Australia's Paydirt Issue 348 (May 2026)

A LANYPROFILEw w w . m y r a a g r o u p . c o mSKILLED PEOPLE. PRECISION PROJECTS. SUSTAINABLE PERFORMANCE.BUILT BY EXPERTS,BACKED BYEXPERIENCEEND-TO-END SMEIPP EXCELLENCEPROVEN WORKFORCEADVANTAGEGLOBAL EXPERTISELOCAL PRESENCELASTING IMPACTAUSTRALIA’S PAYDIRT MAY 2026 PAGE 51Richards Bay goes renewableRio Tinto Ltd subsidiary Richards Bay Minerals (RBM) and international renewable energy company Voltalia have commissioned the Bolobedu solar farm in Limpopo province, South Africa.The first megawatt-hours of green electricity have been fed into the national grid, marking a key milestone in the long-term partnership between both companies and South Africa’s energy transition.Voltalia and its BEE partners have constructed the plant with a total installed capacity of 148MW, which once fully operational, will reduce RBM’s annual greenhouse gas emissions by at least 10%, or 237,000 tpa. The solar plant is one of the largest in South Africa dedicated to meet the energy needs of a single company and is linked to the recently approved Zulti South project.The renewable power is supplied to RBM’s KwaZulu Natal operations through a wheeling arrangement via the Eskom transmission network. RBM managing director Werner Duvenhage said the start of commissioning was a defining moment for RBM.“This initiative is not just about energy security, it is about the long-term sustainability of the business,” he said. “As we break ground on Zulti South, this initiative paves the way for a cleaner energy future, contributing to both the national power grid and our global decarbonisation targets.”Voltalia chief executive Robert Klein said Bolobedu was an example of how the acceleration of decarbonisation in industry supported an inclusive energy transition involving local communities.Bolobedu is RBM’s broader portfolio of renewable energy projects, including wind power purchase agreements, which together are expected to reduce the operation’s Scope 1 and 2 greenhouse gas emissions by around 60% compared to a 2018 baseline.WA’s mining sector topsnational spendAustralia’s mining industry injected $166 billion into the nation’s coffers last year according to a new industry report. The Chamber of Minerals and Energy (CME) WA annual economic contribution survey indicated the majority of the spend, $114 billion, was from West Australian companies where the sector supports two in five jobs, or close to 650,000 employees. Payments of $26 billion in wages were made to direct employees, with a further $101.4 billion to contractors, community groups and local governments. Some $38.6 billion was funnelled into taxes and royalties to State and Federal Governments.CME WA chief executive Aaron Morey said the WA sector had created hundreds of thousands of jobs and transformed national living standards. “The WA resources sector paid $26.9 billion in Commonwealth taxes last year, which is around $74 million every day,” he said. “In just nine days, the $666 million paid to Canberra by our sector would cover the planned 50-location expansion of the Medicare Urgent Care Clinic network. And across the course of a year, it’s enough to fund more than 80% of total Medicare payments or 60% of the NDIS.” In addition to $26 billion in wages to 144,784 direct employees, the survey found industry payments to suppliers and contractors had more than doubled in the space of three years to reach $100.6 billion to more than 26,000 local businesses in FY25. WA’s resources sector paid more than $26 billion to employees, $101.4 billion to contractors and $38.6 billion to state and federal governments in 2025

PAGE 52 MAY 2026 AUSTRALIA’S PAYDIRTSUSTAINABILITYGeopacific can move forward with work on its Woodlark gold project in PNG after approval for an environmental amendmentIoneer’s Rhyolite Ridge mine plan judgementoverturnedIoneer Ltd has been given the green light on its Rhyolite Ridge lithium-boron project mine plan by the US District Court of Nevada to mine and process two critical minerals.The Court found that the Bureau of Land Management (BLM) and US Fish and Wildlife Service (USFWS) complied with the Endangered Species Act, Federal Land Policy and Management Act, and National Environmental Policy Act in their review and approval of the project. Products from the mine will be used in permanent magnets, batteries, semiconductors, behind-the-metre energy and military applications, strengthening the US supply chain and reducing reliance on foreign sources.Ioneer managing director Bernard Rowe said the company had worked closely for more than six years with state, federal and tribal representatives, as well as the Fish Lake Valley community to develop Rhyolite Ridge.“This favourable outcome is a significant milestone and allows us to continue advancing our work in delivering lithium and boron for the US,” Rowe said. “Rhyolite Ridge will create hundreds of new American jobs, reduce reliance on foreign materials and processing, and provide a domestic source of two critical minerals. We look forward to completing our strategic partnering process and beginning construction.”EPA approval clears Geopacific for DFSGeopacific Resources Ltd has gained approval for an environmental amendment on its Woodlark gold project in Papua New Guinea from the nation’s environmental regulator.The PNG Conservation and Environment Protection Authority rubber-stamped the amendments which reflected updated project configuration ahead of a DFS for Woodlark. The changes including an increase in the throughput rate to 3.5 mtpa and improvements to infrastructure which the regulator determined was a minor amendment and was in accordance with Section 71 of the Environment Act 2000.Following the decision, Geopacific will make an application to the PNG Mineral Resources Authority to change the existing Leases for Mining Purpose to reflect the approved environment permit.Geopacific chief executive James Fox said the decision provided certainty for the project ahead of the release of its DFS release and reflects the PNG Government’sconfidence in Woodlark as a “responsible, long-term gold development”.Paladin project under courtappealSaskatchewan Metis Nation Traditional Owners have applied for a judicial review of an environmental approval for Paladin Energy Ltd’s Patterson Lake South project.The court application is directed to both the Government of Saskatchewan and Paladin, alleging the Government inadequately consulted with the Metis Nation prior to the environmental approval. It seeks to set aside the decision by the Saskatchewan Minister of Environment as well as an interim injunction preventing Paladin from taking action on the project based the decision before the review is finalised.Paladin has denied the claims made in the application and intends to defend its position in the matter, stating the company had consulted with Metis Nation for several years on the project and made efforts to address environmental and other issues raised by the traditional owners.Fortescue’s off-grid rollout speeds up Fortescue Ltd will fast-track the rollout of its off-grid green energy system to be completed by the end of 2028.The system will eliminate fossil fuels, particularly diesel, from its Pilbara mining operations replacing it with renewable power including 1.2GW of solar capacity, more than 600MW of wind generation and 4-5 GWh of battery energy storage.By early next year, Fortescue is expected to complete 290MW of installed renewable capacity to meet the fixed energy requirements of its ore processing facilities, enabling daytime “green processing” across its Pilbara operations.The system is also expected to power all operations for 24-hour periods without fossil fuels later next year, ahead of its decarbonisation plans.The initiative is a part of Fortescue’s decarbonisation efforts to achieve “Real Zero” by 2030, aiming to position itself as a global green energy company.Fortescue now boasts 1.2GW of solar capacity across its Pilbara iron ore operations

COBRE.COM.AUAUSTRALIA’S PAYDIRT MAY 2026 PAGE 53COPPER SPOTLIGHTThe two-week ceasefire in the Iran war dispersed some of the macroeconomic gloom enveloping the market, but there may be an even bigger problem for copper bulls.China, the world’s largest user of the metal, has demonstrated it is not prepared to pay for physical metal at the sort of elevated prices seen in January, when LME three-month copper jumped to an all-time nominal high of $US14,527.50/t.The country’s net imports of refined copper slumped to 125,350t in February, the lowest monthly tally since April 2011, according to the World Bureau of Metal Statistics, which collates trade data from official customs figures.This is a natural buyer reaction to high pricing in any commodity, but China’s leverage over copper pricing is steadily increasing, thanks to the country’s rising domestic production capacity.China’s imports of copper have been decelerating since September, when the LME copper price first broke the $US10,000/t level and started building towards its January peak.Inbound shipments slowed further to 454,000t in the first two months of 2026, a 25% drop relative to the same period of 2025.At the same time, Chinese smelters have been stepping up exports into the price strength. Outbound shipments jumped to 172,000t in January-February from 49,000t in the same period of last year.China’s net draw on copper from the rest of the world was just 283,000t in January and February combined, the weakest start of any year since 2006.Some exports, particularly those to Europe and the US, have likely come from China’s bonded warehouse stocks as traders filled supply-chain gaps left by last year’s US tariff trade, which sucked metal into the US.But Chinese metal has been flowing straight to LME warehouses in South Korea and Taiwan as well.The amount of Chinese-brand copper on LME warrant grew from 87,475t at the end of December to 155,600t at the end of February, according to the LME’s monthly report.Indeed, the big shifts in China’s copper trade go a long way to explaining why LME stocks of 385,275t are now above their 2018 peak and back at levels last seen in 2013.What’s remarkable, given the sharp drop in imports, is the scale of the seasonal build in Chinese domestic copper stocks this year.Shanghai Futures Exchange (ShFE) inventory always rises around the Lunar New Year holiday period but this year’s increase was much more pronounced than usual.Exchange stocks peaked at 433,500t in early March, compared with a holiday high of 268,300t last year. The previous seasonal record was 380,000t in 2020, when the holidays coincided with COVID-19 lockdowns in China.Chinese buyers are now back in the game and ShFE stocks have fallen to 301,000t. But that’s still a lot of metal to get through before turning to imports.The Yangshan copper premium, a closely watched indicator of spot demand for imported units, has had its usual post-holiday bounce.Local data provider Shanghai Metal Market assesses the premium over the LME base price at $US65/t, up from $US20/t in January, but some way off the $US89/t trading this time last year.Chinese manufacturing activity has been expanding for four straight months but the impact on the copper market has been mitigated by high inventory cover.China’s growing resilience to high pricing is predicated on the continuing expansion of domestic smelting capacity.The country’s output of refined copper grew by 9% year-on-year in 2025, translating into an extra 1mt of metal, according to Macquarie Bank.Chinese smelters have consistently outbid Western peers to secure raw material in a tight copper concentrates market.Macquarie estimates that global mined production grew by a modest 1.8% yearon-year in 2025. Yet China’s imports of copper concentrate increased by 7.8% over the same period.Imports of recyclable copper – another potential refinery feedstock – rose by 4% yearon-year.China’s ability to secure sufficient raw materials to fuel its rising self-sufficiency in refined copper has come at a cost for everyone else. Western smelter production shrank by 5.1% in 2025, according to Macquarie.This ongoing shift in production power enhances China’s ability to resist higher prices, both by being able to scale down imports and to scale up exports.If the Iran war really does de-escalate, the copper bulls will be back in full cry. But don’t expect China to perform to bull script. – Andy Home, ReutersThe opinions expressed here are those of the author, a columnist for ReutersChina’s copperimport slumpmarks a shiftin market power

