16th January 2026 Australasia Newsletter
16th January 2026 Australasia Newsletter
Mergers & Acquisitions
QGold ups Venus offer
Private Queensland company QGold has increased its on-market takeover offer for Venus Metals Corporation (ASX: VMC) from A17c per share to A21c per share. QGold holds 26.4% of Venus. Venus has told shareholders to reject the updated offer on the grounds the price represents an “inadequate premium”.
Financings
Unity completes IPO
Unity Metals (ASX: UM1) raised A$8.6 million in an initial public offering and listed on the ASX on Monday. The stock has traded as much as 40% above its A20c issue price this week. Unity has gold projects in Cambodia and Thailand.
Iron Ore Headlines
Rio and BHP explore JV
Rio Tinto (ASX/LSE: RIO) and BHP (ASX: BHP) have agreed to work together to extract up to 200Mt of iron ore at their neighbouring Yandicoogina and Yandi iron ore operations in the Pilbara. The pair have signed two MoUs to explore collaboration on the development of Rio’s Wunbye deposit and the supply of BHP’s Yandi Lower Channel Deposit ore to Rio for processing at its existing wet plants under agreed commercial terms. The new opportunities build on a 2023 agreement between Rio and BHP to mine the Mungadoo Pillar, which allowed mining of ore from the shared tenure boundary that was previously inaccessible.
Gold Headlines
Record production for K92
K92 Mining Inc (TSX: KNT) reported December quarter production of 44,129oz of gold, 1.94Mlb of copper and 47,427oz of silver from the Kainantu gold mine in Papua New Guinea. The result took full-year production to a record 174,134oz of gold equivalent, up 16% on 24% and at the upper end of guidance of 160,000-185,000oz AuEq. The new 1.2Mtpa Stage 3 plant has performed well with commissioning completed in December.
Solid quarter for Alkane
Alkane Resources (ASX: ALK) reported quarterly production of 43,663oz AuEq from the Tomingley and Costerfield mines in Australia and Bjorkdal in Sweden. The company reported closing cash and bullion of A$232 million, a A$58 million increase from September. Alkane also received an A$18 million provisional payment in early January from a Costerfield concentrate shipment that shipped in mid-December with payment receipt delayed due to the Christmas holidays. The company is debt-free apart from an equipment finance facility of A$22 million. The company sold 42,709oz of gold and 409t of antimony. Alkane reiterated its FY26 guidance of 160,000-175,000oz AuEq oz at AISC of A$2600-2900/oz AuEq.
Record production for Catalyst
Catalyst Metals (ASX: CYL) reported record quarterly gold production of 28,176oz at AISC of A$2565/oz from the Plutonic mine in WA. The company reiterated FY26 guidance of 100,000-110,000oz of gold at AISC of A$2200-2650/oz. Operating cashflow (after all sustaining capital and corporate costs) for the quarter was A$74 million. Cash and bullion at quarter end was A$238 million.
Emerald reports early production
Emerald Resources (ASX: EMR) reported December quarter production of 25,030oz of gold with gold poured of 21,372oz from the Okvau mine in Cambodia. Gold sales for the quarter were 20,410oz at an average of US$4118/oz. Indicative AISC for the December quarter is expected to be materially in line with the upper end of guidance of US$900-1000/oz. Cash, bullion and listed investments at the end of December was A$372.7 million.
Kingsgate on track
Kingsgate Consolidated (ASX: KCN) reported December quarter production of 20,957oz of gold and 157,542oz from the Chatree mine in Thailand. It represents the fourth consecutive quarter of over 20,000oz of gold produced, and took total production for the first half of FY26 to 44,879oz of gold and 363,382oz of silver. Total cash, bullion and doré for the quarter at the end of December stood at A$179 million, representing a 56% increase from the September quarter.
