The Day’s Play Edition 89: Takeover premium, phosphate discovery and resource expansion | ZNC, PHO, NNL

Zenith Minerals (ASX:ZNC)

Recommended Takeover Values Zenith At $93.5M

THE PLAY

• Zenith entered a binding Takeover Implementation Deed with Forrestania.

• The offer provides 1 Forrestania share for every 4.3 Zenith shares.
• The transaction implies a value of approximately $93.5M fully diluted.
• The implied consideration values Zenith at approximately $0.132 per share.
• The offer represents a 46.7% premium to Zenith’s last closing price.

THE PITCH

• The transaction combines exploration and development assets across Western Australia.
• The combined portfolio spans the Forrestania, Southern Cross and Eastern Goldfields belts.
• Zenith shareholders retain exposure through ownership in the combined entity.
• The Consolidated Dulcie Gold Project hosts an Inferred Resource of 675koz Au.
• Zenith Directors holding approximately 4.5% intend to accept the offer.

THE NEXT OVERS

• Satisfy conditions including the 50.1% minimum acceptance threshold.
• Dispatch Bidder’s and Target’s Statements to shareholders.
• Progress the off market takeover bid under the agreed implementation process.

Read full ASX Announcement here.

Medallion Metals (ASX:MM8)

Cosmic Boy Moves Into Early Works Phase

THE PLAY

• FEED has been completed for refurbishment of the Cosmic Boy Concentrator.

• The completed FEED validated project capital estimates from the Feasibility Study.
• Medallion executed a $7.6M Early Works Agreement with GR Engineering.
• The EPC contract is expected to be finalised during July 2026.
• Cosmic Boy commissioning on Ravensthorpe ore remains on track for Q2 2027.

THE PITCH

• The Cosmic Boy Concentrator is being modified to process Ravensthorpe sulphide ore.

• The modified plant is designed to process 650ktpa at P80 75 microns.
• A secondary ball mill has been procured to operate alongside the existing mill.
• Ball mill fabrication is significantly advanced with major components complete.
• Plant cleaning and inspection activities have been completed across the site.

THE NEXT OVERS

• Determine whether to proceed with the interim processing solution during June 2026.

• Finalise the EPC contract during July 2026.
• Receive delivery of the secondary ball mill during August 2026.

Read full ASX Announcement here.

Maritana Minerals (ASX:MRT)

Black Swan Throughput Increased To 2.5Mtpa

THE PLAY

• Black Swan throughput increased to 2.5Mtpa following FEED study completion.

• Existing infrastructure supports higher processing capacity at Black Swan.
• Key regulatory approvals lodged and advancing through assessment.
• Enlarged ROM pad completed for ore blending and stockpiling.
• Zeal Engineering appointed as Owner’s Engineer for project oversight.

THE PITCH

• Black Swan Processing Hub located approximately 50km from Kalgoorlie, Western Australia.

• Hub development incorporates existing crushing and grinding infrastructure on site.
• Grid power capacity available with supporting infrastructure planning completed.
• Accommodation strategy includes permanent camp design and approved Kalgoorlie property acquisition.
• Company reported $229M cash and approximately $11M listed investments.

THE NEXT OVERS

• Finalise EPC arrangements and complete capital cost review.

• Progress lodged approvals through assessment and grant processes.
• Complete SAG mill removal and confirm refurbishment pathway.

Read full ASX Announcement here.

Nordic Resources (ASX:NNL)

Step Out Drilling Extends Angesneva Beyond Resource

THE PLAY

• Step out drilling returned 70m @ 1.34g/t Au, 0.18% Cu and 4g/t Ag.

• The entire intersection lies outside the current Angesneva resource model.
• The step out hole was drilled 10m to 25m beyond the northern resource boundary.
• The intersection returned stronger widths and grades than nearby resource drilling.
• An infill hole returned 84m @ 1.07g/t Au, 0.11% Cu and 3g/t Ag.

THE PITCH

• Angesneva hosts an Indicated Resource of 3.85Mt @ 1.19g/t Au for 147,000oz Au.

