Highlights

  • Helix Resources has agreed to acquire a 50% interest in Mining Lease M47/223 (the Weerianna Gold-Lithium Project) in the West Pilbara.
  • Total consideration is A$1,327,915, comprising A$1,002,429 in HLX shares and A$325,486 in cash.
  • Share consideration is to be satisfied via the issue of 801,943,579 HLX shares at a deemed issue price of A$0.00125 per share.
  • The Weerianna tenement is located approximately 4 kilometres from the Andover Lithium Project area in the West Pilbara.
  • Historic rock chip sampling on the tenement has reportedly returned Li₂O assays up to approximately 1.49%, indicating a potential pegmatite/lithium target.
  • The Acquisition is consistent with HLX's strategy of building exposure to critical minerals and gold opportunities in well-endowed Australian jurisdictions.

Helix Resources (ASX:HLX) has announced a binding agreement to acquire a strategic 50% interest in mining lease M47/223, known as the Weerianna Gold-Lithium Project, located in the West Pilbara, for total consideration of A$1,327,915.

According to the ASX announcement dated 22 May 2026, the consideration comprises A$1,002,429 in HLX scrip, satisfied by the issue of 801,943,579 shares at A$0.00125 each, plus a cash component of A$325,486.

The Weerianna tenement sits approximately 4 kilometres from the Andover Lithium Project area and is described by HLX as offering both gold exploration potential, supported by historical work, and lithium exploration upside from prior high-grade rock chip results returning up to approximately 1.49% Li₂O.

What the company announced

Helix Resources confirmed it has entered into a binding agreement to acquire a 50% interest in mining lease M47/223, located in the West Pilbara region of Western Australia. The tenement has been branded by HLX as the Weerianna Gold-Lithium Project.

Under the deal, HLX will pay total consideration of A$1,327,915, comprising A$1,002,429 in HLX shares and A$325,486 in cash. The scrip portion will be satisfied by the issue of 801,943,579 ordinary HLX shares at a deemed issue price of A$0.00125 per share.

From a project description perspective, HLX has highlighted that Weerianna sits in a strategically attractive part of the West Pilbara, located approximately 4 kilometres from the Andover Lithium Project area, and that historic rock chip sampling on the tenement has previously returned lithium oxide assays up to approximately 1.49% Li₂O.

On the gold side, HLX has referenced a historical 2018 estimate of 975,700 tonnes at 2 g/t Au for 62,700 ounces of contained gold. Importantly, the company has expressly disclosed that this is a historical estimate only, not classified or reported under the JORC Code 2012, and not adopted by HLX as a current Mineral Resource Estimate (MRE). HLX has noted that further work would be required by the company before any such historical numbers could be reported as a current Mineral Resource.

The acquisition is consistent with HLX's stated strategy of selectively acquiring high-quality exploration interests in proven mineral provinces, particularly those offering exposure to both precious metals and critical minerals such as lithium.

Completion of the transaction will be subject to the conditions precedent outlined in the binding agreement, including any required approvals and customary closing actions.

Key numbers from the announcement

The following figures are drawn from the ASX announcement and the description of the Weerianna Gold-Lithium Project. The historical gold estimate is included for context only and is expressly flagged as a historical estimate, not a current MRE under JORC.

  • Interest being acquired: 50% of mining lease M47/223 (Weerianna Gold-Lithium Project).
  • Total consideration: A$1,327,915.
  • Scrip consideration: A$1,002,429, satisfied by issuing 801,943,579 HLX shares at A$0.00125 per share.
  • Cash consideration: A$325,486.
  • Distance to Andover Lithium Project area: approximately 4 kilometres.
  • Historic rock chip Li₂O values on tenement: up to approximately 1.49%.
  • Historical 2018 gold estimate (historical only, not a current MRE under JORC): 975,700 t at 2 g/t Au for 62,700 oz Au.

Weerianna Gold-Lithium Project: West Pilbara context and exploration potential

The Weerianna Gold-Lithium Project (M47/223) is located in the West Pilbara of Western Australia, a region that has become one of the most active and well-known lithium exploration belts in the world thanks to discoveries by neighbouring companies. The fact that the Weerianna tenement sits approximately 4 kilometres from the Andover Lithium Project area is, in HLX's view, a key part of the project's appeal.

On the lithium side, HLX has highlighted historic rock chip sampling on the tenement that has returned Li₂O values up to approximately 1.49%, indicating the presence of pegmatite-style targets that Warrant systematic follow-up. The Andover Lithium Project area is well known among ASX investors for its high-grade lithium-caesium-tantalum (LCT) pegmatite system, and HLX is positioning Weerianna in that broader exploration context.

