Why Australian Critical Minerals (ASX:ACM) is judged on Flint gold-silver drilling in Peru rather than its critical-minerals label

Sonal Goyal

16 October 2026 11:02 PM AEDT

Why Australian Critical Minerals (ASX:ACM) is judged on Flint gold-silver drilling in Peru rather than its critical-minerals label

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Key Highlights

Australian Critical Minerals said it would begin a maiden drilling campaign at the Flint gold-silver project in Peru on 31 March 2026.
A technical review reported on 4 February 2026 identified resistive targets over a 4 kilometre strike length, and an initial program of four diamond holes totalling 1,850 metres was planned.
A 19 March 2026 notice listed 25,258,940 shares and 5,000,000 Options escrowed until 22 September 2026.

Australian Critical Minerals (ASX:ACM) is a Western Australian-based explorer whose most visible activity in 2026 has been a maiden drilling program at the Flint gold-silver project in Peru. Despite the company's name, its recent news has centred on gold and silver rather than critical minerals, alongside lithium brine and iron ore interests. Its Peruvian projects remain at the drill-testing stage, and no drilling results have been released since the program was announced in March 2026.

Company profile

The company's portfolio spans gold, silver, copper, base metals, lithium and iron ore across Peru and Western Australia. Its projects are Flint (gold-silver), Riqueza (copper-silver), Blanca (gold-silver), Cerro Rayas (zinc-lead-silver), the Liro and Kamika lithium brine projects, and Pilbara iron ore and gold. ACM is based in Nedlands, Western Australia, and listed on the ASX on 3 July 2023.

An ASX Escrow notice dated 19 March 2026 states that the Peruvian portfolio was acquired under an agreement announced on 12 June 2025, with consideration shares issued in September 2025.

Flint gold-silver project

On 4 February 2026, the company reported the results of a technical review of Flint, a 2,200-hectare project in northern Peru about 80 kilometres east of Trujillo. According to that announcement, NSAMT geophysics identified resistive targets over a 4 kilometre strike length consistent with a high-sulphidation epithermal gold-silver system, supported by geochemical anomalies. The review recommended drilling, and an initial program of four diamond holes totalling 1,850 metres was planned, with funding described as secured.

On 25 March 2026, ACM said it would begin its maiden drilling campaign at Flint on 31 March 2026, with contractor SFP Drilling SAC due on site by 28 March. The company said drill pad construction had exposed hydrothermal alteration that it believes supports its geological model. That is the company's interpretation; alteration is not the same as mineralisation, and only assay results can show whether the targets host gold and silver.

Escrow and shareholders

The 19 March 2026 notice stated that 19,741,060 shares would be released from voluntary escrow on 22 March 2026. It listed a further 25,258,940 shares and 5,000,000 options escrowed until 22 September 2026, along with performance rights with later release dates.

Director and substantial-holder filings show that Terra Capital Holdings acquired 7 million shares (5.25 per cent) on 5 February 2026, that several substantial holders reduced their positions on 8 April 2026, and that directors received options on the same date. These filings record changes in holdings but do not explain them.

Funding and risks

Early-stage explorers typically fund drilling by issuing shares or options, which dilutes existing holders. The main risks for ACM are drilling results that Fail to confirm the geophysical targets, the challenges of operating in Peru, a diversified portfolio that spreads limited funds across many projects, and the prospect of further capital raising.

Key Insights

ACM's near-term profile rests on Flint. The geophysical targets and the alteration seen during pad construction set up the maiden program, but assay results from the four planned diamond holes will determine whether the company's geological model holds. The company's quarterly Cash Flow reports will show how much funding remains for follow-up work at Flint and across its wider portfolio in Peru and Western Australia.

FAQs

Q:What is the Flint project?

A:Flint is a 2,200-hectare gold-silver project in northern Peru, about 80 kilometres east of Trujillo, where geophysics identified resistive targets over a 4 kilometre strike length consistent with a high-sulphidation epithermal system.

Q:When did drilling at Flint begin?

A:On 25 March 2026 the company said its maiden drilling campaign would begin on 31 March 2026, with contractor SFP Drilling SAC due on site by 28 March. An initial program of four diamond holes totalling 1,850 metres was planned.

Q:What other projects does Australian Critical Minerals hold?

A:Besides Flint, its projects are Riqueza (copper-silver), Blanca (gold-silver), Cerro Rayas (zinc-lead-silver), the Liro and Kamika lithium brine projects, and Pilbara iron ore and gold.

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