ALCHEMY RESOURCES LTD (ALY) - From Goldfields To Cobar: How Alchemy Resources Is Advancing Gold, Lithium, And Iron Ore

A sprawling land package is only as valuable as the strategy behind it—and that’s where this conversation with James Wilson, CEO of Alchemy Resources, gets exciting. We dig into a data-led approach that targets big growth levers across WA and NSW: a standout 750-metre IP anomaly at Yellow Mountain, funded lithium drilling at Roe Hills beside the Manna project, and a de-risked iron ore path through a free-carried JV at Valley Bore.

We start with the portfolio: gold remains centre stage in the eastern goldfields near Kalgoorlie, where access and proximity to producing neighbours create practical advantages. From there, we unpack Yellow Mountain’s momentum—first-pass drilling returned 113 metres at 1.17% copper equivalent, and high-powered, 3D IP has now mapped three compelling targets, including a never-drilled eastern body that could represent the system’s heat source. James explains how modern assays and structural mapping tighten vectors that old imperial grids simply couldn’t resolve, and why careful fieldwork now will determine whether the area hosts one segmented system or two distinct domains.

Next, we turn to smart capital: iron ore is all about logistics, so Alchemy partnered with Newcam, an active miner with ports, storage, and customers in place. The 40% free-carried structure to decision to mine keeps upside alive while containing risk, and if the option is exercised, it could accelerate timelines on an existing mining lease. On lithium, Roe Hills benefits from aggressive JOGMEC funding, outcropping pegmatites, and clear LCT pathfinders, with a nine-hole RC program now chasing the right structural and thermal window near Global Lithium’s advancing Manna project.

We close with a crisp set of 2026 catalysts: drilling the large Yellow Mountain IP target to validate sulphides at scale, a possible option exercise at Valley Bore that would inject capital and operational muscle, and JV-driven news from Roe Hills and Briar alongside steady gold exploration near Carosue Dam. The through-line is deliberate: de-risk with partners where complexity is highest, and focus internal effort where discovery could be transformational. If you’re tracking ASX exploration stories with real leverage to discovery, logistics, and funding, this one belongs on your list.

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Transcript

Andrew Musgrave

Welcome again to ASX Briefs, the podcast where we bring you insights from the leaders of ASX listed companies. And today I'm joined by James Wilson, the CEO at Alchemy Resources Limited. Alchemy Resources has established a significant land package in the eastern gold fields of Western Australia and maintains a strong presence in the Lachlan Cobar Basin of New South Wales and is aggressively testing high priority lithium, iron ore, and copper gold targets. 

James, thanks for joining me today and welcome to the ASX Briefs podcast. 
 
 James Wilson

Thanks very much, Andrew. 

Andrew Musgrave

Now, James, for investors that may be new to the Alchemy story, could you start by giving us a brief overview of the company's core focus and your most active project areas?

James Wilson

Yeah sure. Well, Alchemy is a multi-asset company, and we're largely focused on precious metals at the moment in the eastern goldfields. That makes obvious sense given where the gold price is at the moment. But we also have a fairly extensive portfolio of critical metals located in the Cobar district of New South Wales, which are advancing. And we've also got bulk commodities up in Meekatharra in Western Australia. So, at present, we have two main focuses, well, two and a half really. And that's on our gold assets, number one. Eastern goldfields out near Kalgoorlie, easy access on there. We sit right next to Vault Minerals Aldiss Mine, and our projects go all the way up to where Carusoe Dam is for Northern Star. So, we've got a prolific belt, got a great patch of land to go and assess. And we also have our critical metals projects at our Yellow Mountain and Overflow projects in New South Wales. In addition to that, we're also in the process of joint venturing our iron ore project up in the Meekatharra district at our Valley Bore project as well.

Andrew Musgrave

Now, firstly, looking at New South Wales, your recent IP survey at Yellow Mountain has defined strong anomalies. So, how do these results align with your recent high-grade drill intercepts?

