Axiant Resources (ASX:AXR) Completes $8m IPO and Defines New Drill Targets at Shoobridge

Sonal Goyal

28 October 2026 01:08 PM AEDT

Axiant Resources (ASX:AXR) Completes $8m IPO and Defines New Drill Targets at Shoobridge

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Key Highlights

Axiant raised $8.0 million at $0.20 per share through an IPO and began trading on the ASX on 2 September 2026.
IP surveys at Mt Shoobridge, completed between 17 September and 1 October, defined three additional areas for drill testing.
The PDIP survey identified chargeable zones centred at about 125 m depth on all four survey lines, which have not been drilled before.
Cash stood at $6.1 million at 30 September 2026, with exploration expenditure of $231,000 for the quarter.

Axiant Resources Limited (ASX:AXR) reported its first quarter as a listed company for the period ended 30 September 2026, covering an $8.0 million initial public offering and geophysical surveys at the Shoobridge Gold Project near Pine Creek in the Northern Territory. The company was admitted to the ASX Official List on 31 August 2026 and began trading on 2 September under the code AXR. Induced polarisation surveys were completed in early October, and the results released on 20 October defined new drill targets ahead of a maiden drilling program.

IPO and Admission to the ASX

Under a prospectus dated 16 July 2026, Axiant issued 40,000,000 shares at $0.20 each to raise $8,000,000 before costs, including a priority offer to eligible shareholders of Core Lithium Ltd (ASX:CXO). Argonaut Securities acted as lead manager. On completion, Axiant acquired 100% of DBL Blues Pty Ltd and Sturt Exploration Pty Ltd from Core, together with the Finniss gold rights, in exchange for 20,000,000 shares and 20,000,000 performance rights.

The performance rights are split evenly. Ten million Class A rights vest on announcement of a JORC 2012 Inferred Mineral Resource of at least 250,000 oz of gold at a 0.50 g/t cut-off, and ten million Class B rights require at least 500,000 oz, each alongside a 20-day VWAP of at least $0.20. Directors received 3,000,000 options at $0.30, and the lead manager received 1,050,000 options at $0.25 and 1,050,000 at $0.30. The consideration shares, rights and options are subject to ASX restrictions until 2 September 2028.

Shoobridge IP Surveys

Shoobridge consists of exploration licence EL31407, covering 230 square kilometres about 130 km south of Darwin. Axiant holds the rights to all minerals other than lithium, which Core retains. Earlier drilling defined shallow gold mineralisation over roughly 800 m of strike at Mt Shoobridge, within an approximately 4.5 km gold-anomalous trend along the Shoobridge Shear, and only a limited part of that trend has been drill tested.

Australian Geophysical Services ran the gradient array and pole-dipole surveys between 17 September and 1 October 2026, with processing and modelling by Mitre Geophysics. The gradient array covered two blocks of 11 and 12 receiver lines at 50 m spacing, and the pole-dipole survey ran along four lines positioned from those results. The gradient array mapped a continuous zone of low resistivity and elevated chargeability along or beside the main gold-bearing shear, while the pole-dipole survey found a narrow conductor extending to depth along the same structure.

The pole-dipole data also showed deeper chargeable zones west and east of the central conductor, centred near 125 m depth on all four lines. Three target areas emerged: the central conductor beneath existing drilling, its eastern flank where most earlier holes sit on the western side, and the deep western and eastern zones. All approvals for the planned drilling have been received and site preparation is under way.

Other Projects and Finances

Axiant holds seven projects across the Northern Territory and South Australia. At Finniss, it holds gold rights over nine granted exploration licences and one application within 80 km of Darwin, and work was limited to historical data compilation. Adelaide River, Albarta, Jervois, Mt Freeling and Yerelina saw no material field activity.

Cash at quarter end was $6.1 million. Exploration expenditure was $231,000, against a prospectus allocation of $4.2 million for exploration over 24 months, and administration costs were $144,000 against $1.5 million. Cumulative spending since 31 August totalled $1.932 million against $7.1 million in the use of funds statement.

Where the First Quarter Leaves Axiant

Axiant ends its first listed quarter with $6.1 million in cash, completed IP coverage at Mt Shoobridge, three defined target areas and drilling approvals in hand.

FAQs

Q: How much did Axiant raise in its IPO?

A: Axiant raised $8.0 million before costs by issuing 40,000,000 shares at $0.20 each, and began trading on the ASX on 2 September 2026.

Q: What did the IP surveys at Shoobridge find?

A: The surveys mapped low resistivity and elevated chargeability along the main gold-bearing shear, a narrow deep conductor, and untested chargeable zones centred at about 125 m depth.

Q: Where is the Shoobridge Gold Project?

A: It covers 230 square kilometres on exploration licence EL31407, about 130 km south of Darwin in the Northern Territory.

Q: What was Axiant's cash position at 30 September 2026?

A: Cash was $6.1 million after one-off IPO costs, with exploration expenditure of $231,000 during the quarter.

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