Strong sales for Beacon
Beacon Minerals (ASX: BCN) reported gold production of 7310oz of gold for the December quarter from its WA assets. Gold sales for the quarter were 8350oz at an average sale price of A$6403/oz for revenue of A$53.47 million. The company had 3675oz of gold held at the Perth Mint at the end of December and 1031oz of gold in transit. A fully franked dividend of A4c per share and a fully franked special dividend of A1c per share were paid on December 18. The company also reported new results from Iguana including 11m at 16.25g/t gold from 73m, including 1m at 31.5g/t gold, 1m at 91g/t gold and 1m at 51.6g/t gold.
Brightstar updates resource, gets approval
Brightstar Resources (ASX: BTR) has updated the resource for its Lord Byron deposit in WA by 6% to 5.4Mt at 1.5g/t gold for 267,000oz of gold, ahead of a final investment decision later this quarter. Separately, the company received approval from for the mining development and closure proposal for the Lady Shenton open pit mine. Both deposits are part of the 1.6Moz Goldfields Hub.
Copper Headlines
Revolver releases restart study
Revolver Resources Holdings (ASX: RRR) has released a restart study for its Diane copper mine in Queensland. Capital costs were forecast at A$19.7 million for a heap leach and solvent extraction electrowinning operation to produce roughly 14,300t of Grade-A copper cathode over four years. Based on a copper price of US$10,500/t, the project would generate revenue of A$229 million and pre-tax cashflow of A$125.7 million. The project has an NPV10 of A$69 million and an IRR of 35%.
Critical Minerals Headlines
Lynas boss to step down
Amanda Lacaze will step down as managing director and CEO of Lynas Rare Earths (ASX: LYC) by the end of June. Lacaze said she’d loved every day of her 12 years at Lynas but it was the right time to make the transition. “It has been a great privilege to lead the company from a troubled startup to an ASX50 company. I am extremely proud of our achievements over this time. I am leaving the company in good hands with a fabulous team with unique skills and know-how, and a balance sheet to support future growth plans,” she said. The search process for her replacement will consider both internal and external candidates.
VHM scraps offtake
VHM (ASX: VHM) has terminated an offtake agreement with China’s Shenghe Resources as all the conditions precedent had not been met. The company said it would engage with a broad range of global partners in the critical minerals sector in response to inbound interest for offtake from the Goschen rare earths and mineral sands project in Victoria, which is targeting first production by the end of 2027. VHM has appointed Macquarie Capital as its financial advisor to lead the discussions with offtake and potential project partners for the development of Goschen.
RareX granted mining lease
RareX (ASX: REE) has been granted a mining lease for its Cummins Range rare earths-phosphate-gallium-scandium project in WA. “The granting of the mining lease is a pivotal milestone for RareX, noting that mining approvals are often the longest‑lead and highest‑risk component of project development,” RareX managing director and CEO James Durrant said.
McLaren releases PFS
McLaren Minerals (ASX: MML) announced the outcomes of a prefeasibility study for the McLaren titanium project in WA. The project is set to generate A$2.78 billion in revenue and A$899.7 million in EBITDA over an initial 15.9-year mine life, with a payback of 3.7 years on the A$179.3 million capital cost. The study was based on an expanded resource of 529Mt at 4.5% heavy minerals, an ilmenite concentrate price of US$250 per dry metric tonne free-on-board and a non-magnetic concentrate price of US$366/dmt. The study returned a pre-tax NPV8 of A$252.2 million and IRR of 26%.
Gold Drilling
New Murchison Gold (ASX: NMG)
Reported high-grade gold results from recent drilling at the Lydia gold prospect, 800m west of its Crown Prince gold mine in WA. Results included 3m at 32.9g/t gold from 46m, including 1m at 62.4g/t gold; 9.1m at 10.3g/t gold from 89m, including 1m at 24.6g/t gold; 8m at 9.1g/t gold from 20m, including 4m at 16.7g/t gold; 21m at 3.4g/t gold from 117m, including 1m at 8.4g/t gold; and 12m at 5.5g/t gold from 48m, including 4m at 14.6g/t gold. The prospect sits on the same granted mining lease as Crown Prince and could be added to the production pipeline.
