The Day’s Play Edition 91: Strategic transactions, new mineral systems and project de risking | MRD, ADD, CRR

Mount Ridley Mines (ASX:MRD)

New Scandium Zone Identified Beyond Resource Boundary

The Play

• Phase 1 re-assays identified a new scandium zone beyond current resources

• New mineralised cluster confirmed approximately 13km southwest of Block 1
• 13km corridor remains untested between existing resources and new mineralisation
• 9m @ 152.89 ppm Sc₂O₃ returned the highest scandium grade
• 3,271 historical pulp samples were re-assayed across the Grass Patch Complex

The Pitch

• Grass Patch hosts defined scandium, gallium and rare earth mineral resources

• Current scandium resource totals 367.9Mt @ 57.3 ppm Sc
• Block 1 resource averages 91.8 ppm Sc₂O₃ within the current model
• Historical drilling database contains more than 70,000m of drilling
• Approximately 17,000 historical pulps are available for scandium re-assay

The Next Overs

• Incorporate Phase 1 results into the updated resource model

• Scope Phase 2 re-assays across the 13km untested corridor
• Provide further market updates on both workstreams

Read full ASX Announcement here.

Adavale Resources (ASX:ADD)

Marree Uranium Sale Sharpens Gold Copper Focus

The Play

• Binding term sheet executed to sell the Marree Embayment uranium portfolio

• Transaction consideration totals $650,000 cash and 5,000,000 ORP shares
• Adavale retains uranium exposure through an approximately 1.4% ORP shareholding
• Sale includes 7 granted exploration licences covering 2,513km²
• Transaction follows the recent consolidation of the Belt Scale Parkes Project

The Pitch

• Parkes Project comprises a Mining Licence and 11 exploration licences

• Project controls approximately 70km of contiguous strike in the Lachlan Fold Belt
• Combined Mineral Resource totals 165,796oz Au across London Victoria and Calarie
• Adavale retains the Kabanga Jirani Nickel Project in Tanzania
• Marree portfolio comprises 7 contiguous exploration licences in South Australia

The Next Overs

• Execute a formal binding acquisition agreement with Orpheus

• Satisfy customary regulatory and transaction conditions precedent
• Continue exploration activities focused on the Parkes Project

Read full ASX Announcement here.

Critical Resources (ASX:CRR)

Croesus Sampling Confirms Gold Antimony System

The Play

• In situ bedrock sampling returned 1.58 g/t Au from altered host rocks

• Gold assays reached 13.3 g/t Au from Croesus reconnaissance sampling
• Antimony assays reached 6,990 ppm Sb across the Croesus Minerva trend
• Results confirm gold antimony mineralisation associated with historical Croesus workings
• Sampling supports a structurally controlled gold antimony exploration model

The Pitch

• Croesus forms part of the company’s New Zealand gold portfolio

• Project hosts gold antimony and tungsten mineral systems
• Gold antimony mineralisation is hosted within Greenland Group metasedimentary rocks
• Gold mineralisation is associated with quartz sulphide veining and altered host rocks
• Granite Creek represents a separate tungsten target within the project area

The Next Overs

• Complete assessment of pending Granite Creek tungsten assay results

• Undertake detailed geological and structural mapping of quartz sulphide veins
• Conduct systematic in situ rock chip and channel sampling where exposed

Read full ASX Announcement here.

West Cobar Metals (ASX:WC1)

Historical Nevada Fluorspar Producer Acquired

The Play

• Binding agreement executed to acquire the Baxter Fluorspar Project in Nevada

• Historical mining produced approximately 200,000 tonnes of fluorspar from underground operations
• Historical production included premium acid grade concentrate grading 97% to 98% CaF₂
• Mineralisation extends across at least 3km of structurally controlled trends
• Strongly supported placement raised $1,051,146 before costs

The Pitch

• Baxter Project comprises 51 contiguous mining claims covering approximately 4.3km²

• Project hosts fluorite veins, fracture zones and breccia hosted mineralisation
• Historical workings include the Kaiser Mine and Spar Dome Mine
• Project is located in Nevada with established infrastructure and permitting pathways
• Fluorspar is classified as a Critical Mineral by multiple western governments

The Next Overs

• Complete the 30 day due diligence process on the acquisition

• Undertake technical review and digitisation of historical mine data
• Conduct ground inspection and surface sampling programs

Read full ASX Announcement here.

Argenica Therapeutics (ASX:AGN)

Final FDA Requested Safety Assay Completed

The Play

• Final FDA requested hERG assay completed with no statistically significant channel inhibition

• All three FDA requested safety assays have now been completed
• GLP compliant hERG study showed no statistically significant channel inhibition
• ARG 007 showed no meaningful interaction with the hERG potassium channel
• Results directly address the final outstanding FDA clinical hold requirement

The Pitch

• ARG 007 is the company’s lead neuroprotective drug candidate

• FDA clinical hold requested three additional in vitro safety studies
• TNK assay and genotox assay were previously completed
• hERG study was conducted under GLP conditions by B’SYS GmbH
• Study used whole cell patch clamp testing on hERG expressing CHO cells

The Next Overs

• Finalise the Phase 2b protocol in the coming weeks

• Compile and submit a comprehensive FDA clinical hold response
• Submit updated protocol and investigational brochure to the FDA

Read full ASX Announcement here.

