Highlights

  • Neometals shares were trading at A$0.021 on 9 November 2026, valuing the company at about A$18.39 million.
  • Ironclad hole 26ICRC004 returned 12 metres at 5.99 g/t gold, including 4 metres at 10.13 g/t.
  • Rinaldi hole 26RCRC009 intersected 6 metres at 1.56% copper and 20.8 g/t silver at the copper prospect.
  • Diamond drilling at Ironclad and Rinaldi was scheduled for September 2026, subject to operational conditions and approvals.

Neometals Ltd (ASX:NMT) was trading at A$0.021 on 9 November 2026, with a Market Capitalisation of about A$18.39 million and a share price down roughly 65% over twelve months. The company has pivoted toward gold and critical minerals, and its Barrambie Gold Project in the Murchison region of Western Australia is now the centre of its Upstream activity. A 4 September 2026 exploration update gave the market fresh drilling data from two prospects.

Ironclad Extension Drilling Delivers

Reverse circulation drilling in July 2026 totalled nine holes for 1,050 metres across the Ironclad gold prospect and the Rinaldi copper prospect. Five holes covering 662 metres tested plunging higher-grade extensions below the current Mineral Resource Estimate at Ironclad.

Hole 26ICRC004 returned 12 metres at 5.99 g/t gold from 116 metres, including 4 metres at 10.13 g/t. Hole 26ICRC003 intersected 11 metres at 5.50 g/t from 94 metres, including 3 metres at 15.10 g/t. Hole 26ICRC001 delivered 18 metres at 2.14 g/t from 89 metres. The company said the three deepest holes rank among the highest grade-width intersections for the deposit.

Rinaldi Copper Prospect

At Rinaldi, hole 26RCRC009 returned 6 metres at 1.56% copper, 20.8 g/t silver and 0.23 g/t gold from 101 metres, including 1 metre at 2.96% copper. Hole 26RCRC007 intersected 5 metres at 0.43% copper, while two other holes had no significant intersections.

A soil geochemistry program has started at Rinaldi to verify historic anomalies over the T2 target, and a diamond tail is planned to test the T2 target further.

Geophysics and Next Steps

A drone magnetic survey was completed in late August 2026, with final images pending. A preliminary ground gravity survey completed in July 2026 points to a possible gold-fluid feeder off the Youanmi Zone.

Planned work for September 2026 includes extending hole 26ICRC005, which stopped short of target after water ingress, and drilling a further diamond hole about 50 metres down plunge to test a higher-grade trend toward a possible feeder structure.

Approvals and Development Pathway

The company targets a native title agreement in October 2026, followed by a Mining Lease grant, with grade control drilling targeted for the December 2026 quarter. These steps remain subject to approvals and operational conditions.

Drill widths are estimated at roughly half to three-quarters of downhole length, and collars were located by handheld GPS with a differential survey still pending. Historic data has been desktop reviewed rather than fully validated.

Future Outlook

Investors will watch for assays from the planned diamond drilling, completion of the Geophysical surveys and progress on tenure approvals. Results to date are preliminary, and there is no assurance that further drilling will extend the resource or support a development decision. The company's funding position should be checked in its latest quarterly Cash Flow report.