Redstone Resources Limited (ASX: RDS) (Redstone or the Company) has released its quarterly report for the period ending 30 June 2026.
The report, lodged with the ASX on 31 July 2026, describes a wider Western Australian project base than the Company held three months earlier.
Two new gold projects now sit at the front of the drilling queue. A third adds base metals in the Pilbara, and a fourth adds lithium near Kalgoorlie.
The Company also set out plans to advance the newly granted Saturn Project, which sits beside its existing Tollu Copper Deposit in the West Musgrave and BHP’s world-class Nebo-Babel Cu-Ni-Co deposit, Succoth Cu deposit and Terra Metals’ PGE Reef discoveries.
Redstone Takes Full Ownership of a New Western Australian Project Portfolio
During the Quarter, Redstone entered an exclusive agreement to acquire 100% interest in a group of exploration projects across Western Australia.
The ground covers gold, lithium, copper, and base metals. Most of the projects have seen limited modern exploration work.
Each project sits close to established discoveries or operating mines. Proximity matters in exploration, because nearby processing plants reduce the cost of developing any discovery.
Four projects were prioritised for immediate evaluation:
- Mt Cauden Gold and Lithium Project: over 40 km² in the Youanmi Greenstone Belt, southeast of the Marvel Loch gold plant
- Twin Hills Gold Project: 60 km² of Norseman-Wiluna Greenstone geology in the Menzies gold district
- Rudall East Project: 58 km² of granted tenure in the Paterson terrane, East Pilbara
- Cockatoo Rocks Project: a greenfields lithium pegmatite project 100 km northeast of Kalgoorlie
Program of Work approvals have already been secured for Mt Cauden and Twin Hills. A Program of Work, or PoW, is the state approval a company needs before it can disturb ground to drill.
Figure 1: Location map of Redstone’s newly acquired projects, all in Tier-1 operating jurisdictions, alongside the flagship West Musgrave Project. [Source: Redstone Resources]
Mt Cauden Sits Beside a Mill That Has Produced More Than 10 Million Ounces
The Mt Cauden Gold Project covers under-explored ground in the proven gold and lithium Youanmi Greenstone Belt.
It lies directly southeast of the Marvel Loch gold plant and north of the Mt Holland Lithium mine, in the Southern Cross gold district.
The Marvel Loch mill is 11 km to the north. Over its life, Marvel Loch has produced well over 10 million ounces of gold.
A string of productive gold deposits runs north and south of the project, all feeding that mill. They include Yilgarn Star, Mary Lena, Hercules, Achilles, Nevoria, Cornishman and Treasury.
Historical gold exploration in the area concentrated on magnetic greenstones on the eastern side of the Youanmi Terrane. The greenstones and metasediments running through Mt Cauden were left largely untested.
Redstone already holds an approved PoW for a first pass reverse circulation drilling program on identified walk-up gold targets.
Reverse circulation, or RC, drilling uses compressed air to lift rock chips to the surface. It is faster and cheaper than diamond core drilling, which makes it standard for early-stage work.
“Redstone considers the Mt Cauden Project a compelling near-term exploration opportunity,” the Company said in the report.
Twin Hills Carries a Historical Gold Intersection That Remains Open at Depth
The Twin Hills Gold Project covers 60 km² in the Leonora-Menzies mining centre, near existing mills and infrastructure.
The Company describes the area as one of the more active gold camps in Western Australia, with merger and acquisition activity from both mid-cap producers and junior explorers.
Historical drilling at Twin Hills has been very limited. Even so, it identified gold mineralisation in a favourable structure.
The standout historical result was 17m @ 1.23 g/t Au from 28m downhole. That intersection remains open at depth.
The notation reads as 17 metres of rock averaging 1.23 grams of gold per tonne, starting 28 metres below the collar of the hole.
Little modern exploration or target generation work has been done on the project. Redstone holds an approved PoW for first phase gold exploration drilling.
Figure 2: Location of the Twin Hills Gold Project, surrounding geology and nearby gold mines and deposits. [Source: Redstone Resources]
Rudall East and Cockatoo Rocks Broaden the Commodity Mix
Rudall East covers 58 km² of granted tenure in the Paterson terrane, directly south of Karlamilyi National Park.