DISCOVERYFOCUSSEDEXPLORATIONPAGE 54 MAY 2026 AUSTRALIA’S PAYDIRTAnew, Australian-created hydrometallurgical technology could liberate copper from problematic deposits by reducing both the cost and environmental impact of treating lower quality ores.Developed by the Loop Hydrometallurgy, the patented Halion Loop™ is an electrowinning technology proven to produce highpurity copper metal through leaching and purifying copper using simple saline water. Led by chief executive and founder Dave Sammut, Loop Hydrometallurgy believes it has designed a system which could provide the global copper industry with “massive” environmental and economic advantages.“We’ve developed the hardware that can directly pull metals back into highpurity forms, without having to convert them or use additional chemistry,” Sammut told Paydirt. The concept behind Halion Loop is a three-stage counter-current leach circuit containing a revolutionary new electrowinning cell design that makes practical the direct production of high purity copper from purified halide leachate.Starting with a copper concentrate, the cell uses less than half the power required for conventional electrowinning. The anolyte is then fully recycled to the leach, which aids in the direct extraction of gold and PGMs.Sammut said halide leaching had been studied for more than 40 years but without ever reaching commerciality.“Metso-Outotec, JX Nippon Mining & Metals and Intec spent more than $100 million between the 1980s and 2000s researching leaching processes for copper and other minerals. It can be fairly described as established technology,” he said. “They demonstrated there were massive environmental and economic advantages over traditional technology but they struggled to figure out how to recover the target metals out of the solution. Unlike sulphate systems, halide electrolytes produce dendritic copper crystals rather than flat plates, and this has hampered electrowinning cell designs.”Sammut and the Loop Hydrometallurgy team had a genuine eureka moment in 2021, with a breakthrough in the use of a flat plate cathode to produce dendritic copper. “The key to making this possible is by creating controlled growth sites, without the use of secondary materials or complicated manufacturing techniques,” Sammut said. “It took six weeks to build a prototype and within a week we knew we had cracked the problem.”Sammut said the technology had the potential to deliver up to 70% power savings over conventional electrowinning. The Helion Loop technology leaches, purifies and recovers copper directly using simple salt water and, as it can be installed on the mine site, it offers an alternative to the expensive and carbon-intensive trucking of copper concentrates to smelters.“We use simple salt water at less than 100ºC, with no noxious gas emissions and no liquid effluents, and we do it at the mine site,” he said.Since the technology was developed, the intervening five years have seen Loop patiently build the commercial proposition.“Building demand is critical for any new technology and we have spent these years speaking with potential clients about what they need and what they would use,” Loop co-founder and commercial director Heath Warman said. “It has been about proving each step, rather than spruiking the technology to the world. Time after time we have been able to prove it works and in the last 12 months as companies have thought about the opportunity, they have begun bringing their problem ores to us.”The company unveiled the process in March at its headquarters in Macquarie University where it has developed and advanced the technology. The prototype is designed to produce 20kg a day. Once its operational capability is proven, the process will be scaled up to 200kg a day.“Within three months, we will be getting first operating data out of the prototype cell,” Sammut said. “We will run that for 9-12 months, not because we need the data but because we want to demonstrate we can produce, uninterrupted, for that time. Once we have tested that hypothesis, we can move onto the 200kg and eventually 2 tpd scale.”While the Halion Loop has been shown to be most effective in the “sweet spot” of 12-16% copper concentrate, test work has shown it can be effective at as low as 4% copper grades. It is also highly effective at dealing with high arsenic levels.For Sammut, this is the key to the Halion Loop, the ability to unlock problematic orebodies.“Typical concentrates the industry produces for smelters sit in a narrow band,” he said. “We’re not requiring people to find new resources, we can apply the technology to existing resources which can’t currently be ASX: CBETHE NEXT COPPER PRODUCER ON THE [email protected] SPOTLIGHT COBRE100 - A GROWINGGLOBAL COPPER PLAYBreakthrough opens loop for copper extraction ASX:CBEcobre.com.auEXPLORE. DISCOVER. DEVELOPCobre has a large scale, strategic landholdingin the Kalahari Copper Belt (KCB) of Botswanaconsidered one of the most prospective areasglobally for new sedimentary copper discoverieOur high-quality development pipeline seeks tunderpin copper’s future growth in the electricvehicle and renewable energy sectors.Explore Big - To identify the next tier 1 depositStrategic Target Drilling - With the potential fshort-term discoveriesIn-Situ Copper Recovery (ISCR) DevelopmentPotential - Developing projects that are viablecopper-silver extraction using in-situ recoveryCOBRE’S THREE PRONG APPROACHDave Sammut

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 55processed. If it is high in arsenic and doesn’t float well, let us have a look at it. There is a reason we use the Statue of Liberty in our presentations, we like to say ‘give us your tired, your poor, your huddled copper orebodies yearning to breathe free’.“The process has been independently modelled at 11-18c/lb.”The company already boasts strategic alliances with groups in Australia, South America, North America and Central Asia but expects wider adoption as it gets closer to commercialisation.“The discussions have evolved to the point of clients asking themselves, ‘how do we implement this?’,” Warman said. “We’ve earned the trust and that is what is getting them excited. We’re showing we have a flexible process. The first project will likely be an unloved project which has problems preventing it from recognising full value, that is where there is most risk appetite.“Once established with a few mines, people will be beating our door down.”A letter-of-intent has already been received from the Barkly Processing Company, part of the Barkly Industrial Hub 4.0 in the Northern Territory, which Sammut anticipates will prove a prelude to further initiatives.“We hope for it to be one of the early applications of our technology domestically,” he said “We’re looking at starting production out of our 5,000 tpa of copper, which is quite small – but that’s one of the other advantages of our tech, we can be economic down to very small throughput. We expect the Barkly to start small and grow large and we’ll do that by a modular development.”Sammut is confident the Halion Loop is a genuine disruptive technology but doesn’t fear it will push others out of the market. “We don’t need to fight emerging technology,” he said. “Copper demand is forecast to increase so much, that there is more than enough room for everyone. However, 30 years from now, we want to see the world build the last ever copper smelter. Smelting is a Bronze Age technology.”– Dominic Piper COBRE.COM.AUSierra Atacama Copper Mine AcquisitionGame-changing M&A in Chile, the world’s top Copper jurisdictionTransforms Cobre from explorer to genuine producer with positive cash flows unfoldingOperating underground mine with scope for large-scale open pit expansionBotswana leverage maintained via a growing asset base The Halion Loop hardware which uses halide leaching to extract copper metalCobre’s pathway to 100,000 tonne copper cathode production per annum

COBRE100 - A GROWINGGLOBAL COPPER PLAYPAGE 56 MAY 2026 AUSTRALIA’S PAYDIRTCOPPER SPOTLIGHTSolstice Minerals Ltd was not strapped for cash but still pounced when several heavy hitters offered financial backing last month.Onshore and offshore institutional investors committed $32.6 million at $1/share through an institutional placement with the funds earmarked for Phase 2 drilling at the Nanadie copper-gold project in Western Australia’s Murchison district.Last year’s Phase 1 drilling produced the type of results Solstice is confident could support a high tonnage development at Nanadie – 100km north-west of Sandstone. Asked why the well-funded explorer felt the need to top up its accounts, Solstice managing director Nick Castleden told Paydirt a combination of well-heeled participants and the uncertain atmosphere at the time – the placement was filled during rampant speculation about a WA diesel shortage – prompted the move.“We weren’t intending to raise money because we were so well placed but we just had so much high calibre inbound interest – from both Aussie and overseas funds,” Castleden said. “They were the types of funds who can get onboard and follow their money – if we keep delivering what they want to see. “It’s hard to refuse taking that sort of money given the uncertainties around. This is true especially when raising capital, you tend to look back at times where you could have done something but didn’t and then went on to regret it. Our thoughts [on whether to execute a placement] changed almost overnight with all the uncertainties in the world.”Apart from the institutional support, Castleden said the retail component of the company’s register, widely considered more sensitive to turbulent markets, was unrattled. He put this down to the quality of last year’s results.The best of Solstice’s first five holes came from hole #4, returning 62m @ 1.55% copper, 0.66 g/t gold from 256m, including 22m @ 2.78% copper, 1.25 g/t gold from 261m plus 10m @ 0.63% copper, 0.25 g/t gold from 80m, 11m @ 0.48% copper, 0.16 g/t gold from 104m, 16m @ 0.76% copper, 0.26 g/t gold from 140m and 43m @ 0.44% copper, 0.16 g/t gold from 166m. “The headline numbers in the Phase 1 programme and especially in hole #4 were as good as anyone was getting anywhere,” Castleden said. “For people who were looking for some copper exposure, people who were maybe scratching around trying to work out what is new and interesting, those kinds of results certainly keep the retail side of the market interested.“Canaccord [Genuity] initiated coverage on Solstice maybe a week ago. [Canaccord mining analyst] Paul Howard was happy to take us to the East Coast and put us in front of some of his guys. I was carrying chip trays over the shoulder for four days over east, mainly tracking down more technically-minded investors to show them the style of mineralisation we have. It is really good to have some seasoned analysts understanding the upside at Nanadie.”Castleden’s view the asset could support a high tonnage operation is based on promising indications of mineral continuity.“[Nanadie’s mineralisation] seems broad and disseminated and not particularly visually altered in any way – with disseminated material like chalcopyrite and iron in sulphides through a green rock that is not strongly deformed or altered otherwise,” Castleden explained.“There are no quartz veins, there is no shear-related mineralistion that we can see so it feels like an earlier stage disseminated style, but it shouldn’t really have gold associated with the copper. That’s probably more a style-related signature. Maybe it’s a hybrid of two things but it’s wide, it’s long and it is quite clearly a volume play. “There are not many of those around and certainly not in these mafic intrusive rocks in WA.”One of Solstice’s objectives has been to flesh out the edges of economic mineralisation at Nanadie. While a picture of the project’s geology demystifies, Castleden insisted there had been plenty to suggest Solstice has further to go defining lateral continuity. He said demarking the project’s high-grade zones, within the bounds of disseminated material, would be key.“We have tapped into a couple of those and maybe there is some optionality that comes with the big volume,” Castleden said. “Then we can consider cut-off grades and work up a different style of resource.“The eastern side is a granite so we can track that and there does seem to be a hard western edge but there are still areas we have mineralisation outside any modelling on both sides – east and west.” – Michael CameronSolstice seizes on market zealSolstice raised $32.6 million to fund further drilling at its Nanadie project

