Why Turnstone Resources (ASX:TSR), formerly South Harz Potash, is shifting its focus from German potash to Swedish copper-gold

Sonal Goyal

16 October 2026 11:31 PM AEDT

Why Turnstone Resources (ASX:TSR), formerly South Harz Potash, is shifting its focus from German potash to Swedish copper-gold

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Key Highlights

South Harz Potash became Turnstone Resources after shareholders approved the name change on 16 March 2026, and its ASX Code moved from SHP to TSR on 20 March.
The board began a strategic Options review of the German potash Assets on 19 August 2026, while the company exercised its option over the Glava 100 project in Sweden on 1 June 2026.
Cash was A$454,924 at 30 June 2026, and about A$783,941 is owed to Ercosplan with payment deferred to 31 December 2026.

Turnstone Resources (ASX:TSR) traded as South Harz Potash until 16 March 2026, when shareholders approved a change of name, and its ASX code moved from SHP to TSR on 20 March. The new name reflects a shift in strategy: the West Perth company is directing its limited Capital towards copper-gold exploration in Sweden while it reviews options for its German potash assets, which have absorbed about A$30 million of Investment to date.

What Turnstone does and its stage

Turnstone describes itself as a multi-asset critical minerals company. Its FY2026 annual report, dated 22 September 2026, states that the Ohmgebirge potash project in Germany holds perpetual Mining licences and that a 2024 pre-feasibility study supports an initial Ore Reserve of 83.1 million tonnes at 12.6 per cent potassium oxide. On 19 August 2026 the board began a strategic options review of the potash assets, covering separation, sale or the introduction of a joint-venture partner; no decision has been announced. In Sweden, the company is at an early exploration stage at Glava, Torsby West and Klinten, and no resource has been defined.

Latest dated developments

The company announced its entry into Sweden on 20 March 2026 through an option to acquire the Glava 100 copper-gold-silver project in Värmland, along with six nearby granted licences held on trust for it. It exercised the option on 1 June 2026 for A$150,000 in shares. The Annual Report says completion of the licence transfer awaits approval from the Swedish Mining Inspectorate, expected in the December 2026 quarter. Rock chips from Glava have returned up to 31.6 grams per tonne gold and 12.9 per cent copper, although these are surface samples rather than drilling results or resources.

The management line-up has changed rapidly. Len Jubber became managing director on 3 August 2026, but according to the annual report he stepped down from the board and the role on 22 September, leaving three directors to share executive duties while a chief executive is sought. A new chief financial officer and company secretary was announced on 14 October 2026.

Cash, funding and dilution

Cash stood at A$454,924 at 30 June 2026, compared with A$546,735 a year earlier, and the total comprehensive loss for FY2026 was A$2.65 million. Exploration spending rose to A$645,959. Turnstone owes about €474,911 (A$783,941) to Ercosplan, a Debt deferred to 31 December 2026 that carries interest at 5 per cent a month and is secured over the Ebeleben mining lease, and the company has begun talks on a further extension. Alongside the small cash balance, that obligation is a material pressure point.

On 4 September 2026 Turnstone announced an A$1.1 million Placement of 55 million shares at A$0.02. On 7 September this was restructured into A$835,000 received immediately (41.75 million shares) and A$265,000 subject to Shareholder approval, including A$165,000 from directors. The issue price was an 11.1 per cent premium to the last trade. Shareholders approved the second Tranche at a general meeting on 13 October 2026. The company intends to use the proceeds to assess new critical minerals projects, advance exploration in Sweden and review the potash options. No further raising has been announced, although any future issue would dilute existing holders.

Sector context and risks

Swedish projects carry permitting and approval uncertainty. The next catalyst at Glava, a conductor within about 250 metres of the surface, would only trigger a decision on drilling rather than confirm mineralisation. In Germany, the Küllstedt and Gräfentonna exploration licences expired in January 2026 after renewal was declined.

What's Next

The confirmed near-term items are limited to the Swedish Mining Inspectorate approval for the Glava licence transfer, expected in the December 2026 quarter, and the 31 December 2026 deadline for the Ercosplan obligation.

FAQs

Q:Why did South Harz Potash change its name?

A:Shareholders approved the change to Turnstone Resources on 16 March 2026, and the ASX code moved from SHP to TSR on 20 March, as the company shifted its focus towards copper-gold exploration in Sweden.

Q:What is happening with the German potash assets?

A:On 19 August 2026 the board began a strategic options review covering separation, sale or a joint-venture partner for the potash assets, and no decision has been announced.

Q:How much did Turnstone raise in September 2026?

A:The company announced an A$1.1 million placement at A$0.02 a share, split into A$835,000 received immediately and A$265,000 that shareholders approved at a general meeting on 13 October 2026.

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