Highlights

• Marquee Resources an ASX-listed explorer focused on gold, lithium, antimony and rare earths, reported cash of A$941,468 at.

• Operating outflow for the quarter was A$584,000, and the company put its exploration spend at A$553,000.

• At Yindi, which the company holds 100 per cent, the first RC programme drilled 227 metres across three.

• At West Spargoville, where Marquee holds 75 per cent of the lithium rights (with Mineral Resources holding 25.

Marquee Resources (ASX:MQR) — an ASX-listed explorer focused on gold, lithium, antimony and rare earths, reported cash of A$941,468 at 30 September 2026, down from A$986,090 three months earlier. In its quarterly report released on 29 October 2026 the company said its first reverse circulation drilling programme at the Yindi project in Western Australia ended early because of water-bearing sands and unstable ground.

Cash and funding

Operating outflow for the quarter was A$584,000, and the company put its exploration spend at A$553,000. Funding received during the quarter included an R&D refund of A$549,122 on 17 September, the second tranche of a placement worth A$500,000 at A$0.005 a share (100 million shares) completed on 21 August, and about A$45,800 from an entitlement offer. Related-party payments, mainly director fees, were A$217,901.

On the company's own calculation, cash covers about 1.85 quarters at the current rate of spending, below the two-quarter level the report treats as a threshold. Marquee has no undrawn facilities. It said it is pursuing equity, joint ventures, earn-ins, streaming or royalty arrangements and divestments, but none has been secured. Executive Chairman Charles Thomas has made a A$100,000 commitment that is subject to shareholder approval.

Yindi drilling

At Yindi, which the company holds 100 per cent, the first RC programme drilled 227 metres across three holes before closing early. Two holes reached fresh rock but stopped short of target depth, and five of the eight planned holes were not drilled. Fifty-five samples are awaiting assay. The company is assessing diamond drilling with cased pre-collars to handle the ground conditions.

Other projects

At West Spargoville, where Marquee holds 75 per cent of the lithium rights (with Mineral Resources holding 25 per cent) and all of the gold rights, ten rock-chip samples exceeded 1.0 per cent Li2O, with a peak of 2.65 per cent, and gold grab samples reached 1.20 grams per tonne. About 2,000 metres of re-oriented RC drilling is planned, subject to results and approvals.

At Mt Clement, the company reports an Inferred Resource of 1.93 million tonnes at 0.5 per cent antimony, or about 10,000 tonnes of contained antimony, with Phase 3 RC drilling scheduled for 2027. The Redlings rare earths project carries an Inferred Resource of 11 million tonnes at 1,130 ppm total rare earth oxides; no exploration took place in the quarter and the company is weighing a sale, joint venture, earn-in or separate listing without a preferred option. It is also assessing strategic options for its 50 per cent interest in the Lone Star copper-gold project in Washington State, and Clayton Valley in Nevada is included in the sale or joint venture review.

Corporate items

The proposed acquisition of the Tungsten Mountain project in Nevada was terminated after shareholders did not approve the consideration and facilitation shares on 14 August 2026. The Kibby Basin lithium project is subject to legal proceedings in Canada. The vendor option period for the Sa Pedra Bianca project in Sardinia has been extended to the earlier of six months after grant of the research permit or 31 March 2027; the permit application, lodged in September 2024, is still pending.

Risks and next steps

The company highlighted its short runway, the pending Yindi assays, the surface-only nature of the West Spargoville results, uncertainty over whether any divestment will complete, and the Kibby Basin litigation. Dilution is a further factor, with about 390 million unquoted options and 50 million performance rights on issue.

Next steps include receiving the 55 Yindi assays and deciding on diamond drilling, validating West Spargoville assays and finalising its drill programme, preparing Mt Clement Phase 3 drilling, and progressing the Redlings and Clayton Valley options. The company has proposed 25 November 2026 for its annual general meeting.