Key Highlights

  • Accelerate consolidated 100% of the 432km2 Woodie Woodie North project through two scrip only transactions totalling 55,000,000 shares, with no cash paid.
  • More than 200 manganese outcrops were mapped, and the new Wampa prospect returned rock chips of up to 58.4% Mn.
  • Maiden RC drilling at Spencers returned 11m at 4.65g/t Au from 25m, the highest grade intercept at Balagundi to date.
  • Quarter end cash was $1.432 million, and a further $1.1 million placement at $0.004 per share was announced after quarter end.

Accelerate Resources Limited (ASX:AX8) used the September 2026 quarter to take full ownership of the 432km2 Woodie Woodie North manganese project in Western Australia's East Pilbara and to report its best gold intercept to date at the Balagundi project near Kalgoorlie. Binding agreements signed on 29 September removed all vendor milestone payments, and no cash was paid under either transaction. The company ended the quarter with cash of approximately $1.432 million and spent $733,000 on project evaluation and exploration.

Woodie Woodie North Ownership Consolidated

The project sits about 260km east of Port Hedland and 55km north of Consolidated Minerals' operating Woodie Woodie manganese mine, with seven mapped manganese corridors over 42km of strike. Under the first transaction, Accelerate acquired exploration licences E45/5854 and E45/5088 from subsidiaries of First Development Resources PLC for 25,000,000 shares escrowed for 12 months. Licence E45/5854 hosts the Area 42 corridor. The second transaction terminated legacy agreements with seven unrelated vendors that carried future payments of up to $2 million in cash and 20 million shares, in return for 30,000,000 shares, of which 11,970,000 are escrowed for six months. Completion occurred on 2 October 2026, leaving 1,466,188,712 shares on issue.

Field work defined more than 200 manganese outcrops across the Gingarrigan and El Largo corridors, covering about 9.7 hectares of mapped exposure over roughly 5km of the principal trend. A ground gravity survey of 2,440 stations, half funded by the Western Australian Government's Exploration Incentive Scheme, shows structures coinciding with mapped outcrops. At the Rancor prospect, a manganese chert breccia of about one hectare, seven of ten rock chips returned more than 30% Mn, including 57.6% Mn, while Wampa returned 58.4% Mn, 55.3% Mn and 50.6% Mn.

Area 42 Core and Gingarrigan Drilling Plans

In September, three vertical PQ3 holes totalling 159m were drilled at Area 42 for metallurgical testwork, each twinning an earlier RC hole. Visual manganese was logged in all three. WNDD003 showed multiple zones across a 72m downhole span from 5.6m to the end of hole at 77.6m, WNDD001 from 14.3m to 27.3m, and WNDD002 from surface to 23.1m. These are visual observations only, and laboratory assays are needed to establish grade. The core will be split into 6m to 12m composites for processing at Nagrom in Perth to assess a direct shipping ore product and the dense media separation response of lower grade material. A heritage survey with Nyamal representatives was completed at Gingarrigan, where a maiden RC program of about 3,500m was scheduled for October 2026.

Balagundi Gold Results

Maiden RC drilling at Spencers, within Mining Lease M25/92, comprised nine holes for 1,086m. All nine intersected gold across about 300m of strike, which remains open along strike and down dip. Hole 26BGRC023 returned 11m at 4.65g/t Au from 25m, including 1m at 46.93g/t Au from 33m, while other holes recorded 11m at 0.90g/t Au from 73m and 11m at 0.92g/t Au from 110m. At Fluffy, a 35-hole, 1,473m aircore program returned 10m at 1.05g/t Au from 24m and 1m at 8.44g/t Au from 37m, in the first drilling there in more than 30 years.

Where the Quarter Leaves Accelerate

Tranche 2 of a $2.0 million placement settled on 10 July, raising $0.8 million through 160 million shares at $0.005. After quarter end, firm commitments were received for $1.1 million through 275,000,000 shares at $0.004, with Leeuwin Wealth as lead manager, and proceeds are directed to Gingarrigan discovery drilling and Area 42 resource extension drilling. Vincent Algar, a geologist with 35 years of experience, became Executive Director on 7 October 2026. Listed holdings were about $114,000 at quarter end, and related party payments were $68,000. The quarter therefore ended with the manganese tenure held outright and gold drilling results at two Balagundi prospects.