek is Red Mountain’s highest priority and most advanced prospect.

• Surface work outlines a ~3km strike antimony system at Oaky Creek.
• Historical workings occur at both Oaky Creek North and Oaky Creek South.
• Armidale is 100% owned and located in New South Wales.
• The project spans 85km along the western side of the Peel Fault.

The Next Overs

• Finalise scheduling details before planned quarter end commencement.

• Receive full IP survey results before the end of May.
• Assess broader IP coverage over Oaky Creek, subject to results.

Read full ASX Announcement here.

Prairie Lithium (ASX:PL9)

Commercial scale DLE unit enters final testing

Prairie Lithium commenced Factory Acceptance Testing for its commercial scale DLE unit ahead of Saskatchewan deployment.

The Play

• Commenced Factory Acceptance Testing for commercial scale DLE processing unit

• Progressed four column DLE unit toward Saskatchewan installation following testing
• Advanced Phase 1 facility toward commissioning targeted for Q4 2026
• Linked DLE deployment to binding offtake covering 100% Phase 1 production
• Prepared commercial scale unit for installation at Saskatchewan production facility

The Pitch

• Hydro Lithium offtake secures 100% of Phase 1 production

• Phase 1 production equates to 150 tonnes per annum lithium carbonate equivalent
• Hydro Lithium provides approximately A$10 million proprietary refining equipment
• Prairie Lithium development model uses phased pad by pad expansion strategy
• Saskatchewan project includes existing infrastructure supporting phased development

The Next Overs

• DLE unit transport and installation planned following FAT completion

• Remaining facility construction and equipment integration to continue before commissioning
• Initial lithium production and first revenue targeted under binding offtake agreement

Read full ASX Announcement here.

Wildcat Resources (ASX:WC8)

Tabba Tabba brings expansion forward while cutting strip

Wildcat is accelerating higher throughput production while lowering upfront mining intensity ahead of a DFS that now includes additional processing streams.

The Play

• Stage 2 expansion is being brought forward to 4.5Mtpa.

• Mine plan targets lower pre production strip and capital expenditure.
• Years 1 to 2 material achieved 5.65% Li2O concentrate grade.
• Concentrate iron grade came in at 0.63% Fe2O3.
• DFS now includes petalite and tantalum processing streams.

The Pitch

• Tabba Tabba hosts a 74.1Mt resource at 1.0% Li2O.

• The project holds a 46.3Mt Ore Reserve at 0.99% Li2O.
• Stage 1 throughput remains 2.2Mtpa.
• Stage 2 throughput remains 4.5Mtpa.
• The project is located 80km by road from Port Hedland.

The Next Overs

• Lodge environmental approval applications imminently.

• Progress funding and offtake discussions.
• Complete DFS targeted for Q3 CY2026.

Read full ASX Announcement here.

Legacy Minerals (ASX:LGM)

AI identifies 38 targets beyond 115Moz resource

Legacy Minerals reported AI targeting results defining 38 priority targets across the Mt Carrington Project in NSW.

The Play

• Identified 38 priority targets across Mt Carrington gold, silver and copper system
• Defined new regional targets including Omega, Zi, Mars and Callisto clusters
• Highlighted extension targets near Mt Carrington and White Rock mineralisation
• Confirmed recognised trends across Emu, Battery and Mascotte target areas
• Applied AI modelling to geological, geochemical, geophysical and Mobile MT datasets

The Pitch

• Mt Carrington hosts an existing 115Moz AgEq Mineral Resource

• Project covers 393km² of granted exploration tenure and assessment lease application
• Mineralisation occurs within a district scale epithermal gold silver system
• Existing deposits include Mt Carrington, White Rock, Lady Hampden and Red Rock
• Historical exploration spans decades across a large caldera hosted system

The Next Overs

• Drill testing planned for AI identified targets near Emu Prospect

• Remaining Mascotte drilling assays expected with follow up approvals advancing
• Regional targets to undergo mapping, sampling, refinement and drill ranking

Read full ASX Announcement here.

West Cobar Metals (ASX:WC1)

Lilyvale adds larger copper target

West Cobar secured a larger interpreted target than Bulla Park, expanding concealed copper exposure across its Cobar position.

The Play

• EL9912 grant secured the high priority Lilyvale concealed copper target

• Lilyvale gravity anomaly exceeds Bulla Park in apparent size and intensity
• WC1 controls 1,090km² across ~120km of prospective Cobar stratigraphy
• Blind Freddie hosts a +2.5km copper gold anomaly near a major structure
• Targets show geological geochemical and geophysical traits consistent with concealed systems

The Pitch

• Bulla Park hosts a 20Mt @ 0.58% CuEq Inferred Mineral Resource

• Bulla Park remains open and sits beneath 60m to 120m of barren cover
• Surface geochemistry at Bulla Park was subtle before discovery
• Large tenure areas remain underexplored beneath Mulga Downs cover and alluvium
• WC1 holds five granted licences and one licence application

The Next Overs

• Detailed ground gravity surveys will commence immediately at Lilyvale

• RAB and aircore drilling planned at Blind Freddie
• RC drilling planned across priority targets this financial year

Read full ASX Announcement here.

TMK Energy (ASX:TMK)

TMK moves produced gas toward first commercial use

TMK moved beyond gas production by securing infrastructure to convert produced gas into usable power, accelerating early commercialisation.

The Play

• TMK signed an MoU with Dashvaanjil for its first power project.

• Initial agreement targets power generation of up to 1MW.
• The project will utilise gas from Gurvantes XXXV.
• Dashvaanjil LPG provides backup fuel under a dual fuel model.
• First power generation is targeted by end Q3 2026.

The Pitch

• Gurvantes XXXV is TMK’s Pilot Well Project in Mongolia.

• Dashvaanjil is Mongolia’s largest LPG import and distribution company.
• Dashvaanjil operates across all 21 Mongolian provinces.
• TMK is currently producing gas from the Pilot Well Project.
• Excess power may be sold to local industrial customers.

The Next Overs

• Complete engineering and design by end Q2 2026.

• Execute commercial framework agreements after design completion.
• Move into construction, commissioning and first power generation.

Read full ASX Announcement here.

dorsaVi (ASX:DVL)

Manufacturing barrier removed ahead of commercial tape out

dorsaVi removed its biggest semiconductor bottleneck by proving its RRAM can run on standard foundry lines ahead of tape out.

The Play

• 3 RRAM stacks passed commercial foundry BEOL compatibility testing.

• All stacks integrate with standard CMOS production lines.
• No bespoke manufacturing facility is required.
• RRAM and CIM layouts are complete.
• Tier 1 foundry tape out is targeted for Q3 2026.

The Pitch

• dorsaVi is building RRAM hardware for ultra edge computing.

• The platform enables compute in memory architecture.
• dorsaVi owns FDA cleared wearable sensor technology.
• 22nm remains its primary commercial scaling target.
• The platform targets robotics, prosthetics and medical devices.

The Next Overs

• Formal design review is scheduled for June 2026.

• Target 180nm test chip submission in Q3 2026.
• Begin 22nm design phase in H2 2027.

Read full ASX Announcement here.