Westar Resources Limited (ASX:WSR) published its Annual Report for the year ended 30 June 2026, signed on 30 September 2026. The group reported a loss after income tax of $3,297,849, up from $1,301,928 in FY2025, and the result included Impairment expenses of $2,196,673 against nil a year earlier. Cash and cash equivalents rose 53.5% to $1,846,809 from $1,203,427, while net Assets fell to $2,411,094 from $3,538,537.

Basic and diluted loss per share was 0.65 cents against 0.33 cents. The year also included several tenement acquisitions in Western Australia and the Northern Territory, a series of share placements and a change of director. This article sets out the reported figures and the project activity behind them.

Company Overview

Westar Resources is a mineral exploration company with its registered office and principal place of Business in Perth. Its non-executive directors are Ariel (Edward) King, Ashley Hood and David Palumbo, who was appointed on 26 May 2026 when Ben Donovan resigned. The company explores tenements in Western Australia and the Northern Territory and says it is searching for advanced gold and copper projects, mainly in Australia, Canada and the United States, aiming to move from explorer to developer.

Its portfolio during the year comprised the Gidgee North Project in the Murchison region (gold, copper, zinc), a 25% free-carried interest in the Mt Finnerty joint venture, the Bunda Creek Project in the Northern Territory (copper, zinc, lead), and the Jerrys Bore, Mount Strawbridge and Gabbi Gundi gold projects in Western Australia. The company also states that numerous other projects were assessed but did not meet its criteria.

Details of the FY2026 Annual Report Released 30 September 2026

Other income fell to $34,722 from $105,010, with interest income at $34,722 against $54,344. Expenses moved in different directions. Employee benefits fell to $202,029 from $324,225, exploration and evaluation expenditure fell to $197,230 from $446,246, Depreciation fell to $16,019 from $51,859, and corporate and administration costs fell to $141,806 from $159,553. Against that, share-based payments rose to $217,450 from $101,671, consulting and professional services rose to $314,721 from $279,558, and statutory and compliance costs rose to $46,643 from $43,826. The impairment of $2,196,673 comprised $376,359 for three tenements surrendered during the year and $1,820,314 for the Gidgee North Project after management reviewed the recoverability of its carrying amount.

Total assets fell to $2,469,570 from $3,643,680, largely because exploration and evaluation assets declined to $500,038 from $2,327,195. Trade and other payables fell to $58,476 from $100,169, and total liabilities were $58,476 against $105,143. Net cash used in Operating Activities was $940,058 against $1,246,806, investing activities used $369,516 against $212,290, and financing activities provided $1,952,956 against $1,138,484.

During the year the company raised $1,979,044 before costs through 387,808,721 ordinary shares, and issued a further 21,468,523 shares mainly to settle lead manager fees. Placements included 59,808,721 shares at $0.005 on 30 October 2025 ($299,044), 38,000,000 shares to directors or their nominees at $0.005 on 24 December 2025 ($190,000), 40,000,000 shares at $0.006 on 26 February 2026 ($240,000) and 250,000,000 shares at $0.005 on 7 May 2026 ($1,250,000). At 30 June 2026 there were 808,002,057 ordinary shares, 120,000,000 Options and 600,000 performance rights on issue.

On projects, the Bunda Creek exploration licence EL34118 was granted on 14 January 2026 for six years, a second application, EL34358, was lodged on 9 March 2026, and Northern Territory Government funding was received for an airborne magnetic and radiometric survey over 569km2, expected to finish in the September 2026 quarter. At Jerrys Bore, licence E38/4032 was granted on 16 April 2026, and a 1,218-sample soil program was completed, with results announced on 10 September 2026 identifying three high-priority gold targets. Exploration Licence applications were made at Mount Strawbridge and Gabbi Gundi. At Gidgee North, field mapping was completed, an aircore program is planned at the Mageye prospect, and a Heritage Protection Agreement is under negotiation. At Mt Finnerty, Forrestania Resources Limited agreed to acquire Ramelius Resources' Edna May Gold Hub, including its 75% joint venture interest, and the transaction completed on 4 September 2026.

Industry Context

Westar's report describes a search for gold and copper opportunities in jurisdictions it considers supportive. The Bunda Creek discussion cites work by the Northern Territory Geological Survey, CSIRO and Geoscience Australia on the copper prospectivity of the Birrindudu Basin, and the company refers to the Basin as a possible new frontier district for copper.

The gold projects sit in the Goldfields and Murchison regions of Western Australia, where several tenements are covered by sand or soil, which the company notes limits earlier exploration. Work at this stage relies on soil sampling, regolith mapping, magnetic data and, later, drilling.

Risks and Uncertainties

The directors' report describes mineral exploration as speculative and high-risk, with no assurance that any project will Yield an economic resource. The FY2026 impairments show how carrying values can change, and the Gidgee North assessment reduced the asset balance materially. Heritage agreement negotiations at Gidgee North remain unresolved, and other tenement applications await grant.

What to Watch Ahead

Items that may inform later updates include follow-up on the three Jerrys Bore gold targets, the Bunda Creek airborne survey results, any Heritage Protection Agreement at Gidgee North, and the grant of pending tenements.