Key Highlights

  • Australian Critical Minerals does not plan to drill at Flint in the December quarter and will refine targets from its maiden programme instead.
  • Hole FL_DDH002 showed shallow advanced argillic alteration and, at depth, more intense phyllic alteration with low-level copper and molybdenum.
  • Cash of $808,000 at 30 September gives an estimated 1.61 quarters of funding, so a raising looks likely.
  • The company is seeking private land access in the southern half of Flint, and its Riqueza review is the next technical milestone.

Despite its name, Australian Critical Minerals (ASX:ACM) is now mainly a Peruvian gold, silver and copper explorer. According to its September quarter activities report, released on 30 October 2026, the company does not plan to drill at its Flint gold-silver project in northern Peru in the December quarter. Instead, it will refine targets from its maiden drilling programme and review the historical database at its Riqueza copper-silver project, where it has signed a three-year access agreement with the local Andean community.

This change in pace matters because the company's cash is limited. Its Appendix 5B showed $808,000 at 30 September, against quarterly outflows of $503,000. That gives an estimated 1.61 quarters of funding. The executive chairman described a full assessment of the portfolio, with the aim of concentrating effort and funding on the highest-priority projects.

What Flint drilling showed

The four-hole, 1,773-metre diamond programme at Flint was completed in the June quarter. It was the first systematic subsurface test of the northern part of the interpreted hydrothermal system. In the September quarter, ACM analysed core from hole FL_DDH002 together with hyperspectral data. The company reported shallow advanced argillic alteration, epithermal pathfinder anomalies, and at depth more intense phyllic alteration with low-level copper and molybdenum. ACM interprets these as possible signs of a concealed porphyry system, with alteration vectoring south of the drilled area. It has also identified two conductive AMT anomalies as conceptual lithocap targets.

These are geological interpretations and exploration targets. They are not economic intersections or mineral resources, and the company itself says further exploration is needed to establish whether significant mineralisation is present. Its social licence team is seeking private land access in the southern half of the project.

Riqueza and Cooletha

At Riqueza, ACM says historical work identified mineralised structures, high-grade copper and silver rock chips and drill-ready targets. However, it reported no other material exploration during the quarter. It has engaged the consultancy Global Ore Discovery to integrate the historical data into a single geological model, a task it expects to take several weeks. In Western Australia, the Cooletha project remains prospective for channel iron deposits. Most objections to tenement application E45/6375 have been resolved, but a native title group declined to include it in an existing heritage agreement, so a separate agreement is under review.

Cash and funding

The Appendix 5B shows $286,000 spent on exploration (expensed), $54,000 on staff and $197,000 on administration and corporate costs. These were partly offset by a $31,000 GST refund. No Equity was raised and no finance facilities are in place. In its item 8 answers, ACM said it had taken no steps to raise further cash but remains confident it could raise Capital when required. With under two quarters of funding, this suggests a raising is likely within the next few quarters unless spending falls, and any raising would dilute existing holders.

Risks and upcoming milestones

Peru's Andean epithermal and porphyry belt is a well-endowed region, but juniors there face community access, permitting and political risks. ACM's specific risks are its short runway, the early stage of its targets and the need to secure land access at southern Flint. The Annual General Meeting will be held at 3:00pm (WST) on 27 November 2026 in West Perth. The Global Ore Discovery review of Riqueza is the next technical milestone the company has flagged.