James Wilson

Yeah, Yellow Mountain's amazing. It was undrilled for the best part of probably you know 40 to 50 years. A lot of guys in the 1960s did a lot of work up there, and a lot of the geophysics was done, and that geophysics was imperial grids. It was translated from paper to computer, and you know, you just see a lot of things going wrong there. We got access onto the site late last year for drilling, and that returned amazing assays of 113 meters at 1.17% copper equivalent. That's made up largely of gold, silver, copper, lead, and zinc, which is your sort of standard portfolio of minerals for the Cobar district. That's true width too. So as a result, you know, we were very impressed by those results. We ran IP induced polarization across the area, and that's trying to sort of pick up the electrical conductivity of connected sulphides there. And that came back with some really, really interesting data. So, firstly, we saw the IP anomaly that was right over the guts of where we'd drilled before, and that showed up a really big, you know, you're generating an anomaly in hindsight in effect, but it gave an anomaly over the existing area of sulphides and metal. And then we've got another one just to the north of that's about 250 meters long that hasn't got a drill hole into it. And it was offset to where everybody was drilling previously. So that's really exciting as well. And perhaps the biggest one is that there's a big 750-meter-long anomaly to the east. Now, this is the sort of the big bertha. It's the, it's never been drilled effectively, actually never been drilled. It's all untested, it's potentially the heat source or near the heat source for this mineralization, we think maybe, again, no one's drilled this stuff for 50 years. It's very exciting. We intend to drill it. We're beavering away and access into those new areas now, and hopefully we should be underway on drilling into the near future. And as I said, you know, it doesn't, it's not lost on me on how excited we are because this is like a proper big target to go and test. And we can't wait to put a hole into it.

Andrew Musgrave

Okay, and you recently executed a binding agreement with new Newcam Minerals for your Bryah Basin iron ore assets. So, how does this deal where you retain a 40% free carried interest to a decision to mine, strengthen the company's ability to advance multiple projects simultaneously?

James Wilson

Yeah, well, as you've seen so far, we've got a few projects, and we're not exactly BHP with BHP's cash flow. So, it’s always easy to run a project with someone else's money, right? It's joint venture model works really well, in particular with iron ore. Now, there's you know, my job as an analyst prior to this was analysing iron ore companies, and you don't just need to go and drill it and then you can sell it to someone like you do with gold. You know, it's into a very liquid market. Iron ore is very particular. You need sheds, storage sheds, you need an agreement with the ports, you need the customers, you need to go figure out whose boat you're going to put it on. There’re about 50 things you need to think about. And that's in an explorer, we're reckoning we're cognizant at Alchemy that that's not our skill set. So, we got in touch with Newcam, who is an existing iron ore miner. They have all that in place. They currently mine at Mount Gould, just up the road from us, and they have all those relationships. So, it makes sense to partner up with a mining company who can actually go and execute and get that going. The fantastic thing about Valley Bore is that it's very high grade, so it's a very marketable product as well. So, it's a no-brainer for us.

Andrew Musgrave

Okay, and you've recently commenced RC drilling at the Roe Hills Lithium Project following some very encouraging air core results. So, can you explain the significance of the lithium and pathfinder anomalism you've identified there and what you hope to see from this current nine-hole program?

James Wilson

Yeah, well, Roe Hills, for people who don't know, sits right next door to Global Lithium Resources Manna project. So, Manna is rapidly advancing towards FID or final investment decision. And I think they'll get to that point sometime this year. And we've got all the ground around them. It's a neurology play, but also, we sit along similar structures. We've done a lot of groundwork in the background on this and a lot of learning on lithium over the last few years. We have numerous outcropping pegmatites. We've found all the right sort of lithium-based minerals. We just sort of haven't found it in economic quantities yet. The tricky thing with lithium is getting in the right temperature, pressure, and geological zone, much like any other commodity, and the formation of these LCT pegmatites. And that's what we've been trying to achieve. We've found the pegmatites at surface, we're systematically testing those and to see if they've got lithium, caesium, tantalum signatures. And we've got stuff that's got anomalism and we're following that up progressively. The fantastic thing is, its aggressively funded exploration, which is funded by our joint venture partner, which is the Japanese government at JOGMEC. So, they pay all the bills, and we're the operator and we do all the targeting, and we have a fantastic relationship with those guys, and we see that continue into the future.

