King River Resources Limited (ASX:KRR) provided its latest quarterly update, highlighting progress on high-priority Iron Oxide Copper-Gold (IOCG) targets at its Kuiper prospects within the Tennant Creek Project. Recent RC drilling confirmed hydrothermal ironstone zones, supporting a regional-scale IOCG target corridor with coincident gravity and magnetic anomalies in Warramunga Formation rocks.

Kuiper IOCG system takes shape

The Kuiper 1 and Kuiper 2 targets show strong geophysical signatures from 2023 Dipole-Dipole IP, GAIP, gravity, and magnetic surveys. RC drilling intersected the anticipated ironstone, validating the IOCG model beneath shallow cover. Ionic leach soil sampling refined drill locations, with multi-element trends (Cu, Bi, Ag, Mo) aligning with structural corridors.

Kurundi gold assays pending

KRR completed 13 RC holes at Kurundi Main in April 2025, testing high-grade shoots along the Main Vein. Assays are pending but historical intersections include 3m @ 8.3g/t Au. The recent acquisition of EL32116 expanded the tenement with new gold and multi-metal targets surrounding existing holdings.

2026 drilling pipeline ready

Next phases target Kuiper IOCG drilling, plus Rover East (BIF Hill East, Anomaly 5), Pioneer, and VTEM/magnetic anomalies across Tennant Creek. The $2 million budget supports follow-up on 2023 geophysics. Kurundi soil sampling and drone magnetics further refined structures for 2026 programs.

Strategic positioning

KRR’s Northern Territory focus spans gold and IOCG systems in proven belts. With assays pending and targets maturing, the company positions for discovery success amid copper demand growth for energy transition.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Cannindah Resources Limited (ASX:CAE) has flagged significant high-grade copper-gold expansion potential at its flagship Mt Cannindah Project in Queensland after recent drilling confirmed extensions beyond the existing Cannindah Breccia Mineral Resource Estimate (MRE). Standout results include 52m @ 1.18% CuEq from 30m (incl. 22m @ 2.63% CuEq) in hole 25CRC001 and 120m @ 1.16% CuEq (incl. 60m @ 1.94% CuEq) in 25CRC002, extending mineralisation 35–40m east of the current MRE.

Breccia extensions take shape

A geological review of historical and recent data has identified two priority extension targets: the Southern Breccia Extension (300m strike) and Northern Breccia Extension (200m strike), both outside the existing MRE. These zones show controls on higher-grade copper mineralisation that will guide the next drilling phase. A 12-hole program targeting low data coverage areas is scheduled to start January 2026.

Near-surface opportunity emerges

New interpretation reveals a 200–250m drill data gap between high-grade northern and southern zones within the 600m strike Cannindah Breccia. This near-surface target offers immediate potential to add ounces close to surface, improving project economics. CEO Cameron Switzer noted the clear relationship between drill density and grade, prioritising this high-impact area.

Broader district potential

Recent trenching at Appletree and Dunno prospects returned strong copper-gold-molybdenum geochemistry over 500m x 100m, supported by IP and magnetic anomalies at ~200m depth. The Southern and Eastern Targets represent Tier 1 porphyry Cu-Au-Mo systems similar to North Parkes and Cadia. Recent capital raising funds the aggressive 2026 program across the district-scale system.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Catalina Resources Limited (ASX:CTN) has mobilised a second reverse circulation (RC) drilling rig to accelerate its Phase 1 exploration program across the Evanston and Yerilgee Gold Projects in Western Australia’s Central Yilgarn region. The expanded capacity allows simultaneous testing of multiple high-priority targets, including Leghorn, Viper South and T1B at Evanston, and T8, Chicken Little and Snowflake at Yerilgee.

Drilling program ramps up

Phase 1 targets 20,000 metres total, with 8,000 metres of RC and aircore planned initially to test structural and geochemical anomalies along the Evanston and Yerilgee corridors. The second rig boosts efficiency, enabling parallel drilling while early assay results are integrated into geological models for rapid target refinement. Samples are collected metre-by-metre and submitted for PhotonAssay analysis on a rolling basis.

Executive Director comments

Catalina Executive Director Ross Cotton said: “The commencement of a second RC rig materially increases our ability to progress priority targets across Evanston and Yerilgee in parallel. This additional capacity allows us to advance drilling efficiently while ensuring assay results are rapidly incorporated into geological models to inform follow-up drilling decisions.”

Next steps and opportunity

Pending assays will guide Phase 2, with the dual-rig approach positioning Catalina to unlock the potential of its structurally complex greenstone belt holdings. The Central Yilgarn location offers logistical advantages near Kalgoorlie, supporting cost-effective exploration amid rising gold prices. Investors await results that could define multiple gold systems.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Haranga Resources Limited (ASX:HAR) has made strong progress at its Lincoln Gold Project in California, completing key preparatory work and resuming underground diamond drilling to convert the existing 958,910 tonne NI 43-101 resource (~286koz Au at 4.2g/t cut-off) into a JORC-compliant estimate targeted for Q1 2026. The program tests the high-grade Lincoln-Comet system while exploring for deeper repetitions below the known mineralisation.

