Why Is Hawk Resources (ASX:HWK) Stock Down 10% Today?

Sonal Goyal

22 October 2026 05:52 PM AEDT

Why Is Hawk Resources (ASX:HWK) Stock Down 10% Today?

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Key Highlights

Hawk Resources shares were down 10.00% at $0.027 during the Trading session on 22 October 2026
The company collected 1,240 soil samples on five new grids at its Olympus scandium project in Western Australia
Laboratory results from the ALS laboratory in Adelaide are expected in early November

Shares in Hawk Resources Limited (ASX:HWK) were down 10.00% at $0.027 during the trading session on 22 October 2026, at the time of the data. The S&P/ASX 200 stood at 8,792.20, down 0.44%, while the All Ordinaries stood at 8,916.20, down 0.45%. Hawk, formerly Alderan Resources, is a critical minerals explorer, and in an announcement dated 2 October 2026 it reported completion of soil sampling at its Olympus scandium project in Western Australia.

About the Company

Hawk Resources Limited, formerly Alderan Resources, is listed on the Australian Securities Exchange under the ticker HWK and describes itself as a critical minerals explorer. Its registered office is Suite 1, Level 6, 350 Collins Street, Melbourne, Victoria.

The company is led by Managing Director Scott Caithness. Its project portfolio spans Utah and Arizona in the United States, Western Australia, and Minas Gerais and Bahia in Brazil.

Business Overview

Near term, Hawk is advancing its Cactus copper project in Utah, where drilling is underway. In parallel, it is working on the Olympus Scandium Project in Western Australia and the Meerkat Copper Project in Arizona, and it also holds five lithium projects across Minas Gerais and Bahia in Brazil.

The Olympus project consists of two granted exploration licences, E69/3987 and E69/3988, covering approximately 309 km2 in the West Musgrave region of Western Australia, about 285km west of Yulara and 150km northeast of Warburton.

Olympus Soil Sampling Program

In its announcement dated 2 October 2026, Hawk reported that it collected 1,240 lag and soil samples over five new grids, labelled A to E, at 100m spacing. The program was designed to confirm, infill and extend highly anomalous scandium zones identified in historical soil sampling, against an original plan of 1,350 samples.

Planned Grid F was not sampled because unseasonal rain curtailed work on the final day. Six samples were instead taken from remnant sample bags with visible numbers from historical RAB hole MMB0018, which lies within Grid F. The grids also cover a historical RAB drill line that includes intercepts of up to 5m at 948ppm scandium, based on pXRF analyses carried out before JORC 2012.

Historical Scandium Anomaly

The company stated that historical lag sampling in 2008, which explored for copper, nickel, cobalt and platinum group elements, used a handheld pXRF analyser to highlight a zone of about 4km by 7km grading above 500ppm scandium, with values up to 1,284ppm. Historical work also included 42 shallow RAB holes on seven lines.

Reported RAB intersections included 11m at 934ppm scandium from surface in hole MMB0017 and 6m at 821ppm from 2m in hole MMB0001, with a peak individual 1m sample of 2,164ppm. Hawk cautioned that pXRF estimates are not a proxy for laboratory assays, which are required to determine widths and grades of mineralisation.

Option Update

The announcement also stated that, following Hawk's exercise of its option over Olympus on 14 September 2026, Opal Resources has completed the requirements under its option agreement with Beau Resources, the holder of the exploration licences covering the project.

Related Sector Context

Scandium is described by the company as a rare critical mineral, with Supply relying on by-product extraction and uses in aluminium alloys, fuel cells and communications equipment. Exploration for such minerals is typically early stage, with sampling and drilling results driving news flow for small explorers.

During the 22 October 2026 session, the S&P/ASX 200 was down 0.44% and the All Ordinaries down 0.45%, while Hawk shares were down 10.00% at the time of the data.

Risks to Weigh In

The Olympus work remains at an early stage. The historical scandium figures are pXRF results from before JORC 2012, and the company noted that laboratory analyses would be expected to vary from them. Sampling was also incomplete, as Grid F was not sampled and the program delivered 1,240 of the 1,350 planned samples.

Any drilling is subject to the soil results and to rig availability and weather, and the company's wider portfolio spans several commodities and jurisdictions, each with its own exploration and funding uncertainties.

Catalysts on Watch

The samples are in transit to the ALS laboratory in Adelaide, with results expected in early November. The company listed its next steps at Olympus as obtaining and reviewing the laboratory assay results, designing a drilling program to test high-priority targets subject to the results, and carrying out an initial drilling program, each in the fourth quarter of 2026. Drilling at the Cactus copper project in Utah is also underway.

Putting It Together

Hawk Resources shares were down 10.00% at $0.027 during the 22 October 2026 session, against falls of less than half a percent in the main ASX benchmarks. The company's announcement dated 2 October 2026 confirmed that 1,240 samples were collected at Olympus, with laboratory results expected in early November and a drilling program planned for the fourth quarter.

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