Key Highlights

  • Infini Resources (ASX:I88) traded at $0.115, down 17.86%, during the Trading session on 30 October 2026, the same day as its quarterly report.
  • An expanded Phase 3 program of about 5,000 metres of diamond drilling commenced at the 100 per cent owned Portland Creek project.
  • Maiden diamond drilling at Reynolds Lake and Reitenbach Lake totalled 16 holes and 3,314 metres.

Infini Resources Ltd (ASX:I88) shares traded at $0.115 during the trading session on 30 October 2026, down 17.86%. Infini holds the 100 per cent owned Portland Creek Uranium Project in Newfoundland, Canada. Its quarterly activities report for the period ending 30 September 2026 was released on the same day as the share move, so this article discusses them together. The report covered an expanded drilling program, new geophysical interpretation and the results of maiden drilling at two prospects.

Latest Development: Quarterly Activities Report (30 October 2026)

An expanded Phase 3 diamond drilling program of approximately 5,000 metres commenced at Portland Creek, supported by about 1,000 metres of trenching. The company describes it as its most substantial exploration campaign to date across a potential district-scale hydrothermal uranium system.

Maiden diamond drilling at Reynolds Lake and Reitenbach Lake totalled 16 holes and 3,314 metres. The company reported that the drilling intersected reactivated graphitic structures and evidence of hydrothermal activity.

Geophysics and Field Program

Three-dimensional magnetic modelling defined an extensive hydrothermal footprint at Portland Creek and a set of targets where structural intersections, magnetic breaks and uranium anomalies coincide. A field program covering about 283 kilometres of traverses and 465 geological stations confirmed numerous airborne radiometric anomalies.

Assays for the 80 kilometre electromagnetic conductor network are still pending. The final electromagnetic dataset did not identify discrete bedrock conductors of the kind the company had sought, which the company attributes partly to the penetration depth of the method.

Company Background

Infini holds the 100 per cent owned Portland Creek Uranium Project in Newfoundland, Canada. The project is covered by airborne magnetic and electromagnetic datasets, surface geochemistry and earlier Phase 1 and Phase 2 drilling. The company's current program combines new drilling with trenching and an 80 kilometre electromagnetic conductor network to define targets for further work.

Reporting Scope and Limitations

The Quarterly Report describes exploration activities, targets and early drill results. It does not give a resource estimate, a cost estimate or a timetable for a development decision. The pending assays and the final electromagnetic analysis will determine how the targets are ranked in future reports.

Sector Context

Uranium exploration in North America is typically assessed by drilling, geophysics and surface sampling. Explorers in this area depend on the uranium price and on the cost of drilling programs, and the company's announcements describe a district-scale target set rather than a defined resource.

Risks

The drilling results are early and no uranium resource has been declared. The electromagnetic work did not identify discrete bedrock conductors, and the company notes the limits of the method's penetration depth. Assays are pending. Exploration of this kind requires continued funding, and the expanded program increases spending.

What Lies Ahead

The company expects to receive the outstanding electromagnetic assays and to continue the Phase 3 drilling program. Results from the expanded program will determine whether the target set advances toward drill-ready status.

The Bottom Line

Infini fell 17.86 per cent during the trading session on 30 October 2026, the same day it reported an expanded drilling program and maiden drill results at two prospects. The pending electromagnetic assays and the Phase 3 results will show whether the Portland Creek targets develop further.