COBRE.COM.AUThe (copper) truth is out there!Encounter Resources Ltd executive chairman Will Robinson believes it would be a “geological oddity” if a large copper resource is not found somewhere in the remote West Arunta region.The award-winning exploration company was one of the first movers in the West Arunta at the start of the decade, initially pegging ground in the north-east corner of Western Australia on the basis there was a high chance of locating a mineralised IOCG system where others had never looked before.WA1 Resources Ltd’s discovery of the now 220mt Luni niobium deposit in late 2022 turned that thinking on its head, prompting a wave of other explorers to enter the region in search of the niche critical metal used in steel alloys, aerospace and semiconductors.Encounter similarly found niobium at its Aileron project and has since delineated a modest resource of 19.2mt @ 1.74% Nb2O5, enough to take home the coveted Association of Mining and Exploration Companies (AMEC) Prospector Award at the end of last year.Robinson, however, remains convinced the discovery the company originally set out to make in the West Arunta is still waiting to be uncovered.“The team here knows that I haven’t given up on that [an IOCG discovery] one little bit,” he told Paydirt.“If high-grade niobium is the only thing found in the West Arunta – in that part of the West Arunta – that would be an incredibly unusual event. It would actually be a geological oddity to have such abundant highgrade niobium and rare earths without there being other events that occurred in the area.“Niobium may be the thing that starts the region and gets infrastructure in there, but I’m certain that subsequent discoveries [of other minerals] are going to follow.”The AMEC Prospector Award for the Aileron niobium discovery came just months before Encounter celebrated its 20th anniversary and nearly a year since the company resumed copper exploration at its foundational Yeneena project in the Paterson province.Since making an initial copper oxide discovery in 2012, Encounter has co-explored the Paterson with the likes of Antofagasta plc and IGO Ltd, the latter returning 100% of the Yeneena project rights in May last year.Encounter published a maiden resource of 2.9mt @ 0.8% copper (including a highgrade zone of 1.1mt @ 1.3% copper) for the Tyrrell prospect in September and has since been drilling the nearby Haddon target and plus-8km Parbo system.“It’s a huge system, it’s one of the bigger copper occurrences in the Paterson province, but it’s been pretty sparsely drilled,” Robinson said.“If we start to see some continuity by doing this closer-spaced drilling, we could very quickly see some resources take shape.”Drilling was due to resume at Parbo at the time of print, following up previous copper hits such as 15m @ 1%, 7m @ 1.4%, 73m @ 0.4% (including 8m @ 1%) and 5.3m @ 2.5% (including 0.7m @ 10.7%).Encounter non-executive director Peter Bewick suggested Parbo was the type of target which could very quickly yield a discovery.“We’re still getting our head around what we think we need to test and where it could be most exciting, it’s just a cracking copper project,” he said.“All big sedimentary copper systems have big footprints. You don’t ever see these multimillion-tonne copper systems, just orebody and nothing else. They all have big plumes and Parbo has got potential for a massive plume.”Encounter has already resumed drilling at its Lamil copper-gold project in the Paterson, with a 6,000m RC programme targeting a potential Havieron-style system at the Elsa prospect.Historical drilling at the breccia-hosted Elsa – about 80km east of Greatland Resources Ltd’s 7 moz gold and 275,000t copper Havieron discovery – intersected broad zones of anomalous mineralisation, including a hit of 33m @ 0.5 g/t gold and 0.1% copper.“It was an old Newmont [Corp] project with a handful of holes that we picked up probably eight or nine years ago,” Robinson said. “We’ve hit some incredible intercepts, both copper and gold, over about 5-6km but the objective of the programme is to define how big this [brecciated] pipe is to see if we can get a focus for some of the metal. “If we can, we’ll be rolling a diamond rig straight in because this rock looks like the host of Havieron, which happens to be the best recent discovery in the belt – and our advantage is we’re looking under only 50m of cover, not 400m of unconsolidated sand.”Encounter continues to keep a close eye on JV partner South32 Ltd’s progress at the Jessica copper project in the Northern Territory with another 685sq km of prospective tenure recently added to the JV.South32 has been funding exploration for sedimentary-hosted copper at Jessica, near Tennant Creek, for the past three years. Bewick said the farm-in agreement was about more than just financial backing.“From a geophysical perspective, it’s pretty difficult to get direct detection for sedimentary copper, you just can’t light the buggers up, so it’s one of the hardest mineral systems on the planet for discovery if it doesn’t stick out of the ground,” he said.“No two sedimentary copper systems are ever the same either, so it’s still a bit of a frontier of learning.” – Michael WashbourneEncounter continues to chase copper discoveries in underexplored provinces such as the PatersonAUSTRALIA’S PAYDIRT MAY 2026 PAGE 57

Panamaauthorises First Quantum ore movementPanama’s Government has formally approved First Quantum Minerals Ltd to remove, process and export stockpiled ore at its shuttered Cobre Panama mine, one of the world’s largest open-pit copper deposits.The Ministry and First Quantum said in separate statements that the measure aimed to prevent potential environmental issues, protect nearby communities from risks such as acid rock drainage, and supply the tailings management facility.“This activity does not constitute a reopening of the mine and will not involve any new drilling, blasting, or reactivation of mining operations,” First Quantum said in a statement.The Ministry added the measure was a preventive safety action and did not signify a formal reactivation of the mine’s standard operations.It authorised the miner’s local subsidiary to process and transport the stockpiles under strict state supervision.First Quantum estimated there is 38mt of ore at varying grades in its stockpile, containing around 70,000t of recoverable copper.The miner said the required capital for processing the stockpile was estimated at around $US250 million, mainly to replenish inventories, and that Cobre Panama had begun hiring and training about 1,000 new workers to expand its current workforce to 3,000.It estimated it could take up to three months before it was able to begin processing the stockpile.Despite the miner and Government saying the measure does not mean the mine will reopen, analysts at Goldman Sachs said they viewed the decision and an independent environmental audit, due in mid-April, as potential steps toward a broader discussion regarding the future of the mine.The Cobre Panama mine was shuttered in 2023 following widespread protests from residents over concerns about its environmental impact and its tax contributions to the Panamanian state.The mine accounted for approximately 5% of Panama’s GDP and was its second-largest revenue source after the Panama Canal. – Elida Moreno, ReutersBarrick slows Reko DiqdevelopmentBarrick Mining Corp will reduce development activity on its Reko Diq copper project in Pakistan in response to escalating security issues in the country and wider region.“Following the preliminary findings of the review and the further escalation of security issues in Pakistan and the region, the company considers it necessary to slow the development activity and continue the project review until mid-2027,” Barrick said in a statement in April. “The continued review will allow the company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline.”The company said while development activity would be slowed, the project would remain under active management with a reduced capital spend. Barrick has set a capex of $US5.5 billion for the 40 mtpa copper-gold project and technical obstacles are only complicated by Reko Diq’s remote location in the Balochistan region of western Pakistan, an area which has been blighted by extremism for decades.Barrick was expected to spend $US5.6-6 billion in Phase 1 development, with a further $US3.3-3.6 billion earmarked for Phase 2. First production was slated for the end of 2028. “Barrick will continue to monitor the security landscape closely in consultation with its joint venture partners and will provide a further update to the market following the conclusion of its review,” the company said.Chinese smelters keep copper output planMajor Chinese copper smelters are planning to raise or maintain output in 2026, their earnings outlooks showed, despite a public commitment by the state-linked industry association last year to cut production by over 10%.The China Smelter Purchase Team (CSPT), a group of 16 of the top copper smelters, agreed last year to cut production to counter overcapacity amid falling processing fees for copper concentrates.But there was no sign of output cuts in guidance issued by three major smelters, all CSPT members, as part of annual earnings results in March and April.Jiangxi Copper, China’s top copper smelter, raised 2026 production guidance for copper cathodes to 2.39mt, up from 2.38mt produced in 2025.Similarly, Yunnan Copper increased its 2026 guidance to 1.71mt, up from 1.64mt produced last year.Daye Nonferrous flagged a slight drop in 2026 to 713,000t, from output of 716,000t for last year.The three smelters produced a third of the country’s 14.72mt of refined copper last year.The production cut announcement last year was made as treatment and refining charges (TCRCs), which are traditionally paid by miners to smelters to process copper concentrates, collapsed in 2025 due to tight supply of the feedstock, leaving smelters having to pay miners.The CSPT did not set quarterly TCRC guidance for the fifth time in a row in early April. The figure traditionally served as a benchmark for spot copper concentrate deals in China.Negative fees have left Chinese smelters relying on by-product profits, especially sulphuric acid. Sales of sulphuric acid, for example, accounted for 14.65% of total gross profit of Jiangxi Copper, more than the gross profit from copper rod and wire and finished copper products combined in 2025.Ivanhoe cuts Kamoa-Kakula forecastIvanhoe Mines Inc has said an updated independent study lowered near-term production estimates for the company’s copper complex in the DRC.The technical report, which underpins the Canadian miner’s plan to scale up production at the Kamoa-Kakula complex, lowered the estimate for 2026 copper anode production to a range of 290,000-330,000t. For 2027, the outlook was also cut to 380,000-420,000t.The company is planning to scale up annual copper production at Kamoa-Kakula – one of the world’s highest-grade major copper projects – to more than 500,000tpa PAGE 58 MAY 2026 AUSTRALIA’S PAYDIRTCOBRE100 - A GROWING COPPER SPOTLIGHT GLOBAL COPPER PLAY

Ivanhoe has cut forecast production from its Kamoa-Kakula copper operation to 290,000-330,000t for 2026from 2028.The updated reserve estimate stood at 466mt @ 2.82% copper, containing 13.1mt of copper.Following recommendations the technical report, Ivanhoe has started working on a new feasibility study, which is expected to be completed in about 12 months, with drilling and mapping due to begin this quarter, the company said.Codelco logs $US4.85b profit in ‘verydifficult’ 2025Chilean state-owned Codelco, the world’s largest copper producer, reported a pre-tax profit of $4.85 billion in 2025.The company, which remits all its profits to the government, reported that its own production totalled 1.33mt for the year, an increase of 0.5% compared to 2024.The state-run firm also reported EBITDA of $US6.67 billion, a 23% increase compared to a year prior.Codelco said production increases at its Ministro Hales, Radomiro Tomic and Salvador mines helped offset declines due to geological factors at Chuquicamata and Gabriela Mistral, as well as restrictions due to a deadly accident at its El Teniente mine.“We managed to keep production going during a very difficult year, a very difficult one. We were hit hard by what happened at El Teniente, but we really pulled together as a team to get through it,” chief executive Ruben Alvarado told a press conference.Codelco set its production target range for this year between 1.33-1.36mt copper, in line with its previously announced target of 1.34mt.The company’s production was severely impacted by a fatal accident at its flagship El Teniente mine in July.Codelco has since been evaluating its business and development plan, as well as the impact on future production, the company told Reuters. In February, the company said production at the mine would be hit for the next three years.Codelco has been struggling to recover its own production level in hopes of reaching its output target of 1.7mt by 2030, after hitting record lows in 2022-2023.Analysts and former executives have expressed concern about the discrepancies in the company’s production figures from late last year to early 2026, questioning whether its targets are realistic.In January, chairman Maximo Pacheco said the company expected to produce 1.344mt of copper in 2026, about 10,000t above its 2025 figure.Chile’s newly inaugurated right-wing President Jose Antonio Kast promised during his campaign to audit and modernise the company’s management. In May, Kast is set to appoint a new chairman of the company’s board.– ReutersAUSTRALIA’S PAYDIRT MAY 2026 PAGE 59COBRE.COM.AU

