Platina Resources Limited (ASX: PGM) (“Platina Resources” or “the Company”) released its half-year report for December 31, 2024, highlighting significant progress across Western Australian gold exploration projects. With a robust financial position and a focused exploration strategy, the Company remains well-positioned to unlock long-term value from its high-potential assets.
Figure 1: Platina Resources: high-potential gold projects in Western Australia
Financial Strength and Strategic Investments
Platina Resources has maintained a strong financial foundation, ensuring continued exploration and project development. The Company reported a cash balance of $12.3 million, providing flexibility to fund ongoing operations. Additionally, Platina holds a well-diversified investment portfolio, including $12.1 million in Nelson Resources (ASX: NES) and $44.5 million in Alien Metals (AIM: UFO), positioning itself for future value growth.
The Company also owns 49 million shares in Intrusive Metals Corp, further strengthening its investment strategy. During the reporting period, Platina successfully sold its shareholding in Blue Moon Metals, generating $51,556, reflecting a proactive approach to portfolio management.
In March 2026, Platina will receive a US$1 million retention payment from Rio Tinto, with potential milestone payments of up to US$2 million if a mining lease is secured for the Platina Scandium Project.
Exploration Progress Across Key Projects
Platina Resources continues to advance its gold exploration projects, with drilling, target identification, and strategic evaluations progressing across its portfolio. The half-year report details key developments across several Western Australian projects.
Xanadu Gold Project
The Xanadu Gold Project, located in the Ashburton Basin, remains a priority for Platina. The 554km² Projectis near the multi-million-ounce Mt Olympus gold deposit, explored by Kalamazoo Resources (ASX: KZR).
Figure 2: Xanadu Gold Project
During the reporting period, Platina secured an Exploration Incentive Scheme (EIS) grant of $54,750, which is being used to support diamond drilling at the Xanadu Deeps target. Drilling commenced in February 2025, aiming to uncover deeper sulphide mineralisation.
Brimstone Gold Project
The Brimstone Gold Project is located 40km northeast of Kalgoorlie in a highly prospective gold district. It is strategically located near Horizon Minerals’ high-grade Penny’s Find deposit, further enhancing its potential.
Figure 3: Brimstone Gold Project
While no on-site exploration activities were conducted during the reporting period, Platina continues to evaluate strategies to unlock value from the project. Additionally, three tenements (P27/2249, P27/2250, and P27/2251) were relinquished as their terms expired.
Mt Narryer Project
The Mt Narryer Project, located 580km north of Perth, received its Exploration Licence (E09/2704) in December 2022. However, in November 2024, Chalice Mining Limited (ASX: CHN) withdrew from its joint venture agreement with Platina.
Since March 2023, Chalice has invested over $400,000 in fieldwork, surface sampling, and airborne geophysical surveys at Mt. Narryer. Following Chalice’s exit, Platina is assessing existing data and considering potential sample re-assaying to determine the project’s next steps.
Beete Gold Project
Platina completed a 6,331m air-core drilling program at the Beete Gold Project, covering 202 drill holes. The tenement, located in a historic mining district near Norseman, was previously believed to be part of the Albany Fraser Orogeny. However, new geological assessments suggest it may belong to the Norseman greenstone belt, a highly prospective gold-bearing region.
Figure 4: Beete Gold Project
The Company has identified multiple new gold anomalies at Beete and plans to investigate further along the belt. The belt could host high-grade gold deposits similar to the Norseman mineralisation trend to the north.
Challa Gold Project
The Challa Gold Project, spanning 293km², is located 500km northeast of Perth. In October 2024, Platina completed a second-phase air-core drilling program, covering 1,856m across 41 drill holes, leading to the discovery of two new mineralised gold targets.
Drilling results included:
- 12m at 0.66g/t Au from 100m, including 4m at 1.7g/t Au
- 4m at 0.37g/t Au from 72m
The Company is now planning additional geophysical surveys and drilling to define the extent of mineralisation.
Binti Binti and Jubilee Gold Projects
The Binti Binti Gold Project, located 50km northeast of Kalgoorlie, comprises two exploration licences. While initially interpreted as granite terrain, recent geological assessments suggest the presence of greenstone sequences, opening up new exploration potential. However, no exploration activities were conducted during the reporting period.
At the Jubilee Gold Project, an Exploration Licence Application (ELA 51/2132) covering 156km² is currently undergoing native title negotiations. The Project is located near multi-million-ounce gold deposits, including Yaloginda and Paddy’s Flat. It borders Great Boulder Resources’ (ASX: GBR) Side Well Project, which hosts high-grade gold mineralisation. Once heritage agreements are finalised, Platina intends to lodge a work programme and commence exploration activities.
Future Milestone Payments and Strategic Outlook
Following the Platina Scandium Projectsale, the Company remains eligible for a US$1 million warranty retention payment, due in March 2026. If Rio Tinto secures a mining lease for the project, Platina could receive additional milestone payments totalling US$2 million.
Investor Outlook and Share Price Catalysts
Several key exploration milestones and market factors could drive Platina’s share price in 2025:
- Xanadu Project– Diamond drilling results expected in Q1 2025.
- Beete and Challa Projects – Follow-up geophysical surveys and air-core drilling planned.
- Brimstone Project– Strategic options under consideration to unlock further value.
- Gold Market Strength – Gold prices remain at historic highs, reinforcing investment interest in the sector.
Figure 5: Worldwide Gold Price (Source: tradingeconomics.com)
As of March 12, 2025, Platina Resources (ASX: PGM) is trading at $0.020 per share, rebounding from its 52-week low of $0.017 on January 2, 2025. With 623.18 million shares outstanding, the Company’s market capitalisation is approximately $13.70 million.
Strengthening Leadership with Mr Corey Nolan
Platina Resources strengthened its leadership team by appointing Mr Corey Nolan, a highly experienced mining executive with over 25 years of experience in resource acquisition, project development, and corporate finance. As CEO of Sayona Mining Limited, Mr Nolan led the acquisition and expansion of the Authier lithium project in Canada, overseeing resource growth and feasibility studies and securing significant funding. Under his leadership, Sayona’s market capitalisation increased significantly, and he successfully raised capital to advance key projects.
Figure 6: Mr Corey Nolan
At Platina Resources, Mr Nolan drives exploration programs, optimises asset development, and strengthens investor confidence. He applies his corporate strategy and project financing expertise to accelerate the company’s gold exploration efforts in Western Australia. Previously, he served as Managing Director at Leyshon Resources and Elementos Limited, driving project acquisitions, corporate restructuring, and capital management. Holding a Bachelor of Commerce, a Master’s in Mineral and Energy Economics, and credentials from the Australian Institute of Company Directors, Mr Nolan plays a key role in shaping Platina’s strategic growth.
Positioned for Growth in 2025
With a strong cash position, a well-diversified investment portfolio, and a focused exploration strategy, Platina Resources is well-equipped to advance its gold exploration projects. As drilling programs progress and gold prices remain high, the Company continues to position itself as a key player in Western Australia’s gold sector, with potential catalysts set to drive shareholder value in the coming months.
