The Day’s Play Edition 85: First gold production, copper discoveries and gold resource growth updates | CEL, WCN, CMO

Challenger Gold (ASX:CEL)

First Hualilán Gold Pour Marks Transition To Production

The Play

• First Hualilán gold pour produced the project’s maiden doré bar.

• Initial processing produced approximately 200kg of doré from 15,000t of ore.
• Doré is estimated to contain 500oz gold and 6,000oz silver.
• Recoveries met or exceeded forecast levels during initial commissioning.
• First production blast was completed at the Magnata Pit.

The Pitch

• Hualilán is Challenger Gold’s flagship gold project in Argentina.

• Toll milling agreement secures 150,000t annual processing capacity.
• Total committed processing capacity reaches 450,000t across 3 years.
• Processing is being undertaken through the Casposo treatment plant.
• Hualilán hosts a Mineral Resource Estimate of 2.8Moz AuEq.

The Next Overs

• Processing will transition from lower grade to higher grade ore.

• Reconciled production and recovery results will be reported following completion.
• Mining access development will continue at the Magnata Pit.

Read full ASX Announcement here.

White Cliff Minerals (ASX:WCN)

High Grade Copper System Expands Beyond 1.8km Strike

The Play

• Confirmed copper mineralisation footprint expanded beyond 1.8km strike at Danvers.

• DAN26008 returned 33.53m at 1.00% Cu including 7.62m at 2.71% Cu.
• DAN26008 also returned 27.43m at 1.18% Cu including 9.15m at 2.96% Cu.
• DAN26015 intersected 77.72m of bornite-dominant copper sulphides on the southeastern fault contact.
• Copper sulphides were visually confirmed across approximately 3.1km of strike.

The Pitch

• Danvers is located within the Rae Copper Project in Nunavut.

• Drilling targets the major Teshierpi Fault Zone extending over 10km.
• A total 2.6km of strike extent has been drill tested.
• Exploration has primarily focused on the northwestern fault contact to date.
• Multiple priority geophysical anomalies remain under evaluation across the corridor.

The Next Overs

• Follow up diamond drilling will target DAN26008 high-grade zones from mid June.

• Sedimentary target drilling will commence with the diamond rig on site.
• Additional assays from ongoing drilling are expected within 4 weeks.

Read full ASX Announcement here.

Cosmo Metals (ASX:CMO)

High Grade Copper-Gold System Confirmed Across 5km Trend

The Play

• High grade copper-gold-silver mineralisation confirmed across the Everest-Mona-Victory corridor.

• Host stratigraphy and alteration confirmed across a 5km target corridor.
• Rock chip assays returned up to 7.94% copper at Sweet Nell.
• Mona sampling returned up to 11.65g/t gold and 204g/t silver.
• Copper mineralisation confirmed across multiple prospects within the Bingara corridor.

The Pitch

• Bingara hosts a 20km long volcanogenic massive sulphide trend.

• Everest-Mona-Victory sits within a favourable volcanic-sedimentary horizon.
• Mona hosts a laterally extensive chalcopyrite bearing lode system.
• Multiple historic copper lodes occur across the project corridor.
• LiDAR and airborne magnetics define a focused VMS target corridor.

The Next Overs

• Stakeholder engagement and approvals progressing ahead of drilling.

• Initial drill collars and priority target zones identified at Mona.
• Downhole electromagnetic surveying expected after the initial drilling campaign.

Read full ASX Announcement here.

WIN Metals (ASX:WIN)

Radio Gold Resource Increases To 49,600oz At 4.2g/t Au

The Play

• Radio Gold Resource increased 21% to 49,600oz at 4.2g/t Au.

• Indicated Resources increased 21% to 25,500oz following 2026 drilling.
• Repeater Indicated tonnage increased 38% to 66,000t at 3.4g/t Au.
• February drilling improved confidence across planned initial mining areas.
• Resource growth since acquisition reached 73% from August 2025 levels.

The Pitch

• Radio Gold Project is 100% owned by WIN Metals.

