Small-scale fieldwork across several projects

Westar Resources Limited (ASX:WSR) explores mineral tenements in Western Australia, focused on gold and critical and strategic minerals across four projects. Its latest Quarterly Report shows activity spread across several prospects rather than one flagship discovery.

Latest verified developments

The quarterly activities and Appendix 5B report for the quarter ended 30 June 2026 was released on 30 July 2026. It reports airborne magnetic survey funding for Bunda Creek in the Northern Territory, 1,218 soil samples collected at Jerrys Bore, and continuing negotiation of a Heritage Protection Agreement at Gidgee North.

On 16 June 2026 the company announced an NT Government grant of $55,689 for Bunda Creek. The quarterly report also says the company reviewed several gold and copper projects but none met its criteria to advance. Soil sampling and magnetic surveys are early-stage techniques that identify targets; they do not establish a resource.

Cash, spending and dilution

The quarterly report shows cash of $1.847 million at 30 June 2026, exploration and evaluation spending of about $193,000 and director payments of $112,000 for the quarter. It also mentions a Capital raising completed through CPS Capital Group.

On 23 February 2026 the company announced a Placement to raise $1.49 million in two tranches, followed by a general meeting whose results were released on 17 April 2026, and applications for Quotation of new securities on 8 May 2026. Director share issues were made on 24 December 2025, including 20 million shares at $0.005 to Ariel King. New shares issued at such low prices add materially to the share count, so existing holders are diluted. A change in substantial holding notice was lodged on 20 July 2026.

Governance

A non-executive director appointment and a change of company secretary were announced on 27 May 2026, and a change of share registry on 22 June 2026. These are routine corporate matters rather than operational results.

Risks

Westar's risks are those of a micro-cap explorer: results may not identify drill-worthy targets, heritage and land-access agreements can delay work, and further Equity raisings may be needed. Cash of $1.847 million against quarterly spending of the order reported would not by itself indicate distress, but the picture depends on figures not independently checked here.

Upcoming milestones

A quarterly report is expected around 29 October 2026, though that date has not been confirmed.