Why Infinity Metals (ASX:INF) is building a US molybdenum-copper portfolio after Spain rejected its San Jose lithium application

Sonal Goyal

12 November 2026 02:06 PM AEDT

Why Infinity Metals (ASX:INF) is building a US molybdenum-copper portfolio after Spain rejected its San Jose lithium application

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Key Highlights

Infinity took an option over the Tule Canyon molybdenum-copper porphyry target in Nevada and expanded its optioned Swansea copper project in Arizona.
The Extremadura regional government rejected the Mining licence application for the San Jose lithium project in Spain.
Cash was $3.10 million at 30 September, which the company estimates is about 6.2 quarters of funding at current spending.
Drilling at the Yambacoona tin-lithium project began on 21 October but was suspended by heavy rain, with results not yet available.

Infinity Metals (ASX:INF) is an early-stage explorer whose centre of gravity has shifted towards the United States. In the September quarter it took an option over the Tule Canyon molybdenum-copper porphyry target in Nevada and expanded its optioned Swansea copper project in Arizona. Over the same period, the regional government of Extremadura rejected its mining licence application over the San Jose lithium project in Spain, long its flagship asset.

The company entered this new phase with more cash than many peers of its size. According to its Appendix 5B released on 20 October 2026, it held $3.10 million at 30 September after completing a placement, which the company estimates is about 6.2 quarters of funding at current spending.

The US projects

Infinity announced the Tule Canyon option on 3 August 2026 (amended on 5 August). The project in Esmeralda County was drilled and tunnelled between 1959 and 1970 by companies including Molycorp and AMAX. Infinity has highlighted historical intercepts such as 91.4m at 0.05% molybdenum from surface. It also points to historical resource estimates, but these were not reported under the JORC Code. They should not be read as current mineral resources, and the company has not yet drilled the project itself.

On 14 October the company varied the option so that the share consideration payable on exercise falls from $100,000 to $90,000. The vendor, Koala Resources Australia, is controlled by Dale Cameron, who joined the board on 15 September. Infinity said the change keeps the deal below the threshold that would require Shareholder approval under Listing Rule 10.1. At Swansea, the company lifted its holding from 34 to 50 lode claims and added placer claims over historical stockpiles. Baseline studies for drilling approvals are under way.

Spain and Australia

Infinity said the Junta de Extremadura rejected the San Jose application because the company had not supplied further technical information. Infinity says it could not provide this because it was unable to access the property. The company is seeking clarification and considering options, so the future of its 75% interest is unresolved.

In New South Wales, drilling began on 21 October at the 100%-owned Yambacoona tin-lithium project, about 60km east of Bourke. The programme of up to 35 aircore holes is testing a geophysical target that has never been drilled. Heavy rain from the following day forced a suspension, announced on 26 October. The rig will go to another Job and return when access allows, so no results are available yet.

Cash, dilution and spending

The Appendix 5B shows operating outflows of $394,000, mostly administration and staff costs. A further $196,000 went on tenements and capitalised exploration. Equity proceeds were $1.14 million, from the second Tranche of a $2.25 million Placement at $0.01 a share announced in June. That tranche added 115 million shares and 112.5 million Options exercisable at $0.02. There are no Debt facilities. Another 9 million shares may be issued to Koala if the Tule Canyon option is exercised, and a further 9 million unlisted options are proposed subject to shareholder approval.

Risks and milestones

Molybdenum prices have been encouraging, but Infinity's case rests on historical, non-JORC data that it has yet to confirm with its own work. The company also faces permitting risk on US federal land, the uncertain outcome in Spain and possible further dilution. The Annual General Meeting is at 1:00pm (WST) on 25 November 2026 in Subiaco. The restart of Yambacoona drilling and US drilling approvals are the next operational milestones.

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