• Bulletin nears highly anticipated maiden drilling at Ravensthorpe lithium project after EPA said ‘you’re almost good to go’
  • Altamin hopes to follow in footsteps of Vulcan Energy (ASX:VUL) by producing lithium and geothermal energy from deep brines
  • Previously announced “geotechnical event” at Tombador’s namesake mine in Brazil a bit worse than originally thought

Here are the biggest small cap resources winners in early trade, Wednesday October 4.



It’s finally happening, as predicted by ressie soothsayer Barry ‘Garimpeiro’ FitzGerald.

BNR is a step closer to drilling its Ravensthorpe lithium project in WA after the Environmental Protection Authority (EPA) decided it was “unnecessary” to assess the environmental impacts of clearing and drilling.

This decision is not open for appeal.

BNR – dobbed into the EPA by a “third party” — will now resume the clearing permit application process with drilling to kick off soon after approval.

It’s been a long road to reach this point at Ravensthorpe, 12km along strike of Allkem’s (ASX:AKE) Mt Cattlin mine, which BNR acquired April 2021 and then expanded the following year.

Limited to surface sampling and surveying until now, the company has defined three peggie trends with rock chips grading up to 8.21% lithium. Outrageous.

“This decision paves the way for progressing the drilling program at the Ravensthorpe lithium project,” the company says.

“Bulletin looks forward to the receipt of drilling approvals and will continue to update shareholders as the approvals process progresses.”

The proof of the project’s prospectivity will now be in the drilling. If they do hit paydirt, Barry Fitz surmises that Ravensthorpe could be an easy solution to Mt Cattlin’s lack of feed past 2027.

The cashed-up junior had almost $12m in the bank at the end of June.



AZI is hoping to follow in the footsteps of much bigger brother Vulcan Energy (ASX:VUL) by producing both lithium and geothermal energy from deep brines.

AZI – which has been focused on getting its Gorno zinc project up and running – picked up a couple of geothermal energy-lithium brines applications in Lazio, Italy, June last year.

The stock has now expanded its tenure by 500% after an independent consultant said there was def potential for both power production and lithium extraction at Lazio.

“Preliminary discussions are being held with potential strategic partners, European funds and financial institutions to explore options to advance the Lazio project,” AZI says.

“Altamin is also considering the possibility of a future ‘spin off’ of the assets into a new lithium focused company once key project milestones have been achieved.”

The $30m capped company had $1m in the bank at the end of June.



High grade iron ore producer TI1 has recovered slightly from yesterday’s precipitous fall, but the news still ain’t good.

A previously announced “geotechnical event” at its namesake mine in Brazil is a bit worse than originally thought, with work to make the mine safe leading to constrained production in the September quarter of ~112,000 wet metric tonnes.

TI1 expects production constraints – and subsequent higher costs – to continue during the December 2023 quarter as it awaits “further geotechnical advice”.

The silver lining is that sales levels have exceeded production in the quarter by utilising stockpiled product.

TI1 holds a stockpile of ~410,000 wet metric tonnes of lump and fines ore at 30 September 2023, “and will continue to identify profitable sales opportunities for this stockpiled material to both local Brazil and overseas export markets”.

In mid-February, production was temporarily halted after road blockades impeded access to the mine site.

The $30m capped stock had $14-$15m in the bank at the end of the quarter, down from ~$22m in the prior period.