The Day’s Play Edition 78: ASX drilling, acquisitions and funding updates | White Energy, White Cliff, Ballymore and Felix Gold

White Energy (ASX:WEC)

Coal acquisition plan resets asset strategy

White Energy entered a non binding indicative term sheet to acquire US metallurgical coal and Surat Basin coal assets, materially expanding coal development exposure if completed.

The Play

• Non binding term sheet covers proposed acquisition of EGR and OC2.
• Proposed capital raising seeks approximately $15m at $0.06 per share.
• EGR includes the Lolley No. 1 underground metallurgical coal project.
• OC2 is acquiring the Tin Hut Creek coal project in Surat Basin.
• Proposed transactions remain subject to due diligence, financing and approvals.

The Pitch

• Lolley No. 1 includes on site CHPP and rail and barge access.
• The project is on care and maintenance.
• Tin Hut Creek covers about 4,000 km² in Queensland’s Surat Basin.
• White Energy proposes to acquire EGR for 83,333,333 shares at $0.06.
• White Energy proposes to acquire OC2 for $4m cash consideration.

The Next Overs

• Complete due diligence investigations within 4 weeks.
• Finalise definitive transaction documentation within 4 weeks.
• Liaise with ASX and regulatory authorities on required approvals.

Read full ASX Announcement here.

White Cliff Minerals (ASX:WCN)

Funding strengthens Danvers drilling execution

White Cliff secured government funding that directly supports active Danvers drilling and strengthens near term exploration funding.

The Play

• CAD$250,000 grant awarded through the Discover, Invest, Grow Program.
• Funding supports the active 6000m reverse circulation drilling program.
• First CAD$125,000 is due to be receipted in coming days.
• Drilling is testing 12,000m of strike across Teshierpi and Adjacent Fault Zone.
• Grant reinforces Nunavut government support for mineral exploration.

The Pitch

• Danvers sits within the Rae Copper Project in Nunavut.
• Targeting uses magnetic and electromagnetic datasets from prior exploration work.
• The Discover, Invest, Grow Program funds up to 25% of spending.
• Annual grant support is capped at CAD$250,000 per year.
• Companies can receive up to CAD$500,000 across project lifespan.

The Next Overs

• Receive the first CAD$125,000 grant payment.
• Continue the 6000m reverse circulation drilling program.
• Submit final geological report to access second funding tranche.

Read full ASX Announcement here.

Helix Resources (ASX:HLX)

Acquisition shifts Helix into Pilbara gold lithium ground

Helix secured 50% of Weerianna, adding a granted mining lease with historical gold mineralisation and early lithium exposure.

The Play

• 50% Weerianna interest acquired for $1,327,915 through cash and scrip consideration. Remaining 50% acquisition right provides a pathway to full ownership.
• Granted Mining Lease M47/223 adds West Pilbara gold and lithium exposure.
• Transaction includes 801,943,579 shares issued at $0.00125.
• Scrip component represents a 25% premium to market.

The Pitch

• Historical estimate totals 62,739 ounces at 2.00 g/t Au above 1.0 g/t cut off.
• Historical lithium rock chips returned up to 1.49% Li₂O.
• Weerianna sits about 25km east of Karratha and 5km west of Roebourne.
• Mining Lease M47/223 remains granted until 27 December 2031.
• Multiple mapped pegmatites support early stage lithium exploration at Weerianna.

The Next Overs

• Commence RC and diamond drilling targeting gold deposit extensions.
• Complete lithium fieldwork, including pegmatite mapping and sampling.
• Undertake geochemical targeting, geophysics and Mineral Resource studies.

Read full ASX Announcement here.

Felix Gold (ASX:FXG)

System confirmation expands dual commodity case

Felix Gold Final 2025 drilling confirmed near surface gold and antimony within the same structural system, strengthening NW Array’s dual commodity continuity and scale.

The Play

• Final 2025 drilling confirmed near surface gold across diamond and RC drilling.
• Gold and antimony occur within the same structural system at NW Array.
• Gold and antimony remain open in multiple directions.
• Hole 25TCDC064 returned 29.26m at 2.16 g/t Au including 21.03m at 2.83 g/t Au.
• High grade antimony veining was confirmed in multiple drill holes.

