Resources

PGD -PEREGRINE GOLD LTD

Pause in Trading

Best hit: No drill results disclosed

A$11M

Share Price: A$0.170 · A$11M

HMX -HAMMER METALS LIMITED

LRV: Competing Proposal Response

Best hit: N/A — Corporate announcement onlyResource: Not reported in this announcement

A$59M

1.02x upside

Share Price: A$0.065 · A$59M

Fair Value: A$0.055–0.077 · A$50M–A$70M

AR3 -AUSTRALIAN RARE EARTHS LIMITED

Niobium-Rare Earth Carbonatite System Identified at Overland

Best hit: 1m @ 1.03% TREO + 0.53% Nb₂O₅ from 87m (OV167)

A$27M

2.78x upside

Share Price: A$0.110 · A$27M

Fair Value: A$0.244–0.367 · A$60M–A$90M

MGU -MAGNUM MINING AND EXPLORATION LIMITED

MINERALISED FOOTPRINT GROWS WITH COMPELLING REE DESORPTION

Best hit: 2m @ 1,671ppm TREO, 678ppm D-TREO (41%), 257ppm D-MREO, 8ppm D-TbDy (PIR-AH-0083 from 6m)

A$16M

2.29x upside

Share Price: A$0.005 · A$16M

Fair Value: A$0.009–0.014 · A$28M–A$45M

📉PassLiLithium

PL3 -PATAGONIA LITHIUM LTD

Positive Drilling Progress at Cilon Lithium Well 8

Best hit: SG 1.040 g/cm³ brine at 70m depth (packer test, no Li grade yet)Resource: 551,400t LCE @ 294 mg/L (14,800t Indicated / 536,600t Inferred — 97% Inferred)

A$22M

0.5x upside

Share Price: A$0.090 · A$22M

Fair Value: A$0.033–0.057 · A$8M–A$14M

GSN -GREAT SOUTHERN MINING LIMITED

Read Corporate Webinar Presentation

Best hit: 5m @ 14.6 g/t Au from 41m incl. 1m @ 70.9 g/t Au (25GBRC009, Golden Boulder)Resource: Mon Ami 55koz JORC (Indicated/Inferred, 2021 vintage); Golden Boulder and Amy Clarke pre-resource

A$26M

2.89x upside

Share Price: A$0.022 · A$26M

Fair Value: A$0.051–0.076 · A$60M–A$90M

ERE -EUROPEAN RESOURCES LIMITED

ANSTO Initial Testing Extracts 83% Magnet Rare Earths

Best hit: N/A — metallurgical test work announcement, no new drillingResource: Existing MRE in place; concentrate from historical stockpile tested — no updated resource in this announcement

A$8M

1.12x upside

Share Price: A$0.012 · A$8M

Fair Value: A$0.009–0.018 · A$6M–A$12M

DGR -DGR GLOBAL LIMITED

TOV: DGR President Makes Interim Orders

Best hit: No drill results — this is a governance/legal announcement

A$30M

Share Price: A$0.029 · A$30M

Fair Value: A$0.053–0.073 · A$55M–A$75M

ARI -ARIKA RESOURCES LIMITED

Arika's Largest Ever Drilling Campaign to Commence

Best hit: 8m @ 56.36 g/t Au — Pennyweight Point (historical, shallow)

A$26M

2.89x upside

Share Price: A$0.021 · A$26M

Fair Value: A$0.049–0.073 · A$60M–A$90M

CZR -CZR RESOURCES LTD

Exploration Activity Progress Update

Best hit: 9m @ 2.67 g/t Au from 166m incl. 6m @ 3.82 g/t (26TCRC005)

A$47M

1.6x upside

Share Price: A$0.195 · A$47M

Fair Value: A$0.249–0.373 · A$60M–A$90M

🔥Massive UpsideCuCopper

PAT -PATRIOT RESOURCES LIMITED

Maiden Drilling Confirms High-Grade Copper Discovery Zambia

Best hit: 1m @ 2.56% Cu, 62.3g/t Ag, 0.76% Zn from 55m (TBRC03)

