Resources Top 5: Lefroy charges toward gold operations at Lucky Strike

• LEX on target to begin Lucky Strike earthworks and pre-strip next quarter
• High-grade drilling results from OBM’s Sand King underground gold mine
• ADG locks in $1.25m from a placement

Your standout small cap resources stocks for Tuesday, September 9, 2025

Lefroy Exploration (ASX:LEX)

Passing a number of key milestones sees Lefroy Exploration (ASX:LEX) charging toward the start of operations at the Lucky Strike gold deposit within its namesake WA project.

Heritage surveys, pit designs and permitting put the company on target to begin Lucky Strike earthworks and pre-strip in the first half of the December quarter.

This work coincides with LEX planning for a resource extension and metallurgical confirmation drilling program to commence in October at the Burns Central deposit, which is intended as a future production centre of the Lefroy project.

Progress has resulted in LEX reaching 20c, a high of almost two years and an increase of 54% on the previous close.

It includes heritage surveys, which have been completed across the mining project area with all planned work areas cleared.

Pit shell optimisation designs have been completed for Lucky Strike with production schedules and budgets set for finalisation this month.

A clearing permit application assessment over the Lucky Strike mining Lease M25/366 is in the final stages of review and on target for early December quarter completion.

Lucky Strike contains a resource of 1.27Mt at 1.95g/t Au for 79,600oz. Of this, 700,000t at 1.93g/t Au for 43,400oz is in the indicated category.

LEX is fully funded, with multiple growth pathways identified as the company embarks on an ambitious, self-funded growth strategy throughout FY26.

As well as Lucky Strike, these include Burns where planning is underway to progress the Burns Central deposit high-grade zone, where significant upside has been identified.

“As we diligently complete our last approvals and permitting prior to gold operations commencing at the Lucky Strike project in the December quarter, we enter a new phase, whereby profit from Lucky Strike enables the company to pursue a self-funded growth strategy,” CEO Graeme Gribbin said.

Assay results from stage 2 drilling at Lucky Strike will allow the company to assess the potential for a larger pit design at Lucky Strike.

In collaboration with profit-sharing partner BML Ventures, LEX is pursuing further toll-milling agreements with multiple operators in the district, to supplement the existing agreement of up to 90,000t executed between BML and FMR Investments in June 2025, utilising the Greenfields Mill in Coolgardie.

Ora Banda (ASX:OBM)

High-grade drilling results from the Sand King underground gold mine at the Davyhurst project in WA strengthen Ora Banda (ASX:OBM) optimism of boosting the mining inventory and extending the life of mine plan.  

A large step-out hole and wedge hole drilled 300m to the north of the current life of mine plan expanded the mineralisation footprint and returned thick intersections of high-grade gold.

This saw shares increase 11.91% to $1.175 and since the close on July 17 have risen from 64c.

Assays returned 14.3m grading 5.3g/t gold from a down-hole depth of 502m and 18.7m at 8.9/t from 490m including 8.7m at 8.7g/t and 8.8m at 10.4g/t separated by 1.2m of core loss respectively.

The vertical separation between the parent and wedge hole is 70 vertical metres, with mineralisation considered to be open in all directions and further follow-up drilling is planned.

Lending further support to the possibility of mineralisation extending north of the LOM plan, underground resource drilling has intersected multiple economic lodes 50 metres to its north with notable assays such as 24.2m at 4.4g/t, 5.6m at 5g/t and 1.7m at 27.7g/t.

Ongoing success of the extensional and infill resource drilling also supports an independent southern decline being developed.

“We started the Sand King underground mine on a reserve of 55,000oz and our initial thinking was that it would be a support play to our main underground operation at Riverina,” managing director Luke Creagh said.

“However, these remarkable hits from step-out drilling, coupled with consistent resource infill drilling intercepts, show that Sand King Underground is bigger than we first thought and that the tenor of the mineralisation is potentially higher than initially expected.

“Drilling is continuing at Sand King, and as its footprint grows, we will continue to adjust our mine planning, because currently the deposit looks to be shaping as a meaningful, long-term feed source for our Davyhurst mill.”

Adelong Gold (ASX:ADG)

Adelong Gold (ASX:ADG) has locked in a $1.25m strategic raise, with $1m from Nova Minerals (ASX:NVA) and $250,000 from Barclay Wells clients.

The placement shores up funding for the Adelong gold project JV in NSW and frees up cash to accelerate drilling at the company’s Apollo and Lauriston projects in Victoria. 

As part of the tie-up, Nova gets first rights over any antimony offtake, an option to take its stake up to 19.99%, a board seat and a 12-month escrow on its shares.

The investment represents a significant vote of confidence in Adelong’s portfolio and clears the path for the company to meet its JV funding requirements for the namesake project going forward. 

Furthermore, this investment enables Adelong to deploy its already strong cash balance to rapidly accelerate exploration and drilling across its Victorian gold and antimony projects, Apollo and Lauriston.

Livium (ASX:LIT)

After signing a term sheet with the University of Melbourne to lock in exclusive global rights over the university’s microwave technology for rare earths extraction, Livium (ASX:LIT) jumped 50% to 1.8c.

This method has delivered recovery rates above 95% for neodymium and more than 80% for praseodymium, while slashing energy use by around 85% compared to old-school processes.

It represents a solution for replacing traditional methods of REE extraction due to its efficient, rapid and sustainable heating transmission, and will complement Livium’s core recycling business.

The selective leaching approach obtains higher concentrates compared to the traditional pathway, whilst reducing the usage of acids and reagents, and reducing wastewater.

Livium said the deal opened the door to build an Aussie-first prototype and chase a slice of the US$7.3b REE market.

The parties are now working towards executing a binding IP licensing agreement.

“This is a significant step in our strategy to broaden our recycling capabilities and meet the growing global demand for REEs,” Livium CEO and MD Simon Linge said.

Global Lithium Resources (ASX:GL1)

(Up on no news)

Despite having no news Global Lithium Resources (ASX:GL1) hit a 12-month high of 42c, a 34.62% improvement on the previous close.

Reflecting increased optimism about a lithium market recovery, GL1 shares have been on an upward trend since closing at 13.5c on June 20.

This was supported late last month by the grant of a 21-year mining lease for its flagship Manna Lithium Project by WA’s Minister for Mines, Petroleum and Exploration.

This critical approval follows the recently signed Native Title Mining Agreement with the Kakarra Part B Native Title Group, underscoring Global Lithium’s successful execution of its strategic priorities for 2025 and its commitment to responsible project development.

Granting of the mining lease de-risks the Manna Lithium Project and accelerates the company’s progress towards a Final Investment Decision (FID), following the optimisation of the project’s DFS that remains on track for the end of 2025.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Ora Banda Mining is a Stockhead advertiser, it did not sponsor this article.