PAGE 60 MAY 2026 AUSTRALIA’S PAYDIRTSwitzerland of the Gulf Omanis Alara’s frontier Alara Resources Ltd is revelling in the legacy of Oman’s carefully curated neutrality, achieving nameplate copper production at the Al Wash-hi Majaza mine and exporting concentrates relatively unaffected by the troubles swamping the Gulf region.In fact, Alara recently dispatched the 38th shipment of copper concentrate from Sohar port – containing 272t copper and 96oz gold – with the voyage hugging closely to the coastline towards markets in India before heading to China. Oman has been diversifying away from oil since the 1970s when Sultan Qaboos bin Said Al Said took power in a palace coup. He set about establishing public infrastructure projects and nurturing large-scale industrial minerals quarrying. The diversification strategy was solidified in 1995 through the Government’s Vision 2020 strategy, later superseded by the current Vision 2040, a framework guiding the Sultanate through long-term economic planning for the transition. ASX-listed Alara’s Al Wash-hi Majaza is part of that vision and is considered the nation’s leading resources operation, larger even than state-owned Minerals Development Operation (MDO). However, the two projects collaborate rather than compete over resources. Both operations own large tenements over the ancient Oman-UAE ophiolite, which hosts extensive VMS-style copper-gold deposits, stretching 550km in length and 150km in width.Such is the dominant position of Alara’s operations, the company is often referred to as the “standard bearer” for Oman’s minerals sector, with executive chair Peter Lee explaining to Paydirt the Canadian ambassador was guided through Alara’s site just a few months ago instead of MDO. “They brought him to our mine not theirs, so we’re probably about 1.5 years ahead and testament to the work we’ve done we’ve got a very good open pit, and it’s got a lot more life left in it,” Lee said. “Currently life-of-mine is 10 years but there’s a lot more copper to be added to that resource and we’ve got a copper concentrate plant coupled to the mine and [for] the total asset, there’s in excess of $US120 million [spent]. “So, it’s a substantial investment in terms of the infrastructure there.” Nameplate production capacity was recently achieved after initial teething problems with tailings filter presses were rectified following start-up commissioning in July 2024. The new presses allow maintenance to occur without production loss, which has led a 6% over nameplate processing rate during the past three months. As an established mid-tier producer, Alara is also leading Oman’s new frontier with exploration under several JV arrangements. The Block 7 project is a JV with Daris Resources LLC, the Mullaq, Al Ajal and recently awarded Block 22B prospects are shared with Al Hadeetha Resources LLC and the Block 8 licence is held alongside Awtad Copper LLC/Power Metal Resources LLC.“Darius actually has a small resource at about 2.4% copper and looking ahead I really want to pipe that into the existing asset at some stage – [it’s] very high in terms of today’s standard grades,” Reid said. “Block 22B is adjacent to the existing asset and that’s the first cab off the rank.”The prospects are expected to be incorporated into a hub-and-spoke model to turn the current 10-year mine life into a multi-decade asset.Alara has control of 25% of the 10,000sq km ophiolite system which, for all the defined resources, remains relatively underexplored, according to Reid. “Oman is just getting into mining the Samail ophiolite,” he said. “It’s basically seabed that’s been abducted up onto land and so it’s one of those interesting geological phenomena that geologists come from all over the world to study.“But it’s full of copper and a little bit of gold and we hold something like 2,500sq km of a really interesting copper ridge belt – so that’s a competitive advantage.” Alara’s decade of patient exploration has proven the value of Oman’s diversified mining goals in its Vision 2024 framework, Lee explained, particularly given the dramatic decline in grades from legacy copper jurisdictions.“We’re now hitting our straps and it’s quite good because there are declining copper grades in the Chilean operations, they’re going from 1% down to 0.6-0.66%,” he said. “Alara is sitting here at 0.86-0.88%, so for every tonne there’s a lot more copper you’re feeding to the plant.“We really want to be like First Quantum [Minerals Ltd] [which] built a very good portfolio in Africa, vertically integrated, and really set up a good copper story, and I think there’s no reason we can’t do that with Alara in Oman. Having the tenements, having the operating asset and the ‘can do’, there’s a lot of skill sets within the company. There’s no reason we why we can’t build out that broader portfolio and be a really strong producer.”With some of the best diesel supply in the world from Oman Oil, access to a shipping sweet spot and the backdrop of a growing Omani mining industry, Alara’s story appears to be just beginning. – Rhonda MalkinThe Al Wash-hi Majaza plant is consistently achieving more than 6% over nameplate capacityCOBRE100 - A GROWING COPPER SPOTLIGHT GLOBAL COPPER PLAY

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 61Eagle Mountain has drilled out a coppersilver-gold resource at Oracle RidgeCOBRE.COM.AUEagle Mountainrecaptures nest eggEagle Mountain Mining Ltd’s quest to consolidate the Wedgetail copper project in Arizona may be drawing to a conclusion.Three recent deals could return Wedgetail’s “core” property – the Oracle Ridge mine 33km north-east of Tucson – back to the Eagle Mountain portfolio after a clause in the contract of sale placed the asset back into the hands of the original local vendors two years ago.The approval last month of a non-binding indicative offer by the board of Japanese company Nittetsu Mining Co Ltd could see Oracle Ridge reunited with Eagle Mountain’s wider landholding of adjacent and nearby properties.The binding transaction agreement, expected in April, represents the culmination of a years-long negotiation process, settling late last year with the receipt of the Nittetsu NBIO, an option agreement with Tucsonbased vendors Marble Mountain Ventures LLC and an amended loan agreement with New York-headquartered debt holders Vincere Resource Holdings LLC.Eagle Mountain executive director Fabio Vergara told Paydirt the company’s realisation all parties needed a seat at the table was central to the success of negotiations.“It was a bit like a dance but with four partners – we realised that we could not go to one of the parties, make a deal and then go to the others and say ‘this is how it is going to be’, I had to negotiate with all the parties together and massage them, if you like,” Vergara said.“The vendors are pretty smart local real estate guys who don’t really know that much about mining but who are also a bit old, so their focus was cash. The Connecticut fund is very big, they deal in billions usually, so they were great. The issue was in Arizona, to get the local vendors over the line. It was a relationship-building exercise. “We had to go in with a lot of humility and say ‘we want to make this work for everyone’s benefit’ – we needed to compromise and at the end of the day, that’s how it has to work – you compromise, then someone else compromises, then someone else has to. “It took five months to put the deal together but we are very close to the finish line now.”In November 2024, a strategic review of Oracle Ridge prompted Eagle Mountain to pivot away from the property and focus on its other much earlier stage Arizona asset, Silver Mountain. This preceded a circa 60% drop in the Eagle Mountain share price.“When the shit hit the fan, so to speak, Nittetsu called me, primarily because I am familiar with the asset but also because the board knew me personally and trusted me,” Vergara said. “I told them I would see what I could do because considering all the complications, they knew it could be difficult. “We had spent $40 million exploring, there was $40 million in the ground – at the time it was deemed too hard but the feedback from the investors was to keep going.“They said, ‘we came in for Oracle Ridge so you owe us to try, if it doesn’t work, we walk away but you owe it to us to give it your best shot’ so we said, ‘OK, we will give it a shot.’”Having drilled out the 28.2mt @ 1.35% copper, 11.06 g/t silver and 0.16 g/t gold for 380,000t copper, 10 moz silver and 142,000oz gold Oracle Ridge resource, Eagle Mountain decided the project’s value lay in its IP – drill core and geological data, which state law does not require to be made public while an exploration licence is active.Nittetsu’s interest in Oracle Ridge dates back to the strategic review, when the Japanese company approached Eagle Mountain to assess a partnership on the project. Vergara said although Nittestsu ultimately decided against taking its interest any further at that stage, its patience in the years since Eagle Mountain made the call to relinquish Oracle Ridge was crucial.“Nittestu reached out to us even before we initiated the [most recent negotiation] process, they were the only party that stayed with us all along and at the end of the day the original [2024] deal fell apart because they could not see how we could resolve the ownership issue on one hand, but also how we could solve the debt issue because the vendor debt was hanging over us,” Vergara said. “They really liked the asset and they really wanted to do something with it but there were complications which could not be resolved so they decided not to pull the trigger… but they told us, ‘let us know if something changes’.” – Michael Cameron

COPPER SPOTLIGHTPAGE 62 MAY 2026 AUSTRALIA’S PAYDIRTRed is best atAmerican WestCopper remains the top priority for American West Metals Ltd despite growing stakeholder interest across a suite of other critical minerals opportunities in its portfolio.Projects with high red metal potential served as the foundation for the ASX-listed company’s IPO five years ago, but momentum has shifted toward niche metals such as indium and silver in recent times.American West confirmed last month historical stockpiles at its West Desert project in Utah contained not only high grades of indium, silver, germanium and tellurium but also copper, zinc and lead.Despite the company’s exploration focus being largely centred on the latter group, it is the former which continues to attract the most attention from the investment community, particularly indium. West Desert is host to the largest defined resource (23.8 moz) of the mineral used extensively in electronics, semiconductors and other high-tech industries in the US.American West managing director Dave O’Neill said while the indium content at West Desert was “raising a few eyebrows in Washington”, the company remained focused on proving up the project’s copper potential.“Indium is actually the lowest risk metal at West Desert,” he told Paydirt.“The reason we don’t go out there to solely find indium is because it’s in everything. So, if we look for copper, we find indium. If we look for zinc, we find indium. And it still comes out in the same smelting process for both copper and zinc. The value is in the base metals.“We’ve already got 10,000t of copper within the current resource at West Desert, so if we can add to that, it will very quickly change the economics of the project.“This isn’t going to be an indium operation. It will have a traditional zinc and copper circuit – flotation or heap leach – and we’ll make a zinc concentrate and a copper concentrate. They then go off to the smelters and we take a cheque for the indium, it’s a simple as that.”O’Neill suggested the indium could be the catalyst to secure construction funding for West Desert, but first the company needs the requisite cash to complete any development studies.One option on the table is the potential processing of stockpiled mine waste on site via a third party. Further sampling will be undertaken to estimate the volume of recoverable material, including the metal content.American West recently appointed Washington-based firm Ervin Graves Strategy Group to enhance the company’s fledgling ties with government agencies and US downstream partners. A major drilling campaign is also expected to kick off at West Desert in the near term.Despite the strong interest of key US stakeholders, West Desert is still ranked secondary in American West’s portfolio to its flagship Storm project in Nunavut, Canada.A PFS on Storm was being finalised at the time of print following the recent upgrade of the resource to 28.2mt @ 1% copper and 3.3 g/t silver containing 276,000t copper and 3 moz silver.“Year-on-year, we’ve continued to grow the resource with very little drilling,” O’Neill said.“I was actually quite surprised with the amount of expansion we could put on it because this year was really about beefing up the indicated so we can convert it to a reserve. That’s one of the strengths of this project, that it is growing very organically, without us doing much work on it.“People can assume [in the PFS] there will be a significant conversion for our first reserve.”O’Neill flagged more pre-development work was on the cards for Storm beyond the imminent release of the PFS, which reportedly will build on the findings of last year’s PEA which highlighted an initial capex of $US47.4 million to establish mining and site infrastructure, including processing facilities, the camp and aerodrome.American West has also struck up a strategic alliance with global trading house and advisory specialists Ocean Partners. This includes provisional development funding of up to $US40 million for Storm and 100% of the copper and silver offtake products as forecast under the PEA.O’Neill said the company’s budding partnership with Ocean Partners was a key reason for Storm retaining flagship status over West Desert.“Because of that relationship, we’re literally a couple of a years away from moving copper,” he said. “Storm is on a development timeline that West Desert just won’t be able to achieve. “West Desert has been the sleeper while we’ve been funding and developing Storm and it’s only now with this interest in critical metals in the US that an opportunity has opened for us to progress the two projects at once.“Both now give us that same amount of exploration buzz, they both keep throwing up some cracking drill intersections.”Australian-based Taurus Mining Royalty Fund is also likely to be a key participant in the Storm project, having previously offered up a royalty package totalling $US12.5 million, including an upfront $US5 million payment received by American West in late 2024.Two further payments of $US3.5 million and $US4 million will be paid upon delivery of the PFS and the submission of permitting documents for project development, as well as when the Storm resource surpasses 400,000t contained copper grading at least 1%. – Michael WashbourneCopper remains the primary exploration focus for American West COBRE100 - A GROWING COPPER SPOTLIGHT GLOBAL COPPER PLAY

