Cadoux Limited (ASX:CCM) reported on 30 September 2026 results from resampling of 21 holes from earlier drilling at its Danube Rare Earth-Zircon Project in Victoria. The company said the resampling extends known rare earth and zircon mineralisation beyond both ends of the Exploration Target envelope it reported in June 2026, up to 1.4 kilometres to the north and with a new target area to the south.

The announcement also set out next steps, including bulk metallurgical testwork, infill drilling subject to landholder access and a Scoping Study targeted for the second quarter of 2027.

About Cadoux

Cadoux Limited describes itself as an emerging developer of critical minerals projects focused on high purity alumina (HPA) and rare earth minerals. Its HPA strategy centres on a proprietary process and a staged development plan in Western Australia, and the company holds Western Australian lead agency status and Major Project Status from the Federal Government for that project.

In rare earths, Cadoux holds 50% of Minhub Operations Pty Ltd and has the right to acquire the remaining 50%. Minhub is developing a mineral separation plant in Darwin, designed to process an initial 500,000 tonnes per year of heavy mineral concentrate, and a concept-stage project to process up to 4,000 tonnes per year of xenotime. Cadoux is also the operator of the Wimmera Mineral Sands Joint Venture in Victoria, under which it can earn a 70% interest in mineral sands rights over about 1,380 square kilometres from Century Minerals Pty Ltd and Rovatec Resources Pty Ltd, and a further 10% by arranging project funding.

Latest Development: Danube Resampling Results (30 September 2026)

The Danube project lies on exploration licence EL5359, held by Rovatec, about 25 kilometres east-southeast of Horsham. It is interpreted as part of the larger WIM 150 deposit and as a shallow, flat-lying, sheet-like body five to ten metres thick that dips gently north. It carries zircon, the rare earth minerals monazite and xenotime, and titanium minerals. The company's June 2026 Exploration Target is 50 to 100 million tonnes at 0.8 to 1.2% in-situ zircon and 800 to 1,200 parts per million in-situ total rare earth oxides.

A total of 208 retained samples from the 2022 and 2023 Danube drilling were assayed by fused-bead XRF at Bureau Veritas in Perth. No new holes have been drilled at Danube in 2026. North of the June envelope, hole DB0029 returned 9 metres at 1.01% zircon, 0.13% monazite and 2.02% TiO2 from 18 metres, including 1 metre at 2.32% zircon. DB0030 returned 7 metres at 0.62% zircon from 21 metres and is mineralised to the base of sampling. DB0033, 1.4 kilometres north of the envelope, returned 4 metres at 0.61% zircon from 21 metres. Several northern holes returned no significant result.

On the southern traverse, all seven resampled holes are mineralised, with 5 to 10 metres at 0.35 to 0.57% zircon from 11 to 14 metres depth, along the full 1.9 kilometres between holes DB0073 and DB0066. The company describes this as lower grade but laterally extensive. The monazite figures are calculated from cerium oxide assays, and xenotime and the rare earth distribution of the resampled intervals have yet to be measured.

Next steps include processing a 380 kilogram bulk metallurgical sample, developing a process flowsheet and infill drilling in the December quarter, subject to landholder access. A maiden Mineral Resource estimate, previously targeted for the fourth quarter of 2026, is now expected in the first quarter of 2027. A Danube Scoping Study is targeted for the second quarter of 2027. Stakeholder and community engagement will be a focus from the fourth quarter of 2026, as Danube lies on freehold farmland. The company also cited recent approvals for other mineral sands projects in Victoria, including Goschen, Avonbank and Donald.

Risks and Uncertainties

No Mineral Resource has been estimated for Danube. The Exploration Target is conceptual, and there has been insufficient exploration to estimate a resource. The company states it is uncertain whether further exploration will result in one.

The new results come from XRF analysis of retained samples. Xenotime, total rare earth oxides and rare earth distribution for the resampled intervals have not been measured, and the database quality-control status of the results is listed as Unreviewed until the Competent Person review is complete.

Infill drilling depends on landholder agreements, weather and ground conditions, harvest timing and rig availability. The timetable is indicative, and the maiden resource estimate has already moved from the fourth quarter of 2026 to the first quarter of 2027.

The flotation circuit, separation of xenotime from monazite and the Minhub4000 project are described as development concepts that remain subject to testwork, engineering studies, approvals, funding and Investment decisions.

Milestones to Watch

  • Reporting of heavy mineral testwork on four composite samples and the start of bulk metallurgical testwork in the fourth quarter of 2026.
  • Extension and infill drilling, subject to landholder access, in the December quarter.
  • Maiden Mineral Resource estimate, now expected in the first quarter of 2027.
  • Process flowsheet development and integration with the Minhub Darwin plant in the first half of 2027.
  • Danube Scoping Study, targeted for the second quarter of 2027.