Key Highlights

• Arcadia needs funding to build its Namibian tantalum project.

• The project is permitted and ready to build.

• Nickel-copper-platinum group metals targets have fresh drill sites mapped.

• The company is incorporated in Guernsey and listed through CDIs.

Arcadia Minerals (ASX:AM7) is hunting for money. Its Namibian tantalum project is permitted and ready to build, its nickel-copper-platinum group metals target has fresh drill sites mapped, and its latest accounts carry a going-concern warning, so funding decides how much of that work happens.

A Guernsey company on the ASX

Arcadia Minerals (ASX:AM7) Limited is incorporated in Guernsey and listed in Australia through CHESS Depositary Interests (CDIs), each representing one ordinary share. That structure lets investors trade on the ASX through the normal settlement system. It also means Guernsey law governs the company, which its Annual Report flags as a limit on enforcing Australian claims.

Its Assets sit in Namibia. At 30 June 2026 it had 132,383,433 CDIs on issue, and Raubex Group, a contractor to the company, held about 23.69 per cent.

The Swanson tantalum project

Swanson is held through an 80 per cent owned Subsidiary and the company describes it as fully permitted and construction-ready. What is missing is a financing and offtake package.

In February 2026 Arcadia signed a binding term sheet giving Hongkong Xinhai Mining Services an option over the project, for a A$50,000 fee. The exclusivity period lapsed in March 2026, but draft definitive terms have since been prepared and talks continue. The company says there is no certainty of a definitive agreement, and it is also approaching European development finance institutions.

Drill targets at TVC Kum-Kum

On 4 August 2026 the company said it had integrated historical and new data at the TVC Kum-Kum project in southern Namibia, which covers nickel, copper, platinum group metals, lithium and tantalum. Re-sampling of old core gave the first recorded platinum, palladium and gold values in its ultramafic rocks, including 0.71 per cent nickel, 0.28 per cent copper and 0.84 grams per tonne palladium in the best orthopyroxenite sample.

The company says the layered intrusion resembles the Merensky-type setting of South Africa's Bushveld Igneous Complex, an interpretation only. Mapping identified eight ultramafic bodies, six of them new. The priority targets are Sites 2 and 7, where four diamond holes of about 200 metres each are planned. Every hole depends on funding, with no start dates.

The FY26 numbers

For the year to 30 June 2026, the net loss narrowed to A$284,882 from A$888,020. Cash paid for exploration fell to A$33,941 from A$260,742, and A$154,405 of other income came from the Karibib farm-in sale to Kaoko Metals, with a further A$250,000 due one year after settlement.

Cash rose to A$434,566 from A$1,990, helped by a 10 February 2026 Placement of 15,000,000 CDIs at A$0.03, raising A$450,000 before costs. The company also carries a A$150,000 convertible Loan at 10 per cent interest. Operating cash outflow was A$350,785 and net current liabilities were A$488,127. Auditor RSM Australia drew attention to the material uncertainty over Going Concern without modifying its opinion.

The lower loss mostly reflects less exploration, rather than a larger business. Capitalised exploration assets of A$12,120,645 are unchanged, so net assets of A$11,638,705 rest largely on tenure that has yet to prove economic.

Risks and what to watch

Besides funding, the report lists Namibian permitting and environmental obligations, uncertain resource estimates, reliance on contractors including a Raubex subsidiary, and concentrated ownership. Lithium work at Bitterwasser has been deprioritised because of weaker lithium sentiment.

On 4 September 2026 ASX queried a rise from A$0.044 to an intraday A$0.076 and the company replied that it was not aware of undisclosed information.

The stated plan is to finish Swanson financing, drill TVC if funded and assess gold and critical-minerals acquisitions. Milestones include the annual general meeting, expected in November 2026, any Xinhai agreement, and funding for scout drilling at TVC.