COBRE.COM.AUHawk swoops on MeerkatHawk Resources Ltd has expanded its footprint into a second state as it looks to build a genuine development pipeline from its US copper portfolio.In April, Hawk announced an agreement to acquire up to 80% of the Meerkat copper project in Arizona, giving it a second prospective asset to sit alongside its Cactus copper project in Utah. The acquisition hands Hawk a position on the world-class Laramide magmatic arc, host to Tier-1 copper deposits such as La Caridad and Cananea in Mexico and the Mission Complex, Copper World Complex and Red Mountain deposits in Arizona. The company’s review of historical exploration data has indicated the presence of a large magnetic anomaly, historical copper and molybdenum mining and elevated copper and moly grades in rock and soil samples.Hawk managing director Scott Caithness said while the company wasn’t actively seeking new assets, the Meerkat opportunity was too good to turn down.“It was presented to us by the guys behind Monument Metals and once we dug into the data, we really liked the look of it,” he told Paydirt. “Obviously there has been mining in the area historically, but more importantly it sits on a world-class belt and when they showed us the magnetics, there was this classic porphyry mag anomaly 1km in diameter just to the north-west of the project area.”While the licence doesn’t extend to cover the historical Santo Nino mine, its history of production at 7-8% copper suggest the area is mineralised. “We will talk to the owners of the mine about potentially adding it, but there is clearly copper around the anomaly anyway,” Caithness said. “The combination of the historical workings alongside the magnetic anomaly and the breccia pipes suggests previous work has only scratched the surface.”While the mine produced high-grade copper, there has been little exploration done around it, presenting an obvious opportunity for Hawk. Caithness said the company would approach Meerkat in a disciplined manner.“We will compile the old data – which is always a challenge in itself,” he said. “From what we can see, the limited exploration was only shallow drilling up to the 70s and while it identified copper-moly mineralisation, none of it was JORC-compliant. At face value, it all looks very interesting but we will have to do our own work. “We will follow up on the mag anomaly with some initial soil and stream sampling to understand where the copper mineralisation is coming from. That should lead us eventually to our own geophysics programme in the second half of the year before we move onto drilling in 2027.”Hawk can resist any temptation to move prematurely towards drilling at Meerkat thanks to the steady flow of news to come from work on its Cactus project in Utah.While the first round of drilling failed to deliver resounding success, Caithness remains confident in the geological model.The Cactus mine produced 1.27mt @ 2.07% copper, 7.4 g/t silver and 0.33 g/t gold in the period 1905-1919 but it has only been since Hawk’s arrival in 2024 that it has been subject to concerted modern exploration. The company has applied a new deposit model to Cactus, focusing on breccia-hosted copper mineralisation capable of holding high-grade and medium-grade deposits. With early targets yielding only mildly encouraging results, Caithness is comfortable moving onto a new set of prospects.“There was some mineralisation but not enough to be significant so we are now moving onto a second set of targets,” he said. At the Copperopolis target, a single hole will test a plus-60mV chargeability anomaly which Hawk sees as holding potential for a large-scale intrusive source of primary copper mineralisation.“All the previous surface work in the 60s was done using vertical holes,” Caithness explained. “But, because they are sub-vertical targets, you are either going to hit them or miss them completely. They missed, and all subsequent drilling was deeper. We are trying to drill across the mineralised horizon in the top 150 to get an idea of what is happening near the surface. “We know we will have some good holes and we know some will miss but once we find that near-surface mineralisation from that information we can work our way down.”The Hawk portfolio is rounded out by something completely different – a scandium project in the remote eastern regions of Western Australia. “Again, it was opportunistic,” Caithness said of the Olympus project, 150km northeast of Warburton. “We like the thematic around scandium and the chance was presented to us.”The highlight of the ground is a large 7km by 4km plus-500 ppm soil anomaly and RAB hole intercept of 11m @ 934 ppm scandium from surface. A Native Title meeting with the Traditional Owners of the area Olympus sits on was expected at the time of print.– Dominic Piper AUSTRALIA’S PAYDIRT MAY 2026 PAGE 63

PAGE 64 MAY 2026 AUSTRALIA’S PAYDIRTSolis seeks rapiddiscoveryAfter leading Latin Resources through a $600 million acquisition by PLS Group Ltd in February last year, Solis Minerals Ltd chief executive Mitch Thomas is planning to repeat the same conditions on the company’s copper assets in Peru. In October, Solis acquired the Cucho and Cinto projects, hosted in the coastal Basilith of Peru. The two assets were previously held by BHP Ltd but let go during COVID as they were made inaccessible by lockdown restrictions and given Solis’ existing presence in Latin America, the acquisition was relatively seamless.Based on due diligence work completed in February, Cucho has already exceeded expectations. Work included core relogging, expanded surface mapping and updated geological modelling. A drill programme has been set for mid-year, pending final permits for up to 19 drill pads, and Thomas is keen to make the first discovery.“We’re very much anticipating starting that drill programme because with seven existing drill holes, all hitting strong mineralisation, we’ve had some very strong inbound interest in the project,” Thomas said. “We’re not looking to sell it or do anything of that nature because we want to drill it, but I think we’re actually a little bit fortunate [because] we did a good job of buying it when we did. It’s kind of the perfect play for a junior explorer.”Results from the maiden drill programme should provide some impetus for a lift in Solis’ share price, which has tracked downward, urged along by two capital raisings, from 13.2c in mid-last year to 3.1c, at the time of print. Drilling at the Cinto project is also expected to take place soon once minor regulatory requests from the Peruvian Government are rectified.“With Cinto, [there’s] a lot of very good geochemistry at surface and Cucho is the same. I think we’ve got two projects that can deliver a discovery similar to what we delivered in 2025 for a $600 million exit,” he said. Solis is well capitalised from a $5.9 million raising, completed in October last year, which should keep the current exploration aspirations moving forward.“Essentially it is quite a lot of money for us, because we operate on a shoestring budget,” he said.Although copper porphyry discoveries can be deemed a harder task than other types of exploration, Solis is clear on the path it has in front of it. “It can be quite an extensive drilling journey to uncover a porphyry, however our objective is not really to be operators or to develop a project,” Thomas said. “We very much acknowledge our place in the food chain, which is around discovery. We drilled two projects in 2025, and we didn’t get that discovery, and we still hold them [and] may do more work in the future.“But we’re quick to test if there is a significant discovery and if we don’t see it, we move on. We want to make sure we’re getting that discovery for our shareholders and then look at partnering with majors.”Solis shares the Peruvian copper landscape with several established copper players including Southern Copper Corp, Anglo American plc, Element 29 Resources Ltd, Fortescue Ltd and Newmont Corp and given BHP’s previous interest in the assets, all will likely be keeping a close eye on the imminent drill results. “I think that’s the logical path, that’s what we did with [Latin] – we think the value that we unlock is being agile and nimble in that exploration phase and getting a quick discovery and then de risking it,” Thomas said. “The capital you need to develop some of these projects can be up to multiple-billions of dollars – I think that’s best left to the bigger companies.“Having worked for Rio Tinto [Ltd] for 12 years, I know these sorts of capital programmes, cultures and safety systems that you need to execute them, is best left to those very well backed and strong balance sheet companies.”– Rhonda Malkin Solis will begin a maiden drilling programme mid-yearCOBRE100 - A GROWING COPPER SPOTLIGHT GLOBAL COPPER PLAYMitch Thomas

