The Day’s Play Edition 87: Rare earth discovery, helium commercialisation and mine restart execution | LKY, BNL, VAL

Locksley Resources (ASX:LKY)

Maiden Drilling Validates High Grade Rare Earth Corridor

THE PLAY

• Maiden El Campo drilling returned 7.2m at 2.93% TREO including 3.75m at 4.45% TREO.

• Peak assay returned 0.7m grading 6.03% TREO in hole ECDD0002.
• Drilling confirmed NdPr enriched rare earth mineralisation extends below surface exposures.
• Drilling validated a mineralised rare earth corridor extending approximately 1.1km.
• Final DAM assays confirmed antimony mineralisation extends south and below historical workings.

THE PITCH

• El Campo forms part of the Mojave Project in California.
• El Campo is located approximately 5.5km southeast of the Mountain Pass Mine.
• Nd and Pr oxides represent approximately 25% of TREO in key intercepts.
• Rare earth mineralisation is hosted within carbonatite, syenite and shonkinite units.
• The Mojave Project contains both rare earth and antimony prospects.

THE NEXT OVERS

• A high resolution ground scintillometer survey is planned at El Campo.
• Results will be incorporated into ongoing drill targeting plans.
• Regional targeting and assessment work continues across the Mojave Project.

Read full ASX Announcement here.

Blue Star Helium (ASX:BNL)

First Helium Offtake Secures Initial Production Pathway

THE PLAY

• First formal helium offtake agreement executed covering all Pinon Canyon production output.

• Agreement provides a fixed term through 31 August 2026.
• Pricing is fixed for the agreement term and reflects US spot markets.
• Offtake covers helium produced from the Galactica Project processing facility.
• Agreement establishes a commercial sales pathway while longer term negotiations continue.

THE PITCH

• Pinon Canyon Plant processes helium production from the Galactica Project.

• Galactica is operated through a joint venture with Helium One.
• Counterparty is a publicly listed US industrial gases corporation.
• Counterparty holds an investment grade credit rating and global distribution presence.
• Commercial discussions are underway for co produced CO2 sales.

THE NEXT OVERS

• Longer term helium offtake negotiations continue with prospective counterparties.

• Subsequent helium production will be delivered under the new agreement.
• CO2 commercialisation discussions continue with multiple parties.

Read full ASX Announcement here.

Valiant Gold (ASX:VAL)

Comet Mine Restart Activities Move Into Execution Phase

THE PLAY

• Mining services agreement executed with Mako Mining for Comet restart works.

• Dewatering and rehabilitation activities commence at Comet during June 2026.
• Mine engineering and technical studies advance operational restart planning.
• Key technical and operational hires strengthen mine restart execution capability.
• Nearly 2,000m drilled at South Emu Triton with assays pending.

THE PITCH

• Comet and Reedy gold projects are 100% owned by Valiant Gold.

• Both projects sit within Western Australia’s Murchison gold mining region.
• Comet contains underground mining infrastructure targeted for rehabilitation and restart.
• Existing open pits provide storage capacity for underground water management.
• Underground and open pit development areas span the Comet project footprint.

THE NEXT OVERS

• Mako Mining mobilisation and portal access expected during June.

• Underground mining contract tenders planned during June 2026.
• First South Emu Triton assay results expected in coming weeks.

Read full ASX Announcement here.

Breakthrough Minerals (ASX:BTM)

Barbara Drilling Confirms Resource Growth Beyond Current Model

THE PLAY

• Maiden Barbara drilling returned 35m at 1.34% Cu from 204m.

• High grade interval returned 18m at 2.18% Cu including 11m at 3.02% Cu.
• Step out drilling confirmed mineralisation extends beyond the current resource boundary.
• All 3 holes achieved geological objectives across resource and extension targets.
• Drilling confirmed wider higher grade lodes than currently modelled in multiple areas.

THE PITCH

• Barbara hosts a 6.5Mt Mineral Resource at 0.97% CuEq.