The project is prospective for Mt Isa-Rammelsberg style copper-lead-zinc-silver SEDEX deposits and related gold.
SEDEX is short for sedimentary exhalative. These deposits form when metal-rich fluids vent onto the sea floor and settle out in layers.
The Rammelsberg SEDEX deposit in Germany shows what the style can hold. It has produced as much as 30Mt at 1 g/t Au and was mined on and off for more than 1,000 years.
Historical surface samples at Rudall East recovered oxidised mineralisation grading up to 22.9% Cu and 661 g/t Ag.
Just 7 km east of the tenure, historical drilling in the same geology found a thick sulphide zone carrying up to 35% sulphide. It included 1 m intersections of 0.78% Cu and 8.6 g/t Au at the Maxwell Prospect.
Redstone plans to start with reconnaissance rock chip and soil sampling over targeted areas such as the electromagnetic anomalies.
Cockatoo Rocks tests a lithium pegmatite setting near Kalgoorlie
Cockatoo Rocks is a greenfields lithium pegmatite project 100 km northeast of Kalgoorlie. The regional Emu Fault runs directly through it.
Government airborne magnetics and limited historical drilling point to a faulted greenstone sequence sandwiched between two granitoids. That setting suits Lithium Cesium Tantalum pegmatites in the Yilgarn.
Pegmatite was logged at the base of most historical drill holes. Redstone proposes an extensive shallow aircore drilling program to reach the pegmatite beneath the greenstone.
The Company cautions that the presence of pegmatite rock does not by itself indicate lithium mineralisation. Laboratory assays are required to confirm presence and grade.
The Acquisition Was Settled in Shares Rather Than Cash
Under the agreement, Redstone issued 75 million fully paid ordinary shares to the vendor, Hurricane Prospecting Pty Ltd.
The shares carry a deemed issue price of $0.003 each, for total consideration of $225,000.
All of those shares are escrowed for twelve months from the date of issue. Escrow means the holder cannot sell them during that period.
The consideration also includes a 1.5% Net Smelter Return over all of the acquired projects. A Net Smelter Return is a royalty paid on the value of metal eventually sold.
Settling in escrowed scrip means no cash left the balance sheet to secure the ground. Full terms sit in the Company’s ASX announcement dated 18 June 2026.
Saturn Project Adds 330 Square Kilometres in the Giles Intrusive Complex, West Musgrave
After the quarter closed, Redstone reported plans to advance the Saturn PGE Reef and Cu-Ni-Co-PGE Layered Mafic Intrusion Project.
The tenure, held under E69/4253, covers 330 km² in the West Musgrave region. It was granted on 4 June 2026.
Saturn covers a substantial part of the Giles Intrusive Complex, which is regarded as prospective for PGE reef-style mineralisation, copper sulphide systems and Cu-Ni-Co-PGE deposits.
Platinum group elements, or PGEs, are a small family of rare metals that includes platinum and palladium. A reef, in this setting, is a thin layer of mineralisation that can run for kilometres.
Nearby deposits and discoveries in the same complex include:
- BHP’s Nebo Babel Cu-Ni-Co-PGE deposit, 25 km to the west
- BHP’s 156Mt Succoth copper deposit at 6% Cu (0.3% cutoff), 10 km to the west
- Terra Metals’ (ASX: TM1) PGE reef and massive sulphide discoveries at Dante, 40 km to the northwest
The project also hosts a large oval magnetic intrusion up to 13 km wide, known as the Saturn Anomaly.
Figure 3: Redstone’s Saturn Project and flagship West Musgrave Project, including the Tollu Copper Deposit, relative to BHP’s Nebo Babel and Succoth deposits and Terra Metals’ Dante Project. [Source: Redstone Resources]
Its magnetic signature is comparable to the Panton Project in the Kimberley. Panton holds 92.9Mt @ 1.5 g/t PGM3E, 0.20% Ni and 2.7% Cr₂O₃, for contained metal of 4.5Moz PGM3E, 185kt Ni and 2.8Mt Cr₂O₃.
That comparison is a geophysical one. It describes the size and character of the magnetic body, not a resource at Saturn.
