Exultant Mining Ltd (ASX:10X) is an early-stage explorer in New South Wales, and its latest two announcements point to a change of emphasis. After reporting drilling at the Balerion silver-zinc-lead prospect on 1 October 2026, the company said its principal near-term exploration focus moves to the Black Hammer copper-gold project, and on 13 October it reported soil-survey results from the Watsons prospect there.

Company and stage

Exultant, based in Perth, listed on the ASX on 11 December 2025. It holds exploration licences and has no resource, reserve or production. Its website names three projects, Black Hammer, Peak View and Deep Dykes; this article covers the first two, which featured in recent announcements.

Balerion drilling

Balerion sits within the 100 per cent owned Peak View project, about 35 kilometres north-east of Cooma. The company drilled six holes for 1,370.3 metres. Five intersected zinc-lead-copper-silver mineralisation, and one returned no significant results.

The best reported downhole interval was 11.75 metres at 9.12 g/t silver, 1.05 per cent zinc, 0.37 per cent lead and 0.12 per cent copper in hole BLRCDD005, with estimated true thickness of about 10.1 metres. Hole BLRCDD006 returned 6.65 metres at 16.18 g/t silver and 1.07 per cent zinc. The company says mineralisation remains open at depth and to the north, and that it now sees a structurally controlled system as more consistent with the evidence than a volcanogenic model.

These are exploration results. They do not establish a mineral resource, and true thicknesses are described as preliminary.

Watsons soil survey

Watsons lies within the 100 per cent owned Black Hammer project in the Macquarie Arc, which covers about 390 square kilometres near Oberon, roughly 130 kilometres west of Sydney. On 13 October the company reported 190 portable X-ray fluorescence (pXRF) readings that outlined a north-north-east trending copper and zinc corridor about 2.4 kilometres long, open to the north and south. Peak readings were 330 ppm copper, 529 ppm zinc and 758 ppm lead.

The company stresses that the readings are field measurements not verified by laboratory assay, and that soil anomalism does not establish grade, thickness or continuity of bedrock mineralisation. The prospect has never been drill tested. Proposed next steps include extending the survey subject to land access, laboratory analysis of selected anomalies and possible magnetic and induced polarisation surveys.

Capital structure and funding

The notice of Annual General Meeting shows 37,400,001 shares on issue and a closing price of $0.14 on 23 September 2026, implying a Market Capitalisation of about $5.24 million. No capital raising is currently proposed, but a resolution would give the company capacity to issue up to a further 10 per cent of Equity without separate approval. At that price, the notice says, that would raise about $523,600.

The notice does not disclose the company's cash balance or runway, and no quarterly cash-flow report was available for this article, so funding needs cannot be assessed here.

Risks and upcoming milestone

Risks are common to early exploration: results may not lead to a discovery, land access can delay fieldwork, and further funding will be needed. The annual general meeting is on 13 November 2026 at 10:00am AWST in Perth.