Why Marquee Resources (ASX:MQR) is focusing on its own WA gold and lithium ground after shareholders rejected a tungsten deal

Sonal Goyal

12 November 2026 02:06 PM AEDT

Why Marquee Resources (ASX:MQR) is focusing on its own WA gold and lithium ground after shareholders rejected a tungsten deal

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Shareholders voted down the resolutions needed for the Tungsten Mountain acquisition, which cannot proceed in its current form.
Ten of 49 rock-chip samples at West Spargoville returned more than 1.0% lithium oxide, with a peak of 2.65%.
Cash was $941,000 at 30 September, which the company estimates covers 1.85 quarters, a figure that benefits from a $549,122 R&D refund.
About 2,000 metres of re-oriented RC drilling is being designed at West Spargoville, subject to approvals.

Marquee Resources (ASX:MQR) is a Perth-based explorer with several Western Australian projects. In August 2026, shareholders voted down the resolutions needed for its proposed Tungsten Mountain acquisition. Since then, the board has concentrated on Assets it already owns. According to an announcement on 18 August, it will target Yindi, West Spargoville and Mt Clement, while considering sales, joint ventures or other deals for assets not chosen as core.

The September quarter report, released on 29 October 2026, shows that strategy in practice. Marquee carried out a short first drilling programme at Yindi and surface sampling at West Spargoville. It also received a $549,122 R&D tax refund. Even so, cash remains limited. The company held $941,000 at 30 September, which it estimates covers 1.85 quarters, and that calculation benefits from the one-off refund.

A deal that did not proceed

At the general meeting on 14 August, shareholders approved the second Tranche of a placement, with 97.28% support. However, resolutions covering the consideration and facilitation shares for the Tungsten Mountain Acquisition were not carried. The company said the acquisition could not proceed in its current form. Earlier, a one-for-five rights issue at $0.005, which closed in late July, raised only about $45,750. The shortfall of about 195 million shares was left for directors to place at their discretion.

Yindi and West Spargoville

Yindi covers about 180 square kilometres in the Eastern Goldfields, roughly 45 kilometres south of Northern Star's Carosue Dam operations. The September reverse circulation programme was planned as eight holes for about 1,125 metres. According to the company, it ended after 227 metres because of ground conditions. Two of the three holes reached fresh rock beneath cover, and assays from 55 samples were still pending when the quarterly was released. Deeper targets have not yet been tested.

At West Spargoville, Marquee holds 75% of the lithium rights, with Mineral Resources holding 25%. On 28 October it reported that 10 of 49 rock-chip samples returned more than 1.0% lithium oxide, with a peak of 2.65%. Its revised model suggests historical drill holes were oriented obliquely to the pegmatites. About 2,000 metres of re-oriented RC drilling is being designed, subject to approvals. The company also identified a separate gold target outside the lithium joint venture. Rock chips are selective samples and do not establish a resource.

At Mt Clement, Phase 3 drilling is scheduled for 2027. It will test extensions of the Eastern Hills Inferred Mineral Resource of 1.93 million tonnes containing about 10,000 tonnes of antimony.

Cash and funding

The Appendix 5B shows net operating outflows of $584,000, including $394,000 on administration and corporate costs, and $474,000 of capitalised exploration. Item 2.5 records the $549,000 R&D refund as an offset within investing activities. Financing inflows were $572,000, including $500,000 from 100 million Tranche 2 Placement shares. Executive chairman Charles Thomas has committed a further $100,000 on the same terms, subject to approval. Excluding the refund, gross quarterly outgoings exceeded $1 million. This suggests the true runway is shorter than the 1.85-quarter figure unless spending falls.

Risks and upcoming events

Lithium prices have been volatile, which affects funding for juniors such as Marquee, and gold exploration under transported cover is technically difficult. The short runway suggests further raisings, and dilution, are likely. The AGM is set for 11:00am (WST) on Wednesday 25 November 2026 in Subiaco. Resolutions include the director placement and a 10% additional placement capacity. Pending Yindi assays and the design of the West Spargoville drilling programme are the next flagged milestones.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.