Highlights

• Oceana completed the Serra Negra rare earths and niobium project Acquisition in Brazil during October 2026.

• Four rigs were reported drilling at Serra Negra as work progressed towards a maiden mineral resource estimate.

• The company lodged a presentation for the Noosa Mining conference on 11 November alongside earlier investor materials.

• A June-quarter summary recorded an AUD 20 million Placement supporting development of its Brazilian exploration portfolio.

Oceana Metals Limited (ASX:OCN) has shifted attention to Serra Negra following completion of its Brazilian rare earths acquisition. Active drilling and a presentation at the Noosa mining conference now frame its exploration programme.

Trading Context

Oceana Metals shares were up about 4.1% to around 25.5 cents on Wednesday 11 November 2026, around 2:40pm AEDT on Volume of roughly 60,000 shares.

Conference and Company Filings

The Noosa presentation is the latest item in a busy run of filings.

Serra Negra Portfolio

Oceana Metals is a mineral exploration company. The ASX research page still links to a website under an older, lithium-themed domain, but the company’s current focus is the Serra Negra rare earths and niobium project in Minas Gerais, Brazil. On 19 October 2026 the company announced completion of the Serra Negra acquisition. on 20 October that Oceana had acquired 100% of Songeo Mineração, the holder of the project. The consideration was reported as USAUD 2.95 million in cash plus shares, with up to USAUD 2.25 million in milestone payments and a 3.5% net smelter royalty, and that unresolved Brazilian mineral title amendments remain. The same report said four drill rigs were active and that the company was drilling towards a maiden resource estimate. historical drilling at the carbonatite deposit returned 50 metres at 4.0% total rare earth oxide, but said no independent resource, neodymium-praseodymium grades or metallurgical recovery rates had been established. That caveat matters: historical intercepts do not prove an economic deposit.

Capital and Trading

An of Oceana’s June-quarter report said the company raised AUD 20 million in a placement and was advancing the Songeo acquisition. 250.94 million shares on issue after the deal. At around 25.5 cents, ASX data puts the company’s Market Value at about AUD 61 million, with a 52-week range of 14.5 cents to 73 cents. table shows the shares were at around 29 cents to 30 cents in late October and fell after the acquisition completed. the fall at about 27% following completion, though the two sources measure from different points.

Sector Setting

Rare earths are used in permanent magnets for electric vehicles, wind turbines and defence applications, and Western governments and companies have been trying to build Supply chains outside China’s dominant processing base. Serra Negra’s strategic value as depending on whether its minerals can be economically separated and refined outside Chinese-controlled processing. Early-stage explorers with no resource face a long path before any production.

Execution Considerations

Oceana has no defined resource, has unresolved title amendments, faces metallurgical and permitting questions. Further Capital raisings may dilute existing holders, and small-cap explorers can be volatile.

Upcoming Milestones

The company has said it is drilling towards a maiden resource estimate at Serra Negra,.