FMR sizes up porphyry prizeOutside of hitting the proverbial motherlode, FMR Resources Ltd could not have asked for a better outcome from its maiden drilling campaign at Southern Porphyry, part of its Llahuin copper project in Chile.Diamond drilling reportedly intersected broad zones of gold-molybdenum-copper anomalism hosted within “intensely altered” and brecciated volcanic and intrusive rocks across three key targets at Southern Porphyry. Best hits were 124m @ 0.31% copper equivalent from 258m (including 20m @ 0.48%) and 104m @ 0.16% copper equivalent from 522m.FMR managing director Oliver Kiddie said assays from the Phase 1 drilling programme had confirmed the company’s previous visual observations.“The assays have confirmed what we thought, and better,” he told Paydirt.“We haven’t hit the core of the porphyry yet, but the mineralisation in the outer zone of the porphyry is incredibly encouraging. “So not only have we found a porphyry, we’ve got the same sort of mineralised breccia you often see with many of the big porphyry deposits around the world. This breccia is shallow, quite extensive and gold rich. We always knew it would carry some gold but for it to be this rich in gold is actually quite surprising and genuinely significant.”FMR originally planned to drill 4,000m into Southern Porphyry for its Phase 1 campaign but decided to complete another 1,000m after taking an immediate liking to what it saw across the first three holes.Kiddie said the first hole into Target A intersected the outer alteration zone of the porphyry system, while the second hole into Target C returned the first visible signs of copper and molybdenite mineralisation.“That’s when we knew we were in the game,” he said.“One of the critical pieces of technical information that comes from drilling these diamond holes was the structural information. The structural vectors, specifically from the vein orientations, gave us a vector which resulted in the third drill hole, which was Target K. “Target K gave us our best visuals to date, with plus-570m of mineralised intrusion.”Another structural vector formed the basis of Target L, which rounded out the expanded 5,000m Phase 1 drilling campaign. Assays pertaining to this hole are not expected until the back end of the June quarter.Kiddie said the company was “rapt” to have tasted this much success from its first major exploration effort at Llahuin since formalising a JV with fellow ASX-listed junior Southern Hemisphere Mining Ltd (SUH) over the tenements comprising South Porphyry last September.“Outside of hitting the motherlode, we’re really happy with what we’ve achieved in Phase 1,” he said.“Porphyries aren’t for the faint-hearted. They take a lot of metres to understand the system and a lot of metres to find the actual core of the system. We had real confidence and strong belief that this target was very real, from the perspective that we’re exploring in a mineralised corridor at least 6km long and where SUH have already delineated three other resources.“Porphyries occur in clusters. All the data suggested that there should be another porphyry where we were targeting, it’s just under volcanic cover. Obviously, we were right.”FMR struck a deal to earn up to 60% of the Southern Porphyry tenements at Llahuin as part of transaction that not only recapitalised the company but introduced renowned prospector Mark Creasy’s Yandal Investments Pty Ltd as its new major shareholder.It is believed to be the first time Creasy – previously a major investor in the likes of Sirius Resources (Nova nickel mine) and Azure Resources (Andover lithium discovery) – has dabbled in a South American project.Almost a quarter of global copper production comes from Chile. Some 60% of the world’s red metal reserves are also hosted in porphyries. Kiddie said both of those facts were instrumental in Perth-headquartered FMR seeking out opportunities away from its home base.“Where better to look for copper – and porphyries for that matter – than the heartland of copper, which is Chile,” he said.“Last year, Escondida overtook West Australian iron ore as BHP’s top revenue generator. You have to go back decades since that last happened. “BHP have doubled down on copper, specifically in Chile. They’re spending $US13 billion over the next decade in Chile alone. If you want to explore for copper, Chile is the best place to be looking and it’s still the only A-rated credit country in all of South America.”Kiddie said he was also encouraged to look at Chile given the runaway success of TSXlisted ATEX Resources Inc at the Valeriano project since the start of this decade.Despite the project seemingly being scoured over for two decades, ATEX’s decision to focus on the deeper potential at Valeriano yielded a major porphyry discovery which is now host to a 1.45bt @ 0.67% copper equivalent resource, while the company’s market capitalisation has grown to almost $C1.5 billion.“Valeriano was being explored back in the 80s by big boys like Phelps Dodge, largely targeting the epithermals, but the technology wasn’t there at the time to target these porphyries at depth,” Kiddie said.“Fast-forward to 2021, ATEX Resources completed a MT survey that revealed there was a bigger porphyry at depth. So, yes it’s deep, but it shows that with modern technology and the ability to be a bit brave, the potential is there to find something phenomenal.”Kiddie said the company was also close to finalising a new project addition to the revamped FMR portfolio.“We’re not just about one project, one target,” he said. “We want to have multiple strings to our bow. A second project is imminent for FMR.” – Michael WashbourneAUSTRALIA’S PAYDIRT MAY 2026 PAGE 65COBRE.COM.AU

COBRE.COM.AUPAGE 66 MAY 2026 AUSTRALIA’S PAYDIRTAnax’s Whim Creek deliversred metal blueprint Finding a winning combination in a copper project seems to be becoming more difficult by the month, leaving operators large and small scouring the globe for assets which tick as many boxes as possible.However, Anax Metals Ltd’s Whim Creek copper-zinc-lead-silver project in the Pilbara of Western Australia appears to have found a way to buck the trend with an updated DFS revealing economically compelling geology and metallurgy with existing infrastructure to boot. Anax increased the already robust valuation of the project in February based on updated copper and silver spot prices and production optimisation work, resulting in a pre-tax NPV of $501 million and 113% more free cash flow of $723 million. IRR increased from 54% to 98%, development costs totalled $91 million with a 14-month payback period.The fully permitted site with existing infrastructure at Whim Creek allows for an 18-month development timeline from FID to production. Saleable metal production during the 10-year mine life is estimated at 13,000 tpa copper equivalent during the first eight years on 4.61mt @ 1.36% copper, 2.31% zinc, 0.67% lead, 30 g/t silver, and 0.27 g/t gold reserve. The silver reserve of 4.4 moz delivered a sizable contribution to overall project cash flow due to the growth in silver spot prices, while AISC of $US1.61/lb copper demonstrated the project’s low-cost credentials.The obvious appeal of the project also resounded with the market, which responded to the updated DFS by pulling the Anax stock price up from 2.6c to 3.7c, following the announcement in February, sentiment managing director Geoff Laing believes will continue to stack up as investors digest Whim Creek’s economic fundamentals.“I think people often wonder how we’re able to deliver such attractive capital costs,” Laing told Paydirt. “In terms of the IRR, revenue and free cash, the fact that we’ve got open pit, reasonably high-grade resources in a commodity price environment like we’ve got, you’re in a good space to start off with.“We’re in an even better position from the perspective that Whim Creek is a permitted mine site, [and] we’ve got infrastructure that was left behind from when Straits Resources [rebranded to Aeris Resources Ltd] developed the project.”Straits operated the mine for five years, depleting all oxide resources but leaving sulphide resources unmined before selling the asset in 2009, a time when equity and commodity markets were significantly different to the current thematic.Anax acquired 80% of Whim Creek in mid2020, seizing the chance to extract the untouched resources. “We saw the opportunity, although it’s not a massive mine, it’s modest in scale, but it has all of these attributes with existing infrastructure and open pits in the Pilbara right next to the Northwest Highway,” he said. “You put that all together and it all shapes up for something pretty exciting.” Anax is now pursuing debt and equity financing options with a view to securing funding within the next 6-8 months despite the distractions of the USIsrael invasion of Iran and associated global tensions slowing the market by at least a couple of months. Getting boots on the ground will ensue quickly after FID to build process infrastructure, including a new concentrator and refurbishment of the crushing plant.A $10 million raising completed in March will assist with the quick progress to FID including project development activities, debt and offtake discussions, exploration and working capital. In parallel, Laing expects growth potential from the Salt Creek orebody through the drill bit and is confident the resource is open at depth.“There’s a reasonable strike length and it’s not been drilled to particularly deep levels so that will give us the opportunity to promote some growth potential while we’re going through this FID process,” he said. Anax will also post a further reserve update during FID to supplement the cost and revenue update delivered in February. “The reserves were generally done in a copper price environment that was a lot lower than it currently is so we’re looking forward to some reasonable growth in our reserves which essentially goes to the bottom line,” he said. “With the updated reserves we’ll probably look at the plant capacity as well because we’ll have more material in reserve – we might up the throughput in the plant which would be part of that updated DFS.“I think all of those will have even more positive outcomes on the numbers that we published in the more recent DFS.”Given Whim Creek is the only project in the region with permitted infrastructure, Anax also has its sights set on regional consolidation, particularly in the gold sector where surrounding assets are mushrooming amid the current bull market. “We haven’t seen a plethora of new gold plants being built because it’s impossible, you can’t just go out there and build new gold plants, you’ve got to get all the permitting in place,” he said. “So, people tend to try and squeeze more and more material through existing infrastructure and that means as owners of infrastructure you command a very powerful position.“There’re probably eight or nine assets that sit in that category – they’re similar style deposits, modest in scale. We’ve already started talking to other players in our region [so] consolidation is an important longer-term strategy for us.”– Rhonda Malkin An updated DFS has provided a recipe for the restart of Whim Creek after a 17-year hiatus COPPER SPOTLIGHT

www.newgengold.comFor all enquiries about exhibiting or attending please contact Angelique Julien on (+61) 8 9321 0355 or email [email protected] Yates & Associates Pty LtdJointly organised by:Perth 2725 18 - 19 NovemberPerth, Western Australia27 NovemberPerth, Western AustraliaCase historiesof discoveryThe world’s pre-eminent gold exploration event

Byrnecut buysunmanned kitByrnecut has ordered multiple automation systems for underground operations in Australia and Namibia allowing a surfacebased operator to control up to three loaders simultaneously.Sandvik’s AutoMine Multi-Lite system operates fully autonomously, mining from the stope and unloading material into the designated loading or dumping area under the supervision of a single operator. The system is claimed to increase efficiency and productivity via reduced downtime and Sandvik also highlighted enhanced operational safety with the surface operators not exposed to dust, noise, vibration and other onsite hazards.Byrnecut made five orders for the equipment last quarter along with further acquisitions of the automation systems destined for use in underground drilling.“This deal highlights the growing understanding across the mining sector that Sandvik’s advanced automation solutions help mines run safer, more efficiently and more sustainably,” Sandvik vice president automation David Halett said.Byrnecut manager – automation and electrification Luke Clements said AutoMine’s enhanced safety for operators was a key reason for the transaction.“Safety is Byrnecut’s No.1 priority and AutoMine helps ensure that our people get home safely, while also enabling high productivity through precise, consistent, repeatable operations,” he said.Santana confirmsKomatsu supplyKomatsu has secured the build slots for mobile equipment at the Bendigo-Ophir gold project in New Zealand.Komatsu agreed to supply Santana Minerals Ltd with an OEM-financed fleet for Bendigo-Ophir – 128km north-west of Dunedin – at a cost of $NZ115 million.The Japanese manufacturer agreed to provide five years onsite technical support, integrated maintenance, parts and technology support, as well as productivity and simulator training. Santana assessed Komatsu’s electric and hybrid units, confirming the purchase of a core fleet of conventional PC3400 and PC2000 primary excavators and 140t class HD1500 haul trucks in March. “Operating as an owner-miner removes the contractor margin typically embedded in mining costs, setting us up as a lowercost operation,” Santana chief executive Damien Spring said.“This is further supported by our residential workforce model, avoiding fly-in fly-out costs, and strong OEM support from Komatsu. Grid-connected processing infrastructure also provides stability across key cost drivers over the life of mine.”Ausenco knowhowcrucialAusenco’s heap leach expertise was crucial for Saturn Metals Ltd in its decision to award the company the Apollo Hill DFS contract.Saturn expects to upgrade the Apollo Hill resource – 60km south-west of Leonora – this quarter and has scheduled the study for completion in time for Christmas. “Ausenco has a strong track record of success in developing first-class heap leach projects across the globe, which will be a real asset for Saturn,” Saturn managing director Ian Bamborough said.PAGE 68 MAY 2026 AUSTRALIA’S PAYDIRTSIGNED, SEALED & DELIVEREDProtecting almost half of Australia’s listed mining and energy companies.We’re Australia’s leading D&O insurer for the Mining and Resources industry. Ranging from junior explorers through to the largest producers, talk to your insurance broker about how Liberty can support your business through all stages of the mining cycle.Automated equipment could reduce exposure to underground hazards such as dust and fumes

