Key Highlights

  • Redstone Resources announced on 18 June 2026 that it was acquiring four Western Australian projects from Hurricane Prospecting Pty Ltd for 75 million shares and a 1.5 per cent net smelter royalty.
  • The company's June 2026 Quarterly Report showed cash of A$557,000, down from A$694,000.
  • A Western Australian government exploration incentive grant of up to A$230,000 is intended to co-fund Reverse Circulation Drilling at West Musgrave.

Redstone Resources (ASX:RDS) is a West Perth explorer whose headline asset is the 100 per cent owned West Musgrave project in Western Australia, which includes the Tollu copper deposit. In June and July 2026 the company added a package of greenfield gold, lithium and copper-gold projects and signalled work at its Saturn project, spreading a modest exploration budget across more targets.

What Redstone does and where it stands

Redstone is a pre-revenue explorer. Its FY2026 accounts, lodged on 30 September 2026, show that the Tollu figure it cites, 3.8 million tonnes at 1 per cent copper under the JORC 2012 code, dates from announcements made in 2016 and 2017, and no new resource was reported during the year. Recent work centred on a deep diamond hole, TLD005, drilled to 1,195.5 metres in mid-2025, which intersected high-grade copper at depth.

The Hurricane Prospecting acquisition

On 18 June 2026 Redstone announced it was acquiring a portfolio of Western Australian projects from Hurricane Prospecting Pty Ltd: Mt Cauden (gold and lithium), Twin Hills (gold), Rudall East (copper-gold and base metals) and Cockatoo Rocks (lithium-caesium-tantalum pegmatites). Consideration is 75 million shares at a deemed price of A$0.003 each, or A$225,000, plus a 1.5 per cent net smelter royalty, with the shares subject to 12-month voluntary escrow.

Several of the tenements are still applications, and title transfer was pending. Programs of work have been approved for Mt Cauden and Twin Hills.

Saturn

On 14 July 2026 the company said it would advance the Saturn copper-nickel-cobalt-PGE project, covering roughly 330 square kilometres of the Giles Intrusive Complex, once access talks with traditional owners are complete.

Cash and funding

The June 2026 quarterly report, released on 31 July 2026, showed cash of A$557,000, down from A$694,000. Operating outflow was A$57,000 for the quarter and exploration spend A$76,000, with no substantive on-ground exploration. Equity raised during the year was A$695,000 before costs.

The FY2026 accounts report net cash used in operations of A$403,751, a net loss of A$587,894 and exploration commitments of A$636,787 for the next twelve months. The directors say the going-concern basis is supported by past raisings and plans for a further raise. No raising has been announced, but any further equity issue would dilute existing holders.

A Western Australian government exploration incentive grant (round 32) of up to A$230,000 is intended to co-fund reverse circulation drilling at West Musgrave, targeting magnetic anomalies north-east of Tollu. The company's filings differ on timing: the quarterly report describes the programme as being prepared or under way, while the FY2026 accounts describe it as planned for 2027.

What's Next

Exploration in the Musgrave region is competitive. Redstone's risks include reliance on external funding, remote-area access and heritage approvals, the preliminary nature of its greenfield projects and the cost of maintaining multiple projects. The larger portfolio broadens the company's exposure but also its spending commitments. Title transfer on the Hurricane tenements, access talks at Saturn and the timing of the West Musgrave drilling are the next items to follow.