The Day’s Play Edition 75: ASX exploration and resource development updates | Namibia drilling, niobium growth, gold acquisitions and lithium progress

Kaoko Metals (ASX:KAO)

Kaoko Mobilises Drill Readiness Across Dual Projects

Kaoko mobilised teams and commenced maiden field programs across both Namibian projects following its ASX listing.

The Play

• Maiden field programs commenced at the Chalkos and Karibib projects in Namibia.
• Drill readiness works are underway at the Chalkos Copper Silver Project.
• Kaoko’s in country technical team mobilised to Karibib with field activities underway.
• Karibib field program includes drone surveys, trenching, sampling and drill site development.
• Drilling contractors commenced site visits ahead of planned maiden drilling at Karibib.

The Pitch

• Chalkos hosts outcropping copper mineralisation grading up to 69.6% Cu and 2,030g/t Ag.
• Chalkos contains multiple high priority drill ready copper silver targets within the Kaoko Copper Belt.
• Karibib hosts historical intercepts including 4m at 1.98% Cu, 0.92g/t Au and 0.72% W from 9m.
• Karibib contains multiple priority walk up drill targets with broader regional exploration upside.
• Kaoko controls copper, silver, gold and tungsten projects across Namibia’s Kaoko and Damara belts.

The Next Overs

• Drill readiness works continue ahead of maiden drilling at the Chalkos Project.
• Karibib field activities continue including trenching, mapping validation and tungsten target assessment.
• Drilling contractors continue site visits ahead of planned maiden drilling programs.

Read full ASX Announcement here.

Chilwa Minerals (ASX:CHW)

Nakombe Delivers 385m Continuous Niobium From Surface

Chilwa confirmed continuous pXRF niobium mineralisation from surface while extending the Nakombe footprint 180m north.

The Play

• MPYDD009 returned 0.17% Nb₂O₅ over 385.4m from surface using pXRF analysis.
• Hole extended the mineralised footprint 180m north of discovery hole MPYDD006.
• Porphyritic syenite returned 0.24% Nb₂O₅ over 60.5m from surface.
• Included 0.34% Nb₂O₅ over 12m from 43m within the broader mineralised interval.
• Mineralisation remains open northeast, south, east, southeast and at depth across the intrusion.

The Pitch

• Nakombe forms part of Chilwa’s broader Mpyupyu niobium REE tantalum gallium intrusive target.
• Drilling intersected a previously unmapped peralkaline syenite intrusion hosting substantial niobium mineralisation.
• Two drill rigs currently operate across pre resource drilling at the Nakombe target.
• Total drilling across the target reached approximately 1,550m across 8 drill holes.
• Chilwa controls multiple critical mineral programmes within its Lake Chilwa licence in Malawi.

The Next Overs

• Nine drill holes remain within the initial programme targeting intrusive geometry and continuity.
• ICP MS assay results for MPYDD007 are expected in the coming weeks.
• Chilwa is considering a third drill rig for the Nakombe drilling programme.

Read full ASX Announcement here.

LinQ Minerals (ASX:LNQ)

Monza Delivers Thick Higher Grade Copper Gold

LinQ confirmed shallow copper gold mineralisation continuity at Monza following its maiden Central Zone drilling result.

The Play

• MZACD003 intercepted 70.8m at 1.11% Cu Eq from 71.2m within Monza Central Zone.
• Included 10m at 2.82% Cu Eq from 104m within higher grade mineralisation.
• Additional 123m at 0.55% Cu Eq intersected from 150m in MZACD003.
• Result confirmed shallow higher grade copper gold porphyry mineralisation continuity at Monza.
• LinQ completed 8 Monza holes with assays pending from MZACD004 through MZACD010.

The Pitch

• Monza forms part of a 17km mineralised porphyry copper gold corridor at Gilmore.
• Gilmore hosts reported mineral resources at Estoril, Culingerai and Mandamah deposits.
• Monza and Estoril complexes occupy approximately 2km of prospective mineralised strike.
• Gilmore Project contains 516Mt hosting approximately 3.7Moz Au and 1.2Mt Cu metal.
• LinQ controls approximately 597km² across a 60km belt containing +20 known prospects.

The Next Overs

• Assay results remain pending for remaining intervals within hole MZACD003.

• Results from Monza holes MZACD004 through MZACD010 remain pending from current drilling campaign.
• Drilling continues testing strike and down plunge extensions across the Monza system.

Read full ASX Announcement here.

Australian Gold and Copper (ASX:AGC)

Evergreen Delivers Broadest Visual Copper Zone Yet

AGC intersected a broad visible chalcopyrite zone at Evergreen while advancing drilling toward an initial Mineral Resource Estimate.

