Highlights

  • Everest Metals appointed a strategic adviser for Mt Edon, with an initial focus on United States and allied-market opportunities.
  • Mt Dimer’s run-of-mine stockpile exceeded 142,000 tonnes at September-end, while the report did not confirm that scheduled processing had started.
  • The company reported different rubidium recovery results from batch and continuous testing, with further optimisation under way at Mt Edon.
  • Revere assays are expected in early December, with a March-quarter 2027 scoping study targeted while further project approvals remain pending.

A growing gold stockpile and a strategic rubidium review define Everest Metals Corporation Ltd’s (ASX:EMC) September 2026 update. Mt Dimer’s run-of-mine ore exceeded 142,000 tonnes, while the company appointed an adviser to explore options for Mt Edon. Revere drilling and study milestones add another workstream, with group cash reported at approximately A$4.1 million.

Mt Dimer Builds Ore Ahead of Processing

Mining continues under an October 2025 Right to Mine Agreement with MEGA Resources and Bain Global Resources. Everest describes the arrangement as providing non-dilutive funding and operational management.

Ore extraction began in January 2026. The stockpile increased from 92,788 tonnes at 30 June to more than 142,000 tonnes at September-end.

Processing had been scheduled to begin in late September, but the quarterly report does not confirm a start during the period. The exact commercial processing arrangement also requires clarification.

An updated resource announced on 8 October totals 975,000 tonnes at 1.37 grams per tonne gold for 42,978 ounces, using a 0.5 gram per tonne cut-off. A 2,000-metre, 16-hole reverse-circulation programme has begun on adjoining tenure, with state co-funding of up to A$145,000.

Mt Edon Review Carries No Transaction Assurance

Hall Chadwick was appointed exclusive strategic adviser on 4 September. Its mandate covers partnerships, offtake and prepayments, joint ventures, investment and standalone structures, initially targeting the US and allied markets.

Everest says there is no certainty of a transaction. It owns 51% of Mt Edon, whose stated resource is 4.3 million tonnes at 0.23% rubidium oxide, containing approximately 9,800 tonnes, plus 0.10% lithium oxide.

Batch tests achieved rubidium extraction of up to 90%, while early continuous kiln trials delivered 50% to 60%. The continuous process remains under optimisation, and the two test formats should remain distinct.

A mining proposal lodged in March is expected to receive an assessment outcome in early 2027. A groundwater licence and native vegetation clearing permit were granted during the quarter.

Revere Results and Study Remain Ahead

A mining lease covering the 228,307-ounce Big John resource was granted on 21 July. Total Revere resource is 260,781 ounces.

Aircore drilling completed on 12 October comprised 7,877 metres across 125 holes. Assays are expected in early December 2026, followed by a Como Engineers scoping study in the March quarter of 2027.

Everest also agreed to simplify joint-venture and royalty arrangements through A$150,000 cash and one million shares. Completion is pending and would increase one joint-venture interest from 51% to 56%.

Quarterly spending included approximately A$519,000 on exploration, A$150,000 on tenement acquisitions and A$260,000 on administration. Net GST refunds totalled about A$805,000, mainly relating to investing activities.

The next dated markers are Revere assays, the Mt Edon approval outcome and the Revere study. The reported resources remain estimates rather than reserves, and the strategic review has not produced a confirmed transaction.