Highlights

  • Rapid Critical Metals shares rose 7.69% to AUD 0.042 on 22 May 2026, following the release of latest operational update.
  • The company confirmed that drilling has commenced at its flagship Webbs Silver Project in New South Wales.
  • A new exploration licence application, ELA7053, has been lodged to expand Rapid’s district-scale footprint.
  • Initial drilling will target the southern extension of the Webbs ore body and a newly identified parallel lode.
  • A four-hole, 560m RC drilling program is planned at the Tangoa South Prospect, subject to approvals.
  • Rapid stated it remains fully funded to continue exploration, resource growth and target testing activities

Rapid Critical Metals Ltd (ASX:RCM) shares moved higher during afternoon trade on 22 May 2026 after the company announced the commencement of drilling activities at its flagship Webbs Silver Project in New South Wales, alongside plans to expand its regional exploration footprint.

The stock gained 7.69% to AUD 0.042 as investors reacted to the update, which outlined active drilling at Webbs, a new exploration licence application covering additional prospective ground, and further planned drilling at the Tangoa South Prospect.

The latest announcement highlighted Rapid’s continued focus on building a broader district-scale exploration position around the Webbs Silver region, where the company is targeting intrusion-related silver, lead and zinc mineralisation associated with the Mole Granite system.

Rapid Critical Metals is an exploration company focused on silver and critical minerals projects across Australia and Canada. Its portfolio includes the Webbs and Conrad Silver Projects in New South Wales as well as the Prophet River Gallium-Germanium Project in British Columbia. The company has increasingly positioned itself around resource expansion, step-out drilling and new target generation following a strategic shift toward critical minerals exploration in 2025.

Drilling Activities Commence at Webbs

According to the company, the first of two planned drill rigs is now operating at the Webbs Silver Project under the initial phase of the latest exploration campaign.

The current drilling program is aimed at testing the southern extension of the existing Webbs ore body as well as a newly identified parallel lode that management believes could potentially expand the known mineralised footprint.

Rapid stated that drill holes have been deliberately positioned away from historical drilling areas and angled from the west to intersect potential west-dipping mineralisation along the same north-south structural trend associated with the main ore body.

The company noted that after the initial phase is completed, additional drilling is planned to further define and expand mineralisation across the southern, central and northern sections of the broader Webbs resource area.

The commencement of active drilling appeared to support investor interest during Friday’s Trading session, particularly as the company also outlined several additional exploration initiatives.

New Exploration Licence Expands Regional Position

Beyond the current drilling program, Rapid also announced the lodgement of a new exploration licence application identified as ELA7053.

The application covers ground located immediately south of the company’s existing EL8933 and EL9454 tenements.

Management described the area as highly prospective for intrusion-related and structurally controlled mineralisation located along the same north-south trend hosting the Webbs Consol system and nearby prospects including Tangoa West, Tangoa South and the Isolation Prospect.

The company stated that ELA7053 represents the southern extension of its broader district-scale accumulation strategy in the Webbs region.

Rapid indicated that the licence application was strategically lodged ahead of planned drilling at Tangoa South and would strengthen the company’s regional control over prospective exploration ground.

The new licence area is considered prospective for silver-lead-zinc dominant epithermal mineralisation associated with known granite systems in the region.

Tangoa South Drilling Planned

Rapid also confirmed plans for a Reverse Circulation Drilling program at the Tangoa South Prospect, subject to final approvals.

The proposed campaign will comprise four RC holes for approximately 560 metres of drilling.

According to the company, Tangoa South remains underexplored despite its prospective geological setting and historical drill results.

The prospect is located approximately 1.5 kilometres south of Tangoa West and falls outside the currently announced resources for the broader Webbs Consol area.

Rapid highlighted historical open file drilling data from the early 1980s, including a notable intercept of 3.8 metres grading 75g/t silver, 10.3% lead and 7.4% zinc from 166 metres depth.

The company also referenced exploration potential at the nearby Isolation Prospect, which was initially identified by Freeport of Australia during the early 1980s.

Historical shallow percussion drilling at Isolation reportedly returned results including 12 metres grading 18g/t silver, 1.1% lead and 1.1% zinc from 42 metres depth.

Mole Granite Considered Key Regional Driver

A major focus of the announcement was the company’s exposure to the Mole Granite system, which Rapid considers a key driver of regional intrusion-related mineralisation.

The Mole Granite is regarded as a highly evolved and mineral-rich geological system associated with silver, tin and base metal mineralisation across the region.

Rapid stated that it now controls the entire western periphery of the tightly held Mole Granite area.

Management noted that the margins of these granite systems are often considered highly prospective zones for intrusion-related mineral deposits.

The company believes its tenement package surrounding both the Webbs Silver Project and nearby Taronga tin Assets places it in a favourable position to target additional discoveries.

Rapid also stated that some areas within its EL9799 tenement remain relatively underexplored, particularly as much of the historical work in the region was undertaken before the current focus on critical minerals exploration.

Company Highlights Fully Funded Exploration Program

Rapid stated that it remains fully funded to continue its ongoing exploration strategy.

Management said the company is progressing a “catalyst-rich” program focused on resource growth, step-out drilling and new target testing activities.

The latest update suggests the company intends to continue expanding both its resource base and regional exploration exposure while drilling activities remain active across multiple targets.

Rapid Critical Metals Managing Director Byron Miles said the company’s growth strategy has been supported by timing, geological targeting and the systematic accumulation of prospective exploration assets connected to existing mineral resources.

Management also indicated that while the company continues focusing on resource growth at established targets, it is simultaneously evaluating broader district-scale discovery opportunities.

Investors Monitor Exploration Momentum

Exploration stocks often attract market attention when active drilling programs begin, particularly when accompanied by additional land acquisitions and expanded regional targeting strategies.

In Rapid’s case, the combination of active drilling at Webbs, planned RC drilling at Tangoa South and the expansion of its exploration footprint through ELA7053 appeared to contribute to the positive market reaction on Friday.

The company’s focus on intrusion-related silver and base metal systems linked to the Mole Granite may also remain a point of interest for investors following developments in the broader critical minerals sector.

Market Participants are likely to continue monitoring upcoming drill results, resource expansion potential and further exploration updates across the Webbs district.