A$21M

3.1x upside

Share Price: A$0.070 · A$21M

Fair Value: A$0.167–0.267 · A$50M–A$80M

📉PassAgSilver

LU7 -LITHIUM UNIVERSE LIMITED

Silver Extraction Delamination Testwork

Best hit: No drill results — bench-scale microwave delamination testwork only

A$10M

0.35x upside

Share Price: A$0.006 · A$10M

Fair Value: A$0.001–0.003 · A$2M–A$5M

EMH -EUROPEAN METALS HOLDINGS LIMITED

Tunnel Kiln Testwork Points to Potential U$112m Capex Saving

Resource: 748Mt @ 0.19% Li — Proven/Probable Reserve 54.4Mt @ 0.58% Li₂O; DFS production 37,500 tpa battery-grade Li₂CO₃ over 28+ years

A$68M

2.06x upside

Share Price: A$0.285 · A$68M

Fair Value: A$0.503–0.671 · A$120M–A$160M

EVR -EV RESOURCES LTD

Plant Production Timeline Pathway and Los Lirios Results

Best hit: 2.2m @ 5.2% Sb (Cofradia channel sample, adit — not drill intercept)Resource: No JORC resource — exploration target only, maiden MRE "underway"

A$18M

0.62x upside

Share Price: A$0.006 · A$18M

Fair Value: A$0.003–0.005 · A$8M–A$14M

ITM -ITECH MINERALS LTD

Exceptional Gold-Antimony Results in Solis at Reynolds Range

Best hit: (soil):* 12.1 g/t Au (SS26002, Sabre) & 9.1% Sb (FS26070, Falchion) — soil samples, not drill intercepts

A$9M

3.61x upside

Share Price: A$0.037 · A$9M

Fair Value: A$0.103–0.164 · A$25M–A$40M

NXM -NEXUS MINERALS LIMITED

Nexus Move to 100% Ownership of the Pinnacles Gold Project

Best hit: N/A — corporate transaction, no new drill resultsResource: 609,000t @ 4.0 g/t Au for 78,000oz (JORC 2012; O/P + U/G combined); U/G only: 450,000t @ 4.6 g/t Au for 66,000oz

Share Price: A$0.048 · A$29M

Fair Value: A$0.036–0.058 · A$22M–A$35M

📉PassCuCopper

AQD -AUSQUEST LIMITED

Copper confirmed at Playa Kali

Best hit: 10m @ 0.37% Cu from 176m (PKRC009)

A$72M

0.16x upside

Share Price: A$0.044 · A$72M

Fair Value: A$0.005–0.009 · A$8M–A$15M

OD6 -OD6 METALS LIMITED

SPECTACULAR GRADE & WIDTHS CONTINUES AT HORSESHOE

Best hit: 50m @ 63.9% CaF₂ (SE Wall, surface channel)Resource: No JORC resource yet — channel sampling only, pre-drill stage

A$41M

3.66x upside

Share Price: A$0.140 · A$41M

Fair Value: A$0.410–0.615 · A$120M–A$180M

DES -DESOTO RESOURCES LIMITED

DeSoto-Fortuna Guinea Alliance Secures First Ground Package

Best hit: No drill results — zero exploration data disclosedResource: None. Tenure not yet converted to exploration permits; still reconnaissance authorisations/applications

A$32M

Share Price: A$0.115 · A$32M

Fair Value: A$0.054–0.125 · A$15M–A$35M

QPM -QPM ENERGY LIMITED

Appointment - Receivers/Managers and Voluntary Administrator

Best hit: N/A — no drill results; this is an insolvency appointmentResource: No mineral resource — gas processing and power dispatch operations

A$36M

Share Price: A$0.009 · A$36M

BMR -BALLYMORE RESOURCES LIMITED

Deep MT survey targeting Dittmer porphyry copper-gold system

Best hit: Channel sample avg 104.3 g/t Au, 33.5 g/t Ag, 1.45% Cu (remnant pillars, underground — not drill intercepts)Resource: No JORC resource yet — maiden MRE targeted Q4 2026 pending 3,000m drill program

A$33M

0.91x upside

Share Price: A$0.135 · A$33M

Fair Value: A$0.082–0.164 · A$20M–A$40M

VRL -VERITY RESOURCES LIMITED

New Gold Intrusive Target at Monument Project, Laverton

Resource: 2.5Mt @ 1.72 g/t Au for 137,700oz (JORC 2012; 66koz Indicated + 72koz Inferred, Korong/Waihi)

A$7M

3.29x upside

Share Price: A$0.014 · A$7M

Fair Value: A$0.036–0.056 · A$18M–A$28M

⚖️Fair ValueLiLithium

ASN -ANSON RESOURCES LIMITED

Secures Strong Support from US Congress Reps for DoE Grants

Best hit: N/A — no drill resultsResource: Not disclosed in this announcement; demonstration plant (100 t/yr) not yet funded