The Play

• 26DDBR006 intersected 6.5m of visible semi massive chalcopyrite and pyrite sulfides.
• Visible copper bearing sulfides occur within a broader 13.7m alteration zone from 361.5m.
• AGC stated the interval appears the broadest observed copper zone in the district to date.
• Seven Evergreen holes completed since mid April intersected variable visible sulfide mineralisation.
• Current Evergreen drilling targets an initial Mineral Resource Estimate at the deposit.

The Pitch

• Evergreen forms part of the Browns Reef Project acquired by AGC during 2025.
• Browns Evergreen hosts more than 25,000m of historical drilling across a 6.5km strike length.
• AGC currently operates an 8,000m resource definition drilling programme at Evergreen.
• Browns Reef Project forms part of AGC’s 2,600km² South Cobar Basin landholding in New South Wales.
• Achilles hosts an initial 38.5Moz AgEq Mineral Resource with 58% classified Indicated.

The Next Overs

• Hole 26DDBR008 is testing down dip extensions beneath the chalcopyrite mineralisation zone.
• Assay results from current Evergreen drilling are expected during July 2026.
• AGC continues extension drilling beneath the Achilles Mineral Resource footprint.

Read full ASX Announcement here.

Terrain Minerals (ASX:TMX)

Metallurgy Testing Targets Lower Capital Processing Pathway

Terrain is testing whether Lightning gold supports conventional processing, shifting focus from drilling confirmation toward development economics.

The Play

• Metallurgical test work commenced after IMO received all Lightning Gold sample material.
• IMO program includes head assays, gravity concentration, cyanide optimisation and Carbon In Leach testing.
• RC chip intervals from the 2026 drilling campaign supplied material for metallurgical testing program.
• Prior geological assessment suggests Lightning gold mineralisation does not appear refractory in nature.
• Terrain stated non refractory gold may support conventional gravity and CIL processing pathways.

The Pitch

• Lightning Gold Project forms part of Terrain’s 100% owned Smokebush Gold and Silver Project.
• Smokebush Project sits within the Yalgoo Mineral Field 350km north of Perth, Western Australia.
• Mining Lease M59/0796 has already been granted over the Lightning Gold Project area.
• Vault Mining’s Rothsay Gold Mine is located approximately 10km south of the Lightning Project.
• Terrain associates Lightning gold mineralisation with arsenopyrite within a broader structural corridor.

The Next Overs

• IMO will complete metallurgical test work across 3 planned technical program phases.
• Terrain expects progressive reporting throughout the approximately 13 week metallurgical program timeline.
• Maiden Mineral Resource Estimate for Lightning Project remains targeted for July 2026.

Read full ASX Announcement here.

Castle Minerals (ASX:CDT)

Castle Secures High Grade Gold System Near Tongon

Castle will acquire a 90% interest in Nielle, securing a shallow high grade gold system defined across a 4.5km mineralised corridor.

The Play

• Castle executed a binding terms sheet to acquire 90% of the Nielle Gold Project.
• Historical drilling defined gold mineralisation across a broader 4.5km anomalous corridor at Nielle.
• Historical drilling returned 5m at 15.42g/t Au from 7m including 2m at 31.54g/t Au.
• Nielle covers approximately 212km² within Côte d’Ivoire’s highly prospective Senoufo greenstone belt.
• Gold mineralisation remains open along strike and at depth across the drilled system.

The Pitch

• Nielle is located approximately 50km north of the 5Moz Tongon Gold Mine.
• Castle’s Côte d’Ivoire portfolio totals approximately 1,842km² of tenure and applications.
• Historical drilling tested greater than 1km strike length using broad drill spacing.
• Nielle hosts structurally controlled gold mineralisation associated with sulphides and quartz carbonate veining.
• Castle’s West African leadership team brings more than 50 years regional mining experience.

The Next Overs

• Castle intends advancing Nielle toward a maiden JORC Mineral Resource Estimate.

• Follow up drilling will target strike extensions and broader geochemical anomalies at Nielle.
• Shareholder approval for upfront consideration shares is expected during late June 2026.

Read full ASX Announcement here.

TG Metals (ASX:TG6)

Burmeister Development Activities Accelerate Amid Lithium Recovery

TG Metals progressed approvals, resource drilling and metallurgical work streams at Burmeister following improved lithium market conditions.

The Play

• Mining and infrastructure lease applications covering Burmeister are scheduled for imminent lodgement.
• Program Of Works approvals received for resource drilling recommencement at the Burmeister deposit.
• Planned resource drill out includes 41 holes for approximately 4,809m of RC and diamond drilling.
• Metallurgical testwork confirmed DMS spodumene concentrate grades up to 6.31% Li₂O.
• Burmeister remains open in multiple directions with historical drilling limited to approximately 250m depth.

