Highlights

  • Alchemy Resources formalises a JV with Newcam Minerals, keeping a 40% interest free-carried through all costs until a decision to mine.
  • A five-year feasibility deadline protects Alchemy: if Newcam does not complete a study within that window, it is deemed to have withdrawn.
  • First-pass RC drilling at Valley Bore returned 50 metres at 62.5% iron from 17 metres in the headline result.
  • The JV covers four tenements close to the Great Northern Highway, with access to Port Geraldton and Port Hedland.

Signing a joint venture term sheet is one thing; executing the binding agreement is quite another. Alchemy Resources (ASX:ALY) has now done the latter, formalising a deal with private company Newcam Minerals over its Bryah iron ore assets in the Meekatharra region of Western Australia. The structure gives Alchemy a 40% interest without contributing to costs until a mining decision is reached.

Deal Structure

Newcam Minerals has earned a 60% interest and will manage the joint venture, funding all exploration and study costs through to a decision to mine. Alchemy's free-carry arrangement means the company retains meaningful exposure to an iron ore discovery without requiring repeated equity raisings for Bryah work. The agreement follows a binding term sheet signed in October 2025 and Newcam's exercise of its option over the iron ore rights in April 2026.

Two protective clauses favour Alchemy. First, a five-year feasibility deadline means that if Newcam fails to complete a study within that window from the option exercise date, it is deemed to have withdrawn — preventing the ground from sitting idle indefinitely. Second, if Alchemy's interest is diluted below 5% after a mining decision, its stake converts to a 3% gross revenue royalty.

Geology and Early Drilling

The JV covers tenements M52/844-I, E52/4090, E52/4088 and P52/1686, including the Valley Bore and Old Highway prospects. The ground sits close to the Great Northern Highway, which links to Port Geraldton and Port Hedland. A first-pass RC programme of 15 holes for 1,027 metres at Valley Bore's Southern Ridge in late 2025 returned the headline result: 50 metres at 62.5% iron from 17 metres, with internal zones grading above 63–66% iron on a calcined basis. Mineralisation is interpreted to extend from surface to at least 50 metres vertical depth and remains open along strike and at depth. Mapped banded iron formation ridges span combined strike of more than 2,000 metres.

These are early exploration results only. No mineral resource has been estimated, the announcement does not confirm true widths, and a single shallow programme does not establish sufficient tonnage or continuity for a mining operation.

Why Newcam as Operator

Alchemy describes Newcam as holding gold and iron ore assets in Western Australia's Mid-West, and as having taken the Mt Gould iron ore mine from orebody development through to mining, haulage and export via Geraldton. Newcam also operates its own drilling, mining and haulage fleet. For a small explorer, partnering with a proven iron ore operator can reduce the time spent on logistics — an area that often determines whether a modest deposit is viable. The trade-off is limited influence over budgets and work pace, which will follow Newcam's portfolio priorities.

Next Steps

The first joint venture management committee meeting was expected in late October 2026 to approve an exploration budget for the coming field season. Planned work includes flora and fauna surveys followed by further drilling. Chief executive James Wilson described the arrangement as creating a pathway for Newcam to fund feasibility work and ultimately a decision to mine at Bryah.