Its quarterlies season again as the ASX market announcements page becomes increasingly flooded with earnings lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

ADX Energy (ASX:ADX)

The start of production from the Anshof-3 oil discovery well along with a 41% increase in oil equivalent production rates have allowed the company to record a 29% increase in sales revenue to $4.4m for the December 2022 quarter.

ADX also farmed out a 20% stake in the upcoming Welchau-1 gas well to Kepis & Pobe Financial Group (now assigned to MCF Energy) in return for the farm-in partner funding 50% of the well costs.

The relatively shallow Welchau prospect currently has a best estimate technical prospective resource of 807 billion cubic feet of gas and is located within tie-in distance to the national gas pipeline network.

Planning and procurement of long lead items is also ongoing for the planned Anshof-2 and Anshof-1 development wells.


GBM Resources (ASX:GBZ)

GBM’s strategy of developing a processing hub in the Drummond Basin, northern Queensland, received a massive boost during the quarter after it upgraded resources at the Twin Hills project by 31% to just a mite under 1Moz of gold.

There is also a high level of certainty with about 60% of the Twin Hills resource in the higher confidence Measured and Indicated categories.

Total resources in the Drummond Basin now equals 51Mt at 1.12 grams per tonne (g/t) gold, or 1.85Moz of contained gold.

Meanwhile, drilling at the Malmsbury project in Victoria returned results such as 3.1m at 9.27g/t gold from 400.9m and 8.1m at 5.79g/t gold from 131.9m.

Further diamond drilling is planned during the first half of 2023 to test remaining high-priority mapping targets at the Malmsbury.


Gold Hydrogen (ASX:GHY)

Gold Hydrogen is focused on the discovery of natural hydrogen in South Australia, which has only recently had its natural hydrogen potential identified by the company.

Prior to its listing on the ASX on 13 January 2023 following a $20m initial public offering, the company lodge applications for its permits in December 2022 with the South Australian Department for Energy and Mining.

Additionally, 2D seismic reprocessing completed in the same month has significantly improved subsurface architecture, and identified additional leads outside existing prospects.

The company plans to start an airborne survey in March 2023 to enhance its subsurface understanding of rich natural hydrogen source rocks, structures, and identifying future well locations to mature the independently accessed Best Estimate Prospective Resources 1.3 billion kilograms of natural hydrogen in PEL 687.


Greentech Metals (ASX:GRE)

Greentech progressed exploration of its Whundo project during the December 2022 quarter with some 852m of reverse circulation drilling undertaken and DHEM surveys identifying highly compelling conductor targets at the Austin and Shelby prospects.

At least one hole at Shelby returned a 14m zone grading 0.5% copper from 417m and 3m at 1.3% copper from 428 and is interpreted to have intercepted the edge of the lower conductor target.

Likewise, testing of the DHEM conductor at Austin confirms the continuity of known mineralisation with follow-up DHEM highlighting a significantly stronger offhole downdip conductor which may represent a thicker and/or higher grade zone of copper mineralisation.

The company plans to carry out follow-up drill programs.



Hillgrove Resources (ASX:HGO)

Hillgrove continues to progress development of its Kanmantoo underground copper mine, which benefits from a quick turnaround time and low capital cost of just $26m thanks to having existing infrastructure including a processing plant and fully permitted tailings storage dating back to its (recent) history as an open pit mine.

During the December 2022 quarter, the company continued drilling in the South and North Hubs to expand existing resources, an update of which is expected during the current quarter once the program is completed and all assays returned.

These areas are not included in the mine plan and have the potential to increase mine life and annual throughput, which the current underground mine plan has plenty to spare.

Financing discussions ramped up during the quarter as copper prices firmed while work is ongoing on an update of the mine plan.


Richmond Vanadium Technology (ASX:RVT)

Richmond Vanadium listed in December 2022 after raising $25m in its initial public offering priced at 40c per share.

Proceeds from the IPO will be used to complete a Bankable Feasibility Study for its namesake project in North Queensland, which has a resource of 1.8 billion tonnes grading 0.36% V2O5 for 6.7Mt of vanadium pentoxide and an Ore Reserve of 459Mt at 0.49% V2O5 for 2.25Mt of contained V2O5.

Besides its large size, Richmond Vanadium also features a fully oxidised, free-dig resource which has a lower carbon footprint compared to titanomagnetite deposits, tested metallurgy with proven technology and a stable mining jurisdiction with access to infrastructure.


Tungsten Mining (ASX:TGN)

Tungsten continued to progress its Mt Mulgine tungsten project, holding discussions with potential partners and sending concentrate samples to potential offtakers during the December 2022 quarter.

Planning of future metallurgical test work by the newly appointed project engineers is also underway along with continued planning for environmental scoping to support future approvals.

Company chairman Gary Lyons noted in the quarterly report that there is real potential to reduce the capital cost of the project.

The Mt Mulgine project in Western Australia’s Murchison region currently has a resource of 259Mt grading 0.11% WO3, 270ppm molybdenum, 0.12g/t gold, 5g/t silver and 0.03% copper in two separate deposits – Mulgine Trench and Mulgine Hill.

During the current quarter, the company seeks to continue engaging potential partners, finalise planning for approval of the proposed metallurgical test work program and continue strategic planning for environmental scoping.



During the December 2022 quarter, QEM’s bench-scale pilot plant delivered its best oil extraction rates to date from oil shale recovered from its Julia Creek project.

The highest extraction result was about 180% higher than yields reported under a modified Fischer Assay and the results will complement current petrology analysis, mineral characterisation and beneficiation work.

QEM also signed two formal partnerships with the University of Queensland’s Sustainable Minerals Institute and UK consultancy GSA Environmental to undertake optimisation work on vanadium pentoxide recovery from the Julia Creek oil shale.

GSAe has specific intellectual property relating to the extraction of vanadium from by-product materials, such as petrochemicals, that could potentially reduce carbon emissions and waste when compared with traditional roasting and acid leaching.

Meanwhile, UQ is characterising the mineralogy of QEM’s Julia Creek shale post-oil extraction to assist in optimising vanadium beneficiation to further improve yields.

The company also raised $2.2m through an oversubscribed placement of shares priced at 22c each to fund its pilot plant program and update its 2016 mining scoping study.

HGO, RVT, TGN, QEM share price charts


At Stockhead we tell it like it is. While ADX Energy, GBM Resources, Gold Hydrogen, Hillgrove Resources and QEM Ltd are Stockhead advertisers, they did not sponsor this article.