• Copper and silver were not included in previous resource calculations.
• Angesneva forms part of the Kiimala Trend project in Finland.
• The deposit is located approximately 40km north of the Kopsa gold copper project.
• Kiimala Trend contains 12 known gold prospects including Angesneva and Vesipera.

THE NEXT OVERS

• Re assay available historical core to expand the copper and silver database.

• Update the Angesneva resource incorporating the new drilling results.
• Conduct further drilling at Angesneva during 2H 2026.

Read full ASX Announcement here.

Horizon Gold (ASX:HRN)

Eagle Extension Advances Multiple Resource Updates

THE PLAY

• Fully funded ~7,000m Tlamino drilling covers Barje infill and corridor tRC drilling extended known gold mineralisation at Eagle approximately 300m south.

• Wireframing is underway ahead of an updated Eagle Mineral Resource Estimate.
• Goldfinch returned 4m @ 6.19g/t Au from 75m to EOH.
• Shrike South returned 11m @ 1.18g/t Au from 72m including 5m @ 2.20g/t Au.
• Swift drilling returned high grade intercepts outside the current resource model.

THE PITCH

• The Gum Creek Gold Project hosts a Mineral Resource of 37.97Mt @ 1.89g/t Au for 2.30Moz.

• Eagle currently hosts a Mineral Resource of 2.02Mt @ 1.28g/t Au for 83,400oz.
• Goldfinch is located 2.0km southeast of the Gidgee Mill.
• Shrike South is not included in the current project wide resource inventory.
• The Gum Creek Feasibility Study remains on schedule for release in mid 2026.

THE NEXT OVERS

• Complete an updated Mineral Resource Estimate for Eagle.

• Complete maiden Mineral Resource Estimates for Goldfinch and Shrike South.
• Release the Gum Creek Feasibility Study scheduled for mid 2026.

Read full ASX Announcement here.

Desert Metals (ASX:DM1)

New +7km Gold Anomaly Defined At Nyan

THE PLAY

• Maiden soil sampling defined a new +7km gold anomaly at Nyan.

• Zone A returned peak soil values of 6.04g/t and 3.63g/t gold.
• Two discrete high grade zones were identified within the anomaly.
• 55 samples returned at least 100ppb gold across a 9.7km² footprint.
• The Nyan anomaly remains entirely untested by drilling.

THE PITCH

• Nyan forms part of the 80% owned Adzope Gold Project.

• The anomaly extends along a northeast southwest structural trend.
• The corridor remains open along strike in both directions.
• Zone A contains a 165m wide +0.5g/t gold signature.
• Zone B extends approximately 570m by 600m with a 993ppb peak.

THE NEXT OVERS

• Complete infill soil sampling and ground geophysics across high grade zones.

• Commence a 135 hole oxide aircore drilling program at Nyan.
• Extend soil sampling northeast and southwest where the anomaly remains open.

Read full ASX Announcement here.

Chariot Resources (ASX:CC9)

Resurgent Position Expands To Approximately 1,170 Claims

THE PLAY

• FMS Lithium Corporation staked 573 additional claims at Resurgent East.

• The expanded package would increase the Resurgent position from 597 to approximately 1,170 claims.
• The enlarged position would represent approximately 81% of the earlier 1,450 claim footprint.
• The new claims strengthen Chariot’s tenure position in the eastern McDermitt Caldera.
• The newly staked claims remain subject to county and BLM acceptance.

THE PITCH

• Resurgent is a claystone hosted lithium project within the McDermitt Caldera.

• Chariot holds its interest through its 79.4% owned subsidiary FMS Lithium Corporation.
• The project is located immediately northeast of the Thacker Pass lithium project.
• Chariot previously identified 32 high priority lithium drilling targets at Resurgent.
• A maiden drilling program has been designed and remains subject to permitting.

THE NEXT OVERS

• Complete the county and BLM filing and recording process for the new claims.

• Integrate the additional claims into the Resurgent exploration model.
• Continue pursuing permits for the planned maiden drilling program.

Read full ASX Announcement here.

PhosCo (ASX:PHO)

KH Discovery Adds New Gasaat Resource Target

THE PLAY

• Drilling confirmed a new phosphate discovery at the KH prospect.

