The Day’s Play Edition 81: ASX licensing deals, graphite processing JVs and reserve growth updates | Recce secures MENA pathway, IG6 signs European processing JV, Ariana lifts Dokwe reserves 42%

Recce Pharmaceuticals (ASX:RCE)

Exclusive MENA Licensing Term Sheet Advances Commercial Pathway

THE PLAY

• Recce signed 10 year exclusive MENA licensing term sheet for R327G

• Proposed agreement includes upfront fees and up to USD$3.5M milestones
• Commercial terms allocate 30% net selling price plus 6% royalty thresholds
• Regulatory submission plans rely on current Phase 3 DFI trial data
• Term sheet covers commercial sales and distribution across MENA markets

THE PITCH

• R327G targets Diabetic Foot Infections across high burden diabetes regions
• Proposed licensing territory spans Saudi Arabia, GCC countries and North Africa
• Recce retains responsibility for manufacturing and supplying R327G treatments
• Registrational Phase 3 DFI trial continues enrolling patients in Indonesia
• Licensee operates across more than 30 international pharmaceutical markets

THE NEXT OVERS

• Parties aim to finalise definitive licensing agreement next quarter
• Ongoing negotiations and due diligence precede final agreement execution
• Ongoing Phase 3 trial data intended for KSA regulatory submission

Read full ASX Announcement here.

International Graphite (ASX:IG6)

Binding JV Establishes European Graphite Processing Platform

THE PLAY

• IG6 signed binding JV with Alkeemia for Italian graphite processing hub

• JV targets 10,000t/y capacity, expanding to 15,000t/y within three years
• Ownership set at Alkeemia 51% and IG6 49% with equal profit share
• Construction targeted Q3 2026 with first production planned H2 2027
• Binding agreement formalises graphite processing development at Porto Marghera

THE PITCH

• JV located at Alkeemia’s Porto Marghera chemical facility in Italy

• Existing infrastructure includes permitting, laboratories, logistics and workforce
• IG6 funds initial capacity while Alkeemia contributes industrial infrastructure
• Equal board representation governs JV operations and approvals
• Existing site includes port, rail and waste management infrastructure

THE NEXT OVERS

• Technical studies continue supporting financial guidance and FID

• Engineering and cost estimates advance toward investment decisions
• Funding initiatives progress while expansion targets JV operational funding

Read full ASX Announcement here.

Ariana Resources (ASX:AA2)

Dokwe PFS Lifts Reserves And Project Economics

THE PLAY

• Ore Reserves rose 42% to 1.13Moz under revised Dokwe PFS

• Pre tax NPV10 reached US$1,056M with 92% IRR assumptions
• Mineral Resource Estimate expanded 13% to 1.6Moz across Dokwe deposits
• Pre production capital requirement totalled US$163.9M with 1 year payback
• Production schedule outlines 1.06Moz gold across 20 year project life

THE PITCH

• Dokwe Project contains Dokwe North and Dokwe Central gold deposits

• Granted mining claims in Zimbabwe remain wholly owned by subsidiaries
• Revised PFS uses planned processing capacity of 2.5Mtpa
• High grade ore above 1.0g/t Au receives priority processing
• Company reported A$53M pro forma cash and investments with no debt

THE NEXT OVERS

• Definitive Feasibility Study targeted for delivery in Q1 CY27

• Geotechnical and metallurgical drilling programmes continue supporting DFS studies
• Additional data collection continues for Dokwe Central Reserve conversion

Read full ASX Announcement here.

Lithium Universe (ASX:LU7)

Global Licence Secured For E Waste Metal Recovery

THE PLAY

• Lithium Universe secured exclusive global rights to GCDE technology.

• Licence grants commercialisation and sublicensing rights worldwide.
• GCDE selectively recovers gold and copper from electronic waste.
• Technology avoids high temperature smelting and pyrolysis methods.
• Agreement expands existing recycling strategy into gold and copper recovery.

THE PITCH

• GCDE extracts gold first, followed by staged copper recovery.

• Process uses reusable organic compounds under low temperature conditions.
• Licence term spans 20 years or remaining patent life.
• University receives 2% to 3% royalty on generated revenues.
• Existing Precious Metals Recovery division targets PV and e waste recycling.