The Pitch

• NW Array sits within the Treasure Creek Project in Alaska.
• The 2025 program totalled about 67 diamond holes and 56 RC holes.
• Gold mineralisation sits in silicified felsic rock, breccias and schist contacts.
• High grade stibnite zones in 25TCDC058 and 25TCDC059 returned gold up to 4.74 g/t Au.
• NW Array hosts high grade antimony and gold within one corridor.

The Next Overs

• Incorporate 2025 results into the geological model.
• Define targeting for the next drilling phase.
• Continue technical, regulatory and commercial evaluation of antimony progression.

Read full ASX Announcement here.

Ballymore Resources (ASX:BMR)

New drilling extends visible sulphides at Torpy’s

Ballymore reported visible sulphide intersections from new Torpy’s drilling within the Ruddygore Project.

The Play

• Intersected visible sulphides in first 2 holes of 3,000m RC program
• Reported BTPRC010 visual estimates over 9m from 79m depth
• Reported BTPRC011 visual estimates over 28m from 106m depth
• Extended known mineralisation closer to surface in current drilling program
• Commenced gravity survey across Ruddygore’s 32km mineralised corridor

The Pitch

• Torpy’s forms part of Ruddygore near Chillagoe, North Queensland
• Ruddygore Project covers a 32km corridor containing multiple mineral systems
• Torpy’s targets silver, lead, zinc and indium mineralisation styles
• Historical Torpy’s production estimated 84,000oz silver and 920t lead
• Ruddygore spans 556km² across multiple exploration and mining targets

The Next Overs

• Receive assays from current Torpy’s drilling campaign in June
• Complete remaining metres within 3,000m RC drilling program
• Finalise CEI funded gravity survey across Ruddygore corridor

Read full ASX Announcement here.

Asara Resources (ASX:AS1)

Geometry validation sharpens Kada resource growth

Asara confirmed northeast extension geometry while broad high grade gold intercepts strengthened continuity beyond the current resource envelope.

The Play

• MSRC26-077B confirmed current drill orientation matched interpreted mineralisation geometry.
• Northeast extension returned 40m at 4.5g/t Au in MSRC26-070.
• MSRC26-064 returned 59m at 2.1g/t Au from 43m.
• Phase 2 drilling intersected continuous mineralisation along the north south trend.
• Broad high grade mineralisation extended beyond the current resource envelope.

The Pitch

• Massan sits within the flagship Kada Gold Project in Guinea.
• Phase 1 targeted Indicated conversion and deeper drilling within the MRE area.
• Phase 2 targeted inferred extension along the 3.5km mineralised corridor.
• Current Indicated strike length is about 300m.
• Existing Inferred Mineral Resource footprint covers about 1,300m.

The Next Overs

• Continue drilling across Phase 1 and Phase 2 programmes.
• Refine drill targeting as results are received.
• Continue defining the full northeast extension extent.

Read full ASX Announcement here.

Godolphin Resources (ASX:GRL)

IPO pathway strengthens dedicated Narraburra vehicle

Godolphin advanced the proposed Narraburra spin out by appointing MST to progress a separate ASX listing for Matrix Critical Minerals.

The Play

• MST appointment advanced the proposed spin out and IPO pathway.
• Matrix will hold Narraburra and other rare earth exploration assets.
• Proposed transaction includes priority offer and in specie share distribution.
• Proposed listing is expected in H2 CY26 via Matrix Critical Minerals.
• Initial Matrix appointments established board and executive leadership.

The Pitch

• Narraburra is GRL’s 100%-owned rare earths project.
• Narraburra hosts a 94.9Mt MRE under JORC 2012.
• Indicated resource totals 47.6Mt and inferred resource totals 47.4Mt.
• The tenure package covers 504km² in the Lachlan Fold Belt.
• High quality MREC was produced from Narraburra test work.

The Next Overs

• Finalise capital structure, pricing and IPO terms.
• Progress due diligence, prospectus and ASX listing application.
• Provide further information to shareholders in due course.

Read full ASX Announcement here.