Key Highlights

  • Holds more than 6,500 sq km of NT tenure across Huckitta, Broughton and Batten projects targeting zinc, lead and fluorite
  • ERM desktop review defined 22 targets at Batten with 11 ranked Priority 1 and nine near the Hot Spring target area
  • Box Hole zinc-lead prospect at Huckitta has historical drilling results of up to 14.7% zinc and approximately 6.7 km of strike
  • A$11.0 million cash at 30 June 2026 funds the upcoming drilling and electromagnetic survey programme

Daly Resources (ASX:DLY) is turning a large Northern Territory landholding into a ranked list of zinc, lead and fluorite drilling targets, while holding A$11.0 million of cash at 30 June 2026. It has no defined resource yet, so the story is about exploration ambition and funding runway rather than production.

What the company holds

Daly Resources Limited (ASX:DLY) is a mineral exploration company classified by the ASX in the Materials sector. Its Annual Report describes more than 6,500 square kilometres of 100%-owned granted tenure in the Northern Territory.

Three core projects carry the work. Huckitta, about 3,812 square kilometres in the Georgina Basin, is focused on fluorite with copper and zinc-lead also prospective. Broughton targets sediment-hosted copper-zinc, and Batten targets zinc-copper in the McArthur Basin.

The shares are ordinary shares. The company listed on 23 June 2026 after issuing 48 million shares at A$0.25 to raise A$12 million before costs under a prospectus dated 27 April 2026. Sandfire Resources remains the major shareholder.

Two recent target announcements

On 1 October 2026 Daly detailed Box Hole, a zinc-lead-silver prospect within Huckitta, about 340 kilometres north-east of Alice Springs. It describes carbonate-hosted, Mississippi Valley Type style mineralisation traced over roughly 6.7 kilometres of strike, and it remains open along strike and at depth.

The evidence is historical. Uramet Minerals drilled 94 rotary air blast holes in 2007 to 2009, with a best single-metre result of 14.7 per cent zinc. Daly states that sampling documentation is incomplete and that no independent audit has been done.

On 13 October 2026 Daly released an independent desktop review of Batten by ERM. It defined 22 targets, 11 of them ranked Priority 1, with nine of those in a southern area around the Hot Spring target.

ERM reported no new drilling or assays and cautioned that conductivity alone is not evidence of mineralisation, because the local shale is naturally conductive.

What the numbers say

For the year ended 30 June 2026, Daly reported a loss after tax of A$3.63 million, against A$0.35 million a year earlier. Of that, A$3.23 million was share-based payments, a non-cash charge, so the headline loss overstates cash burn.

Net cash used in Operating Activities was A$0.45 million, and investing outflows were A$0.35 million. Capitalised exploration and evaluation Assets stood at A$2.64 million.

Against its prospectus budget of A$8.1 million for exploration over two years, the company had spent A$204,722 by 30 June 2026. That points to a heavier programme ahead, which will draw on the cash balance.

Risks to weigh

Exploration outcomes are binary. Daly's own report lists geological uncertainty, tenure maintenance, the absence of any defined Mineral Resource or Ore Reserve, dependence on key people and the need for future capital.

Weather is a risk too. Box Hole illustrates it: a 2023 drilling programme by a previous operator was abandoned after unseasonal rain cut off access before any holes were drilled. Daly is seeking a rig for Hot Spring ahead of the coming wet season.

Zinc prices add an external variable. Daly cited London Metal Exchange zinc at US$4,186 per tonne on 9 September 2026, the highest since 2022, but Commodity prices can reverse.

Dates to watch

Soil results from Hot Spring were described as expected within weeks of 13 October 2026. A soil survey at Box Hole was planned to start soon after 1 October 2026.

At Broughton, a roughly 2,018 line-kilometre electromagnetic survey is scheduled for the third quarter of 2026, supported by A$150,000 including GST of Northern Territory Government co-funding.

Shareholders vote on five resolutions at the Annual General Meeting on 26 November 2026 at 10.00am Australian Western Standard Time in West Perth, including a 10 per cent Placement capacity. Proxies close on 24 November 2026.