Key Highlights

  • Auger soil sampling of 1,167 samples at Jerrys Bore defined three priority gold targets, with no drilling yet reported.
  • Westar reported A$1.51 million in cash at 30 September, with an estimated 4.51 quarters of funding.
  • The AGM will vote on issuing up to 200 million shares, equal to about a quarter of the current register.
  • A conditional board spill resolution is included on the AGM agenda, triggered only if at least 25% of votes are cast against the remuneration report.

Westar Resources (ASX:WSR) is a Perth-based explorer with a spread of early-stage gold and copper projects in Western Australia and the Northern Territory. Its September quarter report, released on 29 October 2026, describes new gold soil targets at Jerrys Bore in WA and a completed, government co-funded airborne magnetic survey over its Bunda Creek copper project in the Northern Territory.

Unlike many explorers of its size, Westar reported A$1.51 million in cash and an estimated 4.51 quarters of funding at 30 September 2026. Its Annual General Meeting (AGM) on 25 November 2026 will, however, ask shareholders to approve the issue of up to 200 million new shares and includes a conditional board spill resolution.

Jerrys Bore: soil targets, not drill results

Jerrys Bore is a single exploration licence (E38/4032), granted on 16 April 2026, about 165 km north of Laverton in the North Eastern Goldfields. The area is largely covered by sand and has seen little drilling. Westar collected 1,167 auger soil samples and announced the results on 10 September 2026.

The company defined three priority gold targets, each where gold coincides with at least three pathfinder elements, and linked them to faults interpreted from magnetic data. It says planning is under way to test them. These are geochemical anomalies; no drilling has yet been reported at the targets, so their significance is unproven.

Bunda Creek and Gidgee North

At Bunda Creek, in the Birrindudu Basin, Westar holds EL34118, granted in January 2026, and has applied for an adjoining licence. Government geological agencies have published work suggesting the Basin has ingredients for sediment-hosted copper.

At Gidgee North in the Murchison, earlier drilling at the Mageye prospect returned anomalous molybdenum, bismuth and tungsten but no gold. A planned air core programme depends on a heritage protection agreement still under negotiation with the Tarlka Matuwa Piarku Aboriginal Corporation. Westar also holds a 25% interest in the Mt Finnerty joint venture.

Cash and spending

According to the Appendix 5B for the quarter ended 30 September 2026, cash fell from A$1.85 million to A$1.51 million. Net operating outflows were A$123,000 and capitalised exploration was A$212,000. No Capital was raised in the quarter, and payments to directors were A$37,000. The company also reviewed gold and copper Acquisition opportunities but said none met its criteria.

Westar had 808 million quoted shares and 120.6 million unlisted options and performance rights at quarter end.

The AGM agenda

The meeting is scheduled for 2pm AWST on Wednesday 25 November 2026 in Perth. Resolutions include the remuneration report, two director re-elections, ratification of 3.6 million lead manager shares, a 10% Placement Facility and approval to issue up to 200 million shares, equal to about a quarter of the current register.

The conditional spill resolution would take effect only if at least 25% of votes are cast against the remuneration report. Under the Corporations Act, such a resolution is put when the previous year's report also drew that level of opposition, which indicates some Shareholder dissent last year.

Risks

Key risks include the early stage of all projects, the absence of drilling at the new targets, heritage approvals at Gidgee North, potential dilution if the share approval is used, and possible board disruption if a spill is triggered.