Perpetual Resources (ASX:PEC) Completes Nevada Scheelite Acquisition in Transformational Quarter

Aditi Sarkar

28 October 2026 05:03 PM AEDT

Perpetual Resources (ASX:PEC) Completes Nevada Scheelite Acquisition in Transformational Quarter

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Highlights

Perpetual completed the acquisition of four patented claims over the historic Nevada Scheelite mine.
62 new lode claims expand the land position to more than 15 times the original area.
Historical Union Carbide drilling included 7.01m at 1.95% WO3.
A maiden drilling program is targeted for late CY2026, subject to permitting.

Perpetual Resources Ltd (ASX:PEC) has released its quarterly activities report for the period ended 30 September 2026, describing it as a transformational quarter. The company completed the acquisition of its flagship Nevada Scheelite tungsten project and significantly expanded its land position.

Nevada Scheelite Acquisition and Expansion

Perpetual completed the acquisition of a 100% interest in four patented claims covering about 75.6 acres over the historic high-grade core of the Nevada Scheelite mine on 29 July 2026. The remaining consideration of US$1.85 million cash and US$1.85 million in shares is payable between December 2026 and June 2030.

The company also staked 62 new lode claims covering about 1,271.63 acres, more than 15 times the original patented area. Washington D.C. adviser GreenMet was appointed to explore US Government funding pathways.

Historical and Modern Sampling Results

A first tranche review of 42 historical Union Carbide drill holes found 22 holes with intervals at or above 0.2% WO3. Highlights include 7.01m at 1.95% WO3, 7.59m at 1.50% WO3 and 8.60m at 1.10% WO3. The company notes these results are unverified and do not form a Mineral Resource.

Selective underground samples returned up to 12.03% WO3, with several others above 4%. Perpetual stated these are not representative of average grades or widths. Upcoming work includes 3D modelling, soil geochemistry, a core audit and a maiden drilling program targeted for late CY2026.

Brazil, Australia and Financial Position

In Brazil, about 1,500m of diamond drilling across 22 holes began at the Igrejinha Lithium project after the quarter, while Paraíba tungsten rock chips returned up to 1.53% WO3. ANSTO testwork at Raptor Rare Earths showed magnet rare earth recoveries of up to 94%. In Australia, testwork at Beharra Silica Sand indicated an upgrade to about 110–120ppm Fe2O3.

Cash at quarter end was about A$1.64 million, down from A$2.34 million, with exploration spending of about A$396,000. The estimated funding runway is about 2.37 quarters.

Key Takeaways

Nevada Scheelite is now Perpetual's flagship asset following acquisition.
The expanded claim package increases exploration potential substantially.
Historical and sampling results are encouraging but remain unverified.
A maiden drilling program is planned for late CY2026.

FAQs

Q: What did Perpetual acquire?

A: A 100% interest in four patented claims over the historic Nevada Scheelite mine.

Q: How much has the land package grown?

A: 62 new claims expand it to more than 15 times the original area.

Q: What was the best historical drill result?

A: 7.01m at 1.95% WO3.

Q: When is drilling planned?

A: A maiden program is targeted for late CY2026, subject to permitting.

Q: What is Perpetual's cash position?

A: About A$1.64 million at quarter end.

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