Bryah’s Cash Drop Raises Questions on Funding Future Exploration

Exploration Momentum in Bryah Basin

During the December 2024 quarter, Bryah Resources Limited maintained active exploration efforts across its key assets in Western Australia. The company’s 40% joint venture interest in the Bryah Basin Manganese Project saw important environmental and technical groundwork, including the engagement of consultants to advance permitting studies on recently granted mining licences at Brumby Creek and Black Hill.

A Ground Penetrating Radar (GPR) trial was conducted over known manganese deposits, yielding variable results. While some survey lines successfully identified the top of manganese channel deposits, others failed due to lithological variations that dissipate radar signals. This highlights the complex geology and the need for further geophysical refinement.

Resource Upgrades and JV Developments

Significantly, Bryah confirmed that all manganese Mineral Resources are now included on granted mining leases, with over 67% classified as Indicated Mineral Resources. The updated manganese resource totals approximately 3.07 million tonnes at an average grade of 20.2% manganese. This resource upgrade follows a comprehensive RC drilling program completed in August 2023, reinforcing the project’s potential.

Notably, Bryah announced post-quarter that it would not contribute further to the manganese JV, allowing OM Holdings Limited to increase its earn-in from 60% to 70% as per the joint venture agreement. This strategic decision may reflect Bryah’s focus on optimizing capital allocation amid tightening cash reserves.

Copper-Gold Project and Geophysical Insights

On the copper-gold front, Bryah’s 100% owned Bryah Basin Copper-Gold Project remains under active review. The company is assessing VTEM geophysical survey data with the assistance of consultants Newexco, aiming to refine exploration targets in a region known for significant VMS-style deposits, including the nearby DeGrussa mine.

The project’s extensive tenure covers over 1,000 square kilometres of under-explored ground, with promising geological analogues to established copper-gold operations. Bryah’s ongoing data integration and target generation efforts could set the stage for future drilling campaigns.

Financial Position and Outlook

Financially, Bryah Resources reported a cash balance of $290,000 at the end of December 2024, down from $544,000 the previous quarter. The company spent $116,000 on exploration and evaluation activities during the period, with a significant portion allocated to geological staff and tenement management.

Management confirmed plans to raise additional capital to sustain operations and advance its projects. Given the current cash runway of just over one quarter, successful capital raising will be critical to maintaining momentum and funding upcoming exploration and permitting milestones.

Strategic Positioning in Western Australia

Bryah’s portfolio is strategically positioned in Western Australia’s Tier One mining jurisdiction, with assets focused on energy metals and base metals. The manganese JV with OM Holdings taps into a vertically integrated manganese producer’s expertise, while the copper-gold and base metals projects offer exposure to high-grade mineralisation analogues and emerging targets.

As Bryah navigates its next phase, the interplay between resource development, capital management, and market conditions will shape its trajectory. The company’s ability to leverage partnerships and refine exploration data will be key to unlocking value for shareholders.