A$70M

1.04x upside

Share Price: A$0.043 · A$70M

Fair Value: A$0.037–0.052 · A$60M–A$85M

MRD -MOUNT RIDLEY MINES LIMITED

Mount Ridley Secures CSIRO Co-Funding for Scandium Research

Best hit: No new drill results — announcement is a $104K CSIRO desk studyResource: 367.98Mt @ 57.2ppm Sc (18,555t Sc metal); 122.5Mt @ 889ppm TREO (41% HREO); 838.7Mt @ 29.3ppm Ga — all 100% Inferred

0.86x upside

Share Price: A$0.022 · A$29M

Fair Value: A$0.011–0.027 · A$15M–A$35M

⚖️Fair ValueCuCopper

FMR -FMR RESOURCES LIMITED

New Structural Corridors and Intrusive Targets Defined

A$23M

Best hit: No drill results — geophysics-only announcement

Share Price: A$0.360 · A$23M

Fair Value: A$0.235–0.470 · A$15M–A$30M

EVR -EV RESOURCES LTD

High-Grade Antimony-Gold Target Defined at Nevada Project

Best hit: 0.415 ppm Au (soil sample D-094) + 2,080 ppm Sb — surface soil, not drill intercept

A$18M

0.25x upside

Share Price: A$0.006 · A$18M

Fair Value: A$0.001–0.002 · A$3M–A$6M

🔥Massive UpsideCuCopper

TG1 -TECHGEN METALS LTD

Blue Devil Earthworks Completed & New Gossan Encountered

Resource: None — maiden drill campaign imminent, first-ever drill test of both targets

A$10M

4x upside

Share Price: A$0.022 · A$10M

Fair Value: A$0.066–0.110 · A$30M–A$50M

⚖️Fair ValueCuCopper

AUQ -ALARA RESOURCES LIMITED

54th Copper Concentrate Shipment Dispatched from Sohar Port

Best hit: N/A — operational shipment announcement, no drill resultsResource: Small operating mine; ~600t Cu shipped across 3 recent parcels

A$36M

0.97x upside

Share Price: A$0.045 · A$36M

Fair Value: A$0.037–0.050 · A$30M–A$40M

E25 -ELEMENT 25 LIMITED

Revised Terms Agreed for US$166M HPMSM U.S. DoE Grant

Resource: Butcherbird world-scale manganese deposit (JORC); BBX expansion underpins long-term feedstock security

A$75M

2.33x upside

Share Price: A$0.230 · A$75M

Fair Value: A$0.460–0.613 · A$150M–A$200M

KZR -KALAMAZOO RESOURCES LIMITED

High-Grade Drilling Reinforces Mt Olympus

Best hit: 60.0m @ 1.3 g/t Au from 51m (KARCD0165)Resource: 1.44Moz Au (Feb 2023 MRE — Indicated + Inferred, Mt Olympus + Peake; updated MRE targeted Q4 2026)

A$46M

2.28x upside

Share Price: A$0.147 · A$46M

Fair Value: A$0.289–0.385 · A$90M–A$120M

GA8 -GOLDARC RESOURCES LIMITED

Mt Stirling Well Delivers Strongest Results to Date

Best hit: 4m @ 9.24 g/t Au from 16m incl. 1m @ 27.5 g/t Au (26BSWRC1021)Resource: Mt Stirling Well — 198kt @ 2.3 g/t Au (15,000 oz) JORC Inferred; Mt Stirling resource separately defined (grade control ongoing)

A$40M

0.87x upside

Share Price: A$0.057 · A$40M

Fair Value: A$0.036–0.064 · A$25M–A$45M

HMX -HAMMER METALS LIMITED

Unsolicited, Non-binding Proposal from Austral Resources

Best hit: N/A — Corporate announcement, no drill resultsResource: Not disclosed in this announcement

A$49M

1.7x upside

Share Price: A$0.054 · A$49M

Fair Value: A$0.089–0.097 · A$80M–A$87M

FGH -FORESTA GROUP HOLDINGS LIMITED

FGH Secures Key US Patent Allowance for Production Process

Best hit: N/A — No drill results, no resource, no mining activity

Share Price: A$0.011 · A$29M

📉PassCGraphite

KNG -KINGSLAND MINERALS LTD

Kingsland Receives R&D Tax Incentive for 2024 FY

Best hit: N/A — no drilling results reportedResource: 192.5Mt @ 7.2–7.9% TGC (Indicated 12.3Mt + Inferred 180.2Mt) = ~14.0Mt contained graphite