Today. Tomorrow. Together.Insuring400+boardsDiscover moreLiberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited) (Liberty)“A solid grounding in the Australian engineering and construction environment makes Ausenco an ideal business partner as we take the next important step in advancing the development of a large-scale, long-life gold project at Apollo Hill. We look forward to providing further updates as the study progresses and we confirm the parameters of a major new long-life West Australian gold operation.”Apollo Hill was last updated in July 2025 to 137.1mt @ 0.51 g/t gold for 2.239 moz at a 0.2 g/t cut off – a 59% increase in the measured and indicated categories and a 10% increase in the resource’s overall size (previously 2.03 moz gold).The Apollo Hill PFS, released in December last year identified the possibility of $2.5 billion EBITDA over a 14-year mine life. Steady-state production of 106,000 ozpa from the operation’s planned 10 mtpa heap leach facility could achieve $973 million NPV at an IRR of 51% with a 2.3 year payback.Forrestania amplifies Polaris dealForrestania Resources Ltd has added CIL circuit construction to its agreement with Polaris Engineering Services at the Lake Johnston gold project in the Southern Goldfields, WA.Polaris agreed to continue its work with design partner Mincore at Lake Johnston under the new deal which also includes broader scope plane refurbishment in a contract potentially worth a total of $58.5 million. A flexible payment structure consists of Forrestania scrip issued at a 12% premium to the company’s VWAP or a cash substitution.Commissioning of the CIL facility has been slated for November with Forrestania targeting circa 3.2 mtpa throughput.“This agreement represents a defining step in establishing Lake Johnston as a production-ready gold processing hub,” Forrestania chair David Geraghty said.“We have worked closely with Polaris for months through early engagement, and this expanded scope reflects the strength of the relationship. With both the crushing circuit and CIL plant progressing in a structured sequence, Forrestania is rapidly assembling the core infrastructure required to transition into production. Importantly, the scale and design of the plant provide a long-life processing solution capable of supporting both internal resources and potential third-party ore sources.”NRW restarts FinnissSurface mining at the Finniss lithium operation in the Northern Territory will start this month under the auspices of NRW Pty Ltd.The NRW Holdings Ltd subsidiary agreed last month to a scope of works which includes all key activities related to the delivery of material to the Grants ROM pad in a deal worth some $50 million.Finniss owner Core Lithium Ltd reached FID on the restart in March, expecting to mine about 784,000t of ore from the existing open pit for approximately 134,000t of spodumene concentrate in a “short timeframe”.The construction of a box cut portal in parallel with near-term production aimed to lower the risk of the staged ramp up. Core managing director Paul Brown said lower capex at Grants and the BP33 underground development would help Core deliver a “lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production”.“Grants provides a low-risk, near-term source of ore using existing infrastructure, enabling a rapid and capital-efficient pathway back into production,” Brown said. “With mobilisation commencing immediately, this contract underpins our restart schedule and near-term cash generation objectives. “This contract positions Finniss to deliver the first spodumene concentrate in the December quarter. We are making strong progress across the balance of our restart workstreams, and we expect to finalise additional key contracts in the near-term as we bring Finniss back into production.”AUSTRALIA’S PAYDIRT MAY 2026 PAGE 69Core settled on the Finniss restart in March

Andean results to spur resource upgrade Andean Silver Ltd expects recent results from drilling on its Cerro Bayo silver asset in Chile to build confidence in the project’s resource.The latest assays included grades up to 1,523 g/t silver equivalent and will be added to a resource update expected this quarter, which will feed directly into restart studies. Step-out drilling at Cerro Bayo has continued to extend known mineralisation across the project while infill drilling has revealed strong continuity of mineralisation, with consistently thick, high-grade results.Drilling will continue during the resource update and restart study work, testing new areas with extensive known mineralisation.Drilling at the Appaloosa Breccia prospect intersected broad mineralised zones as well as significant vein-style mineralisation supporting both open pit and underground options. Some of the best results were 68.3m @ 65 g/t silver equivalent (7 g/t silver and 0.7 g/t gold) including 1.3m @ 1,523 g/t silver equivalent (75 g/t silver and 17.4 g/t gold).Andean chief executive Matthew Allen said the company was building momentum on all fronts at Cerro Bay.“The aim of the drilling programme is to maximise our ability to create value by growing and upgrading the resource at the same time,” Allen said. “Success on these fronts will in turn bolster the economics and confidence of the project, giving us more scale, longer life and lower costs.“We remain on track to complete the resource update in the June quarter. These results will feed into the initial restart studies while we continue to drill.“There is so much upside at Cerro Bayo, with extensive mineralised veins waiting to be drilled and mineralisation open in many places. With this in mind, we will continue the resource growth strategy in parallel with our other programmes”.Miramar increases gold on Highway Miramar Resources Ltd has expanded the footprint of its Highway gold prospect to more than 600m of strike following RC drilling at the Gidji JV gold project in Kalgoorlie, Western Australia.The programme outlined coherent shallow gold mineralisation at the prospect, including high-grade results such as 3m @ 9.45 g/t gold in over 600m strike and 47-56m vertical depth.A second parallel trend is also apparent further to the west where two aircore holes, 100m apart, intersected about 2 g/t gold at shallow depths. Miramar managing director Marion Bush said the company would next assess potential for definition of one or more shallow gold resources at Gidji.“The shallow gold at Gidji, in particular at the Highway prospect, presents us with the potential to become a self-funded explorer,” Bush said. “A key strength of Gidji is the abundance of shallow gold so close to the Goldfields mining hub of Kalgoorlie.“Our proximity to the Goldfields Highway and several processing plants, opens the door to multiple options to monetise any sized deposit, especially at the current gold price.“At an average spacing of about 50m, our drilling at Highway is still considered relatively broad spaced when it comes to defining a resource. We anticipate our next steps will be to conduct closer-spaced RC drilling.“We have some really encouraging intersections at Highway and closer-spaced drilling will likely focus on these intersections first, in order to outline the grade and thickness of the shallow gold.”RC drilling is also planned for the historical Claypan gold prospect.Terra Metals eyes massive sulphidesTerra Metals Ltd has intercepted massive sulphides in a down-hole EM target at the Southwest SW6 prospect within its Dante project in WA.The discovery was made in the first diamond hole drilled at Southwest SW6 for 2026, intercepting multiple zones of massive sulphides based on visual observations with assays expected within the next three months. The hole was modelled to hit an offhole conductor sitting about 60m from the zone of massive sulphide intercepted in hole SWDD006, which reported 31.1 g/t platinum-paladium-gold, 1.31% nickel, and 0.55% copper from 226m. The finding represents major exploration success at Southwest, confirming the development of richer massive sulphide mineralisation, and effectiveness of down-hole EM to target massive sulphide accumulations associated with a feeder pipe. Semi-massive to massive sulphide layers are hosted within a 320m zone of dominantly dissemiPAGE 70 MAY 2026 AUSTRALIA’S PAYDIRTMiramar has extended the Highway gold prospect footprintto 600mDRILL BITS

AUSTRALIA’S PAYDIRT MAY 2026 PAGE 71nated to net-textured sulphides with drilling and logging ongoing.Terra Metals managing director Thomas Line said the visual interception of multiple zones of massive sulphides in the first diamond hole of the year at Southwest was a major validation of its geological model.“Importantly, this hole has successfully targeted the SW6 down-hole EM conductor, located proximal to the exceptional highgrade mineralisation previously intersected in SWDD006,” Line said. “The result provides compelling evidence that we are vectoring into a richer massive sulphide component within the broader Southwest magmatic PGM-copper-nickel sulphide system.“Just as importantly, it confirms down-hole EM as a highly effective tool for identifying concealed massive sulphide accumulations associated with the feeder pipe, which will play a key role in unlocking further highgrade zones across the system.”Terrain lights up SmokebushTerrain Minerals Ltd believes it could be onto a company-making discovery after reporting a series of high-grade gold hits from the Lightning gold system on its Smokebush project in WA.The results – from a 5,309m, 29-hole RC programme completed in February – included standouts of 8m @ 6.87 g/t gold from 76m (including 5m @ 10.06 g/t), 7m @ 7.08 g/t from 217m (including 1m @ 21.8 g/t), 5m @ 3.26 g/t from 196m (including 1m @ 11.81 g/t) and 11m @ 2.62 g/t (including 1m @ 12.29 g/t).For Terrain, the results confirmed its geological model for Lightning with gold mineralisation hosted within steeply dipping, shear-hosted structures within mafic volcanic and intrusive rocks. Along with the Monza structure 50m east, Lightning was identified via IP. Both structures remain open along strike and at depth.Executive director Justin Virgin said there was no surprise in the high-quality nature of the results.“The drilling has confirmed that the highgrade gold mineralisation at Lightning extends along strike and at depth with multiple holes returning wide, high-grade intercepts across the system,” he said. “These results demonstrate the scale and grade potential of this gold system.”Terrain has now turned its attention to delivering a maiden resource for the project, with one eye on an early development scenario. The ground is just south of Capricorn Metals Ltd’s recently acquired Ricciardo project in the Murchison, a district with several hungry mills.St George records best intercepts to dateSt George Mining Ltd has uncovered some of the thickest reported intercepts of highgrade rare earths and niobium from its Araxa project in Brazil.Results of 178.7m @ 4.34% TREO and 0.75% niobium pentoxide from surface have been uncovered with very thick high-grade mineralisation from surface. True widths up to 178m have been revealed from surface and ultra-high grades up to 28% TREO and 6.5% niobium pentoxide are expected to provide robust mining logistics.Assay results from another 15 diamond drill holes have been received, including some of the best at 178.7m @ 4.34% TREO and 0.75% niobium pentoxide from surface in AXDD086 (including 3.15m @ 12,27% TREO and 1.61% niobium pentoxide from 8.05m).St George executive chairman John Prineas said the drill results continued to show large true widths from surface paired with very high grades.“This unique combination is unrivalled among emerging rare earths and niobium developers,” Prineas said. “The commercial advantage of high-grade mineralisation starting from surface, as opposed to 50m or even more than 100m below surface, cannot be underestimated.“Another important point of difference in favour for our Araxá project is that the mineralisation is carbonatite-hosted, which is the same deposit style as the two largest producing rare earths mines outside of China – the Mountain Pass mine of MP Materials Ltd and the Mt Weld mine of Lynas Rare Earths Ltd. This is a well understood style of rare earths mineralisation with a long history of commercial production.“Our Araxá resource is already comparable in scale and grade to these two world leaders in rare earths mining, with potential for our resource to be even larger as ongoing drill results, including the record results announced today, are incorporated into our resource model.”Terra Metals is awaiting assays on visual massive sulphidesTerrain has been pleased with the width and tenor of intercepts on its Lightning gold prospect in the Murchison