Iltani Resources (ASX:ILT)

Orient West Infill Drilling Confirms Broad Silver Indium Mineralisation

The Play

• First assays received from the 110 hole Orient drilling program

• All reported holes intersected silver indium lead zinc mineralisation at Orient West
• ORR141 returned 42m @ 52 g/t Ag, 19 g/t In, 1.0% Pb and 1.0% Zn
• ORR144 returned 100m @ 14 g/t Ag, 18 g/t In, 0.4% Pb and 0.5% Zn
• High grade sulphide veins returned up to 279 g/t Ag and 523 g/t In

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.

Legacy Minerals (ASX:LGM)

First Modern Drill Test Begins At Emu

The Play

• Diamond drilling commenced at the Emu copper gold prospect

• Up to 8 diamond holes for 4,000m are planned
• Program will test the Emu Porphyry Core and Alteration Halo SE
• Drilling represents the first modern test of Emu in approximately 50 years
• Targets were defined through recent airborne Mobile MT surveys

The Pitch

• Emu is a priority regional target within the Mt Carrington Project

• Copper is the primary target commodity at the prospect
• Emu forms part of Legacy’s regional discovery drilling strategy
• Emu sits within the Mt Carrington caldera mineralised trend
• Mt Carrington hosts a 1.2Moz AuEq and 115Moz AgEq resource

The Next Overs

• Complete the 4,000m diamond drilling program over coming months

• Report assay results as they are received
• Refine targeting using drilling, geological and geophysical data

Read full ASX Announcement here.

Leeuwin Metals (ASX:LM1)

Marda Development And Processing Pathways Evaluated

The Play

• Leeuwin signed an MOU with Bain and MEGA Resources
• Parties will evaluate pathways to develop the Marda Gold Project
• Collaboration covers funding, mining, processing and operational solutions
• Processing options include infrastructure development and third party toll treatment
• Broader exploration opportunities will also be assessed across both portfolios

The Pitch

• Marda hosts a JORC Mineral Resource of 10.2Mt @ 1.05g/t Au

• The resource contains 342,300oz of gold across Indicated and Inferred categories
• Bain provides investment capital and project development capability
• MEGA is a Western Australian mine operator and mining contractor
• Leeuwin is progressing an updated Mineral Resource Estimate for Marda

The Next Overs

• Evaluate development, mining and processing opportunities at Marda

• Assess commercial structures and potential funding pathways
• Complete the updated Mineral Resource Estimate for Marda

Read full ASX Announcement here.

Nimy Resources (ASX:NIM)

Gallium Processing Research Secures MRIWA Funding

The Play

• MRIWA awarded $550,000 to support gallium processing research

• Nimy and Curtin University will undertake a 2 year research program
• Research will investigate gallium concentration, extraction and refining pathways
• Program covers mineral characterisation, extraction and purification technologies
• Work will establish foundations for future pilot scale testing activities

The Pitch

• Mons Block 3 hosts a maiden gallium resource at the Mons Project

• Nimy is advancing critical minerals opportunities within the Mons Project
• Curtin leads the Resources Technology and Critical Minerals Trailblazer
• Research program is co funded by Nimy and Curtin University partners
• Nimy’s portfolio includes gallium, copper, nickel, lithium, gold and rare earth prospects

The Next Overs

• Complete mineral characterisation and process definition studies

• Advance extraction and purification technology development
• Progress compound production and process optimisation phases

Read full ASX Announcement here.

GoldArc Resources (ASX:GA8)

Widest Intercept Returned Across Mt Stirling Program

The Play

• 29m @ 2.09 g/t Au delivered the widest intercept of the program
• 25m @ 2.47 g/t Au returned another broad mineralised interval
• 18m @ 5.66 g/t Au included 1m @ 42.8 g/t Au
• First grade control results received from the Mt Stirling Well deposit
• 20,639m of the 34,000m grade control program now completed

The Pitch

• Mt Stirling hosts an Indicated and Inferred gold resource base

• The 34,000m RC grade control program is fully funded by BMLV
• GoldArc retains 100% ownership of Mt Stirling and Stirling Well
• BMLV funds drilling under a 50/50 net profit share arrangement
• Mt Stirling Well hosts an Inferred Resource of 15,000oz at 2.3 g/t Au

The Next Overs

• Continue the 34,000m RC grade control drilling program

• Receive and review further grade control assay batches
• Report additional assay results as they become available

Read full ASX Announcement here.

Meteoric Resources (ASX:MEI)

Pilot Plant Delivers 80% Magnet Rare Earth Recovery

The Play

• Pilot plant achieved 80% MREO recovery during May optimisation activities

• Average MREO recovery reached 71% across the first five months
• More than 200kg of MREC produced for qualification and downstream studies
• TREO recovery averaged 61%, exceeding the Pre Feasibility Study estimate
• MREC impurities trended below 2% while recycling targets were achieved

The Pitch

• Trussler last served as Deputy Chief of Naval Operations for Information WaCaldeira is a rare earth project located in Minas Gerais, Brazil

• Pilot plant was commissioned in late 2025 and processes Capão do Mel ore
• Approximately 43 tonnes of ore were processed at 600kg per day
• Current Probable Ore Reserves total 103Mt at 4,091ppm TREO
• Product samples have been supplied to partners in the United States, Europe and Asia

The Next Overs

• Continue product qualification programs with existing and potential partners

• Finalise additional supplier performance guarantees during detailed engineering
• Progress studies supporting rare earth oxide separation in Brazil

Read full ASX Announcement here.