Highlights

  • Raptor Metals has reported high-grade indicative portable XRF readings from reconnaissance rock chip sampling at the Home of Bullion deposit and the Prospect D target within the Arunta Project in the Northern Territory.
  • Home of Bullion hosts an existing JORC Mineral Resource of 3.1 million tonnes at an average copper equivalent grade, with mineralisation remaining open along strike and at depth and three untested induced polarisation anomalies along strike.
  • Prospect D is a relatively underexplored target within the Neutral Junction tenement group, where high-grade indicative copper readings from reconnaissance sampling indicate potential for further discovery outside the established resource area.
  • All rock chip samples have been submitted to a laboratory for formal assay analysis, with results to be integrated alongside historical geological and geophysical datasets to refine future exploration priorities.

Raptor Metals Limited (ASX:RAP) is an ASX-listed resources company with a portfolio spanning the Arunta Project in the Northern Territory and Canadian copper exploration projects in New Brunswick. The Arunta Project is anchored by the Home of Bullion copper-polymetallic deposit, which hosts an existing JORC 2012 Mineral Resource of 3.1 million tonnes. On 5 November 2026, the company announced the results of reconnaissance rock chip sampling across two target areas within the project, with indicative portable XRF readings returned from both the established Home of Bullion deposit and the less-explored Prospect D target. The company was quick to caution that pXRF results are indicative field measurements only and are not equivalent to formal laboratory assays.

Home of Bullion — Established Resource with Ongoing Upside

The Home of Bullion deposit is a structurally controlled volcanogenic massive sulphide-style deposit characterised by copper, zinc, silver, lead, gold, and cobalt mineralisation across two principal lodes. The deposit has a history extending to small-scale historic copper production in the 1930s and 1940s. A 2023 mineral resource update by an independent firm increased tonnage and grade relative to the prior 2014 estimate, with contained copper-equivalent metal growing by approximately 28 per cent. The mineralised lodes remain open along strike and at depth, and three untested induced polarisation anomalies along strike offer near-term targets for resource extension drilling.

Reconnaissance rock chip sampling at Home of Bullion returned a range of indicative pXRF readings across multiple samples, with the highest readings confirming the presence of elevated copper and associated silver, zinc, and lead mineralisation at outcrop. The results provide field-level validation of the mineralised system and will be incorporated into the company's ongoing geological interpretation. The company noted that rock chip samples are selectively collected and are not necessarily representative of the average grade or width of mineralisation. Laboratory assay results, once received, will allow a more rigorous assessment of the grades present.

Prospect D — Early-Stage Target Beyond the Established Resource

Prospect D is located within Raptor's Neutral Junction tenement group and has been interpreted as potentially hosting copper-nickel sulphide mineralisation of gabbro-hosted replacement or VMS style. The prospect hosts copper mineralisation mapped over approximately two kilometres, with a high-grade zone traced for more than 250 metres that remains largely untested at depth. Reconnaissance rock chip sampling at Prospect D returned the highest indicative pXRF readings of the program, with two samples from the Cutters Vein and Cristina Vein workings confirming the presence of copper alongside nickel values. These early-stage results highlight Prospect D as an additional area of interest beyond the established Home of Bullion resource area and will be integrated with existing geological information to guide any follow-up exploration.

The company intends to submit the rock chip samples from both areas to an independent laboratory for formal assay analysis, including aqua regia digestion with ICP finish and fire assay for silver where relevant. These results will be used alongside the new field observations and pXRF dataset to assess opportunities for further exploration and refine priority targets across the broader Arunta Project. No resource estimate has been prepared for Prospect D, and the company has not committed to a specific drill program at this stage.

Key Takeaways

Raptor Metals' Arunta reconnaissance results provide a useful early-stage dataset for evaluating the exploration potential of the project beyond the established Home of Bullion mineral resource. The pXRF readings from both Home of Bullion and Prospect D suggest that the broader project area hosts elevated copper mineralisation, though laboratory confirmation is a necessary next step before any exploration or development conclusions can be drawn. The three untested IP anomalies at Home of Bullion and the relatively unexplored Prospect D corridor represent the most clearly identified near-term targets. The company's approach of integrating new field data with historical geological, drilling, and geophysical information reflects a systematic evaluation methodology suited to a project at this stage of assessment.