• A 5 hole program intersected 16.5m to 20.5m of phosphate mineralisation.
• The drilling confirmed continuity and thickness indicated by historical drilling.
• KH is located approximately 3.5km from the proposed Gasaat plant site.
• Laboratory assay results remain pending for all 5 drill holes.

THE PITCH

• KH is the northern most prospect within the Gasaat Phosphate Project.

• The prospect comprises an Eocene limestone block covering approximately 150,000m².
• The phosphate horizon forms a tabular body dipping approximately 20° to 30° southeast.
• Gasaat hosts a marine carbonate hosted sedimentary phosphate deposit.
• The phosphate unit typically averages 10m to 15m thickness across the project.

THE NEXT OVERS

• Receive laboratory assay results from the KH drilling program.

• Complete a maiden Mineral Resource Estimate for the KH prospect.
• Release the updated Gasaat Scoping Study scheduled for Q3 2026.

Read full ASX Announcement here.

Thor Energy (ASX:THR)

HY Range Survey Records 3% Natural Hydrogen

THE PLAY

• Phase 2 validated 3 priority exploration focus areas across HY Range.

• Phase 2 survey recorded natural hydrogen readings up to 3%.
• Repeated high readings ranged from hundreds to thousands of times background.
• Enhanced sampling methods substantially reduced contamination and sampling error risk.
• Surface geochemistry aligned with interpreted faulting and basement architecture models.

THE PITCH

• HY Range is an 80.2% owned natural hydrogen project in South Australia.

• Project focus areas include Mallala, Lochiel and Crystal anomalies.
• Phase 2 used Thor’s mobile gas chromatography sampling methodology.
• Sampling tested depth, duration and material variables alongside controls.
• Project exploration focuses on natural hydrogen and helium systems.

THE NEXT OVERS

• Award exploration 2D seismic acquisition programme across RSEL 802.

• Illuminate geological architecture across Lochiel and Crystal focus areas.
• Mature definitive drilling targets using seismic and geochemistry datasets.

Read full ASX Announcement here.

Terrain Minerals (ASX:TMX)

Gold Confirmed Across All Wildflower IP Targets

THE PLAY

• Gold mineralisation was intersected in 8 of 13 RC holes across Wildflower.

• Gold was confirmed within all 3 IP defined targets at Wildflower, T16 and Cota.
• The chargeability anomaly remains open at depth and along strike.
• The highest gold result returned 1m @ 6.05g/t Au from 171m.
• Coincident silver mineralisation confirmed a gold silver association across the system.

THE PITCH

• Wildflower forms part of the 100% owned Smokebush Project in Western Australia.

• The prospect contains 3 priority IP targets named Wildflower, T16 and Cota.
• The RC drilling program comprised 13 holes for 2,276m.
• The interpreted chargeability anomaly extends for more than 800m.
• The anomaly remains open to the northeast and southwest into E59/2345.

THE NEXT OVERS

• Review the complete Wildflower dataset and IP interpretation.

• Assess the design and timing of a potential follow up drilling program.
• Test up dip, depth and along strike extensions of identified mineralisation.

Read full ASX Announcement here.

Native Mineral Resources (ASX:NMR)

Blackjack Delivers Strongest Performance Since Restart

THE PLAY

• May delivered the strongest metallurgical performance since Blackjack restarted production.

• Reconciled gold recovered increased to a record 429.5oz during May.
• A 7 June smelt produced 488.5oz of doré across 4 bars.
• Plant recovery remained above 95% at 95.3% during May.
• Podosky mineralised material entered the Blackjack plant with 3,900t processed.

THE PITCH

• Blackjack is a producing gold operation near Charters Towers in Queensland.

• May milling totalled 22,331 dry tonnes for a second consecutive month above 20,000t.
• Head grade increased to 0.63g/t Au, the highest achieved during CY2026.
• Crusher availability improved to 88.9% and ball mill availability reached 98.2%.
• More than 200,000t of waste has been removed at Blackjack Mid Pit.

THE NEXT OVERS

• Receive official refinery assay and outturn results from the June smelt.

• Deliver first Mid Pit plant feed material to the ROM pad.
• Commence the Far Fanning RC drilling programme during June 2026.

Read full ASX Announcement here.