Why Albright Metals (ASX:ABR) is selling Western Australian tenements to fund a gold and antimony push in New Brunswick

Sonal Goyal

16 October 2026 11:02 PM AEDT

Why Albright Metals (ASX:ABR) is selling Western Australian tenements to fund a gold and antimony push in New Brunswick

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Key Highlights

Albright Metals, formerly Bryah Resources, changed its name effective 3 December 2025 and is acquiring the Golden Pike gold and antimony project in New Brunswick from Globex Mining.
The company sold its Bryah Basin exploration tenements to Catalyst Metals on 6 March 2026 for A$1.0 million in cash and 105,387 Catalyst shares.
Cash was A$1,253,327 at 31 March 2026, and the company's Appendix 5B estimated roughly 1.6 quarters of funding.

Albright Metals (ASX:ABR), formerly Bryah Resources, has spent 2026 selling Western Australian tenements to fund gold and antimony exploration in New Brunswick, Canada. In effect, the company is trading non-core Assets for exposure to a single Canadian project while working with a short cash runway.

Name change and strategy

Bryah Resources Limited (ASX:BYH) changed its name to Albright Metals effective 3 December 2025. The company's focus is now the Golden Pike gold and antimony project, which it is acquiring from Globex Mining under a July 2025 contract. Golden Pike covers about 3,292 hectares of contiguous claims and takes in the Vail Road gold deposit, the Bond Road antimony prospect and the Albright Brook antimony prospect.

Paying for Golden Pike

On 30 June 2026, Albright announced it had completed the second staged payment under the Golden Pike agreement, comprising C$100,000 in cash and C$200,000 in shares. The share component was satisfied by issuing 68,123,333 shares.

Asset sales have provided much of the funding. According to the March quarterly report, Albright completed the sale of its Bryah Basin exploration tenements to Catalyst Metals (ASX:CYL) on 6 March 2026 for A$1.0 million in cash and 105,387 Catalyst shares. On 1 June 2026, Albright said Catalyst had given notice of its intention to exercise an option over the remaining Bryah Basin tenements for A$2.2 million in cash and shares; that announcement did not confirm completion of the second sale. Albright also retains a manganese joint venture with OM (Manganese) Ltd over other Bryah Basin licences.

A legacy asset has also contributed. On 18 May 2026, Albright said it would receive 4,000,000 Star Minerals (ASX:SMS) shares, valued by the company at about A$212,000, because mining had begun at Tumblegum South, a project it sold in 2021.

Cash and burn rate

The Quarterly Report for the three months to 31 March 2026, released on 27 April, showed cash of A$1,253,327. That figure followed an operating outflow of about A$790,000, of which A$713,000 went on exploration, mostly at Golden Pike, and a A$1.0 million inflow from the Catalyst sale. The company's Appendix 5B estimated roughly 1.6 quarters of funding at that rate of spending, and its liquid holdings of Catalyst and Star shares were valued at A$1.03 million. There were 1,485,665,664 shares on issue at the time.

A runway of that length makes funding a central issue for the company, and any new Equity raising would add to an already large share count.

Drilling results versus resources

Drilling results and resources need to be kept apart. The March quarterly cited a Vail Road intercept of 33.74 g/t gold over 6.27 metres, and on 25 June 2026 the company issued an announcement titled "Gold and Antimony Mineralisation Confirmed and Extended". The 30 June announcement refers to a "foreign resource estimate" at Vail Road, which the company is combining with new drilling to produce a JORC-reportable estimate. Albright has not yet published a JORC resource for Golden Pike, and the antimony targets remain at prospect stage.

Risks

The key risks are financing and dilution, reliance on a single project, permitting and First Nations engagement in New Brunswick, and the uncertain path from drilling success to a reportable resource.

What's Next

The items to follow are the JORC-reportable estimate the company is preparing for Vail Road, the outcome of Catalyst's option over the remaining Bryah Basin tenements, and the cash position shown in subsequent quarterly reports.

FAQs

Q:What is Albright Metals' main project?

A:Its focus is the Golden Pike gold and antimony project in New Brunswick, Canada, being acquired from Globex Mining. It covers about 3,292 hectares and includes the Vail Road gold deposit and the Bond Road and Albright Brook antimony prospects.

Q:How has Albright Metals funded its move into Canada?

A:Largely through asset sales, including the sale of Bryah Basin exploration tenements to Catalyst Metals for A$1.0 million in cash and 105,387 Catalyst shares, completed on 6 March 2026.

Q:Does Golden Pike have a JORC resource?

A:Not yet. The company refers to a foreign resource estimate at Vail Road that it is combining with new drilling to produce a JORC-reportable estimate, and the antimony targets remain at prospect stage.

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