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Highlights

  • Neometals shares jumped 11.11% on 18 February 2026, following a favourable copper exploration update.
  • Rock-chip samples returned exceptional copper grades of up to 24.4% Cu at Rinaldi Workings.
  • Gold results reached 2.10 grams per tonne (g/t) and silver peaked at 65.0g/t in recent assays.
  • Historic mining at Rinaldi averaged 9.8% copper, confirming the area’s high-grade legacy.
  • Permit secured for Reverse Circulation (RC) drilling to test mineralisation below historic workings.
  • Barrambie Project hosts multi-commodity potential across copper, gold, and titanium.

Neometals Ltd (ASX:NMT) shares climbed 11.11% to AUD 0.060 on 18 February 2026. Today’s price movement coincided with the company’s fresh exploration update from its 100%-owned Barrambie Gold Project in Western Australia.

 Despite the one-day surge, the stock remains down ~14.29% over the past month and ~25% over the past year, reflecting broader weakness across the junior mining sector. This latest announcement shifts attention to copper at the historic Rinaldi workings — an area with proven past production and now new high-grade assay results.

New Assays Confirm High-Grade Copper

During 2025 field work, Neometals collected thirteen rock-chip and grab samples. These are surface samples taken directly from exposed rock to test metal content.

Laboratory results returned favourable copper grades, including:

  • 25BRK40: 24.4% Cu (copper)
  • 25BRK36: 22.5% Cu, 2.10g/t Au (gold), 51.3g/t Ag (silver)
  • 25BRK37: 9.5% Cu
  • 25BGB42: 9.4% Cu, 0.53g/t Au, 65.0g/t Ag
  • 25BGB40: 8.4% Cu, 0.46g/t Au, 60.1g/t Ag
  • 25BGB41: 5.4% Cu, 0.26g/t Au, 45.9g/t Ag

To put this in perspective, copper grades above 1% Cu are generally considered favourable in many mining operations. Results exceeding 20% Cu are regarded as exceptionally high grade.

The presence of gold (Au – gold) and silver (Ag – silver), measured in grams per tonne (g/t – grams per tonne), adds potential by-product value.

These results confirm that high-grade copper is still present in the area and may extend beyond the previously mined zones.

Rinaldi is not a new discovery. Historic records show around 1,407 tonnes of ore were mined at an average grade of 9.8% Cu (copper), producing approximately 138 tonnes of contained copper metal. Mining reached only about 30 metres depth, highlighting the potential for further mineralisation below and along strike.

RC Drilling to Validate High-Grade Targets

Neometals has received approval for a Permit of Work and plans to begin Reverse Circulation (RC – Reverse Circulation) drilling shortly.

RC drilling is a common exploration method where rock chips are brought to the surface using compressed air. It allows geologists to test what lies beneath surface samples and understand how wide, deep, and continuous the mineralised zones may be.

This drilling will specifically target the copper-rich quartz vein system near the historic workings. The results will determine whether Rinaldi has the scale to become a meaningful copper project.

Broader Barrambie Potential

The Barrambie Project is much broader than just copper. It covers 505 square kilometres and includes about 40 kilometres of the Barrambie Greenstone Belt (BGSB – Barrambie Greenstone Belt), an area known for hosting gold deposits. The project also contains one of the world’s highest-grade titanium deposits.

On the gold side, historical mining in the belt averaged around 24.8 grams per tonne (g/t – grams per tonne), highlighting favourable grade potential. In 2024, Neometals outlined an Exploration Target of 8 million tonnes (Mt – million tonnes) at 1.3g/t Au (gold) to 10.5Mt at 2.3g/t Au, implying 335,000 to 775,000 ounces of gold, subject to further drilling.

At the more advanced Ironclad deposit, the company has reported an Inferred Mineral Resource Estimate (MRE – Mineral Resource Estimate) of 13,000 ounces of gold, with an updated resource and mine plan expected in the March Quarter 2026.

Frequently Asked Questions (FAQs)

  1. Why did Neometals shares rise on 18 February 2026?

Shares rose 11.11% after the company reported high-grade copper assay results from the Rinaldi area at the Barrambie Project and confirmed drilling will begin soon.

  1. How significant are the copper grades reported?

Results up to 24.4% Cu (copper) are considered very high grade. Many operating copper mines run at grades near or below 1% Cu.

  1. What happens next at Rinaldi?

Reverse Circulation (RC – Reverse Circulation) drilling will test below and around historic workings to determine the size and continuity of the copper mineralisation.