Transforming how our industry finds, defines and mines PAGE 72 MAY 2026 AUSTRALIA’S PAYDIRTChalice Mining Ltd has engaged Mark Cutifani’s Odin Partnership Ltd as strategic advisors for its Gonneville palladium-nickel-copper project in Western Australia. Odin is an independent advisory group founded by former Anglo American plc chief executive Cutifani, his long-time technical director Tony O’Neill and ex-Vedanta Resources Ltd president Omar Davis.Pedro Kastellorizos will step down as managing director of Argent Minerals Ltd on June 15. His replacement is yet to be announced.American Tungsten and Antimony Ltd has appointed David Groombridge as its US-based exploration manager. The geoscientist previously held the same role at Medallion Metals Ltd before being appointed chief executive of Riedel Resources Ltd.Liontown Ltd has appointed Giselle Collins as an independent non-executive director, filling the recent vacancy made by the departure of Ian Wells. Collins has more than 20 years of experience at board level and will also chair Liontown’s audit and risk committee. Existing board member Jennifer Morris has also been promoted to lead independent director.Flagship Minerals Ltd has appointed Zhongyi (John) Zhang as a non-executive director and Eduardo Cisternas Melendez as principal geologist in Chile.Dennis Wilkins has resigned as company secretary for Alkane Resources Ltd. General counsel Richard Steenhof has accepted the role of joint company secretary alongside Julia Beckett.Celsius Resources Ltd has appointed Bardin Davis as managing director, three months after hiring him as a strategic advisor to the company’s board. An investment banker, Davis was most recently chief executive of Peak Rare Earths. Celsius has also initiated a search for a new non-executive chair.Peter Westerhuis has stepped down as managing director of Clara Resources Australia Ltd. Corporate advisor Duncan Gordon has joined the board as an executive director.Yugo Metals Ltd has appointed Petar Tomasevic as chief executive on a permanent basis. The managing director of Perth-based financial services firm Vert Capital, he also sits on the boards of American Uranium Ltd and Regener8 Resources Ltd.Evolution Energy Minerals Ltd has appointed John Kay as company secretary following the resignation of Eryn Kestel. Other new appointments include Marshall Lee as chief financial officer, Jasbir Khosa as chief technical officer, Ray Voorhoeve as general manager site operations and Dr Mary Mwanjelwa as executive director and chair of the company’s subsidiary Kudu Graphite Ltd.Southern Palladium Ltd has appointed Mark Humphrey as project manager for its Bengwenyama project in South Africa’s Bushveld Complex.Vanessa Torres has been unveiled as the new managing director of Perenti Ltd. The former South32 Ltd chief operating officer will officially succeed Mark Norwell in the role on June 1.Auric Mining Ltd has recruited Scott Bailey as processing lead to oversee the development and construction of its Burbanks facility near Coolgardie.Vulcan Energy Resources Ltd has added HOCHTIEF chief strategy officer and CIMIC Group president Robert Galladro to its board of directors. HOCHTIEF is a 15.41% shareholder of the German lithium developer.Black Horse Mining Ltd has promoted non-executive director Charles McHugh to the dual roles of chief mining engineer and executive director.Focus Minerals Ltd has appointed China-based accountant and Shandong Gold Group employee Wenli Cui as a non-executive director.Simon Acomb has assumed the role of chief financial officer at Ariana Resources plc following William Payne’s transition to non-executive director.Iggy Tan has assumed the full-time role of chief executive at Lithium Universe Ltd. He will also continue as executive chairman. Dr Jingyuan Liu has been appointed a part-time executive director to support the company’s next COMINGS AND GOINGSIn-field labs for gold,critical and base metals.Pelican case to container scale.• Compress decision times• Immediate results, reduced sample freight• Exploration, grade control, Geomet applicationsNow in 38 CountriesBardon DavisMark CutifaniVanessa Torres

Explore smarter, discover fasterphase of technical and project development.Alvo Minerals Ltd has appointed Joanna Morbey as company secretary following the resignation of Carol Marinkovich after five years in the role.Michael Nossal has been appointed independent non-executive chair of tungsten producer EQ Resources Ltd, succeeding Oliver Kleinhempel who will remain on the board as a non-executive director. Nossal most recently served as chair of IGO Ltd.Thomas Reddicliffe has transitioned from executive director to non-executive director and technical consultant at GreenTech Metals Ltd. Jozsef Patarica has also stepped down from the board.Pinnacle Minerals Ltd has appointed Aharon (Ari) Zaetz as a non-executive director. Jay Stephenson has resigned from the board but will continue in his role as company secretary.Aidan Nugent has replaced Jozsef Fekete as company secretary of Freehill Mining Ltd.Pure Resources Ltd has appointed its company secretary Quinton Meyers as non-executive chairman following the resignation of Patrick Glovac. The company has also launched a search for a new chief executive.Mark Ludski has resigned as a director of TerraCom Ltd, while Danny McCarthy has stepped down as managing director. Chris Bourke has been appointed interim chief executive.Zenon Wozniak has joined Marimaca Copper Corp as independent non-executive director. The veteran engineer recently retired as director of projects at First Quantum Minerals Ltd after a long career with the global copper producer. Marimaca has also appointed Giancarlo Bruno Lagomarsino as independent non-executive chair, while Alan Stephens and Clive Newall have retired from the board.New Murchison Gold Ltd has appointed Mark Adams as an independent nonexecutive director. A seasoned mining engineer, he was deputy chair of JORC for 15 years until his retirement in 2014.Davide Bosio has joined Alice Queen Ltd as a non-executive director. The finance industry veteran also sits on the boards of Black Cat Syndicate Ltd and Lord Resources Ltd and was previously a director of De Grey Mining and Spectrum Metals prior to their respective acquisitions by Northern Star Resources Ltd and Ramelius Resources Ltd.Stewart Dickson has resigned as managing director of Variscan Mines Ltd, but will continue as acting chief executive for up to six months to ensure a smooth leadership transition. Major shareholder Tom Kent has been appointed an executive director.Lindian Resources Ltd has appointed its former chief financial officer Teck Lim as a non-executive director following the retirement of Yves Occello. The company has also hired Dimash Matzhanov as its in-country manager for Kazakhstan, David Brown as project cost controller for Kangankunde and Chikondie Chikoya as HR manager in Malawi. Meanwhile, Derek Bideshi will start as chief financial officer on July 6 while Rajesh Agrawal has immediately been promoted to general manager, finance.Former Fortescue Ltd chief executive Nev Power has joined Killi Resources Ltd as non-executive chair. Richard Bevan will continue on the board as a non-executive director while Phil Warren has resigned. The gold explorer has also appointed Hamish Halliday as technical consultant while new substantial shareholders Steve Parsons and Mike Naylor will also consult to the company.AUSTRALIA’S PAYDIRT MAY 2026 PAGE 73 Explore smarter, discover [email protected] | portableppb.comPelican Case Lab In-field Lab Trailer Mounted Lab Container LabTeck LimZenon WozniakIggy TanThomas ReddicliffeNev Power

Kale may not be the most desirable item on your dinner plate but it could provide a sustainable source of a toxic but valuable critical mineral.Researchers at the University of Queensland’s Sustainable Mining Institute found the leafy green vegetable – a member of the Brassicaceae family along with cabbage, broccoli, cauliflower, mustard and brussels sprouts – accumulates the critical mineral thallium in a crystalline form. Thallium is used to make semiconductors, sensors, fibre optics and medical imaging devices, specifically in cardiac stress tests.Geochemist Dr Amelia Corzo-Remegio said kale could be used in the emerging field of phytomining, a method of extracting metals from contaminated soil by cultivating “hyperaccumulators” or plants which absorb and concentrate the metal in their roots and shoots.“There’s a dual need to remediate and rehabilitate soils while also supplying critical elements in the most sustainable way possible,” Dr Corzo-Remigio said. “It looks like plants in the Brassicaceae family can be part of the answer. Simultaneous use of micro-X-ray fluorescence (μXRF) and Xray diffraction mapping (XDM) on live kale plants gave us an unprecedented view of how and where thallium is located in these plants. “In particular, we found thallium chloride crystal deposits along the veins inside the leaves. This indicates potential for phytomining and, potentially, a sustainable thallium supply.” 49 Metals 15Aeris 66AIC 8Al Hadeetha 60Alara 60Alice Queen 73Alkane 72Alligator 47Alvo 73American Uranium 72American West 62Anax 66Andean 70Anglo American 64, 72Antofagasta 57Ardea 13Argent 72Ariana 72AT4 72ATEX 65Atha Energy 15Auric 72Aust Rare Earths 36Awtad 60Barrick 15, 58Barton 37Bellevue 8BHP 33, 38, 42, 64, 65Black Cat 73Black Horse 72Boss 34Capricorn 8Celsius 72Centerra 15Chalice 72Clara 72CleanTech 22Coal India 22Cobalt Blue 10Cobra 37Coda 48Codelco 59Core Lithium 69Cyprium 26-31Darius 60Eagle Mountain 61EcoGraf 50Element 25 6Element 29 64Emerald 24Encounter 57Enuo 5EQ 73Evolution Energy 72Evolution Mining 8, 38FireFly 26-27First Quantum 58, 60, 73Flagship 72FMR 65Focus 72Forrestania 82Fortescue 52, 64, 73Freehill 73Geopacific 52Globe 20Glomar 10Greatland 57GreenTech 73Hastings 5Havilah 35Hawk 63Hawsons 45Hillgrove 38-39Horizon 14HRE 46IGO 57, 73Iluka 41Ioneer 52Investigator 46Ivanhoe 58-59Killi 73LCL 25Lincoln 42Lindian 5, 73Liontown 72Lithium Universe 72Lord 73Lynas 5Marimaca 26, 73McLaren 41Medallion 72Meeka 8Midas 21, 26Miramar 70MP Materials 5New Murchison 73Newmont 15, 57, 64Nexa 21Nittetsu 61Northern Star 8, 73Orano 34Pacgold 46Paladin 52Pinnacle 73PLS 64Power Metal 60PTR 40Pure 73Ramelius 8, 73Regener8 72Reidel 72Renascor 47Resolute 14Resolution 23Rimfire 11Rio Tinto 11, 20, 22, 24, 25, 51Sandfire 35Santana 68Saturn 68-69Solis 64Solstice 56South32 57, 72Southern Copper 64Sovereign 20SPD 72SQM 22St George 71Sumitomo 13SUH 65Sunrise 11Terra 70-71TerraCom 73Terrain 71Unity 24Variscan 73Vedanta 72Vulcan 72WA1 57Wealth Minerals 22West Vault 15Westgold 14Wyloo 5Yandal 42Yugo 72Zeta 14INDEXLEFTFIELDPAGE 74 MAY 2026 AUSTRALIA’S PAYDIRTGreen veggies in mineral clean upDr Amelia Corzo-Remegio

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