Alchemy’s Newcam JV Brings $1M and 127% Share Premium to Bryah Iron Ore Assets
Alchemy Resources reported significant exploration progress in Q3 2025, including lithium drilling at Roe Hills, a strategic JV with Newcam on Bryah iron ore assets, and strong base metals assays at Yellow Mountain.
- Aircore drilling initiated at high-priority lithium targets in Roe Hills, WA
- Binding agreement with Newcam Minerals for 60% earn-in on Bryah iron ore assets
- Newcam paid $1 million option fees and subscribed for shares at a 127% premium
- Strong assay results from Yellow Mountain base metals and gold project in NSW
- Cash on hand of $0.8 million with $394k exploration expenditure net of farm-in
Exploration Momentum at Karonie Lithium Targets
Alchemy Resources Limited has kicked off a substantial aircore drilling campaign targeting lithium at its Roe Hills tenure within the Karonie Project in Western Australia. The 212-hole program, completed in September 2025, spans three priority structural corridors identified through a sophisticated integration of soil geochemistry, LiDAR, orthophoto analysis, and structural mapping. This initiative forms part of a joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC), which can earn a 51% interest by investing $6 million by March 2029.
While assay results are still pending, the targeted zones lie along strike from the significant Manna Lithium deposit, suggesting promising potential. The detailed geological work, including collaborative mapping with JOGMEC geologists, aims to refine the understanding of pegmatite emplacement and structural controls critical to lithium mineralisation.
Strategic Iron Ore Partnership with Newcam at Bryah
Post-quarter, Alchemy formalised a binding agreement with Newcam Minerals Pty Ltd, an experienced iron ore miner, granting Newcam the right to earn a 60% stake in Alchemy’s Bryah iron ore assets, including the Valley Bore and Old Highway prospects. Alchemy retains a 40% free-carried interest up to a Decision to Mine, preserving significant upside exposure.
Newcam’s commitment includes an initial $500,000 option fee for six months of due diligence, with a further $500,000 payable upon option exercise. Additionally, Newcam subscribed for 10 million Alchemy shares at $0.025 each, a 127% premium to the last traded price, bolstering Alchemy’s working capital and near-term exploration funding. A maiden drill program at Valley Bore is planned for the December quarter, aiming to unlock the high-grade hematite potential evidenced by recent rock chip assays exceeding 65% iron.
Encouraging Base Metals and Gold Results at Yellow Mountain
In New South Wales, assay results from five reverse circulation holes at the Yellow Mountain Project have validated and extended historic mineralisation. Notably, hole YMRC004 intersected 113 metres at 1.17% copper equivalent from 43 metres, while YMRC005 returned 31 metres at 1.54% copper equivalent from 4 metres, including a broad gold interval of 31 metres at 0.49 grams per tonne.
These results confirm the polymetallic system’s continuity and scale, encouraging follow-up drilling to test extensions along strike and at depth. The project’s geological setting, structurally controlled within felsic volcanic sequences, presents a compelling target for further exploration supported by geochemical and geophysical analyses.
Financial Position and Outlook
Alchemy ended the quarter with $0.8 million in cash and exploration expenditure of $394,000 net of JOGMEC contributions. The company’s diversified portfolio across gold, lithium, base metals, and iron ore, combined with active joint ventures and upcoming drilling programs, positions it well to advance multiple discovery opportunities.
With Newcam’s involvement providing operational expertise at Bryah and JOGMEC’s backing at Karonie, Alchemy is leveraging strategic partnerships to accelerate project development while managing capital efficiently.
Bottom Line?
As assay results from the Karonie lithium drilling emerge and Newcam advances its due diligence, Alchemy’s next quarter promises pivotal developments that could reshape its resource profile.
Questions in the middle?
- When will the assay results from the Karonie lithium aircore drilling be released, and what lithium grades might be expected?
- Will Newcam exercise its option to earn into the Bryah iron ore assets, and how quickly will the maiden drill program at Valley Bore commence?
- How will follow-up drilling at Yellow Mountain refine the project’s resource potential and influence Alchemy’s exploration strategy in NSW?
