Highlights

  • Cash declined to A$1.51m at the September quarter end.
  • Jerrys Bore soil sampling identified three priority gold targets.
  • Bunda Creek magnetic survey interpretation is continuing.
  • The search for an advanced gold or copper project has not yielded an acquisition.

Westar Resources Limited (ASX:WSR) explores gold and copper projects in Western Australia and the Northern Territory. Its September 2026 quarterly report describes untested exploration targets, continuing work to assess its existing portfolio and an unsuccessful search so far for an advanced project, alongside cash of A$1.51m.

Cash and funding

For ASX:WSR, operating cash outflow for the quarter was A$123k, and capitalised exploration spending was A$212k. There were no financing inflows and the company has no loan or credit facilities. The Appendix 5B calculation gives an estimated funding runway of about 4.5 quarters. Directors were paid A$37k. The company has 808,002,057 quoted ordinary shares on issue, together with 120,600,000 unlisted options and performance rights with various hurdles and exercise prices.

The search for a larger project

For ASX:WSR, the company said it is looking for an advanced gold or copper project in Australia, Canada or the USA and that the search will continue in the current quarter. No project has yet met its criteria. The report does not name any target, indicate a transaction timetable or describe how a purchase would be funded, so the search should be read as an intention rather than a pending deal.

Bunda Creek, Northern Territory

At Bunda Creek, where the company is focused on copper, exploration licence EL34118 was granted on 14 January 2026 for six years, with Westar holding a 100 per cent interest. A 569 square kilometre airborne magnetic survey has been completed and is being interpreted, with co-funding from the Northern Territory Government. A further application, ELA34358, was lodged in March 2026, also for a 100 per cent interest.

Western Australian gold projects

For ASX:WSR, at Jerrys Bore, licence E38/4032 was granted on 16 April 2026. Soil sampling of 1,167 samples identified three priority gold targets, labelled T1 to T3 and linked to faults, plus a fourth target, T4, that shows pathfinder elements only. Planning is under way to test the targets and no drilling has taken place yet.

The company also holds a 25 per cent free-carried interest in the Mt Finnerty gold joint venture with a partner holding 75 per cent. Westar's interest is carried until a decision to mine. An application for Mount Strawbridge (E38/4034), also for a 100 per cent interest, remains pending.

At Jerrys Bore, the three priority targets are T1, T2 and T3, while T4 is described as a pathfinder-element target. This distinction matters because the sampling has not established gold grades from drilled bedrock or defined a deposit.

The Bunda Creek licence EL34118 was granted in January 2026 and covers copper exploration. A survey spanning 569 square kilometres is being interpreted, while a separate licence application remains outstanding. Neither step establishes a mineral resource.

For ASX:WSR, the portfolio also includes a 25 per cent free-carried Mt Finnerty interest and a pending Mount Strawbridge application. Those interests are distinct from the separate search for an advanced project, where no transaction has been announced.

Westar reported no financing inflow for the quarter and no loans or credit facilities. Its estimated 4.5 quarters of funding reflects reported spending rates and does not indicate that exploration approvals or acquisition financing are already secured.

Key Insights

ASX:WSR continues to assess grassroots gold and copper targets while looking for a more advanced asset. None of the described new targets has yet delivered a mineral resource, and the company has not identified a proposed acquisition. Existing cash and regulatory access requirements remain relevant to the pace of fieldwork.