EMC Raises $4M, Targets Q4 2025 Mining Start at Mt Dimer and Resource Upgrades at Mt Edon

Mining Approvals and Development at Mt Dimer

Everest Metals Corporation Ltd (ASX – EMC) marked a significant milestone this quarter by securing the Mining Proposal and Mine Closure Plan approvals from Western Australia's Department of Mines, Petroleum and Exploration for its Mt Dimer Taipan Gold Project. Located approximately 150km northwest of Kalgoorlie, Mt Dimer hosts an inferred resource of nearly 49,000 ounces of gold and 89,000 ounces of silver. The company is targeting the commencement of mining operations in the fourth quarter of 2025, with plans to truck ore to nearby processing facilities, leveraging existing infrastructure to minimize environmental impact.

Initial reverse circulation drilling has confirmed additional gold mineralisation within the exploration tenement adjacent to the mining lease, reinforcing the potential for resource expansion along strike and at depth. The project’s open-pit mining approach is designed to optimize extraction from the existing inferred resource, with ongoing exploration expected to further enhance the resource base.

Advancing Critical Minerals at Mt Edon

At the Mt Edon Critical Minerals Project, situated near Paynes Find, EMC commenced a 2,500-metre drilling program aimed at upgrading its inferred resource of rubidium oxide (Rb2O) and lithium oxide (Li2O). The project holds a substantial inferred resource of 7,900 tonnes of rubidium oxide, a metal increasingly sought after for defense, aerospace, and electronics applications. The company is progressing towards pilot plant construction targeted for 2026, supported by a $150,000 grant from the Minerals Research Institute of Western Australia under the METS Innovation Program.

Further bolstering its development strategy, EMC signed a memorandum of understanding with Arlington Innovation Partners to explore U.S. government funding avenues and offtake partnerships, aligning with rubidium’s designation as a critical mineral in the United States. Collaborative research efforts with Edith Cowan University and CSIRO continue to refine extraction and purification techniques, positioning Mt Edon as a potential cornerstone of Australia’s emerging rubidium industry.

Expansion and Exploration at Revere Gold Project

Post-quarter, EMC expanded its Revere Gold and Base Metal Project through the acquisition of Exploration License E51/2088 (Armstrong), significantly enhancing the project’s exploration potential. Recent aircore drilling at Armstrong intersected promising gold grades, including a notable 3.53 grams per tonne over one metre. The company is advancing towards a maiden JORC-compliant mineral resource estimate, expected in the first quarter of 2026, supported by ongoing drilling programs and re-assay of historical samples using advanced PhotonAssay technology.

EMC maintains strong engagement with the Yugunga-Nya Traditional Owners, progressing towards finalizing a Mining Agreement that underscores the company’s commitment to heritage protection and cultural collaboration.

Corporate Strength and Funding

To underpin these operational advances, Everest Metals successfully raised $4 million through a private placement priced at 10.5 cents per share, attracting strong support from existing and new investors. These funds are earmarked for mining development at Mt Dimer, resource drilling at Mt Edon and Revere, pilot plant studies, and general working capital. The company reported a cash position of just over $5 million at the end of September 2025, providing a solid financial foundation for its growth initiatives.

Shareholder confidence remains robust, with recent general meeting resolutions passing overwhelmingly. EMC also continues to benefit from strategic partnerships and government funding programs that support its critical minerals ambitions, reflecting a well-rounded approach to project advancement and capital management.