On the gold side, the company has referenced a historical 2018 estimate of 975,700 tonnes at 2 g/t Au for 62,700 ounces of contained gold. HLX has been explicit that this figure is a historical estimate only, was not prepared under the JORC Code 2012, has not been verified by HLX, and has not been adopted by the company as a current Mineral Resource Estimate. Further sampling, drilling and study work would be required before any portion of that historical estimate could be reported by HLX as a current Mineral Resource.

Overall, the project is being framed by HLX as a relatively low-cost entry into a strategically interesting part of the West Pilbara, with both a historical gold target and a lithium exploration angle that benefits from being adjacent to one of the region's most-talked-about lithium areas.

The 50% interest structure indicates that HLX will share ownership and exploration responsibilities with one or more counterparties as the project advances, with the specific terms of any joint venture or co-funding arrangements to be governed by the underlying transaction documents.

Management commentary

Where direct verbatim quotes from HLX management appear in the underlying announcement, investors are encouraged to refer to that document. This article restricts itself to factual disclosures around consideration, tenure, historical estimates and project location.

Why this ASX announcement matters

For ASX investors tracking junior gold and lithium plays, HLX's Weerianna deal is meaningful as a strategic, modestly sized addition to its portfolio that ties the company more closely to one of the West Pilbara's most-watched lithium areas.

The deal Economics are themselves illustrative: A$1,327,915 in total consideration, delivered primarily in scrip at a deemed price of A$0.00125, is the kind of structure often used by junior explorers to manage cash burn while securing strategically located ground.

The use of HLX shares as the dominant component of consideration aligns the vendor's interests with future exploration success at Weerianna, while also generating new shareholders on the HLX register who are likely to be supportive of follow-up work.

From a thematic standpoint, the deal sits at the intersection of two long-running ASX Investment narratives: the global pursuit of new lithium resources to support the battery and EV value chains, and the enduring appeal of gold as a portfolio diversifier amid macroeconomic and geopolitical uncertainty.

Critically, the prominence given by HLX to flagging the historical 2018 gold estimate as a historical estimate (not adopted as a current MRE under the JORC Code) is exactly the kind of disclosure language that investors should expect under modern JORC reporting standards.

Investor implications

Investors may watch for completion of the binding acquisition agreement, including any required approvals and the formal issue of the 801,943,579 consideration shares at A$0.00125 each.

Subsequent newsflow likely to influence the investment case includes HLX's plans for initial fieldwork at Weerianna, sampling and drilling programmes designed to validate both the historical gold estimate and the lithium rock chip results.

Any future Mineral Resource Estimate reporting on Weerianna will need to be prepared under the JORC Code 2012, and investors should not treat the referenced historical 2018 estimate as a current resource for the purposes of valuation.

Existing HLX shareholders should consider the dilution implications of the 801,943,579 new shares issued under the deal in the context of HLX's broader Capital Structure and any subsequent Equity raisings the company may undertake.

Risks and uncertainties

Historical estimate risk: the 2018 gold estimate of 975,700 t at 2 g/t Au for 62,700 oz Au is expressly disclosed as historical only and is not classified as a current Mineral Resource under the JORC Code. There is no guarantee that follow-up work will support or convert this estimate into a current Mineral Resource.

Exploration risk: high-grade rock chip lithium values such as the up to ~1.49% Li₂O figure on the tenement do not necessarily translate into economic pegmatite resources, and considerable drilling and metallurgical work would be needed to define any such resource.

Completion and joint venture risk: completion of the 50% acquisition is subject to the binding agreement's conditions; the 50% co-ownership structure also exposes HLX to joint venture dynamics, including any disagreements with co-owners over funding or strategy.

Dilution risk: the issue of 801,943,579 new HLX shares at A$0.00125 each as consideration will increase the share count and dilute existing shareholders accordingly.

Commodity and Market Risk: gold and lithium prices, currency movements, and broader equity market conditions can all materially affect the economic attractiveness of any future development at Weerianna.

Forward-looking statements: any references to exploration upside, planned work or potential resources at Weerianna should be read as company expectations rather than guaranteed outcomes.

What investors should watch next

  • Confirmation of completion of the binding agreement and issue of the 801,943,579 HLX consideration shares.
  • Initial exploration plans, budgets and timetables for the Weerianna Gold-Lithium Project.
  • Sampling, mapping and drilling programmes aimed at validating the historical gold context and lithium rock chip results.
  • Any future JORC-compliant Mineral Resource Estimate work that may be undertaken on the tenement.
  • Joint venture governance arrangements with the 50% co-owners of M47/223.
  • HLX corporate updates on funding strategy, including any equity raisings to support exploration commitments at Weerianna.