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The latest announcement is out from Alchemy Resources Limited ( (AU:ALY) ).
Alchemy Resources advanced exploration across its Western Australian and New South Wales portfolio in the March quarter, highlighted by Newcam Minerals exercising an option to earn 60% of the Bryah Basin iron ore assets, with Alchemy retaining a 40% free-carried interest to a decision to mine. Recent high-grade iron ore drilling at Valley Bore and strong geophysical anomalies at the Yellow Mountain copper project underpin a growing pipeline of drill targets and potential development options.
The company also agreed to sell its Karonie and Lake Rebecca gold projects to Forrestania Resources for shares valued at $5 million plus a 1% net smelter royalty, strengthening its balance sheet and allowing greater focus on priority assets such as Yellow Mountain and Overflow. Meanwhile, a modest lithium-focused drilling program at Roe Hills under the JOGMEC joint venture intersected only narrow pegmatites, leading to the conclusion of that program without expansion, as Alchemy refines capital allocation across its diversified exploration portfolio.
More about Alchemy Resources Limited
Alchemy Resources Limited is an Australian mineral explorer focused on gold, base metals, lithium and iron ore projects across Western Australia and New South Wales. Its portfolio includes interests in the Bryah Basin iron ore and gold projects, the Lachlan copper-gold-base metals projects, and joint ventures such as Roe Hills with JOGMEC, targeting diversified discovery and development opportunities.
Average Trading Volume: 1,645,176
Technical Sentiment Signal: Sell
Current Market Cap: A$10.69M
For detailed information about ALY stock, go to TipRanks’ Stock Analysis page.