A$4M

1.12x upside

Share Price: A$0.050 · A$4M

Fair Value: A$0.037–0.075 · A$3M–A$6M

VMC -VENUS METALS CORPORATION LIMITED

RC Drilling commences at Bellchambers Gold Project

Best hit: No new drill results — announcement is drilling commencement onlyResource: 766,000t @ 1.27 g/t Au for 31,400 oz (Measured/Indicated/Inferred) + Exploration Target of 800–950kt @ 1.75–2.00 g/t for 45–60koz

A$61M

0.18x upside

Share Price: A$0.295 · A$61M

Fair Value: A$0.039–0.068 · A$8M–A$14M

ACS -ACCENT RESOURCES NL

Binding Agreement for Strategic Sale of Norseman Gold Assets

Best hit: N/A — corporate transaction, no drill results

A$12M

1x upside

Share Price: A$0.025 · A$12M

Fair Value: A$0.021–0.029 · A$10M–A$14M

NES -NELSON RESOURCES LIMITED.

Board Changes & Gold Point Update

Best hit: 77.9 g/t Au & 46.1 g/t Ag over 1m (channel sample, Orleans 300' level — prior announcement, NOT this drill program)

A$10M

0.6x upside

Share Price: A$0.004 · A$10M

Fair Value: A$0.001–0.003 · A$4M–A$8M

🔥Massive UpsideCuCopper

SNX -SIERRA NEVADA GOLD INC.

First Drill Results from As Safra, KSA

Best hit: 17m @ 1.26% Cu from 25m incl. 3m @ 4.59% Cu from 38m (ASDD0002)Resource: None yet — maiden drill program, 5,400m Phase 1 complete

A$39M

2.95x upside

Share Price: A$0.080 · A$39M

Fair Value: A$0.185–0.287 · A$90M–A$140M

⚖️Fair ValueCuCopper

DLY -DALY RESOURCES LIMITED

Daly Awarded $150,000 NT Government Co-Funding

Best hit: No drill results — pre-drilling stageResource: None. Zero resources across entire portfolio.

A$18M

0.83x upside

Share Price: A$0.200 · A$18M

Fair Value: A$0.111–0.222 · A$10M–A$20M

CG1 -CARBONXT GROUP LIMITED

CG1 Strengthens Balance Sheet to Support Kentucky Growth

Best hit: N/A — no drill results; this is a balance sheet restructuring announcementResource: No mineral resource — manufacturing/processing operation

0.78x upside

Share Price: A$0.068 · A$29M

Fair Value: A$0.047–0.059 · A$20M–A$25M

BAK -BARKLY RARE EARTHS LIMITED

10,000m Drill Program on Site Update

Best hit: No new drill results — mobilisation/progress update onlyResource: 40 Mt @ 2,100 ppm TREO (710 ppm MREO), Inferred only — 82,000t contained TREO; JORC 2012 compliant, 430 ppm NdPr cutoff

A$16M

2.81x upside

Share Price: A$0.200 · A$16M

Fair Value: A$0.438–0.688 · A$35M–A$55M

PR1 -PURE RESOURCES LIMITED

Major Milestone CNTF Fabric Manufacturing Achieved

Best hit: No drill results — this is a materials science/IP announcementResource: None declared for any commodity

Share Price: A$0.410 · A$29M

Fair Value: A$0.092–0.184 · A$7M–A$13M

NPM -NEWPEAK METALS LIMITED

First Hole Discovers Large Scale Gold Zinc and Silver System

Best hit: 84m @ 0.72g/t AuEq (0.50g/t Au, 0.60% Zn, 4.01g/t Ag) from 20m (26-LODH-023)

A$5M

4.8x upside

Share Price: A$0.015 · A$5M

Fair Value: A$0.054–0.090 · A$18M–A$30M

💎UndervaluedAgSilver

ILT -ILTANI RESOURCES LIMITED.