Historical Drilling at Halleys Points to Copper, Nickel and PGE Potential
Limited shallow RAB and RC drilling between 2007 and 2009 defined a mineralised zone at the Halleys Prospect.
The zone was interpreted as a pipe-like body around 250 m thick within gabbro-gabbronorite. It was defined to 70 m depth and remains open down dip and down plunge.
Thicker intersections from that historical drilling include:
- 44m @ 0.23% Cu, 0.07% Ni and 0.29 g/t Pt+Pd+Au from surface, including 9m @ 0.65% Cu, 0.15% Ni and 0.21 g/t Pt+Pd+Au from 5m (BSB0524)
- 58m @ 0.35% Cu, 0.08% Ni and 0.21 g/t Pt+Pd+Au from 20m and open at depth, including 15m @ 0.63% Cu, 0.15% Ni and 0.33 g/t Pt+Pd+Au from 20m (BSC003)
- 35m @ 0.29% Cu, 0.12% Ni and 0.16 g/t Pt+Pd+Au from surface, including 10m @ 0.56% Cu, 0.25% Ni and 0.17 g/t Pt+Pd+Au from 5m (BSB0536)
- 9m @ 0.56% Cu, 0.11% Ni and 0.35 ppm Pt+Pd+Au from 6m (BSC005)
Peak metal concentrations reached 1.1% Cu over 1 m from 27 m and 1.2 g/t Au over 1 m from 12 m, both in BSC003, plus 1.1 g/t Pt+Pd+Au over 1 m from 63 m in BSB0058.
Halleys NW and Last Frontier extend the PGE trend
At Halleys NW, a historical regional surface geochemical survey defined an 11 km long PGE anomaly on the south-western margin of the southern Intrusive Complex.
Follow-up drilling in 2007 and 2008 over the southern end identified a distinct zone of PGE reef up to 45 m thick. Peak results from that shallow RAB drilling include:
- 25m @ 0.18 g/t Pt+Pd+Au from 5m, including 5m @ 0.23 g/t Pt+Pd+Au from 25m (BSB0478)
- 33m @ 0.15 g/t Pt+Pd+Au from 7m, including 5m @ 0.23 g/t Pt+Pd+Au from 7m (BSB0486)
- 32m @ 0.16 g/t Pt+Pd+Au from surface, including 5m @ 0.22 g/t Pt+Pd+Au from 2m (BSB0492)
Sparse RAB drilling 5 km along strike at the Last Frontier Prospect returned 15m @ 0.18 g/t Pt+Pd+Au from 20m (BSB0645) and 8m @ 0.17 g/t Pt+Pd+Au from 5m (BSB0641).
No drilling at all has been completed along strike between Last Frontier and Halleys NW. That leaves a long stretch of prospective geology untested.
These results come from historical annual technical reports lodged with the state, not from work completed by Redstone during the Quarter.
The Company will now progress access negotiations with the traditional owners of the Saturn tenure.
Figure 4: Saturn Project tenure (E69/4253) showing the Halleys, Halleys NW and Last Frontier prospects, plus several other anomalous copper and nickel prospects. [Source: Redstone Resources]
West Musgrave Copper Drilling Is Backed by a State Government Grant
At the West Musgrave Copper Project, the Company continued preparations for an RC drilling programme through the Quarter.
The program will test priority magnetic targets for copper and copper-nickel-cobalt systems. Those targets include EM5, East and West Cigar, and Hiding Maggie.
All priority targets sit in the northeast corridor of the Tollu Copper Deposit.
The cost will be assisted by an Exploration Incentive Scheme co-funded drilling grant (Round 32) of up to $230,000.
The scheme is a Western Australian Government program that shares the cost of drilling. Round 32 awarded $6.6 million across 39 applicants, with the funded drilling to be completed before November 2026.
Planning also included detailed analysis of the 2025 deep diamond hole TLD005, drilled beneath the Tollu Copper Deposit.
That work examined the structural orientation of the copper mineralisation and the hosting geology. It focused on the link between the upper high-grade copper intersections and the new mineralisation found at great depth.
Tollu holds a JORC 2012 resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper, plus 0.01% cobalt for 535 tonnes of contained cobalt.
Redstone has also re-evaluated its entire West Musgrave tenure following Terra Metals’ Platreef-style copper-PGE reef discoveries at Dante, within 60 km to the northwest.
