White Cliff Minerals (ASX:WCN) Kicks Off Rae Copper Drilling After 90%+ Metallurgical Results

Sonal Goyal

01 May 2026 12:32 PM AEST

White Cliff Minerals (ASX:WCN) Kicks Off Rae Copper Drilling After 90%+ Metallurgical Results

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Highlights

RC drilling commenced at the Danvers target of the Rae Copper Project in mid-April 2026, with diamond drilling of the Stark/Hulk sedimentary targets planned for May 2026.
Metallurgical testwork from Danvers delivered copper recoveries above 90% (peak 95.4%) and silver recoveries up to 93.3%, confirming a simple conventional flotation flowsheet.
Binding sale agreement for the Great Bear Project reached for A$5.8 million (A$1.2M cash plus 230M HCD shares), subject to Shareholder approval and HCD re-listing.

White Cliff Minerals; (ASX:WCN) quarterly activities report released on 1 May 2026 contains several positive operational milestones that represent genuine progress at the company's flagship Rae Copper Project, as well as the advancement of a significant asset monetisation initiative in the Great Bear Project sale.

Rae Copper Project: Drilling Season Gets Underway

The most operationally significant development for White Cliff Minerals in the quarter was the mobilisation and commencement of drilling at the Rae Copper Project in Canada. Supply flights to the remote site were successfully completed in late March 2026, with Aurora Geosciences delivering essential drilling consumables and camp provisions. The camp was fully restarted in early April, marking an important logistical milestone for a project operating in challenging subarctic conditions.

Reverse circulation (RC) drilling at the Danvers target commenced in mid-April 2026, with the programme targeting regional and scale expansion along the approximately 8 to 10 kilometre Teshierpi Fault Zone. This structural corridor is interpreted as a key control on copper mineralisation at Danvers, and the 2026 step-out drilling programme is designed to test whether the system extends beyond the footprint established through 2025 exploration. Diamond drilling of the higher-priority sedimentary copper targets at Stark and Hulk is planned to follow during May 2026, targeting a distinct style of copper mineralisation that could represent a larger-scale discovery opportunity.

Metallurgical Results: High Recoveries De-Risk Processing

The quarter also saw the release of metallurgical testwork results from the Danvers deposit, which delivered highly encouraging outcomes. Copper recoveries exceeded 90% across the testwork programme, with a peak recovery of 95.4% — a result that places the Danvers mineralisation in the upper tier of copper concentrators globally. Silver recoveries of up to 93.3% add further economic optionality to the project, given silver's role as a significant by-product Credit in copper project Economics.

Critically, the testwork confirmed that a simple conventional flotation flowsheet is sufficient to achieve these recoveries, with no regrind circuit required — a processing simplification that reduces both Capital Expenditure and operating costs in any future development scenario. The production of high-grade concentrates assaying approximately 40% copper and approximately 150 grams per tonne silver also confirms that the concentrate would be commercially attractive to smelter customers. These results meaningfully de-risk the Downstream processing pathway for the Danvers deposit.

Great Bear Project Sale: Monetising a Non-Core Asset

White Cliff Minerals executed a binding agreement during the quarter for the sale of its Great Bear copper-gold-silver-uranium project to Hydrocarbon Dynamics Ltd (ASX: HCD), which is to be renamed Great Bear Exploration Ltd upon completion of the transaction. The total consideration is A$5.8 million, comprising A$1.2 million in cash and 230 million HCD shares at an implied value of A$4.6 million based on HCD's pre-consolidation share price of A$0.02.

The transaction is subject to White Cliff Shareholder approval and the completion of HCD's re-listing on the ASX, which is scheduled for late May. HCD is progressing a public offer prospectus to raise A$5.5 million, following which a 10:1 share consolidation will occur prior to re-listing. White Cliff has also called a Shareholder meeting to approve an in-specie distribution of approximately 165.1 million HCD shares to WCN shareholders, which would leave White Cliff holding 9.9% of HCD post-distribution. This structure allows WCN shareholders to retain direct exposure to the Great Bear project while White Cliff deploys the cash proceeds to advance its core Rae Copper strategy.

Financial Position: Cash and Exploration Expenditure

White Cliff Minerals held a cash position of approximately A$3.18 million as at 31 March 2026. During the quarter, A$2.25 million was spent on exploration and evaluation activities — the largest component of the cost base, reflecting the company's exploration-stage nature. Administration and corporate costs of A$371,000 were recorded for the period. No Mining production or development activities were undertaken. The proceeds from the Great Bear sale — including the A$1.2 million cash component — are expected to strengthen the company's Balance Sheet and provide additional funding runway for the Rae Copper exploration programme, though the timing of receipt is contingent on transaction completion.

Board Renewal and Corporate Governance

White Cliff completed a board renewal process during the quarter. Effective from 1 March 2026, Gavin Rezos joined as Non-Executive Chair and Sara Kelly as Non-Executive Director. The board refresh brings new oversight capability at a time when the company is executing on a clearer, sharper strategic focus — centred entirely on its Rae Copper Project. Additionally, 18,346,750 ordinary shares were issued during the quarter for the conversion of WCN Options, a routine dilutive event.

Strategic Focus: A Simpler, Stronger Story

The net effect of the corporate and operational activity in Q1 2026 is that White Cliff Minerals is emerging with a simpler, more concentrated Investment proposition. By divesting the Great Bear Project, management has freed up Capital and organisational focus to pursue what it regards as its highest-value opportunity — the high-grade Danvers copper-silver breccia and vein system, and the emerging sediment-hosted copper targets at Stark and Hulk. The strong metallurgical results from Danvers remove a significant technical risk that was previously overhanging the project's development thesis.

FAQs

Q1. What is the Rae Copper Project and where is it located?

The Rae Copper Project is an advanced copper-silver exploration project located in Canada. It hosts the Danvers breccia and vein copper-silver system, as well as emerging sediment-hosted copper targets at Stark and Hulk. The project is located in a remote subarctic environment requiring fly-in access.

Q2. What were the key results from the Danvers metallurgical testwork?

Metallurgical testwork from the Danvers deposit achieved copper recoveries above 90% with a peak of 95.4%, and silver recoveries of up to 93.3%. The testwork confirmed that a simple conventional flotation flowsheet is sufficient, producing high-grade concentrates of approximately 40% copper and 150 g/t silver. No regrind circuit is required.

Q3. Why is White Cliff Minerals selling the Great Bear Project?

The sale of the Great Bear Project for A$5.8 million is part of a strategic decision to concentrate resources on the flagship Rae Copper Project. The divestment monetises a non-core asset, strengthens the balance sheet, and allows management to focus entirely on advancing Danvers and the Stark/Hulk targets.

Q4. What is the in-specie distribution of HCD shares?

White Cliff has called a shareholder meeting to approve the distribution of approximately 165.1 million HCD shares (to be received as part of the Great Bear sale consideration) directly to WCN shareholders on a pro-rata basis. After the distribution, WCN will retain 9.9% of HCD, allowing shareholders continued exposure to the Great Bear Project.

Q5. What was White Cliff Minerals' cash position at the end of Q1 2026?

White Cliff held approximately A$3.18 million in cash as at 31 March 2026. During the quarter, A$2.25 million was spent on exploration and evaluation, with administration costs of A$371,000.

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