Octava Faces Exploration Challenges Despite Promising Antimony and REE Findings

Exploration Highlights at Yallalong

Octava Minerals Limited (ASX: OCT) has delivered its quarterly update for the three months ending 31 March 2025, revealing encouraging exploration results from its Western Australian projects. The standout news comes from the Yallalong Antimony Project, where a recent drilling program at the Discovery target intercepted high-grade antimony mineralisation. Notably, the drilling returned 10 metres at 1.11% Sb from 12 metres, including a 1-metre interval grading 9% Sb, alongside other significant intercepts.

While these results confirm the presence of high-grade antimony, the volumes encountered were less than those reported in historical drilling, underscoring the challenges of targeting structurally controlled, narrow vein mineralisation. Octava is currently evaluating these findings to determine the next steps, including potential partnerships to advance exploration along the broader 10-kilometre Yallalong corridor where additional high-priority targets have been identified.

Byro Project: Confirming a Large REE and Lithium Footprint

At the Byro REE and Lithium Project, Octava completed two metallurgical diamond core holes to validate historic drilling results and provide fresh samples for testwork. The project covers a substantial 798 square kilometres in the Gascoyne region and hosts a sedimentary package rich in rare earth elements, lithium, and base metals, particularly within the Permian black shales of the Byro Sub-basin.

These black shales are considered a metal sink with anomalous concentrations of strategic minerals, likely sourced from the nearby Archean Yilgarn Craton. The metallurgical testwork, now underway at CSIRO laboratories, aims to assess extraction viability, with results anticipated in the coming months. This work is critical to understanding the economic potential of the large-scale, low-cost mining opportunity that Byro could represent.

East Kimberley JV and Corporate Position

The East Kimberley Project, held under a joint venture with Future Metals NL, saw no exploration activity during the quarter. Octava remains free carried through to a decision to mine, with Future Metals funding exploration up to A$2 million over four years.

Financially, Octava closed the quarter with $1.253 million in cash and no debt, having spent $457,000 on exploration and evaluation activities. The company’s cash position supports ongoing work, including the interpretation of Yallalong drilling results and completion of Byro metallurgical testwork. Management also noted plans to consolidate tenure at Byro to manage costs effectively.

Looking Ahead

Octava’s immediate focus is on refining its exploration strategy at Yallalong and advancing the metallurgical testwork at Byro, which will be pivotal in defining the projects’ commercial prospects. The company is also actively assessing new opportunities to enhance shareholder value, signaling a cautious but optimistic approach amid the complexities of mineral exploration.