Underground access secured

Haranga fulfilled Milestones A and B of its Seduli share sale agreement by dewatering the Stringbean Alley Decline and mobilising Swick Mining Services’ Gen II rig for ~2,200–2,500m across 21 holes. The on-site water treatment plant meets environmental standards, and underground electrical upgrades support safe operations. Drilling restarted at Cross Cut 4 (XC4) in early January 2026 after weather delays, with 760.5m across 10 holes nearing completion showing good lode continuity.

High-grade potential confirmed

Initial core from XC4 validates the mineralised structures, with assays pending. The program focuses on spatial testing first, then higher-grade zones to assess nugget effects, followed by deep holes for extensions. Historical data and prior spend position Lincoln for rapid advancement using existing decline infrastructure, offering cost-efficient development in California’s Mother Lode belt.

Next milestones ahead

Assay results from the current phase are due soon, supporting the Q1 JORC MRE delivery. Success could unlock partnerships or funding for the fully permitted project. Parallel work at Ibel South in Senegal adds diversification. Haranga’s dual jurisdiction strategy targets resource growth and near-term catalysts amid strong gold prices.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Bisalloy Steel Group Limited (ASX:BIS) has strengthened its position among ASX mid-caps with record FY25 results and growing recognition within the All Ordinaries index framework. The specialty steel producer reported 24.4% profit growth to record levels, driven by its AUKUS hull steel qualification and strong demand for abrasion‑resistant plates.

Record financial performance

Bisalloy’s FY25 Annual Report highlighted profit after tax growth through strategic contracts and operational improvements. The company paid fully franked dividends since the current board took over, rewarding investors with consistent returns. Directors maintain meaningful holdings, with Chairman Rowan Melrose owning 62,742 direct shares plus 238,301 rights.

Strategic positioning in key sectors

Bisalloy supplies quenched and tempered steel plates for mining, defence, agriculture and construction. Its Australian operations dominate revenue, with overseas distribution growing through abrasion‑resistant products. The AUKUS program success positions it for long‑term defence contracts, while mining demand supports wear‑grade steel sales.

All Ordinaries relevance grows

As part of the broader All Ordinaries index universe, Bisalloy benefits from increased visibility among institutional investors tracking Australian industrials. Substantial shareholders include Southern Steel Investments (18.17%) and Samuel Terry Asset Management (11.06%), showing sustained interest. The company’s resilience amid steel market cycles underscores its sector standing.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Ingenia Communities Group (ASX:INA) kicked off FY26 with robust rental demand and thriving holiday park occupancy, building on FY25 momentum. The land lease communities operator saw near-100% occupancy rates across its rental portfolio in key growth markets like Brisbane’s outer suburbs and Melbourne’s fringe areas. Holiday parks delivered record January bookings, fueled by strong domestic travel demand.

Recurring Revenue Powers Performance

Rentals and holiday parks now generate 60% of group earnings, providing steady cash flow stability. Management reports waitlists at premium communities, driven by affordability pressures pushing families toward land lease living. East coast holiday parks achieved 95%+ occupancy through the peak season, with cabin yields up significantly year-on-year.

Development Pipeline Accelerates

Ingenia settled 120 plus lifestyle homes in Q1 FY26 alone, tracking toward full-year targets after FY25’s 47% settlement growth. Recent acquisitions including Yeppoon (286 sites) and Highfields (560 sites) are already leasing strongly. The $2.6 billion portfolio spans 100 communities with 4,942 sites under development across 15 markets.

Investor Appeal Strengthens

The combination of recurring income growth, development wins, and demographic tailwinds positions Ingenia for continued compounding returns. With housing affordability at crisis levels and seniors seeking lifestyle communities, management maintains its 10-15% long-term growth guidance while protecting the dividend.

The market is taking notice of Ingenia’s execution as rental shortages deepen and holiday travel normalizes post-pandemic.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Viking Mines Limited (ASX:VKA) has reported standout high‑grade tungsten oxide assays from metallurgical samples at its Linka Tungsten Project in Nevada, USA. One 58kg sample from the Linka Open Pit returned 1.3% tungsten oxide (WO3), while the weighted average across four samples totaling 295kg hit 1.0% WO3. These results confirm the project’s strong mineralisation as Viking advances sighter metallurgical testwork.

Samples validate historic grades

The assays come from four locations across the Linka area, including the open pit and underground workings, validating 1950s historical sampling that showed grades up to 3.0% WO3. Viking collected the samples to develop a processing flowsheet for scheelite concentrate production, with lab work now underway. The company notes these head grades are well above global operating mines, many of which run at 0.2% WO3 or lower.