• Project is located 38km north of Southern Cross in Western Australia.
• Resource inventory comprises Radio, Repeater, Radio South, Green Harp and Mill domains.
• Radio and Repeater contain both Indicated and Inferred Mineral Resources.
• Radio is reported under the JORC Code 2012 edition.

The Next Overs

• Mining schedules will be updated using the revised Resource Estimate.

• Permitting and approvals will progress for underground and open pit mining.
• Financial modelling and development decision work will continue.

Read full ASX Announcement here.

Legacy Minerals (ASX:LGM)

Aurelia Metals Earns Into Cobar Exploration Project

The Play

• Binding farm-in agreement executed with Aurelia Metals over the Cobar Project.

• Aurelia can earn 51% by funding $500,000 of exploration.
• Aurelia can increase ownership to 90% by funding a further $1.5M.
• Aurelia will act as sole funder and operator during the earn-in period.
• Legacy retains either a 10% JV interest or NSR royalty election.

The Pitch

• Cobar Project comprises two contiguous exploration licences in New South Wales.

• Project sits within the Cobar Basin polymetallic mining province.
• Project tenements lie along strike from operating district mines.
• Aurelia operates mines and processing infrastructure within the Cobar Basin.
• Exploration targets were generated from geochemistry, geophysics and structural interpretation.

The Next Overs

• Stage 1 requires $500,000 of exploration expenditure within 2 years.

• Stage 2 requires a further $1.5M exploration expenditure within 5 years.
• Legacy will elect between JV participation or NSR royalty on Stage 2 completion.

Read full ASX Announcement here.

Xenitra (ASX:XEN)

Exclusive China Distribution Deal Carries $5M Offtake Commitment

The Play

• Exclusive Greater China distribution agreement secured for Biomiq Skincare.

• Agreement includes $5M minimum product offtake commitments across 4 years.
• Annual minimum purchases total $500,000, $1M, $1.5M and $2M respectively.
• Xenitra was appointed exclusive distributor across all Biomiq sales channels.
• Biomiq becomes the second brand integrated into the OPAL ecosystem.

The Pitch

• Biomiq Skincare includes more than 20 skincare products and formulations.

• Products target acne treatment, skin conditions and anti ageing skincare categories.
• Biomiq products are manufactured in Australia by Australian Biotherapeutics.
• Servatus is the supplier under the exclusive distribution agreement.
• Agreement covers Greater China and commenced on 2 June 2026.

The Next Overs

• Initial Biomiq product launch is targeted for August 2026.

• Year 1 minimum purchase commitment totals $500,000.
• Exclusivity depends on meeting annual minimum purchase commitments.

Read full ASX Announcement here.

MinRex Resources (ASX:MRR)

Fully Funded 7,000m Barje Drilling Program Underway

The Play

• Fully funded 7,000m drilling program commenced at the Barje Deposit.

• Drilling began within the north-eastern area of the Barje Deposit.
• Infill drilling targets conversion of Inferred Resources to Indicated Resources.
• Program includes step-out drilling beyond the existing resource envelope.
• Southern Barje-Liska drilling will test over 1km of prospective strike.

The Pitch

• Barje is the cornerstone deposit within the Tlamino Gold Project.

• Barje hosts a near-surface NI 43-101 Inferred gold-silver resource.
• Foreign resource estimate totals 670,000oz Au Eq at 2.9g/t Au Eq.
• Historical drilling returned multiple shallow high-grade gold-silver intercepts.
• Drillex International is conducting the 2026 drilling program.

The Next Overs

• Initial assay results are targeted during the September quarter.

• Updated Mineral Resource Estimate is targeted following drilling results.
• Refreshed scoping study is targeted around year-end.

Read full ASX Announcement here.

