Highlights

  • Codrus shares gained 50% over the 12 months to October 2026, reflecting growing recognition of its dual-commodity strategy.
  • Bull Run in Oregon hosts multiple historic underground gold mines with modern epithermal and porphyry gold-silver-molybdenum mineralisation.
  • Karlgarin air-core drilling defined thick clay-hosted rare earth zones enriched in magnet rare earth oxides neodymium and praseodymium.
  • Codrus has advanced baseline environmental studies and USFS permitting to enable comprehensive deep porphyry drilling at Bull Run.

Two continents, two commodity themes — Codrus Minerals (ASX:CDR) is linking high-grade gold in Oregon to critical rare earth clays in Western Australia, building a discovery pipeline designed to capture both monetary-hedge and energy-transition metal demand from a single exploration platform.

Corporate Overview and Market Performance

Spun out of Blackstone Minerals in 2021, Codrus Minerals holds exploration assets across North America and Western Australia. Shares closed at A$0.045 on 2 October 2026, marking a 7.14% intraday gain and establishing a market capitalisation of A$24.15 million. The 50% gain over the trailing 12 months reflects growing market recognition of its balanced asset strategy.

The company's international portfolio includes the Bull Run Gold Project in Baker County, Oregon, while its Australian holdings encompass the Karlgarin clay-hosted rare earth and niobium project, the Silver Swan South gold-nickel project, and the Red Gate gold project near Kalgoorlie.

Bull Run Gold Project, Oregon

Bull Run lies within the historic Mormon Basin mining district in eastern Oregon, hosting multiple historical underground gold mines that produced high-grade ore from quartz-vein systems in the late 19th and early 20th centuries. Modern surface mapping, geochemical sampling, and diamond drilling by Codrus have confirmed widespread epithermal and porphyry-style gold-silver-molybdenum mineralisation.

Recent exploration expanded mineralised envelopes across the central vein system, with assay intercepts demonstrating continuity of high-grade gold shoots and associated molybdenum halo zones. Codrus has advanced baseline environmental studies and collaboration with the United States Forest Service to enable deep diamond drilling aimed at testing primary porphyry targets at depth.

Karlgarin Rare Earth Discovery, Western Australia

To complement its gold focus, Codrus expanded into critical minerals through the Karlgarin project in Western Australia's wheatbelt. Air-core drilling campaigns defined thick zones of high-grade clay-hosted rare earth mineralisation enriched in valuable magnet rare earth oxides — neodymium and praseodymium — providing dual-commodity exposure across monetary hedges and clean energy transition metals.

Strategic Rationale

The combination of a high-grade North American gold asset subject to systematic de-risking through environmental permitting and a clay-hosted rare earth project with low-cost extraction potential positions Codrus as a genuinely differentiated exploration company — one that is not wholly dependent on a single commodity cycle for re-rating.

Key Risks

The company remains in exploration and resource definition phase, requiring periodic capital raisings to fund drilling programmes in North America and Australia. Operating in the United States requires navigating federal and state environmental permitting timelines. Gold price fluctuations, foreign exchange variations between the USD and AUD, and metallurgical recovery rates in clay horizons are additional key variables.