THE NEXT OVERS

• Patent applications remain pending in Europe and the United States.

• £100,000 milestone payment applies upon pilot plant FID and commissioning.
• £100,000 milestone payment applies upon first commercial sale.

Read full ASX Announcement here.

Minrex Resources (ASX:MRR)

Tlamino Drilling Resets Barje Development Path

THE PLAY

• Fully funded ~7,000m Tlamino drilling covers Barje infill and corridor testing.

• Barje infill drilling targets conversion from foreign Inferred resources to JORC 2012 Indicated.
• Barje Liska corridor drilling tests +1km of untested trend between both prospects.
• Electrum merger completion sets Tlamino 2026 execution priorities.
• Tlamino workstream directs 2026 expenditure and management focus to project development.

THE PITCH

• Tlamino contains a foreign Inferred resource of 7.1 Mt at 2.5 g/t Au and 38 g/t Ag.

• Barje hosts 570,000 oz gold and 8.8 Moz silver within 670,000 oz AuEq.
• Barje and Liska sit 1.5 km apart in an interpreted genetically linked epithermal system.
• Existing 2021 PEA foundation can be updated rather than rebuilt.
• Existing cash reserves fund the full 2026 programme.

THE NEXT OVERS

• Mobilisation remains imminent for ~3,200m Barje infill diamond drilling.

• Phase 1 step out will test East and West Barje targets.
• Scoping Study follows updated resource model, mine schedule and metallurgical performance.

Read full ASX Announcement here.

Barton Gold (ASX:BGD)

Higher Grade Area 51 Drilling Expands Pit Scale

THE PLAY

• Higher grade Area 51 drilling extended mineralisation beyond modelled pit boundaries.

• TKB0492 returned 43m at 1.82 g/t Au from 39m.
• Northern drilling delivered broader, shallower, higher grade mineralisation.
• Southern drilling returned broader higher grade mineralisation at pit margins.
• Phase 2 drilling validated models and indicated strike and depth extensions.

THE PITCH

• Area 51 hosts an optimised open pit containing approximately 163,000oz gold.

• Tunkillia OSS outlined ~120,000oz annual gold and ~250,000oz silver production.
• S1 and S2 pits model ~$1.3bn operating free cash.
• Barton is completing ~30,000m RC and ~3,000m diamond drilling programmes.
• Tunkillia sits within Barton’s South Australian Gawler Craton portfolio.

THE NEXT OVERS

• Phase 2 drilling will continue across Tunkillia pit areas.

• Both drilling programmes target completion during June 2026.
• Barton targets PFS completion before calendar year end 2026.

Read full ASX Announcement here.

Caprice Resources (ASX:CRS)

High Grade Gold Extends Beyond Vadrians Trend

THE PLAY

• New drilling returned high grade gold across multiple Island targets.

• Parallel structure returned 12m at 3.0 g/t including 5m at 5.8 g/t.
• New Orient returned 10m at 2.6 g/t including 4m at 5.1 g/t.
• Iron Clad returned 5m at 3.2 g/t and 4m at 3.1 g/t.
• Results support mineralisation beyond Vadrians across BIF and Mafic units.

THE PITCH

• Island is interpreted as a multi lode structurally controlled gold system.

• Mineralisation occurs across BIF units and footwall Mafics beyond Vadrians.
• Ongoing programme comprises 50,000m air core, RC and diamond drilling.
• Gold mineralisation spans multiple targets within the Island Mining Licence.
• Mineralisation remains open across strike, depth and parallel structures.

THE NEXT OVERS

• Follow up RC drilling targets continuity around 22m at 66.2 g/t.

• Drilling will test northern strike and depth extensions at Vadrians.
• Further testing planned at New Orient, Iron Clad and emerging targets.

Read full ASX Announcement here.

Stavely Minerals (ASX:SVY)

Open Pit Optimisations Reshape Thursday’s Gossan Development

THE PLAY

• Open pit optimisations captured a large proportion of the 60Mt resource.