Zenith Minerals (ASX:ZNC)

Dulcie Drilling Confirms Gold Lode Continuity And Extensions

The Play

• RC drilling confirmed continuity of gold lodes across multiple target positions.
• Multiple holes intersected mineralisation beyond current interpreted resource limits.
• Scott’s Grey drilling confirmed continuation of high grade mineralisation.
• Dulcie South drilling extended mineralisation beyond previous drilling limits.
• Results refined geological understanding of lode geometry and grade distribution.

The Pitch

• Consolidated Dulcie hosts a 675,000oz JORC Inferred Gold Resource.

• Project spans an approximately 6km consolidated mineralised corridor.
• Resource comprises Dulcie, Dulcie North and Dulcie Far North deposits.
• Project is located within the Southern Cross Forrestania Gold Belt.
• Existing Mining Leases cover current resource and exploration areas.

The Next Overs

• Planned 5,000m RC drilling will target a 600m strike gap.

• Resource extension drilling will target lateral, up dip and down dip lodes.
• Diamond drilling is planned to support metallurgical and structural studies.

Read full ASX Announcement here.

Lachlan Star (ASX:LSA)

New Waverley Drilling Reinforces High Grade Gold Continuity

The Play

• Additional diamond drilling extended shallow high grade gold mineralisation at New Waverley.

• NWDD013 returned 7.6m at 2.65g/t Au including 0.7m at 27.97g/t Au.
• NWDD010 returned 1.6m at 9.83g/t Au including 0.6m at 24.91g/t Au.
• Results linked mineralisation across Waverley Pit, Trial Pit and Baker Boys.
• Drilling reinforced continuity within a shallow shear hosted gold system.

The Pitch

• New Waverley is located within the Norseman mining district of Western Australia.

• Maiden diamond drilling program comprised 13 holes for 1,031m.
• Gold mineralisation is hosted within a quartz vein shear corridor.
• The system is currently interpreted over approximately 400m of strike.
• Geological continuity supports interpreted strike potential exceeding 800m.

The Next Overs

• Follow up 2,400m RC drilling is scheduled to commence in June.

• Infill and step out drilling will target high grade plunge positions.
• Assays from remaining diamond holes NWDD007 to NWDD009 are expected in late June.

Read full ASX Announcement here.

Cavalier Resources (ASX:CVR)

Heritage Surveys Completed Ahead Of Crawford Site Preparation

The Play

• Heritage surveys completed across the Crawford Stage 1 operational area.
• Surveys covered priority development areas and the access road corridor.
• Heritage surveys completed with WTAC across all Stage 1 areas.
• Surveys support planned site preparation and future development activities.
• Heritage management framework implemented under the Native Title Agreement.

The Pitch

• Crawford is advancing under a Native Title and Mining Agreement.

• WTAC participates in heritage management across Stage 1 operational areas.
• Surveys covered infrastructure corridors and future site activity areas.
• Cultural heritage and environmental management activities continue across Crawford.
• Crawford remains a staged development project progressing toward operations.

The Next Overs

• Site preparation works will commence across the Stage 1 area.

• Final approvals remain pending before pre-production activities commence.
• Heap leach development and site establishment works are targeted for Q3.

Read full ASX Announcement here.

Pure Resources (ASX:PR1)

Former US Navy Vice Admiral Joins Defence Advisory Board

The Play

• Former US Navy Vice Admiral Jeff Trussler joined the Advisory Board.

• Appointment is effective immediately under a 12 month advisory engagement.
• Trussler will support Defence Materials Platform strategy execution.
• Advisory role includes engagement with defence and intelligence stakeholders.
• Appointment complements the recently announced Sean Ebert advisory appointment.

The Pitch

• Trussler last served as Deputy Chief of Naval Operations for Information Warfare.

• He served as Director of Naval Intelligence until August 2023.
• Pure is advancing a Defence Materials Platform strategy in the United States.
• Platform initiatives include garnet qualification and CNTF thermal management pathways.
• Company activities include engagement with defence and government end users.

The Next Overs

• Trussler will support engagement with defence and government organisations.

• Advisory activities include introductions across defence industry networks.
• Pure will update the market on material Defence Materials Platform developments.

Read full ASX Announcement here.