Key Highlights

  • The former Blaze Minerals changed its name and began trading under the SBK code on 11 November 2026 after a 20-for-1 consolidation.
  • The company completed the Acquisition of a 72% interest in the Bahati and Buyaga tungsten projects in Uganda.
  • Due-diligence channel sampling at Bahati included 1.0 metre at 20.78% WO3, though these are surface samples and not a resource.
  • Cash was $184,000 at 30 September, with the second Placement Tranche raising $2,059,375 before costs.

Silverback Minerals (ASX:SBK) is not a new listing. It is the former Blaze Minerals Limited (previously ASX:BLZ), which told the market on 10 November 2026 that it had changed its name following Shareholder approval on 21 October and that its shares would trade under the new SBK code from the start of trading on Wednesday 11 November.

The rebrand caps a busy two months. The company agreed to buy into two Ugandan tungsten projects, raised $2.25 million, and consolidated its Capital on a 20-for-1 basis.

From Blaze to Silverback

According to its 5 November announcement, the consolidation approved at the 21 October general meeting has been completed, with the register updated on 3 November. The company now has 405,000,216 shares on issue, plus about 27.8 million quoted Options exercisable at $0.20 by 31 December 2027 and 20 million unquoted options at $0.10 expiring 30 November 2027. Normal T+2 trading resumed on 9 November.

On 30 October the company announced it had completed the acquisition of a 72% interest in the Bahati and Buyaga projects in Uganda, under an agreement that allows it to move to 90%. Its older interests remain: a 60% stake in the Ntungamo and Mityana critical minerals projects in Uganda, and a 70% interest in three Botswana copper and nickel-copper-PGE projects, including Dinokwe.

What the company has reported at Bahati

Bahati is a single exploration licence of about 43 square kilometres in south-western Uganda, within the Karagwe-Ankole tin-tungsten belt. Citing a 1991 study, the company says the Bahati mine produced about 270 tonnes of wolfram at grades of 1.0–2.2% WO3 between 1951 and 1962.

Due-diligence channel sampling reported in September included 1.0 metre at 20.78% WO3 and 0.8 metres at 20.22% WO3. These are surface exploration samples from old workings. They are not a mineral resource and do not show how continuous the mineralisation is. In its 26 October update the company said it had digitised historical maps, built a drone-derived terrain model and LiDAR-scanned the underground workings. An environmental consultant has had its terms of reference approved by Uganda's National Environmental Management Agency. A final environmental and social impact report is needed before a certificate allows drilling. The company says it is designing a maiden drilling campaign but has not given a start date.

Cash position and funding

The Appendix 5B for the September quarter, released on 28 October 2026, shows cash of $184,000 at 30 September. Operating outflows were $355,000 and investing outflows $144,000, including $131,000 on exploration. Financing brought in a net $639,000, including $325,000 of borrowings. The 5B estimated 0.38 quarters of funding, but that was before the second tranche of the placement. The company said this tranche raised $2,059,375 before costs and was finalised on 26 October. The first tranche of $190,625 was issued in September.

The placement priced shares at $0.0005 before consolidation, which is equivalent to about $0.01 afterwards. Roughly 4.5 billion pre-consolidation shares were issued in total, so existing holders were heavily diluted.