Ora Banda Mining (ASX: OBM)
Provided an update on continued drilling success at its Waihi project in WA, which has expanded the high-grade mineralisation area on the Golden Pole lode. Results included 7m at 27.4g/t gold, including 2m at 87.5g/t gold; 2.2m at 56.3g/t gold, including 1.8m at 67.7g/t gold; 2.2m at 36.9g/t gold, including 1.9m at 41.9g/t gold; 5m at 13.2g/t gold, including 2m at 24.6g/t gold; 3.2m at 13.9g/t gold, including 0.9m at 44.1g/t gold; 5m at 8.3g/t, including 1m at 29.6g/t gold; and 2m at 22.1g/t gold, including 1m at 40.8g/t.
Rumble Resources (ASX: RTR)
The first diamond drill hole completed at Western Queen Central in WA intersected high-grade gold mineralisation beneath the historical underground stopes, returning an intercept of 5.8m at 30.72g/t gold from 314.6m. Drilling at Western Queen South returned multiple high-grade gold intercepts including 22.7m at 2.84g/t gold from 203.3m, including 7.2m at 6g/t gold; 11m at 3g/t gold from 247m, including 4m at 6.7g/t gold; and 12m at 3.4g/t gold from 283m, including 3m at 7.03g/t gold.
QMines (ASX: QML)
The maiden drilling program at Mount Mackenzie in Queensland has returned 9m at 7.78g/t gold and 39.39g/t silver within 15m at 5.1g/t gold and 34.05g/t silver from 17m; 2m at 16.01g/t gold and over 100g/t silver within 18m at 3.4g/t gold and 28.34g/t silver from 36m; 8m at 5.29g/t gold and 22.11g/t silver within 15m at 3.59g/t gold and 24.91g/t silver from 20m; and 5m at 5.5g/t gold and 41.64g/t silver within 17m at 2.36g/t gold and 16.45g/t silver from 4m. Further assays are pending.
High-Tech Metals (ASX: HTM)
Reported initial assay results from infill drilling at the high-grade Wagtail gold deposit, part of the Mt Fisher-Mt Eureka project in WA. Multiple shallow high-grade intercepts were reported including a 6m at 28.96g/t gold from 31m, including 1m at 171.35g/t gold; and 8m at 1.52g/t gold from 47m, including 1m at 9.31g/t gold. Wagtail has a resource of 63,000t at 7.11g/t for 14,600oz of gold.
Sunshine Metals (ASX: SHN)
RC results were received from a further 30 holes at Liontown in Queensland. Best intercepts included 4m at 17.65g/t gold and 402g/t silver from 25m, including 1m at 23.2g/t gold; 8m at 6.16g/t gold and 37g/t silver from 3m; 4m at 9.49g/t gold and 128g/t silver from 20m; 5m at 6.92g/t gold and 77g/t silver from 16m; and 2m at 16.75g/t gold and 52g/t silver from 17m, including 1m at 23.2g/t gold. Drilling also returned the highest silver grades recorded to date at Liontown, including 5m at 0.86g/t gold and 1870g/t silver from 33m; 8m at 7.31g/t gold and 1321g/t silver from 10m, including 3m at 6.78g/t gold and 2410g/t silver; and 2m at 7.65g/t gold and 1198g/t silver from 39m.
Far East Gold (ASX: FEG)
Reported the results of the fifth diamond hole at the Sua prospect, part of the Idenburg gold project in Indonesia. Results included 1.7m at 8.55g/t gold from 14.4m, including 0.7m at 20.28g/t gold; 4.85m at 49.47g/t gold from 73.85m), including 3.85m at 62.12g/t gold and 1m at 93g/t gold and 0.55m at 175g/t gold; 0.5 at 11.2g/t gold from 96.15m; and 0.8m at 5.51g/t gold from 112.9m.