• Barbara contains 63kt of contained CuEq metal within the current resource.
• The deposit forms part of the North Queensland Copper Gold Project.
• Barbara represents approximately one third of the project’s 200kt CuEq inventory.
• The deposit remains open along strike and at depth.

THE NEXT OVERS

• Remaining assay results from the current Barbara drilling program are pending.

• Downhole EM surveys will target conductors outside the resource boundary.
• Drilling is expected to commence at Turpentine following the Barbara program.

Read full ASX Announcement here.

Advance Metals (ASX:AVM)

Maiden Drilling Validates High Grade Silver Extensions

THE PLAY

• Maiden Gavilanes drilling returned 33.9m at 220g/t Ag from 117.6m.

• High grade interval included 6.2m at 718g/t Ag from 133m.
• Drilling intersected mineralisation approximately 80m down dip of historic drilling.
• Deeper intercepts returned silver with associated gold, copper, lead and zinc.
• Resource expansion drilling continues with assays pending from GV-26-002.

THE PITCH

• Gavilanes hosts a Foreign Estimate of 22.4Moz AgEq at 246g/t AgEq.

• The project is 100% owned by Advance Metals in Durango, Mexico.
• Current drilling targets extensions to the Descubridora high grade structure.
• The maiden drilling program is planned for up to 4,500m.
• The broader program comprises 15 to 18 diamond drill holes.

THE NEXT OVERS

• Receipt of assays from GV-26-002 testing the southern system extension.

• Completion of GV-26-003 targeting further extensional mineralisation.
• Updated geological modelling will incorporate new drilling and assay data.

Read full ASX Announcement here.

Nexus Minerals (ASX:NXM)

High Grade Payns Drilling Confirms Continuous Gold Zone

THE PLAY

• High grade Payns drilling returned up to 19.00g/t Au from RC assays.

• All 30 reported RC holes returned anomalous gold intercepts at Payns.
• Best result returned 5m at 8.20g/t Au including 2m at 19.00g/t Au.
• Results define a continuous near surface mineralised zone across Payns.
• Mineralisation remains open along strike and at depth from drilling.

THE PITCH

• Payns forms part of the Wallbrook Gold Project in Western Australia.

• Payns sits approximately 4km northwest of the Crusader Templar deposit.
• The prospect covers a 900m by 750m mineralised footprint.
• Current Wallbrook inventory comprises the 304koz Au Crusader Templar MRE.
• The Wallbrook RC programme targets Clement, Payns, Branches and Crusader Templar.

THE NEXT OVERS

• Additional Payns assay results expected as laboratory processing continues.

• Drilling progresses to Branches and Crusader Templar extension targets.
• Updated multi prospect Wallbrook Mineral Resource Estimate targeted for September quarter.

Read full ASX Announcement here.

Chalice Mining (ASX:CHN)

Deep Blue Upgraded Into Drill Ready Copper Rare Earth Target

THE PLAY

• Deep Blue upgraded by rock chips returning up to 19.3% TREO.

• Rock chip sampling returned high grade rare earth results within the target area.
• Copper molybdenum silver soil anomaly extends approximately 2.5km in strike.
• Coincident magnetic and gravity anomalies support a 2km plus hydrothermal system.
• Land access secured for an initial 10 hole RC drilling programme.

THE PITCH

• Deep Blue forms part of the Northam JV Project.

• Chalice can earn up to a 70% interest in the project.
• Target is located approximately 15km southeast of the Caravel Copper Project.
• Peak soil sample returned 890ppm copper with silver molybdenum association.
• The target area remains largely concealed and has no previous drilling.

THE NEXT OVERS

• Initial 10 hole RC drilling is expected in the coming weeks.

• Drilling remains subject to regulatory approvals.
• Additional mineralogical characterisation work is planned as the project advances.

Read full ASX Announcement here.

Terrain Minerals (ASX:TMX)

Gold Pathfinder Anomaly Aligns With Machine Learning Target

THE PLAY

• Large 4km by 3km gold pathfinder anomaly defined from first pass soils.