Strategic timing with high prices

Linka is the flagship of six US tungsten projects Viking is acquiring, located in a Tier 1 mining jurisdiction with road access and legacy infrastructure nearby. Tungsten concentrate prices are at record highs, with 25–30% grade scheelite fetching US$937 per metric tonne unit (mtu), or about US$93,700 per tonne. This supports Viking’s plan to fast‑track Linka toward production amid tight supply.

Next steps for Viking

Metallurgical tests aim to confirm a simple flowsheet for scheelite recovery, building on the project’s history of processing 65,000 tonnes through a 360 tonne‑per‑day mill in 1955–56. Management sees Linka as low‑risk brownfields upside, with mineralisation open along 820m strike and down dip. Positive results could accelerate resource definition and funding talks for development.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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Northern Minerals Limited (ASX:NTU), a rare earths explorer, is attracting investor focus after a recent change in its shareholder structure and updates to company rules that could shift board control. Individual investors now hold a larger stake in the company. This mix of retail ownership and governance tweaks has sparked interest about potential strategic moves for the Browns Range project.

Governance changes open doors

The company recently amended its constitution to let shareholders with at least 25% of voting power call special meetings, a lower threshold than before. This rule aims to make it easier for significant holders to push for resolutions without needing full board support. Northern Minerals says the change promotes better engagement between investors and management during its push to develop heavy rare earths resources.

Ownership breakdown shifts

Retail investors have grown their collective stake, signaling broader interest in NTU as a speculative play on dysprosium and terbium supply amid global demand for magnets in EVs and renewables. While institutions remain key players, the rising retail presence adds volatility potential if sentiment turns. The board has also seen director share transactions, reinforcing alignment with shareholders as the company eyes project funding.

Why the market is watching

These developments come as Northern Minerals advances the Browns Range project toward pilot-scale development, underpinned by a globally significant heavy rare earths resource focused on dysprosium and terbium. A governance shift could accelerate decisions on partnerships, offtake deals or funding for the pilot plant. For investors, the combination of ownership evolution and easier shareholder action raises questions about boardroom battles or faster project progress in a tight rare earths market.

Disclaimer:

General Financial Product Advice and Regulatory Framework: Pristine Gaze Pty Ltd (ABN 66 680 815 678, ACN 680 815 678) operates as Corporate Authorised Representative (CAR No. 001312049) of Alpha Securities Pty Ltd (AFSL 330757), which is licensed and regulated by the Australian Securities and Investments Commission under the Corporations Act 2001 (Cth). This report contains general financial product advice only and has been prepared without consideration of your personal objectives, financial situation, specific needs, circumstances, or investment experience. The information is not tailored to individual circumstances and may not be suitable for your particular situation. Before acting on any information contained herein, you should carefully consider its appropriateness having regard to your personal objectives, financial situation, and needs, and consider seeking personal financial advice from a qualified financial adviser who can assess your individual circumstances and provide tailored recommendations.

Investment Risks and Market Warnings: All investments carry significant risk, and different investment strategies may carry varying levels of risk exposure including total loss of invested capital. The value of investments and income derived from them can fluctuate significantly due to market conditions, economic factors, company-specific events, regulatory changes, commodity price volatility, currency fluctuations, interest rate movements, and other factors beyond our control. Securities markets are subject to market risk from general economic conditions and investor sentiment, liquidity risk affecting the ability to buy or sell securities at desired prices, credit risk from issuer default or deterioration, operational risk from inadequate internal processes, sector-specific risks including industry regulatory changes, technology obsolescence, management changes, competitive pressures, supply chain disruptions, and mining-specific risks including resource estimation uncertainty, operational hazards, environmental compliance, permitting delays, commodity price cycles, geopolitical factors affecting mining operations, and exploration risks. Small-cap and speculative mining stocks carry additional risks including limited liquidity, higher volatility, dependence on key personnel, limited operating history, uncertain cash flows, and potential failure to achieve commercial production.

Information Accuracy and Limitations: While we endeavour to ensure information accuracy and reliability, we make no representations or warranties (express or implied) regarding the accuracy, reliability, completeness, timeliness, or suitability of information provided, except where liability cannot be excluded under applicable law. This report may include information from third-party sources including company announcements, regulatory filings, research reports, market data providers, financial news services, and publicly available information, which we do not independently verify and for which we assume no responsibility. Past performance, examples, historical data, or projections are not indicative of future results, and no guarantee of future returns is provided or implied. To the maximum extent permitted by law, Pristine Gaze Pty Ltd and Alpha Securities Pty Ltd, together with their respective directors, officers, employees, representatives, and related entities, exclude all liability for any errors, omissions, inaccuracies, loss or damage (including direct, indirect, consequential, or special damages) arising from reliance on information provided, investment decisions made based on this report, market losses, opportunity costs, and technical issues or system failures.

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