Key Highlights

  • Octava Minerals announced a Byro exploration target of 4.93 to 7.39 billion tonnes of mineralised black shale on 14 July 2026.
  • The target was based on 16 aircore holes totalling 870 metres, and the company stated it is conceptual.
  • First drilling at Federation in Tasmania in nearly 50 years returned 6 metres at 0.79 per cent copper, 0.59 per cent tin and 93.9 ppm silver in OFD005.

Octava Minerals (ASX:OCT) is a Western Australian explorer whose recent news centres on a very large but conceptual figure: an exploration target of roughly 4.9 to 7.4 billion tonnes at its Byro project. Published in July 2026, the figure is a target based on a small number of shallow holes rather than a mineral resource, and the bioleaching results behind the commercial case are laboratory-scale.

Who Octava is

According to its June 2026 Quarterly Report dated 31 July 2026, Octava's portfolio now includes the Byro critical minerals project in WA, the Federation project in Tasmania, and the East Kimberley project in WA. East Kimberley is subject to a farm-in joint venture with Future Metals NL (ASX:FME).

Byro: Acquisition and exploration target

On 7 April 2026 Octava announced completion of its acquisition of 100 per cent of Byro, following Shareholder approval at a general meeting on 25 March 2026. It issued 8,506,413 shares and 2,000,000 performance rights to the vendors, all subject to 12-month escrow. The performance rights expire on 2 April 2029 and vest only when an independent consultant publishes a scoping study or equivalent over the project.

The exploration target, announced on 14 July 2026, gives a range of 4.93 to 7.39 billion tonnes of mineralised black shale, with grade ranges of 207 to 431 parts per million total rare earth oxide, 159 to 331 ppm lithium oxide and 173 to 359 ppm vanadium oxide. It rests on 16 aircore holes totalling 870 metres, drilled to depths of 50 to 60 metres across an area of about 11 by 10 kilometres. Octava itself stated that the target is conceptual, that there has been insufficient exploration to estimate a Mineral Resource, and that further work may not lead to one.

The release also gives two different tenement areas: 555 square kilometres in the overview and 798.6 square kilometres in the JORC table.

Bioleaching testwork

The company cites independent testwork by CSIRO and BiotaTec reporting recoveries of 70 to 80 per cent over a 21-day bioleach. Octava describes this as early laboratory work. Its stated next steps are column testing of heap bioleaching, possible site trials, and further drilling towards a maiden resource.

Federation drilling

On 29 April 2026 Octava reported the first drilling in nearly 50 years at Federation, about 12 kilometres west of Zeehan. Eight diamond holes totalling 1,460.9 metres were completed. Reported downhole intercepts included 6 metres at 0.79 per cent copper, 0.59 per cent tin and 93.9 ppm silver from 130 metres in OFD005, and 2 metres at 1.85 per cent antimony and 7.95 per cent zinc from 137 metres in OFD003. True widths were not known, two holes did not intersect the vein extensions, and results for two holes were still pending.

What's Next

Octava has no operating revenue, so exploration is funded from its cash reserves and Capital raisings, which can dilute existing holders. The items to follow are the column bioleach tests, further Byro drilling towards a maiden resource and the pending Federation assays. Risks include the early stage of both main projects, the unproven scalability of bioleaching, Commodity price swings and the need for further capital.