Further Orient West high-grade silver-indium mineralisation

Best hit: 1m @ 192 g/t Ag, 925 g/t In, 13.9% Zn (1,390 g/t AgEq) from 104m (ORR148)Resource: Existing JORC resource under active infill upgrade; category uplift (Inferred→Indicated) expected post 110-hole RC program

A$32M

2.03x upside

Share Price: A$0.400 · A$32M

Fair Value: A$0.688–0.938 · A$55M–A$75M

AUZ -AUSTRALIAN MINES LIMITED

Boa Vista Expands with 14 Prospective Gold Targets

Best hit: 195.3 g.m (gram-metres composite — NOT a discrete intercept)

A$43M

0.99x upside

Share Price: A$0.020 · A$43M

Fair Value: A$0.014–0.026 · A$30M–A$55M

📉PassAgSilver

DBO -DIABLO RESOURCES LIMITED

Critical Minerals Drill Program to Commence at Star Range

Best hit: No drill results — pre-maiden drill program announcement only

A$4M

0.75x upside

Share Price: A$0.014 · A$4M

Fair Value: A$0.007–0.014 · A$2M–A$4M

USM -UNION STAR METALS LTD

Binding Option Agreement for Sale of Kalgoorlie Gold Project

Best hit: N/A — no drill results reportedResource: None. Milestone payments contingent on Lionex defining 250–500koz @ ≥1.2 g/t Au at Kalgoorlie — a target USM itself never achieved

A$5M

0.12x upside

Share Price: A$0.009 · A$5M

Fair Value: A$0.001–0.002

AVM -ADVANCE METALS LIMITED

Myrtleford and Beaufort Gold Exploration Update

Best hit: 1.8m @ 15.2 g/t Au from 132.3m (AMD029A, incl. 0.2m @ 131.5 g/t Au)

A$36M

0.83x upside

Share Price: A$0.075 · A$36M

Fair Value: A$0.042–0.083 · A$20M–A$40M

DAL -DALAROO METALS LTD

Blue Lagoon Mapping Defines Fertile Rare Earth Source Rocks

Best hit: 0.81% TREO (peak surface sediment grab sample, 2025)

A$26M

0.44x upside

Share Price: A$0.074 · A$26M

Fair Value: A$0.023–0.043 · A$8M–A$15M

🔥Massive UpsideAgSilver

BMR -BALLYMORE RESOURCES LIMITED

Torpys Discovery Grows as Drilling and Field Work Delivers

Share Price: A$0.120 · A$29M

3.45x upside

Fair Value: A$0.331–0.497 · A$80M–A$120M

💎UndervaluedAgSilver

FG1 -FLYNN GOLD LIMITED

Drilling Confirms Strike-Extensive Silver System

Best hit: 0.4m @ 3,088 g/t AgEq (2,450 g/t Ag, 29.5% Pb, 9.0% Zn) from 101.2m (SKDD001)

A$11M

2.18x upside

Share Price: A$0.018 · A$11M

Fair Value: A$0.029–0.049 · A$18M–A$30M

💎UndervaluedUUranium

NRX -NORONEX LIMITED

Drilling in Namibia Confirms Broad Uranium Intersections

Best hit: 4m @ 270 ppm U₃O₈ from 78m (ODC008)Resource: None — maiden scout program only; adjacent Bannerman Etango = 416Mt @ 225 ppm

A$6M

2.33x upside

Share Price: A$0.009 · A$6M

Fair Value: A$0.015–0.027 · A$10M–A$18M

CRS -CAPRICE RESOURCES LTD

West Arunta Divestment Completed

Best hit: N/A — corporate/divestment announcement, no drill results

A$71M

0.99x upside

Share Price: A$0.082 · A$71M

Fair Value: A$0.069–0.092 · A$60M–A$80M

HTM -HIGH-TECH METALS LTD

Mt Fisher Drilling Returns Multiple High-Grade Gold Results

Best hit: 2m @ 5.49 g/t Au from 181m (26MFRC005)Resource: 464kt @ 2.32 g/t Au for 35koz (JORC 2012, Mt Fisher only) + 75koz Dam-Damsel = ~110koz total portfolio

A$27M

0.93x upside

Share Price: A$0.255 · A$27M

Fair Value: A$0.170–0.302 · A$18M–A$32M

RGL -RIVERSGOLD LIMITED

Mining Lease Granted at Kalgoorlie Gold Project

Best hit: No drill results reportedResource: No JORC resource estimate — only vague reference to "600m wide × 500m deep gold mineralised porphyry" from prior drilling

A$23M

0.48x upside

Share Price: A$0.010 · A$23M

Fair Value: A$0.004–0.006 · A$8M–A$14M

GRE -GREENTECH METALS LIMITED

GreenTech readies for Munni Munni and Whundo drill program

A$22M

Best hit: No new drill results — mobilisation/planning announcement onlyResource: Historical estimate only — NOT JORC 2012 compliant; formal resource re-estimation in progress

Share Price: A$0.060 · A$22M

Fair Value: A$0.041–0.076 · A$15M–A$28M

M24 -MAMBA EXPLORATION LIMITED

Mamba Significantly Expands Au and Cu Exploration Potential

Best hit: No drill results — pre-RC drilling stageResource: None. Zero JORC resource across all projects.

