Oceana Lithium Ends Quarter with AUD 2.9M, Advances Three Key Projects

Exploration Momentum at Bangemall

Oceana Lithium Limited has taken a methodical approach to advancing its Bangemall Base Metals Project in Western Australia. The company recently commissioned Southern Geoscience Consultants to reassess historical airborne electromagnetic (AEM) data originally collected by BHP Billiton in 2014. This review identified a broad conductive anomaly potentially indicative of base metal sulphide mineralisation, though the anomaly’s scale and spacing preclude immediate drilling.

To sharpen the focus, Oceana plans a ground-based moving loop transient electromagnetic (MLTEM) survey targeting the thickened anomaly zone. This survey, complemented by a concurrent ground gravity survey, aims to delineate discrete conductive bodies that could represent viable drill targets for copper, zinc, and lead mineralisation. The surveys are expected to be completed swiftly, reflecting Oceana’s intent to efficiently progress exploration.

Progress and Challenges at Solonópole

In Brazil, the Solonópole Lithium Project continues to develop despite some setbacks. The company has strategically reduced its tenement holdings following a review of lithium prospectivity and associated costs. However, one key licence containing the promising Nira Prospect remains under extension request due to environmental permitting and landowner access delays.

Meanwhile, environmental approvals for drilling and trenching at other priority targets; Bom Jesus de Baixo, Lapinha, and Urubu; have been secured, valid through mid-2026. Oceana is preparing a trenching program at Bom Jesus de Baixo to investigate lithium-bearing pegmatites, signaling a hands-on approach to confirming lithium potential on the ground.

Napperby Project, Data Review and Strategic Patience

The Napperby Project in the Northern Territory remains in a holding pattern this quarter, with no new fieldwork conducted. The company has completed a comprehensive review of existing geological and geochemical data, highlighting the presence of fertile granites with uranium and rare earth element potential. A notable shear zone identified in the southwest corner of the licence area may offer future exploration opportunities.

Oceana continues to navigate land access negotiations with Traditional Owners, a critical step before advancing field activities. This cautious approach underscores the company’s respect for regulatory and community processes while maintaining readiness to act when conditions permit.

Financial Discipline Supports Exploration

Oceana Lithium closed the quarter with approximately AUD 2.9 million in cash, a slight decrease from the previous quarter’s AUD 3.1 million. Expenditure focused primarily on exploration and evaluation activities at Bangemall and Solonópole, alongside corporate and administrative costs. No new equity or debt financing was raised during the period, reflecting a measured capital management strategy.

Payments to related parties, including directors’ fees and consulting services, amounted to AUD 42,000, consistent with prior quarters. The company’s financial position provides a runway of over 18 months at current spending levels, offering stability as it advances its project pipeline.