Lunnon Metals (ASX: LM8)
Announced multiple high-grade results from the Lady Herial deposit, part of the Kambalda project in WA. New results included 13m at 9.41g/t gold from 56m; 13m at 4.88g/t gold from 62m; 11m at 3.81g/t gold from 59m; and 7m at 7.73g/t gold from 68m. The company said the results pointed to tangible upside on Upper Structure beyond current open pit plans.
Silver Drilling
Ballymore Resources (ASX: BMR)
Assays from a hole at Torpy’s in Queensland confirmed visual estimates and returned the richest drill intersection to date of 23m at 215.6g/t silver, 8.55% lead and 1.99% zinc from 130m, including 10m at 483.2g/t silver, 19.35% lead, 2.82% zinc and 16.5g/t indium, including 7m at 650.7g/t silver, 25.37% lead, 3.01% zinc and 14.2g/t indium from 132m. Maximum individual 1m sample results include 987g/t silver, 38.59% lead, 11.98% zinc and 82.95g/t indium, as well as 0.247g/t gold and 0.58% copper.
Iltani Resources (ASX: ILT)
Received assay results from the final holes drilled in 2025 at the Orient project in Queensland. Results included 10m at 111.7g/t silver, 44.1g/t indium, 2.2% lead and 2.1% zinc from 104m, including 5m at 200.4g/t silver, 85.4g/t indium, 3.8% lead and 3.6% zinc, including 1m at 437.2g/t silver, 265.2g/t indium, 8.1% lead and 10.4% zinc from 110m; 22m at 50.7g/t silver, 13.4g/t indium, 1.1% lead and 1.2% zinc from 127m, including 4m at 183.1g/t silver, 61.1g/t indium, 3.7% lead and 3.5% zinc. o Mineralisation remains open down-dip and along strike and will be a priority target when drilling restarts after the wet season in 2026.
Copper Drilling
Erdene Resource Development (TSX: ERD)
Intersected 65m averaging 0.63% copper and 2.9g/t silver mineralisation, including 30m at 1.25% copper and 6.1g/t silver at the Khuvyn Khar prospect in Mongolia. The mineralised zone extends from 238m downhole, ending in mineralization at 450m, characterised by moderate to intense potassic alteration with associated copper mineralisation. The hole is 3km from the Zuun Mod molybdenum-copper deposit and interpreted to be part of the same porphyry system.
Critical Minerals Drilling
WA1 Resources (ASX: WA1)
Infill drilling in the south of Luni in WA delivered further high-grade niobium intersections, including: 16m at 5.6% niobium pentoxide from 62m; 9.4m at 9.3% niobium pentoxide from 44.6m; 10.7m at 6.1% niobium pentoxide from 65.3m; 31.5m at 2.6% niobium oxide from 74.5m; 20.8m at 3% niobium pentoxide from 38.9m; 10.1m at 4.8% niobium pentoxide from 61.9m; and 16.9m at 3.5% niobium pentoxide from 50m. Assay results from the east of Luni have extended mineralisation over 400m beyond the current resource envelope, including 28m at 2.5% niobium pentoxide from 32m to the end of hole, including 17m at 3.8% niobium pentoxide; 29m at 1.4% niobium pentoxide from 103m to the end of hole, including 14m at 2.5% niobium pentoxide.
Wildcat Resources (ASX: WC1)
Drilling at the Bolt Cutter Central discovery in WA’s Pilbara intercepted lithium mineralisation over more than 2km in a north-westerly orientation and up to 800m in a north-easterly orientation, a more than 40% increase, and remains open in most directions. New results included 4m at 1.02% lithium oxide from 164m; 6m at 0.99% lithium oxide from 80m; 12m at 0.78% lithium oxide from 39m; and 5m at 0.97% lithium oxide from 75m.
Kristie Batten
Kristie is an award-winning journalist with over 17 years of experience covering the mining industry. She is a regular contributor to a number of leading global mining publications and is a member of the steering committee of the Melbourne Mining Club.
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