A$7M

0.64x upside

Share Price: A$0.015 · A$7M

Fair Value: A$0.006–0.013 · A$3M–A$6M

SBR -SABRE RESOURCES LIMITED

Prospectus

Best hit: No drill results disclosed

A$4M

Share Price: A$0.007 · A$4M

💎UndervaluedCuCopper

ERL -EMPIRE RESOURCES LIMITED

Yuinmery April 2026 RC Drilling Program Preliminary Results

Best hit: 8m @ 5.33% Cu & 0.57g/t Au from 72m — Just Desserts transition zone (YRC26-11 inc. 4m @ 8.34% Cu, 1.07g/t Au)Resource: JORC 2012 — 3.59Mt @ 1.25% Cu & 0.46g/t Au (Just Desserts + A-Zone, 0.5% Cu cutoff) = ~44,900t Cu + ~53,000oz Au in-situ

A$13M

2.12x upside

Share Price: A$0.006 · A$13M

Fair Value: A$0.009–0.016 · A$20M–A$35M

📉PassCGraphite

TON -TRITON MINERALS LTD

Completion delay and issue of default notice

Best hit: N/A — no drill results in this announcementResource: N/A — assets subject to failed sale process

A$5M

Share Price: A$0.003 · A$5M

📉PassZnZinc

VAR -VARISCAN MINES LIMITED

Termination of the BMEx Term Sheet

Best hit: N/A — no drilling results disclosedResource: None — transaction terminated before earn-in commenced

A$6M

Share Price: A$0.004 · A$6M

Fair Value: A$0.030–0.080 · A$45M–A$120M

NSM -NORTH STAWELL MINERALS LTD

NSM Further Defines Gold Footprint Along Corridor Nth of SGM

Best hit: 3m @ 1.70 g/t Au from 35m (NSAC0604), inc. 1m @ 2.75 g/t AuResource: None — early-stage air core only

A$7M

1.07x upside

Share Price: A$0.020 · A$7M

Fair Value: A$0.014–0.029 · A$5M–A$10M

SLB -STELAR METALS LIMITED

Additional Tungsten Discovered at Hill of Leaders Project

Resource: None. Zero bedrock drilling conducted — pure greenfields.

A$8M

4.37x upside

Share Price: A$0.125 · A$8M

Fair Value: A$0.391–0.703 · A$25M–A$45M

FRB -FIREBIRD METALS LIMITED

International Customer Testing Confirms 99.99% MnSO4

A$28M

Best hit: N/A — processing/technology announcement, no drill resultsResource: Oakover 176.7 Mt @ 9.9% Mn (Indicated + Inferred); Hill 616 57.5 Mt @ 12.2% Mn (Inferred)

Share Price: A$0.155 · A$28M

Fair Value: A$0.111–0.194 · A$20M–A$35M

SNM -SENTINEL METALS LIMITED

Sentinel to acquire the 1.0Moz Big Springs Gold Project

Best hit: 17.7m @ 33.4 g/t Au (SCC-1483, historical underground)Resource: 15.5Mt @ 2.0 g/t Au for 1.01Moz (JORC 2012; 130koz Measured, 430koz Indicated, 460koz Inferred — Inferred-heavy at 46%)

A$65M

1.73x upside

Share Price: A$0.620 · A$65M

Fair Value: A$0.906–1.24 · A$95M–A$130M

ESR -ESTRELLA RESOURCES LIMITED

Timor Exploration Update - High Grade Manganese Rock Chips

Best hit: 57.8% Mn (rock chip, ESR006053, Leuro)

A$51M

0.25x upside

Share Price: A$0.023 · A$51M

Fair Value: A$0.004–0.008 · A$8M–A$18M

ORD -ORDELL MINERALS LIMITED

Extensive Gold Anomalism at Goodia and Fisher South Projects

Best hit: 14m @ 0.15 g/t Au from 45m (26FSAC021, EOH — no continuation)

A$33M

0.35x upside

Share Price: A$0.440 · A$33M

Fair Value: A$0.107–0.200 · A$8M–A$15M