Key Highlights

  • A February 2026 programme of 20 aircore holes at Beelitz returned a best result of 2 metres at 631.3 parts per million total rare earth oxides.
  • Ausmon held A$57,000 in cash at 31 March 2026, with A$1.425 million of its A$2.54 million in facilities drawn.
  • Several of the company's tenements were listed as expiring in July and August 2026.

Ausmon Resources (ASX:AOA) is a Sydney-based explorer with gold, silver, copper and base metals interests in New South Wales, a rare earths programme in South Australia and a rare earths target in Queensland. Its newest focus, ionic clay rare earths in the Murray Basin, is being pursued on very small cash balances, funded largely through borrowings from Fort Capital and Loan note holders.

What the company does

Ausmon, founded in 2008, describes itself as an exploration company focused on gold, silver, copper and other base metals, with interests in the Poorka and Koonenberry projects. Its quarterly reports set out a broader portfolio: base metals exploration at Enmore near Broken Hill, gold exploration at Tumut, a rare earths target at Turkey Hill in Queensland, and four South Australian tenements covering 2,529 square kilometres in the Murray Basin. The company has not reported a mineral resource.

South Australian rare earths

The December 2025 Quarterly Report said the company was concentrating on ionic clay rare earth elements in the Loxton and Parilla Sands, across three prospects, Beelitz, Geranium and Jabuk, covering 122 square kilometres. The March 2026 quarterly report described a February 2026 programme of 20 aircore holes totalling about 364 metres at Beelitz. The best reported result was 2 metres at 631.3 parts per million total rare earth oxides, including 1 metre at 915.5 parts per million. The company described the results as sufficiently encouraging to plan grid drilling, subject to landholder access agreements at Beelitz, Geranium and Jabuk, which it aimed to finalise during 2026.

These are exploration results from a small number of shallow holes. They do not amount to a resource, and the company has not reported metallurgical recovery results.

Cash and funding

Cash was A$41,000 at 31 December 2025 and A$57,000 at 31 March 2026. In the March quarter, Operating Activities used A$65,000 and exploration and evaluation payments A$66,000, offset by a A$137,000 net financing inflow. Total facilities were A$2.54 million, of which A$1.425 million was drawn and A$1.115 million unused.

The facilities comprised an unsecured Fort Capital loan of up to A$2.0 million at 11% interest, with A$885,000 drawn and availability to 1 October 2027, and A$540,000 of loan notes at 10.75% that had been extended to mature on 24 June 2026. The company estimated about 8.95 quarters of funding, but that estimate includes undrawn facilities and depends on their continued availability. A material loan balance also ranks ahead of Equity holders.

Tenure

The quarterly reports list several tenement expiries during 2026: Brungle Creek on 11 March (relinquished in March 2026), Enmore, Eureka and Mt Darling on 21 July, and McAlpine on 6 August.

Risks

The key risks are the reliance on a single lender for funding, land access, tenement renewals, small cash balances and the possibility of dilution.

What to Watch

The main items to follow are the landholder access negotiations that would allow grid drilling at Beelitz, Geranium and Jabuk, the renewal status of the tenements due to expire in July and August 2026, and whether the loan notes maturing on 24 June 2026 were repaid or extended. The company's subsequent quarterly reports will show its cash and Facility position after 31 March 2026.