Key Highlights

  • Coppermoly said on 24 August 2026 that Dickson Leah had left as managing director and chief executive and from the board with immediate effect.
  • The June 2026 Quarterly Report describes a 1,805 square kilometre portfolio across five Queensland and four Western Australian tenements.
  • Appendix 5B figures show cash of A$331,000 at 30 June 2026, with no Equity or Debt raised in the quarter.

Coppermoly (ASX:COY), a small exploration company, is going through a change of direction at board level. In an announcement dated 24 August 2026, it said Dickson Leah had left as managing director and chief executive with immediate effect, and had also stepped down from the board, following an earlier notice in the first week of August. The remaining directors said they were reviewing operations, project status, exploration results and possible acquisitions, with the stated aim of creating short-term value for shareholders.

The company and its projects

Coppermoly explores for copper, gold and molybdenum in the Mount Isa region of Queensland, which it describes as prospective for iron oxide copper-gold and shear-hosted copper deposits. It has no Revenue and has not reported a resource estimate.

According to its announcement of 25 March 2026, the company completed the Acquisition of the Wyemandoo project in Western Australia that month. The June 2026 quarterly report describes four tenements there covering 259.25 square kilometres, about 80 kilometres south-east of Mount Magnet, and a total portfolio of 1,805 square kilometres across five Queensland and four Western Australian tenements.

Exploration in two states

The quarterly report released on 31 July 2026 outlines two streams of work. In Queensland, ground magnetic surveys and geochemical sampling began at Fox Creek, including the Miss Lorna Hit copper-gold prospect, with follow-up geophysics at Windy Hill, Dynamite and Rennies dependent on funding. In Western Australia, the company reviewed data from earlier explorers, including rock-chip results of up to 13.1 per cent tungsten, 1.82 per cent rubidium and 1.66 per cent titanium. These are historical, unverified exploration results rather than a mineral resource.

Coppermoly says it has identified a tungsten-mineralised corridor of about 4.5 kilometres. Planned work includes grid sampling and about 1,500 metres of reverse-circulation drilling, although the company has given only loose timeframes.

Cash and funding

Appendix 5B figures show cash of A$331,000 at 30 June 2026, down from A$442,000 at the start of the quarter. Net operating outflow was A$59,000 for the quarter and A$298,000 for the year to date, while exploration payments were A$52,000 and A$830,000 respectively. No equity or debt was raised during the quarter and no facilities are in place. The company's own calculation put available funding at about 2.98 quarters at the current rate.

That estimate assumes spending holds at current levels. A drilling programme would typically cost more than the latest quarter's exploration spend. No Capital raising has been announced; any future raising would dilute existing holders.

Governance and risks

Brett Tucker became company secretary on 18 May 2026, when the registered office moved to West Perth, and was appointed a non-executive director on 21 August 2026 until a replacement is found.

The risks are those typical of an explorer: no income, reliance on equity markets, historical sampling that may not be repeated, and a management transition that could change work programmes. The company has not reported any offtake, resource definition or evidence of commercial viability.

What to Watch

Points to monitor include the outcome of the board review, any appointment of a new chief executive, the September quarter report and any capital raising.