The Pitch

• Burmeister hosts an Exploration Target of 15.6Mt to 20.1Mt at 0.97% to 1.19% Li₂O.
• Lake Johnston Project is wholly owned and located approximately 190km east of Hyden, Western Australia.
• Burmeister is positioned near road, port and lithium processing infrastructure in Western Australia.
• TG Metals developed a hybrid DMS and flotation flowsheet for spodumene recovery processing.
• Company continues progressing a provisional patent application linked to flotation enhancement technology.

The Next Overs

• TG Metals intends lodging a Mining Lease application over the Burmeister lithium deposit.
• Planned drilling will provide core samples for further semi continuous metallurgical testwork.
• Company is investigating commercial opportunities from quartz and feldspar waste stream products.

Read full ASX Announcement here.

Stellar Resources (ASX:SRZ)

Montana Delivers High Grade Tin Beside PFS Area

Stellar intersected high grade tin at Montana adjacent to the Heemskirk PFS area while continuing Severn resource drilling.

The Play

• ZM192 returned 4.7m at 1.29% Sn from 242.5m at the Montana deposit.
• Montana drilling marked the first drilling completed at the deposit since 2012.
• Montana hosts an Inferred Resource of 0.7Mt at 1.54% Sn for 10.4kt contained tin.
• Severn wedge hole ZS187W2C returned 34.8m at 0.47% Sn from 530.7m.
• Hole ZS191 intersected 4m at 1.78% Sn from 492m and 2m at 1.37% Sn.

The Pitch

• Montana sits immediately north of Queen Hill and Severn within the Heemskirk Project area.
• Heemskirk Prefeasibility Study remains on track for completion during 2H 2026.
• Queen Hill Resource update increased total Heemskirk Mineral Resource to 9.5Mt at 0.93% Sn.
• Heemskirk exceeds 100kt contained tin across project resources and St Dizier satellite deposit.
• Stellar stated Heemskirk ranks as Australia’s highest grade undeveloped tin project.

The Next Overs

• A second drill hole is already underway at the Montana deposit.

• Stellar expects updated Severn Resources during the current quarter.
• Prefeasibility Study completion remains targeted during 2H 2026.

Read full ASX Announcement here.

Evergold Minerals (ASX:EG1)

Mt Monger Drilling Tests Shear And Intrusive Gold Systems

Evergold commenced RC drilling testing high grade shear hosted mineralisation and a newly defined intrusive related gold target at Mt Monger.

The Play

• RC drilling commenced at Duchess of York within the Mt Monger Gold Project.
• Historical drilling returned intercepts including 3m at 17.6g/t Au from 13m at Duchess of York.
• RC drilling will test the newly defined Gladiator intrusive related gold target.
• Gladiator contains an 800m+ coherent gold in soil anomaly with coincident gravity feature.
• Current campaign comprises approximately 3,000m of RC drilling expected completed during May.

The Pitch

• Duchess of York sits within the gold mineralised Bare Hill Shear Zone corridor.
• Historical drilling at Duchess of York returned shallow and deeper high grade gold intercepts.
• Gladiator was defined using regional soil geochemistry and high resolution gravity datasets.
• Fleet Space Technologies identified albite biotite alteration with anomalous molybdenum and bismuth pathfinders.
• Mt Monger sits near multiple operating mills and regional processing infrastructure.

The Next Overs

• RC drilling will advance from Duchess of York to the Gladiator Prospect.

• Assay results from the current RC programme are expected within 6 to 8 weeks.
• Follow up diamond drilling is planned at Gladiator targeting the interpreted intrusive source at depth.

Read full ASX Announcement here.

Miramar Resources (ASX:M2R)

Historic SEDEX Prospect Returns To Drilling After 60 Years

Miramar restarted drilling at Joy Helen to test shallow copper lead silver mineralisation beneath alteration halos.

The Play

• Auger drilling commenced at the Joy Helen copper lead silver prospect within Chain Pool Project.
• Programme targets shallow copper lead silver mineralisation beneath carbonate alteration halos from soil sampling.
• Joy Helen hosts high grade Cu Pb Ag mineralisation across approximately 300m of strike.
• Miramar planned approximately 100 shallow vertical auger holes across 3 alteration halos.
• Historic sampling and soil geochemistry identified strike extensions and parallel mineralised zones.

The Pitch

• Joy Helen contains copper lead silver mineralisation hosted in silicified dolomite breccia.
• Historic air blast drilling intersected sub horizontal copper and lead mineralisation during 1964 drilling.
• Miramar rock chip sampling confirmed and extended high grade mineralisation during 2024 exploration.
• Chain Pool Project comprises a single 100% owned Exploration Licence E08/3676 in Western Australia.
• Project geology shares similarities with SEDEX mineralisation models including the Lady Loretta deposit.

The Next Overs

• Auger drilling programme is expected to take approximately 2 weeks to complete.

• Samples from the drilling programme will return to Perth for assay analysis.
• Miramar stated future drilling could include aircore drilling and RC drilling programmes.

Read full ASX Announcement here.