Cash Position and Quarterly Spending
Redstone closed the Quarter with $557,000 in cash and cash equivalents. That compares with $694,000 at the start of the period.
The balance was made up of $507,000 in bank balances and $50,000 in call deposits.
| Consolidated statement of cash flows | June 2026 quarter ($’000) | 12 months to 30 June 2026 ($’000) |
| Net cash used in operating activities | (57) | (84) |
| Payments for exploration and evaluation (investing) | (76) | (805) |
| Payments for tenements | (4) | (63) |
| Net cash used in investing activities | (80) | (797) |
| Net cash from financing activities | – | 620 |
| Cash and cash equivalents at start of period | 694 | 818 |
| Cash and cash equivalents at end of period | 557 | 557 |
Table 1: Summary of Redstone Resources’ Appendix 5B cash flows for the June 2026 quarter. [Source: Redstone Resources, Appendix 5B, 31 July 2026]
Exploration and evaluation spending classified as investing came to $76,000 for the Quarter and $805,000 across the twelve months.
Staff costs were $41,000 for the Quarter, with administration and corporate costs of $19,000.
Total relevant outgoings came to $133,000. On that basis, the Appendix 5B shows 4.2 quarters of funding available.
The Company reported no borrowings and no financing facilities at quarter end.
Payments to related parties totalled $15,483, covering remuneration of directors.
Redstone confirmed under ASX Listing Rule 5.3.1 that there were no material developments or changes to its exploration activities.
Copper, Gold and Platinum Prices Frame the Exploration Case
Redstone’s new ground spans four commodities. Each has its own market story, and all four are currently drawing capital.
Copper for September delivery eased 1.1% to US$6.27 per pound in mid-July trade. That sits about 6% below the record above US$6.60 set in early June.
Supply remains the dominant theme. Antofagasta’s first-half output fell 9.5% to 285,000 tonnes, and Chile lifted its 2026 copper price assumption to US$5.90 per pound from US$5.46. Winter storms have since disrupted several Chilean operations.
On the precious side, gold traded around US$4,100 an ounce on 31 July 2026, up roughly 21.5% on the same time last year.
That strength is visible in exploration behaviour. In Round 32 of the state EIS drilling scheme, 64% of successful applications targeted gold either alone or with other minerals.
Platinum group metals tell a tighter story. The World Platinum Investment Council forecasts a fourth consecutive platinum market deficit in 2026 of 297 koz, with above-ground stocks falling to 1,747 koz by year end.
That leaves just under three months of cover against global demand, which is thin by historical standards.
Investors’ Outlook
Redstone enters the September quarter with more ground, two approved drilling permits and a funded copper program.
The Company holds no debt and no financing facilities. Its new project portfolio was secured without spending cash.
| RDS market data (Market Index) | As at publication |
| Last Price | $0.003 |
| Market Capitalisation | $3.91M |
| 52 Week Range | $0.002 – $0.007 |
Table 2: RDS market data. [Source: ASX]
Catalysts ahead
- RC drilling at West Musgrave targets, assisted by the $230,000 EIS co-funded grant
- Access negotiations with traditional owners of the Saturn tenure, West Musgrave
- First pass RC drilling at Mt Cauden and Twin Hills under already approved Programs of Work
- Further analysis of the TLD005 deep diamond hole beneath the Tollu Copper Deposit
- Reconnaissance rock chip and soil sampling over the electromagnetic anomalies at Rudall East
Drilling at Mt Cauden and Twin Hills is the closest test. Both projects already carry the approvals needed to put a rig on the ground.
Disclaimer
This article has been prepared by Colitco in collaboration with Redstone Resources as part of a commercial content and investor communications arrangement. Colitco may receive compensation for the production and distribution of this content. This article is intended for informational purposes only and does not constitute financial product advice, investment advice, or a recommendation to buy or sell any securities. The content reflects information available at the time of publication and may not be updated. All figures, data and statements have been sourced from Redstone Resources’ official ASX announcements and publicly available sources. Readers should conduct their own independent research and seek professional financial advice before making any investment decisions. Past performance is not a reliable indicator of future results. Exploration results are not a guarantee of future resource definition or commercial production.
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