• Scoping Study assessments expanded production scenarios to 5Mtpa throughput.
• Development studies advanced operating cost estimates for a 3Mtpa facility.
• Development studies progressed capital cost estimates for plant and mine infrastructure.
• Second pass optimisations narrowed mining parameters using WA contract rates.

THE PITCH

• Stavely hosts a 60Mt resource grading 0.58% CuEq.

• Total resource contains 280,000t copper, 170,000oz gold and 5.4Moz silver.
• Thursday’s Gossan and Cayley Lode sit within the 100% owned Victorian project.
• Mincore Engineers and Entech Engineering lead optimisation and production scheduling.
• Indicated Resources contain 58% copper, 63% gold and 63% silver.

THE NEXT OVERS

• Second round optimisations will assess narrowed mining and throughput parameters.

• Additional optimisation work will extend the Scoping Study timetable slightly.
• Stavely expects to release the Scoping Study by mid year.

Read full ASX Announcement here.

West Cobar Metals (ASX:WC1)

Scandium Recoveries Support Lower Cost Development Pathway

THE PLAY

• Atmospheric leaching achieved up to 81% scandium recovery

• Bioleaching extracted up to 39% scandium under atmospheric conditions
• Results support lower cost scandium development pathways
• Saprolite hosted mineralisation may offer processing advantages
• Testwork supports separate scandium oxide production pathways

THE PITCH

• Salazar hosts 15 Mt at 153 ppm Sc₂O₃ inferred resource

• Portfolio spans scandium, REEs, gallium, alumina and TiO₂
• Mineralisation occurs within shallow saprolite hosted clay systems
• Rare earth resource totals 230 Mt at 1,178 ppm TREO
• Deposit differs from laterite hosted Australian scandium projects

THE NEXT OVERS

• Further bioleaching testwork planned

• Ongoing metallurgical testwork program
• Development studies across scoping and PFS pathways

Read full ASX Announcement here.

Yugo Metals (ASX:YUG)

Every Maiden Erak Hole Intersects Gold System

THE PLAY

• Every completed Erak maiden hole intersected mineralised gold bearing alteration.

• ERDD002 returned 4m at 1.9 g/t Au from 105.1m.
• ERDD003 cut 8m at 1.2 g/t AuEq from 26.1m.
• ERDD006 intersected 34m alteration with all assays pending.
• Mineralised alteration remains open along strike and down dip.

THE PITCH

• Erak sits within Yugo’s 100% owned Sinjakovo Project in Bosnia and Herzegovina.

• Five diamond holes completed 632m of maiden drilling at Erak.
• Gold mineralisation occurs within phyllic altered breccia hosting disseminated pyrite.
• Breccia mineralisation contains gold, silver, copper and antimony.
• Alteration widths range from 3m western intercepts to 34m eastern intersections.

THE NEXT OVERS

• Two drillholes will test strike extensions and northern down dip continuity.

• Rig will relocate toward eastern Erak trenching of 61m at 1.5 g/t Au.
• Pending assays are expected within approximately 6 to 8 weeks.

Read full ASX Announcement here.

Antares Metals (ASX:AM5)

Multiple High Grade Gold Targets Emerge At Quinns

THE PLAY

• Quinns sampling returned 41.7 g/t Au across newly confirmed gold workings.

• Three priority drill targets moved directly into maiden drilling planning.
• Finlay sampling identified 41.7 g/t Au across undocumented workings over 70m strike.
• Fennell returned 15.93 g/t Au and 5.30 g/t Au across >130m strike.
• Favourite mapping outlined >180m gold structure with surface results above 3 g/t Au.

THE PITCH

• Quinns covers 383km2 within the Meekatharra greenstone belt in Western Australia.

• Prior explorers focused on VMS copper zinc mineralisation, not orogenic gold potential.
• Quinns sits ~10km from Burnakura Mill and ~50km from Westgold operating mills.
• Gold mineralisation occurs within quartz veins linked to BIF and regional structures.
• Antares controls a 20km belt largely untested by modern gold exploration.

THE NEXT OVERS

• Heritage surveys will finalise targets before maiden Quinns drilling.

• Expanded soil sampling will test targets across the 20km greenstone belt.
• Geophysics review will define structural extensions beneath shallow cover.

Read full ASX Announcement here.