Key Highlights

  • Western Ridge Resources (ASX:WRX) shares were down 16.67% at $0.05 during the 22 October 2026 session, against a 0.44% fall in the S&P/ASX 200.
  • In an announcement dated 1 October 2026, the company agreed to acquire four granted Murchison tenements led by the Seven Mile Well Gold-Antimony Project.
  • Firm commitments were received to raise A$1.31 million at $0.025 per share, subject to Shareholder approval at an AGM expected in mid-November 2026.

Western Ridge Resources Limited (ASX:WRX) shares were down 16.67% at $0.05 during the Trading session on 22 October 2026, at the time of the data. By comparison, the S&P/ASX 200 stood at 8,792.20, down 0.44%, and the All Ordinaries stood at 8,916.20, down 0.45%. Western Ridge is an exploration company with a flagship silver, gold and tungsten project in Nevada. In an announcement dated 1 October 2026, it detailed a binding agreement to acquire a portfolio of gold and gold-antimony projects in Western Australia's Murchison region, together with an A$1.31 million placement.

About the Company

Western Ridge Resources Limited trades on the ASX under the code WRX. Its managing director is Dr Matthew Cobb, and its flagship asset is the Keystone Silver, Gold and Tungsten Project in Nevada, United States.

Business Overview

The company focuses on precious metals and critical minerals. The Acquisition adds gold and gold-antimony exposure alongside Keystone, and the company stated that the transaction adds no new Commodity class and no new activity, with Keystone remaining its flagship asset.

The acquired portfolio covers four granted tenements: the Seven Mile Well Gold-Antimony Project (E20/1061 and E20/1062), the Lady Alma Gold Project (P51/3159) and the Jasper Star Gold Project (M51/877). Programmes of Work for Reverse Circulation Drilling have been approved on three of the tenements.

Seven Mile Well and the Acquired Tenements

In its 1 October 2026 announcement, the company said Seven Mile Well lies about 30km north-west of Cue and roughly 7km north along strike from the Big Bell Gold Deposit, which has produced over 2.6 million ounces of gold. A 2025 auger programme outlined a western zone of about 2.5km strike length, never drill tested, and an eastern zone of about 1km.

With MinVal Pty Ltd, the company developed a conceptual Exploration Target of 2Mt to 11Mt at 1g/t to 5g/t gold, or 130,000oz to 1,000,000oz of contained gold. The company noted that the quantity and grade are conceptual, that there has been insufficient exploration to estimate a Mineral Resource, and that further exploration may not result in one.

Lady Alma is a 156.7 hectare prospecting licence on the Gabanintha Shear Zone, while Jasper Star is a Mining Lease about 6km south of the Crown Prince Gold Project. Historical Jasper Star results, including 16m at 29.4g/t gold, were generated by prior operators and have not been independently verified.

Acquisition Terms and Placement

The company entered a binding heads of agreement with Odin Capital Group Pty Ltd. Consideration includes $200,000 in cash, paid in 12 monthly instalments, and shares worth $500,000 based on a 30-day Volume weighted average price. Performance shares comprise 6,250,000 Class A, 6,250,000 Class B and 20,000,000 Class C. A 1% net smelter return Royalty applies to the sellers and a further 1% to the transaction adviser, with 50,000,000 adviser Options at $0.05 subject to shareholder approval.

Completion is conditional on due diligence, a raising of at least $1,000,000, shareholder approval and regulatory approvals within four months of execution. Firm commitments were received for a $1,310,000 Placement of 52,400,000 shares at $0.025, which is subject to approval at the Annual General Meeting expected in mid-November 2026.

Related Sector Context

Gold and antimony exploration in the Murchison region draws on established mining history. The company noted that antimony is classed as a critical mineral in Australia and the United States, and cited prices of approximately US$4,271 per ounce for gold and US$28,300 per tonne for antimony as at 24 September 2026.

Small exploration companies often move more sharply than the wider market. On 22 October 2026 the S&P/ASX 200 was down 0.44% and the All Ordinaries was down 0.45%, compared with the 16.67% fall in Western Ridge shares during the session.

Risks to Weigh In

Completion of the acquisition remains subject to conditions precedent, including shareholder approval and the capital raising, and the placement itself needs approval at the upcoming meeting. Timing also depends on rig and contractor availability and weather.

The Exploration Target is conceptual, and the western shear at Seven Mile Well has never been drill tested. Historical drilling results at Jasper Star are unverified.

Catalysts on Watch

The company outlined a proposed programme starting in November and December 2026, comprising a gradient array induced polarisation survey at Seven Mile Well, a 2,000m maiden drilling programme at Lady Alma across 68 collars and 12 drill fences, and reverse circulation drilling at Seven Mile Well in December 2026.

The annual general meeting expected in mid-November 2026 is the next scheduled event for shareholder votes on the placement, acquisition and related issues.

Putting It Together

Western Ridge shares were down 16.67% at $0.05 during the 22 October 2026 session. The company's latest update, dated 1 October 2026, covers a Murchison acquisition, a placement and a drilling schedule, and it predates the session, so it is not presented as an explanation for the move.