Australian Mines (ASX:AUZ) Share Price Falling Today: What Is Next for the Flemington Project?

Sonal Goyal

06 November 2026 09:31 PM AEDT

Australian Mines (ASX:AUZ) Share Price Falling Today: What Is Next for the Flemington Project?

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Key Highlights

Australian Mines (ASX:AUZ) shares finished the 6 November 2026 session at $0.14, down 12.50%.
The Flemington PFS reference case remains 60 tonnes a year of scandium oxide, with larger assessment cases up to 180 tonnes.
Completion of the integrated study is targeted for mid-Q1 2027.

During the Trading session on 6 November 2026, Australian Mines Limited (ASX:AUZ) shares finished at $0.14, down 12.50%, while the S&P/ASX 200 fell 0.49% to 9,020.80. Australian Mines is advancing its Flemington Scandium Project toward pre-feasibility and exploring the Boa Vista Gold Project in Brazil. Its latest update is the quarterly activities report dated 30 October 2026.

Latest Development: Quarterly Report (30 October 2026)

Australian Mines said a specialist consultant team has been appointed for the Flemington PFS, with integrated study completion targeted for mid-Q1 2027. The reference case remains 60 tonnes a year of scandium oxide, and the company said the larger scenarios up to 180 tonnes a year are assessment cases rather than production targets.

The company defined five priority scandium drill areas and finalised a planned 1,250-metre aircore program of about 50 holes to test prospective geology.

About the Company

Australian Mines is focused on scandium at Flemington and on gold exploration at Boa Vista in Brazil.

Sector Context

Scandium is used in aluminium alloys and solid oxide fuel cells, and Supply is limited. Development of new scandium projects is at an early stage globally, and offtake interest and pricing are key factors for project economics.

Risks to Watch

The PFS is still in progress and its results may differ from the reference case. Scandium markets are small and prices can be uncertain, and the company will need funding for development. Exploration at Boa Vista may not confirm gold targets.

What Lies Ahead

Investors will be watching for the PFS completion in early 2027, the aircore results from the five priority areas and any update on Boa Vista exploration.

Final Word

The quarterly report confirms the PFS timetable and the drilling plan for the scandium targets. Results from the drilling and study will show whether the reference case can be supported.

FAQs

Q: What is the reference case for Flemington?

A: 60 tonnes a year of scandium oxide.

Q: When is the PFS expected to be completed?

A: The integrated study is targeted for mid-Q1 2027.

Q: How many drill holes are planned?

A: About 50 aircore holes totalling 1,250 metres.

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