Drilling Programs Advance Across Guinea and Northern Territory
DeSoto Resources Limited, also known as DES on the Australian Securities Exchange, delivered significant progress across its West African and Australian projects during the June 2025 quarter. The Company launched dual-continent drilling campaigns targeting gold and rare earth elements, enhancing its exploration footprint.
In Guinea’s Siguiri Basin, DeSoto commenced a 5,000-metre power-auger program across Dadjan, Timbakouna and Tole. Initial assay results included standout grades such as 18 metres at 8 grams per tonne gold from surface at Tole. At Dadjan, shallow drilling returned results including 4 metres at 7.08 grams per tonne gold from 2 metres, and 2 metres at 7.12 grams per tonne from 14 metres.
The Company reported that a third auger rig has been secured and will be mobilised to Tole within July. This will complete an additional 2,500-metre grid to test previously unexplored terrain to the west and north.
DeSoto Resources Ltd (ASX:DES)
Significant Growth in Guinea Gold Targets
DeSoto Resources Limited’s Dadjan anomaly was extended from 2.7 kilometres to 3.6 kilometres, remaining open to the north. Timbakouna now contains three confirmed parallel gold corridors totalling 3.7 kilometres of combined strike length. Peak values relating to new rock-chip samples were 9.2 grams per tonne gold and 8.5 grams per tonne gold respectively. The Company has recently found a new 1.3-kilometer gold-in-soil corridor at Tole, and it is backed by the drilling results received after the end of the quarter.
Baseline studies of environmental aspects and basin-level targeting exercises were done in full Siguiri portfolio. These initiatives along with local stream-sediment programs and discussions with villages have paved the way to a faster permitting of drills.
Projects In Guinea’s Siguiri Basin
Rare Earth and Gold Targets Tested in Northern Territory
In the Northern Territory, diamond drilling commenced at Fenton South following the end of the wet season. The first hole, collared on 12 May, reached 550 metres, targeting a gravity-AEM-IP anomaly not previously drilled. The core has been processed, with assay results expected in the September quarter.
The drill rig has since mobilised to Spectrum, where drilling began on 23 June. The program targets the Vesper EM conductors and the Quantum rare earth-gold-copper prospect. Spectrum is fully permitted for a 20-hole RC and diamond drill campaign. Completed roadworks ensure the site remains accessible throughout the season.
Quantum remains one of Australia’s highest-grade rare earth discoveries. Previous drilling returned 50 metres at 1.55% Total Rare Earth Oxides, including 12 metres at 4.51% TREO and 0.50 grams per tonne gold from 247 metres. Follow-up re-assaying from the Fenton project, located 6 kilometres south, confirmed continuous mineralisation across the 6-kilometre Fenton Shear Zone.
Three projects in the Northern Territory
Corporate Activities and Strategic Position
During the quarter, shareholders approved the placement and acquisition of Angex Australia Pty Ltd. The Company continues to evaluate additional licence applications and partnership opportunities to strengthen its position in the Siguiri Basin.
DeSoto maintains strong relationships with local communities and regulators, supporting ongoing project approvals. The Company reported no mining production or development activities during the quarter.
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Financial Position Remains Robust
As at 30 June 2025, DeSoto Resources Limited (ASX:DES) reported cash holdings of $6.2 million. Total exploration expenditure for the quarter reached approximately $1.036 million. This included $951,000 for the Siguiri Basin gold projects and $85,000 for the Pine Creek gold and copper assets.
Payments to related parties during the period totalled $126,000, comprising $69,000 for directors’ salaries, $33,000 for non-executive fees, and $24,000 for consulting and corporate services.
No new tenements were acquired during the period. The Company relinquished one Northern Territory tenement and exited a non-binding agreement relating to a Brazilian asset.
DeSoto retains an exclusive right to acquire up to 70% interest in EL31475, held by Copperoz Pty Ltd in the Northern Territory.
The Company expects funding for approximately 4.3 quarters based on current cash reserves and operational expenditure.
