Parabellum Resources (ASX:PBL) is a New South Wales explorer whose near-term story rests on a first Mineral Resource Estimate for its Redlands nickel-cobalt project. The company has commissioned the work, and results are expected in the September 2026 quarter, according to its quarterly report. Until then, the project remains an exploration target rather than an established resource.

Company and projects

Parabellum is a West Perth-based exploration company focused on nickel, cobalt, copper and gold in the Tottenham-Girilambone district of New South Wales. Its Annual Report lists three wholly owned exploration licences: Lunns Dam, Whitbarrow and Redlands. The company relinquished a fourth, the Recovery project, after a review found lower exploration potential.

Redlands and the resource estimate

The main focus is the Miandetta prospect within Redlands. The company reported about 160 drill holes across three campaigns between 2023 and 2025. A 26-hole Phase 3 program, totalling 968 metres, found shallow, continuous nickel-cobalt mineralisation within an oxide profile up to 43 metres thick, according to the annual report.

Selected intersections quoted in the June 2026 Quarterly Report include 24 metres at 0.82 per cent nickel in RAC130, 28 metres at 0.69 per cent nickel in RRC141 and 36 metres at 0.64 per cent nickel in RAC129. These are exploration drilling results, not a resource.

The company holds a 2024 Exploration Target of 10 to 17 million tonnes at 0.8 to 0.9 per cent nickel and 0.04 to 0.05 per cent cobalt. It states this is conceptual and that insufficient exploration has been done to estimate a Mineral Resource. A consultancy was engaged in June 2026 for the first estimate, and whether it confirms anything near the target range is unknown.

Portfolio review and new opportunities

In an announcement dated 20 July 2026, Parabellum said it plans its first portfolio-wide prospectivity review across its New South Wales tenements, covering copper, gold and nickel. The review will integrate geological, geophysical, geochemical and historical drilling data to rank targets and recommend drilling, with results released progressively over several months. The company is also assessing acquisitions, joint ventures and farm-ins, with a current focus on advanced exploration assets. No tenements were acquired in the June quarter.

Cash, spending and dilution

The quarterly report showed cash of A$840,000 at 30 June 2026, with exploration spending of about A$7,000 in the quarter. The annual report gives cash of A$841,472, down from A$1,430,319 a year earlier. Operating outflows were A$417,677 and exploration payments A$171,170.

The loss after tax for FY26 was A$431,624, against A$1,488,811 in FY25. The company says the difference mainly reflects the absence of last year's A$1,392,099 exploration impairment. It has no debt, with liabilities of A$63,514 against total Assets of A$2,270,124.

There are 62,300,001 shares on issue and no Options remain, after 5,000,000 director options expired unexercised on 30 November 2025. The report states directors believe the company can pay its debts as they fall due. Any substantial drilling programme or Acquisition would probably require new capital, which could dilute holders. That is an interpretation, not a company forecast.

Risks

Exploration is high risk, and the annual report states there is no assurance that an economic deposit will be found. Nickel-cobalt prices, metallurgy of oxide material and permitting would all affect any future development. The auditor's key audit matter was the carrying value of exploration and evaluation assets. Pursuing acquisitions may also divert attention from Redlands.