Highlights

  • The Nevada Scheelite tungsten acquisition completed on 29 July 2026, covering four patented claims and 62 staked lode claims.
  • Maiden underground sampling returned selective samples of up to 12.03 per cent WO3, which are not representative of average grades.
  • Paraíba rock chips peaked at 1.53 per cent WO3, with six of 18 samples above 0.50 per cent.
  • Cash fell from A$2.339 million to A$1.639 million, and no equity was raised in the quarter.

Perpetual Resources Limited (ASX:PEC) spread its bets across two continents in the September quarter. The company said in its quarterly activities report and Appendix 5B, for the period ended 30 September 2026, that it completed the acquisition of the Nevada Scheelite tungsten project, began lithium drilling in Brazil and reported tungsten rock chip results from the Paraíba project. It had no mining production, development activity, revenue or debt.

Nevada Scheelite

The acquisition completed on 29 July 2026. The company acquired four patented claims covering about 75.6 acres and staked 62 lode claims covering about 1,272 acres. After quarter end, maiden underground sampling returned selective samples of up to 12.03 per cent tungsten trioxide (WO3), grades the company said do not represent averages. Historical intercepts, which are unverified, are also reported, and a three-dimensional LiDAR survey is complete.

Remaining consideration is US$1.85 million in cash and US$1.85 million in shares, payable between December 2026 and June 2030. The next payment, US$100,000 plus shares, is due by 17 December 2026, and later share issues need shareholder approval.

Brazil

At the Igrejinha lithium project, the company planned about 1,500 metres of HQ diamond drilling across about 22 holes at the Mauricio and Morro Grande prospects, with drilling starting after the quarter ended. At Paraíba, a peak rock chip assay of 1.53 per cent WO3 was reported. No field work was done at the Raptor rare earths project, where resource definition drilling is being planned. Three Ponte Nova tenements were relinquished after they were not renewed on 30 July 2026.

In Western Australia, a market study is under way for the Beharra silica sand project.

Cash and corporate

Net operating cash outflow was A$295,000, covering staff costs of A$113,000 and administration and corporate costs of A$191,000, partly offset by A$10,000 of interest. Investing outflows were A$397,000, almost all exploration and evaluation spending of A$396,000, and financing outflows were A$9,000 of equity costs. The company reported an estimated 2.37 quarters of funding on forecast outgoings of A$691,000. Payments to related parties were A$116,000, covering directors' fees and executive remuneration.

The company released its FY2026 annual report on 28 September 2026 and moved its registered office to Subiaco, Western Australia, on 9 October 2026.

Next steps

For the December 2026 quarter, Perpetual plans to release outputs from the Nevada Scheelite three-dimensional geological model, run a soil geochemistry program, audit historical core and plan a maiden drilling program for late 2026, subject to permitting and rig availability. In Brazil it intends to complete the Igrejinha drilling, report core assays as they arrive and advance follow-up work at Paraíba. It also plans to pay the next Nevada consideration by 17 December and continue talks on United States government funding through GreenMet.

Any extension of activity would depend on further funding, none of which is confirmed. Historical drill results quoted are unverified and do not constitute a Mineral Resource.