Key Highlights

  • Alvo Minerals (ASX:ALV) shares were up 6.52% at $0.098 during the 22 October 2026 session, while the S&P/ASX 200 was down 0.64%.
  • In its 16 October 2026 announcement, Alvo said maiden drilling had started at Florence, with over 100 auger holes planned at the Bluebush project in Brazil.
  • Six batches totalling 1,369 samples from 188 auger holes are at the laboratory, with first results expected from late October.

Alvo Minerals Limited (ASX:ALV) shares were up 6.52% at $0.098 during the Trading session on Thursday 22 October 2026. At 11:55 am, the S&P/ASX 200 stood at 8,774.90, down 0.64% (56.40 points), while the All Ordinaries stood at 8,897.80, down 0.66%. Alvo is a Perth-based explorer advancing the Bluebush ionic adsorption clay heavy rare earth project in Brazil, alongside the Palma copper-zinc project.

About the Company

Alvo Minerals Limited is listed on the ASX under the code ALV and operates from Welshpool, Western Australia. The company was founded to explore for base and precious metals, targeting high-grade copper and zinc at its Palma Copper Zinc Project in Tocantins State, Brazil.

Alvo is now advancing the Bluebush Ionic Adsorption Clay (IAC) Heavy Rare Earth Project in Tocantins and Goias State. Its board comprises Non-Executive Chairman Graeme Slattery, Managing Director Rob Smakman and Non-Executive Director Beau Nicholls.

Business Overview

Bluebush covers 9,859ha on the northern part of the Serra Dourada granite, the same host rock as the Serra Verde IAC mine. Alvo also explores the Ipora REE Project in Goias. Palma has a JORC 2012 Mineral Resource Estimate of 7.6Mt @ 2.0% CuEq, comprising 3.3Mt Indicated and 4.3Mt Inferred.

Alvo describes a three-phase exploration strategy of Discover, Expand and Upgrade. Results to date at Bluebush include diamond holes intersecting fresh granite between 10m and 35m below surface, and dysprosium and terbium averaging about 26ppm, or roughly 14.2% of magnet rare earth oxide content.

Maiden Drilling at Florence

In an ASX announcement dated 16 October 2026, Alvo said drilling had commenced at the Florence prospect, the southernmost area of Bluebush. More than 100 auger holes are planned to test the extent, thickness and grade of the clay profile on the Serra Dourada granite.

Florence covers about 656ha, lies entirely on that granite and has not previously been drilled. The program uses truck-mounted and handheld augers and is expected to continue through 2026 and into 2027, depending on progressive results. Soil sampling is also planned, and Alvo routinely tests drill samples with a handheld XRF analyser for an indication of rare earth content.

Samples at the Laboratory

The same 16 October 2026 announcement stated that six batches totalling 1,369 samples from 188 auger holes at Boa Vista, including the new EZX area, and Sao Bento are with SGS Geosol. First results are expected from late October, continuing into the new year.

The analysis includes full rare earth suite assays and desorption leach assays measuring the extractable ionic portion of the rare earths. Prior results included 19.5m @ 1,324ppm TREO from 0.5m in BLD004, and 6m @ 2,537ppm TREO from surface in BLG0008.

Electromagnetic Survey and Testwork

Alvo operates its own portable Loupe electromagnetic system to distinguish clay-rich saprolite from fresh granite. More than 18km of survey lines were completed at Boa Vista in early October, and surveying at Florence was scheduled to begin within 10 days of the announcement.

Samples are also with ANSTO for diagnostic and column leach testwork. The company said it has not yet measured permeability at Bluebush, and that this testwork and planned field hydraulic testing will inform whether the clays suit in situ recovery.

Related Sector Context

Rare earth exploration is a segment of the resources sector linked to magnet materials, with dysprosium and terbium among the elements the company notes are subject to Chinese export controls. Alvo states that Serra Verde, on the same granite, was recently acquired by USA Rare Earth Ltd for about US$2.8 billion.

At the time of the data, the S&P/ASX 200 was down 0.64% and the All Ordinaries down 0.66%, while Alvo shares were up 6.52%.

Risks to Weigh In

Bluebush has no Mineral Resource Estimate yet, and the company is working towards a maiden estimate. Assay and leach results from the pending batches may differ from earlier results. Alvo notes that many auger holes ended in mineralisation above fresh rock, so depth and Volume remain to be defined.

Suitability for in situ recovery has not been established, as permeability has not yet been measured. The company's forward-looking statements carry risks and uncertainties outside its control, and drilling is expected to continue only if results indicate prospectivity.

Catalysts on Watch

The company listed several next steps: completing the Florence auger program and electromagnetic survey followed by soil sampling, reporting the six SGS Geosol batches as received, continuing infill auger drilling in the planned resource area at Boa Vista and completing the ANSTO testwork.

A maiden JORC Mineral Resource Estimate for Boa Vista is targeted for early 2027.

Putting It Together

Alvo shares were up 6.52% to $0.098 during the 22 October 2026 session as the benchmarks traded lower. The company's latest update, dated 16 October 2026, covers early drilling at Florence, pending assays from 188 auger holes and a path towards a maiden resource estimate.