Key Highlights

  • An 11-hole program at Ilgarari returned 10 metres at 0.59 per cent copper from 156 metres in hole 25IRC006D.
  • Lord Resources held A$712,000 of cash at 31 March 2026 after a quarterly operating outflow of A$165,000.
  • The directors and auditor HLB Mann Judd highlighted a material uncertainty about Going Concern in the half-year report.

Lord Resources (ASX:LRD) is a Western Australian explorer whose main focus is copper. Its Ilgarari copper project is where the company's limited cash is being directed, while several other Assets wait on partners, heritage clearances or fresh capital. The most recent financial information disclosed by the company covers the March 2026 quarter.

The portfolio

Lord Resources listed on the ASX on 7 April 2022. Its half-year report for the six months to 31 December 2025, authorised for issue on 9 March 2026, lists the Ilgarari copper project, the Horse Rocks lithium project held in a joint venture with Mineral Resources (ASX:MIN), the Jingjing lithium project, and the Gabyon and Jarama gold projects.

Drilling at Ilgarari

The half-year report describes an 11-hole program at Ilgarari comprising 2,280 metres of reverse circulation and 1,535.4 metres of diamond drilling, designed to test extensions to copper mineralisation. One reported result was 10 metres at 0.59 per cent copper from 156 metres in hole 25IRC006D. These are drill intercepts rather than a mineral resource.

By the March 2026 quarter, the company said its work had moved to geological modelling and data integration, combining geochemical, geophysical and core logging data. Exploration spending in that quarter was A$5,000, excluding staff costs.

Other projects on hold

Horse Rocks had no fieldwork in the March quarter and, according to the half-year report, expenditure there is being funded by the joint venture partner. Jingjing is awaiting heritage clearance, with the timing of first-pass drilling under review. The Gabyon and Jarama gold projects saw no activity; Jarama has a 2022 hole result of 0.59 grams per tonne gold.

Cash, losses and dilution

Cash at 31 December 2025 was A$890,329, down from A$978,126 at 30 June 2025, and net assets were A$2.35 million. The half-year net loss widened to A$1,698,937 from A$897,812 in the prior period, with A$1,359,659 of exploration costs expensed or impaired. Other income of A$327,955 included a A$232,452 grant and A$81,456 from the joint venture partner.

The company raised A$814,000 through a Placement of 22 million shares at A$0.037, completed in September 2025, and about A$824,744 through an entitlement offer and shortfall placement. The half-year report records 177,002,026 shares on issue at 31 December 2025. Both the directors and the auditor, HLB Mann Judd, highlight a material uncertainty about going concern, noting that additional funding will be needed for at least twelve months.

The Quarterly Report lodged on 28 April 2026 showed cash of A$712,000 at 31 March 2026, a quarterly operating outflow of A$165,000 and A$1.72 million over nine months. No new Equity was raised in the quarter and there were no undrawn facilities. The report estimated about 4.31 quarters of funding at the current spending rate, a rate that reflects the reduced level of field activity.

The Bottomline

Lord Resources depends heavily on a single copper project that has no resource estimate, and it operates with limited cash and a going concern qualification. Its lithium assets rely on a joint venture partner and on heritage processes, and all of its projects are exposed to Commodity prices. With no new equity raised in the March quarter and no undrawn facilities, the size and timing of any future raising will shape what work can be done at Ilgarari.