Andrew Musgrave

Okay, and you touched on Yellow Mountain and the first drilling there that hasn't been done in such a long period of time. So, are you bringing anything new to exploration here in what is a well-established Cobar Basin geological model?

James Wilson

Yeah, well, certainly back in the back in the 60s, I think most people were going up the top of this mountain in an FJ Holden and a singlet. These days, you know, the technology we're building into this is, you know, the IP is much higher powered. the computer, the computational technology in the background to be able to what we got was 3D, three-dimensional IP, was fantastic. The assaying technique now with four acid digest is has only been invented in the last what 20 years or so. So, you know, we're bringing a lot of new tools to bear to go and uncover all the much broader pathfinder anomalism and also the geological modelling that's evolved over the last sort of you know couple of decades as well. So, you know, we're in a fantastic spot. The technology is really guiding us, but you can't beat boots on the ground. You know, we're doing more mapping, more structural mapping, unravelling the whole systematic mineralized system there to hopefully have a win.

Andrew Musgrave

Okay, and how is the new geological information guiding your targeting strategy as you prepare for follow-up drilling?

James Wilson

Yeah, it's really interesting actually that we might be sort of looking at two different domains in this area. We've got to go; the boys are going out in about two weeks to go and do some mapping and to really hit the ground with the idea of trying to unravel what we've found in the IP. What does it mean? Is it two distinct areas or is it one continuous area that's been chopped up structurally? So again, you know, you can't beat boots on the ground. You've got to get out there and look at the rocks. You can't just do all this thing from a drone. And yeah, like we know once we do that, we'll be able to go and plan our attack of drilling the mountain and also looking for access in there as well, because it's not like WA where you can just bowl up with a drill rig. It's a little bit more uh bit more involved in trying to go and get up a hill on someone's farm. So, yeah, no, we're very, very hopeful. We've got great relationships with the heritage and the farmers, and hopefully we can have a win, and everybody wins.

Andrew Musgrave

Okay, James, just to wrap things up, as you as you move into the 2026 field programs, what are the key news flow catalysts that shareholders should be looking out for?

James Wilson

Yeah, well, obviously we'll look to drill that monster target at Yellow Mountain, the big IP target, 750 metres long, in addition to the other smaller targets. That'd be fantastic if we can get a result on that and demonstrate the sulphides are associated with the IP there. And that would be transformational for the company, I think, if we could get some sort of sniff there. Secondly, our Newcam option with the Valley Bore asset. If they exercise their option, that'll be cash coming to Alchemy, and then they'll take control of that and hopefully push it forward to production, which would be a relatively short period of time, we think, given it's on an existing mining lease and close to infrastructure. And then we also look to sort of do what we're doing with our other joint ventures, so the lithium joint venture and also our Bryah joint venture that we have with Catalyst. They announced some news just recently on more acquisitions in the region. So, the Bryah is also heating up for us as well. So, in effect, by the end of the year, we should hopefully have three self-funded JVs and plus our own organic expiration running in the background of our gold assets in Karonie and Yellow Mountain. So, yeah, we've got a lot on. And we're also trying to bring value for shareholders via these self-funded JVs in the background.

Andrew Musgrave

Well, James, it certainly sounds like a transformative year ahead for Alchemy Resources with high priority RC drilling already underway at Roe Hills, a compelling new geophysical model at Yellow Mountain, and the strategic de-risking of your iron ore assets through the Newcam partnership. You have very active news flow for investors to follow. We look forward to seeing those assay results throughout 2026. And thanks for joining me today on the ASX Briefs podcast. 
 
 

James Wilson

Fantastic, thanks, Andrew. 

Andrew Musgrave

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.