• Multi element anomaly coincides with independently interpreted concealed greenstone target.
• 42% of anomaly samples contain two or more elevated pathfinder elements.
• High intensity bismuth tungsten sample returned 9.91ppm Bi and 6.74ppm W.
• Anomaly ranked within machine learning priority areas for gold and lithium.

THE PITCH

• Carlindie is a 100% owned project in Western Australia’s East Pilbara.

• Project sits approximately 90km southeast of Port Hedland.
• Machine learning mapping identified priority gold and lithium target areas.
• Anomaly footprint occurs within granted tenement E45/6524.
• Survey targeted more than 15km of interpreted prospective geology.

THE NEXT OVERS

• Field reconnaissance and rock chip sampling commence during July 2026.

• UltraFine+ soil sampling program commences from August 2026.
• UltraFine+ results expected during Q4 2026.

Read full ASX Announcement here.

Xenitra (ASX:XEN)

OPAL Sales Exceed $1.1M As Distribution Network Scales

THE PLAY

• OPAL tokenised product sales surpassed $1.1M within 7 weeks of launch.

• Distribution network expanded to more than 400 partners across the ecosystem.
• Sales accelerated from $500k in the first month to $1.1M.
• Product sales and partner growth both accelerated during the quarter.
• Biomiq Skincare was added as the second OPAL brand partner.

THE PITCH

• OPAL is a real world asset tokenised product sales ecosystem.

• OPAL token utility is linked directly to real product purchases.
• The platform operates across Greater China distribution channels.
• The ecosystem spans B2B trading, retail distribution and ecommerce channels.
• Xenitra specialises in FMCG, nutraceutical, OTC and personal care products.

THE NEXT OVERS

• Biomiq Skincare enters the OPAL ecosystem as the second brand partner.

• The OPAL ecosystem now includes more than 400 distribution partners.
• Sales activity continues through the OPAL tokenised sales ecosystem.

Read full ASX Announcement here.

Verity Resources (ASX:VRL)

Waihi Metallurgy Confirms Conventional Processing Pathway

THE PLAY

• Waihi metallurgical testwork delivered up to 96.99% gold recovery at 24 hours.

• Both saprock and fresh rock composites returned recoveries approaching 97%.
• Gravity recoveries of approximately 29% support a conventional gravity front end.
• Low cyanide and lime consumption recorded across both metallurgical composites.
• High recoveries were achieved across both principal Waihi geological domains.

THE PITCH

• Waihi hosts a 17.1koz gold resource including 11.1koz Indicated.

• Waihi forms part of the Monument Gold Project in Laverton.
• Monument hosts a 137.7koz gold Mineral Resource across Korong and Waihi.
• Korong and Waihi occur along approximately 20km of banded iron formation.
• Verity owns 100% of the Monument Gold Project tenure.

THE NEXT OVERS

• Advanced metallurgical testing including comminution studies will be undertaken.

• More detailed mining studies are planned across the Monument Gold Project.
• Additional metallurgical work is planned as part of those studies.

Read full ASX Announcement here.

Lithium Universe (ASX:LU7)

Commercialisation Program Begins For Licensed E Waste Technology

THE PLAY

• Lithium Universe established a commercialisation program for GCDE technology.

• The company acquired an exclusive global GCDE licence from the University of Edinburgh.
• A structured development program has been defined across 10 workstreams.
• The program covers metallurgical optimisation, engineering studies and scalability assessments.
• Pilot plant design and commercial development activities are included in the program.

THE PITCH

• GCDE is a hydrometallurgical process designed to recover gold and copper from e waste.

• The technology selectively recovers gold and copper using reusable organic reagents.
• Gold recovery uses a proprietary diamide precipitation process.
• Copper recovery uses 2,3 pyrazinedicarboxylic acid followed by copper recovery processing.
• The technology was developed by the University of Edinburgh School of Chemistry.

THE NEXT OVERS

• Historic research, reports and datasets will be reviewed and assessed.

• High volume e waste feed materials will be sourced and tested.
• Pilot plant design and commercial scalability studies will be advanced.

Read full ASX Announcement here.