Before the first over settles, capital and project execution shaped the early session across the small cap market. White Energy (ASX:WEC) moved the field with a proposed coal acquisition pathway spanning US metallurgical coal and Surat Basin exposure. White Cliff Minerals (ASX:WCN) stayed on the front foot after government funding strengthened active Danvers drilling in Nunavut. Helix Resources (ASX:HLX) widened the scoring lanes through a 50% Pilbara gold and lithium acquisition. Felix Gold (ASX:FXG) found extra bounce as drilling confirmed gold and antimony continuity at NW Array. Ballymore Resources (ASX:BMR) changed the angle of attack after new drilling extended visible sulphides at Torpy’s within the Ruddygore corridor. Asara Resources (ASX:AS1) held a firm crease with geometry validation extending Kada gold continuity. Godolphin Resources (ASX:GRL) tightened the line as its Narraburra spin out advanced toward IPO preparation. A measured start before the next spell.
On This Day
1948 – Graham Yallop was born on 22 May 1948. He later captained Australia in Tests and ODIs during a major rebuilding period.
Trading Halt Raising Capital: $BGT
Runs on the Board: $ARU, $MPK, PCK, $LEX
Selection Table: $LOT, $WEC
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. | | |
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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. | | |
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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. | | |
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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. | | |
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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. | | |
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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. | | |
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